Reporting season First Half 2021

Scroll through the table below for individual reporting dates, our stock recommendations and our company comments.

You can also access the Reporting Season Playbook where our research team examines key strategic themes including cost inflation, FY23 earnings trends, M&A activity, dividend surprise, short selling and positioning in resources. Our analysts also preview the results for 180 stocks under coverage that report in February and call out likely surprise and disappoint candidates.

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Upcoming results

Date Company ASX Rating Comments
24/02/2022  AGL Limited
AGL ADD We expect the a solid result from AGL and recent share price weakness provides a solid buying opportunity.
AND ADD We forecast healthy revenue growth (~30% yoy) and for Underlying EBITDA to grow 50% yoy, albeit off a low base.
28/01/2022 HRL Holdings
ADD Following the 1Q22 update and prolonged restrictions in parts of its key New Zealand markets throughout most of the 2Q22, we expect HRL to report a weaker 1H22 result (MorgansF underlying EBITDA of A$2.2m, -36.4% yoy). We note the pcp included A$0.6m in JobKeeper benefits and HRL’s typical seasonality means that earnings are materially skewed to the 2H (~60-70% EBITDA skew). 
ResMed Inc
ADD We expect strong device/masks growth and ongoing gains from the Philips product recall, but supply constraints are likely to limit upside and create near-term margin pressure.
28/01/2022 Swoop Holdings
HOLD In December 2021 SWP upgraded their FY22 guidance to Revenue of $50-53m and Underlying EBITDA of $12-12.5m. This was in-line with MorgansE. SWP is a high growth company which naturally skews EBITDA towards the second half of the year. In addition to SWP’s organic growth profile, acquisition timing means an even larger second half skew. We forecast ~37% of FY22 Underlying EBITDA to fall in 1H22 as shown below.
1/02/2022 Centuria Industrial REIT
HOLD Update on recent acquisitions and leasing environment given strong sector tailwinds. 
1/02/2022 Credit Corp
ADD We expect a strong 1H result, supporting the top-end of FY22 guidance. We expect flat PDL collections vs pcp, with earnings growth driven by Lending and improved operating margins. Large Dec Lending volumes could slightly drag on the result, depending on how CCP provision (already very high provisions). 
2/02/2022 Amcor
ADD AMC has been a very good performer throughout the pandemic due to its defensive characteristics and strong cost out performance. While supply chain challenges remain a headwind, we forecast 1H22 constant FX underlying EPS to be up a solid 9% on the back of Bemis synergy benefits and a lower share count from the buyback.
3/02/2022 Centuria Office REIT
We expect a general trading update with a focus on leasing and upcoming expiries. We expect FY22 guidance to be reiterated given it was recently upgraded.
3/02/2022 Pinnacle Investment Mgmt
We expect 1H22 Underlying NPATA of A$38.1m, up 25.6% on the pcp. We expect composition to be: 1) group EBITDA A$0.7m; and 2) share of associates A$37.4m. The result cycles a strong performance fee in the pcp (A$11m pcp). Average FUM increased ~14% HOH, however composition improved to higher retail FUM.
4/02/2022 REA Group
HOLD We are forecasting 1H22  revenue growth of 30% on pcp to ~A$560m (broadly in line with Visible Alpha consensus), EBITDA of A$345m (~1.5% under VA consensus) and a DPS of 78cps (vs 70cps consensus). A strong new listings environment post lockdowns easing (~+12% half on half on our estimate) could be the positive surprise factor in the result.
7/02/2022 Kelly Partners
HOLD We expect a solid 1H22 result for KPG, with underlying attributable NPATA of A$2.9m. KPG pays monthly dividends (2.18cps paid) and will top-up with a special dividend to a ~65% payout ratio.
8/02/2022 Dexus Convenience Retail REIT
ADD We expect guidance to be reiterated with the result.
8/02/2022 Suncorp Group
HOLD SUN has provided the following relevant business commentary during 1H22: 1) In GI – Hazard events at the end of October were A$597m-A$702m versus an initial hazard budget of A$980m. SUN has lifted its full year hazard expectations to A$1.15-A$1.30bn; and 2) the Bank – a solid 1Q22 performance with lending growth of 0.9% (~4% annualised) and a negligible quarterly bad debt charge.  We forecast a SUN 1H22 reported NPAT of ~A$300m (consensus = A$286m) and a dividend of ~A16.5cps (consensus A18.5cps)
9/02/2022 Alliance Aviation Services
ADD Given the delayed ramp up of wet lease services with QAN (due to COVID) and additional carrying costs of its expanded fleet, we expect AQZ to report a more subdued interim result. In line with its 1Q22 update, we expect growth in flight hours across its core FIFO customer base. AQZ’s updated deployment profile was targeting to have 13 E190s fully deployed by the end of 1H22 (vs. 4 at FY21). 
9/02/2022 Bapcor
ADD We forecast 1H22 NPAT of A$57.1m, down -18.7% on the pcp. We expect flat group revenue, however EBITDA down 6.1% from some GM pressure (Trade & Retail divisions) and operating de-leverage (especially in divisions impacted by lockdowns). Early indications of 2H22 trading will be key to the result reaction, with a ~44/56% earnings skew required to meet the guidance statement.
9/02/2022 Commonwealth Bank
REDUCE We forecast 1H21 cash earnings of A$4.320bn and an interim dividend of A$1.74 per share fully franked. Our dividend forecast is based on an interim dividend payout ratio of 70% of cash earnings.
9/02/2022 Dexus Industria REIT
ADD Expect FY22 guidance to be reiterated. Likely to get an update on the development pipeline. December revaluations have already been announced.
9/02/2022 IDP Education
HOLD We expect a strong ‘post’-Covid earnings rebound: revenue +55% on pcp and NPATA ~+90% to A$57.5m. Key drivers will be strong IELTs volumes (including the BC India acquisition); and a big uplift in multi-destination student placements.
9/02/2022 Megaport Limited
HOLD The quarterly update and KPIs mean the 1H22 result is already well known by the investment community. EBITDA will be negative in 1H22, albeit less negative than implied by its recent cashflow statement. We expect marketing spend in 1H22 should deliver returns in 2H22 and drive growth and an EBITDA breakeven result for FY22. Detailed proof points on growth should be well received. 
10/02/2022 Acrow Formwork and Construction Services
ADD We forecast 1H22 EBITDA to increase by 42% to A$15.7m driven by strong growth in Industrial Services (revenue +120%) and Formwork (+25%), partially offset by further weakness in Commercial Scaffold (-10%). We expect good cost management and scale benefits to deliver a 161bp improvement in EBITDA margin to 23.6%.
10/02/2022 AGL Energy
HOLD We expect a significantly weaker first half than last year with a declining AGL share of softer consumer tariffs reducing margins to deliver earnings of $97m.
10/02/2022 Aust Securities Exchange
REDUCE We are forecasting a 1H22 NPAT of ~A$260m (Visible Alpha consensus is ~A$249m) and a dividend per share of A$1.21 (Visible Alpha consensus = A$1.28). We also note 1H22 disclosed trading activity was strong across most segments with IPO’s/Raisings of ~A$90bn (up ~74% on pcp) and cash market value of ~A$930bn (+~7% on pcp). Weakness was again seen in derivatives, with contract volumes for the half down 8% on pcp. 
11/02/2022 Baby Bunting Group
ADD In contrast to many retailers, we forecast BBN will deliver positive growth in sales and earnings in 1H22. On an AASB 16 basis, we forecast EBITDA of $35.0m, up 11.0% yoy. We expect 6.5% growth in revenue to $231.5m, despite the effect of lockdowns on shopping centre footfall, based on 2.3% comparable sales growth, including a much better Black Friday than last year, and the effect of network expansion. Our sales forecast is in line with Visible Alpha consensus ($232m with 2.4% comparable sales).
11/02/2022 Insurance Australia Group
ADD IAG’s 1H22 result will be heavily affected by a large level of natural hazard claims, with IAG disclosing A$535m in natural hazards for the first 4 months of the year versus an initial FY22 hazard budget of A$765m. We forecast 1H22 cash NPAT of A$210m (consensus = A$285m) and a dividend of ~A6cps (consensus = A8cps).
14/02/2022 Aurizon Holdings
ADD We expect effectively flat earnings in 1H22, albeit acknowledge downside risk from sluggish coal exports potentially offset by Bulk growth and revenue protections. We are mildly above Visible Alpha EBITDA consensus for 1H22. 
14/02/2022 Beach Energy
ADD We anticipate a much stronger 1H22 compared to pcp as a result of higher commodity prices however production declines will lead lower earnings than the previous half. We forecast EPS of 9cps (+60% on pcp, -13% hoh).
HOLD We are forecasting 1H22 revenue of ~A$240m (vs Visible Alpha consensus of ~A$228m), EBITDA of A$134m (vs VA consensus of A$124m). and DPS of 26cps (VA consensus = 28cps).
15/02/2022 JB Hi-Fi
ADD Preannounced 1H22 EBIT of $420.5m was down 9% yoy but 60% above 1H20 on a two-year stack. 1H22 EBIT was 17% higher than our previous forecast, due mainly to resilient margins at The Good Guys and, to a lesser extent, JB Hi-Fi Australia. Despite coming against very strong comps, preannounced 1H22 sales were down only 1.6% yoy with ‘continued heightened customer demand for both consumer electronics and home appliance products’ evident.
15/02/2022 Ansell
ADD While FY22 guidance was reiterated in last November trading update, results are expected to be 2H weighted on near-term COVID costs, inflationary pressures and price adjustments needing time to flow through.
15/02/2022 Atomos
ADD It’s a 2H story with the result likely being impacted by supply chain shortages and upward pressure on key cost variables such as freight, although well flagged. Key to the result reaction will be commentary around new product demand into 2H, the outlook for the cost base, and upcoming product releases. We expect positive commentary and outlook to drive a solid result reaction.
15/02/2022 BHP Group
ADD We expect a positive reaction to BHP’s first half result that we expect to show off robust FCF generation, solid shareholder returns, and further positive outlook commentary from BHP’s high-calibre management team. We forecast 1H21 underlying EBITDA of US$17,371m capable of supporting a US$1.26ps interim dividend (or an annualised 7.4% yield fully franked).
15/02/2022 GWA Group
ADD We forecast 1H22 EBIT to increase by 8% to A$34.6m on the back of improved market conditions following a tough pcp (EBIT -16%) with higher revenue and cost savings supporting a lift in margins.
16/02/2022 Virtus Health
HOLD We forecast reported NPAT of A$17.5m. We also expect VRT will provide an update on the non-binding bid from CapVest. 
16/02/2022 Breville Group
ADD At its AGM in November, BRG said that 1H22 is ‘unfolding in line with management expectations’ but not necessarily in the way it expected. Demand has been robust, although supply chain challenges have caused delays to the movement of products through the system, especially in the USA. The net effect was that BRG was at that stage on track to deliver earnings in line with market estimates. Our AASB 16 EBITDA forecast is $120.5m, up 7.2% yoy and in line with Visible Alpha consensus of $120.2m.
16/02/2022 Corporate Travel Management
ADD We forecast a breakeven outcome in December given the Omicron variant impacted travel demand. December is also a seasonally slow month for corporate travel given Christmas.
16/02/2022 CSL Ltd
ADD While we expect the demand for plasma, recombinant products and vaccines to remain strong, plasma supply continues to be constrained and increased costs only add to margin pressure placing risk to the downside into results. 
16/02/2022 Ebos Group
HOLD We are forecasting 1H22 EBITDA of A$196.9m and NPAT of A$104.1m. 
16/02/2022 Emeco Holdings
ADD While the operating EBITDA result is likely to meet guidance, irregular expenses, and difficult-to-predict capital expenditures have a history of detracting from EHL’s achieved net cash flows. We expect a small dividend.
16/02/2022 Evolution Mining
HOLD We forecast revenue of A$970.4m and EBITDA of A$463.1m for the half. EVN has provided full year guidance, and we anticipate revenue in the 2H will be stronger than 1H after a number of recent corporate transactions.
16/02/2022 Fortescue Metals Group
HOLD After enjoying rich praise for a sustained upcycle in the iron ore market, this will be a more testing earnings result for FMG. We expect profitability to be hit from: 1) lower benchmark prices, 2) rising discounts on low grade iron ore, and 3) continuing cost pressures. Although supported by a healthy dividend. 
16/02/2022 Netwealth Group
HOLD 1H22 underlying NPAT of A$28m, up 1.4% on the pcp. Revenue margin compression (on pcp) of ~9bp to 31.7bp; EBITDA A$41.8m; EBITDA margin of 50.2% vs 53.6% in 2H21. We expect a relatively flat 1H result, impacted by materially higher costs (flagged) in the half. Revenue margin has the potential to be slightly ahead of our forecast.
16/02/2022 Origin Energy
ADD We expect a 16% increase in underlying NPAT driven by oil prices and the strong performance of the APLNG business.
16/02/2022 Orora
HOLD We forecast 1H22 group EBIT to decrease by 1% to A$138.5m. We estimate Australasia EBIT to be down 5% to A$81.9m and North America EBIT (in USD) to rise by 12% to US$43.8m.
16/02/2022 Redbubble
ADD RBL pre-released key headline numbers at its 2Q22 trading update. At the topline, 1H22 MP revenue is A$288m, with GP of A$108, GPAPA of A$63m and EBITDA of A$8m (ex SBP). 
16/02/2022 Santos
ADD Surging oil and gas prices saw STO finish the year well and sets up a solid 2021 earnings result. We expect 2H21 underlying EBITDA of US$1,707m (+96% pcp), enough for a full year EBITDA margin of 67% (vs 52% a year earlier). 
16/02/2022 Treasury Wine Estates
ADD Given it needs to cycle China earnings and the divested US commercial wine portfolio in the 1H22 and COVID is still impacting some of its higher margin channels, we expect that 1H22 earnings will likely be down double digits.
17/02/2022 Beacon Lighting
ADD Our updated estimates for 1H22 are in line with the sales and margin performance in the PCP. The January trading update came as a significantly positive surprise, as beforehand we were forecasting 1H22 sales of $133.2m and NPAT of $15.2m. The outperformance appears to have been broad-based. BLX has seen ‘strong trading momentum in retail, trade, ecommerce and international’. There has been ‘strong interest’ in the lighting and ceiling fan category from customers.
17/02/2022 Cedar Woods Properties
HOLD half on half result can we widely skewed for CWP given project timing. In FY22, we expect earnings to be 2H weighted. We expect 1H22 earnings to be ~30-35% of the full year forecast (1H22 NPAT forecast A$12.6m).  
17/02/2022 Challenger Financial Svcs
ADD CGF had a solid 1Q22 activity update, highlighted by 32% total life sales growth, and 3.4% total life net book growth in the period. We forecast a 1H22 normalised NPAT of A$159m (Bloomberg consensus A$162m) and 1H22 DPS of ~A11.5cps (Bloomberg A11cps).  
17/02/2022 Cleanaway Waste Management
HOLD We forecast 1H22 EBITDA to be effectively flat, with underlying growth impacted by NSW COVID restrictions and New Chum landfill (Qld) constraints. Tax payments should be significantly lower due to immediate capex expensing.
17/02/2022 Data#3
ADD Given DTL has already provided 1H guidance we do not expect their February result to surprise. We do not expect DTL to provide full year guidance. We expect cashflow to be, as always, heavily 2H weighted.
17/02/2022 Garda Property Group
ADD We expect an update on leasing across the portfolio and progress regarding the development pipeline.
17/02/2022 Hotel Property Investments
ADD We expect FY22 DPS guidance to be reiterated with the result.
17/02/2022 IPH Limited
ADD We forecast 1H22 revenue of A$183.9m (+5%), EBITDA of A$60.5m (-2%); and NPAT of A$37.3m (-0.8%) on the pcp. We see the potential for the 1H22 result to be slightly softer vs consensus expectations; with flat LFL domestic results highlighted to Oct-21; potential for further integration impacts (Australian divisional result); and some marginal negative impact from currency moves. 
17/02/2022 IRESS
HOLD We expect IRE to meet guidance, requiring 2H21 segment profit to be up 10% hoh (OVH and annual leave expense timing providing ~75% of the uplift to meet bottom-end). We forecast underlying NPATA +4.9%; flat DPS.  
17/02/2022 Magellan Financial Group
HOLD Against the weak share price backdrop, we expect MFG to report a solid result. We expect mgmt. fees up ~13% on pcp and underlying NPAT up ~8%. MFG Capital (Barrenjoey) will swing the reported result (upside risk): we factor in no contribution vs MFG’s comments that Barrenjoey was profitable in 1Q22.   
17/02/2022 Monash IVF
ADD We forecast 1H22 NPAT before non-regular items of A$13.0m.
17/02/2022 Newcrest Mining
ADD With a major partial maintenance shutdown undertaken at NCM’s cash cow Cadia operation in the half, along with more routine maintenance activities across sites, we anticipate a softer half for NCM on revenue and margins. 
17/02/2022 PWR Holdings Limited
ADD We forecast 1H22 EBITDA to be up 5% to A$12.8m, noting that 1H21 included A$2m of JobKeeper wage subsidies. Adjusting for JobKeeper, we estimate 1H22 underlying EBITDA growth of 25%.
17/02/2022 SmartGroup
ADD We expect SIQ to deliver in-line with expectations. HOH growth expectations are primarily driven by revenue growth (stronger lease pipeline at the start of the period). We see the potential for a 14.5cps special dividend to be declared.  
17/02/2022 South32
ADD S32 is enjoying a supportive upcycle that should see the diversified miner deliver robust 1H’FY22 earnings. This is also likely to be enough to support an above-market yield through FY22 and into FY23.
17/02/2022 Tabcorp Holdings
ADD Given the impact of lost trading days in retail venues and non-repeat of cost mitigation measures implemented in the pcp, we expect TAH to report a weak interim result. However, we expect L&K profitability to remain resilient and supported by a favourable jackpot environment and ongoing increase in digital penetration. Weak results are expected from W&M and GS. 
17/02/2022 Telstra Corporation
ADD We expect EBITDA to be slightly skewed to 2H22 as the benefits of ARPU growth and costs savings start to flow through. In 1H22 we forecast a 7% yoy decline in revenue and an 11% decline in total expenses which nets off at a 4% yoy increase in underlying EBITDA. FY21 had some one-off gains and in FY22 we forecast lower reported EBITDA. This means reported EPS will also decline. 
17/02/2022 The Reject Shop
HOLD We forecast a 3% yoy reduction in first half sales to $421m, driven by temporary store closures due to lockdowns, offset by the positive effects of recent network expansion. Visible Alpha consensus is $433m. On an AASB 16 basis, our EBITDA estimate is $77.1m, down 7.9% yoy. Our EBITDA margin estimate is 100 bp lower yoy, because of cost inflation and negative LFLs. TRS’s earnings are weighted to the first half. It is generally EBIT loss making in the second half.
17/02/2022 The Star Entertainment Group
ADD 1H22 was a bit of a write-off. The Star Sydney was shut until 11 October and even after it re-opened, capacity limits imposed by COVID restrictions impacted performance. We think SGR will be loss-making at the EBIT level in 1H22, forecasting $(45.8)m. The range of potential outcomes is wide as EBIT will be determined by SGR’s success or otherwise in controlling cost, but Visible Alpha consensus appears to broadly concur with us in forecasting $(51.1)m.
17/02/2022 Transurban Group
ADD Key earnings drivers for the period will be traffic decline (NSW and VIC lockdowns), toll escalation, and contribution from growth investment (NCX). We are targeting EBITDA and Free CF declines of -9% and -15%, respectively.
17/02/2022 Wesfarmers
ADD In line with guidance, we forecast 1H22 group NPAT to be down 15% to A$1,199m with growth in Bunnings (EBIT +7%) and Industrials (+44%) more than offset by weakness in Kmart Group (-64%) and Officeworks (-8%) due to lockdowns, staff shortages and supply chain disruptions.
17/02/2022 Whitehaven Coal
ADD Strong expected 1H earnings are a function of well understood quarterly production and price, and including some feel on costs. We expect WHC to resume paying dividends albeit to a modest amount, ramping up in the 2H. Surprises usually relate to operating metrics disclosed via WHC’s quarterlies.
17/02/2022 Woodside Petroleum
ADD We expect a good 2H21 result from WPL after a strong 4Q21 performance. Although it won’t be a clean result, with a long list of adjustments flagged (and guided to) by WPL. Including a large impairment reversal which has triggered significant deferred taxes for the half. 
18/02/2022 HealthCo REIT
ADD This will be HCW’s maiden result after listing in September 2021. We expect FY22 guidance to be reiterated as well as a general trading update on the portfolio. Given balance sheet capacity there may also be new acquisitions. 
18/02/2022 Inghams
HOLD In light of COVID challenges we expect ING to report a weak 1H22 result. With lockdowns in 1Q22 more widespread than the pcp, ING’s higher margin channels were more materially affected, which would have impacted its margins. However, we expect that 2Q22 trading improved as COVID restrictions eased and industry feedback suggested that Christmas trading was solid. The 1H21 was assisted by clearing ING’s FY20 excess inventory build following reduced demand from COVID.
18/02/2022 People Infrastructure
ADD We expect PPE to deliver a solid interim result, despite challenges in its Health & Community vertical during the period following prolonged lockdown restrictions in NSW and VIC. We forecast 1H22 underlying EBITDA of A$20.5m (vs. A$21.0m the pcp), reflecting ~3% organic growth on 2H21 and ~A$3.0m from the Techforce (TF) and Vision Surveys (VS) acquisitions. We note the pcp included ~A$6m in net JobKeeper benefits. 
18/02/2022 Pro Medicus
ADD We expect another record result with a significant number of new contracts online although see heightened risks heading into the result given the level of expectations built in and a lull in cadence for new contract wins. Key focus remains on new contract wins and strengthening image volume levels.
18/02/2022 QBE Insurance Group
ADD We forecast FY21 NPAT of US$836m (consensus = US$870m) and a 2H21 dividend of US24cps (consensus = ~US20cps).
21/02/2022 Adairs
ADD On a pre-AASB 16 basis, we now forecast EBIT of $32.7m, within the guidance range of $32-33m. This implies an EBIT margin of 13.5%, down significantly from 24.8% in 1H21. On a pre-AASB 16 basis, our revised EBITDA estimate is $38.7m, down 40.5% yoy. We assume an interim dividend of 8cps.
21/02/2022 Endeavour Group
HOLD We forecast 1H22 EBIT to be down 7% to A$479m with both Retail (EBIT -2%) and Hotels (-21%) lower. The expected decline in Retail earnings reflects the cycling of very strong growth in the pcp (EBIT +23%) while Hotels was impacted by extended lockdowns in NSW and VIC early in the half.
21/02/2022 Helloworld
ADD We forecast strong TTV growth in 1H22, albeit off a low COVID impacted pcp. Despite this, the EBITDA loss is expected to be flat given the 1H21 benefitted from JobKeeper and other government subsidies. 
21/02/2022 NIB Holdings
HOLD We note NHF gave a very strong 1Q22 trading update, pointing to 8.5% group revenue growth, while 1Q22 ARHI claims (A$443m) were down 2.4% on pcp.  We forecast a group 1H22 underlying operating profit of A$109m and reported NPAT of A$78m (Bloomberg consensus = A$76m). Our 1H22 DPS forecast is A12cps (consensus = A10cps).
21/02/2022 OZ Minerals
ADD Key financials shouldn’t surprise given thorough quarterly production and cost disclosure. OZL has a recent history of surprising to the upside on declared dividends, however 2H copper prices have been reasonably in line with consensus.
21/02/2022 Reliance Worldwide
ADD We forecast 1H22 EBITDA to be up 7% to US$129m with growth across all regions (Americas EBITDA +4% in USD; EMEA +5% in GBP; and APAC +11% in AUD) despite cycling strong comps in the pcp.
21/02/2022 Sandfire Resources
ADD We expect SFR to broadly meet market expectations for 1H22. Earnings are reasonably predictable given SFR is currently a single mine producer reporting production and costs via quarterly reports. We expect a solid dividend, reflecting strong earnings.
21/02/2022 Sonic Healthcare
ADD We expect a strong result, given a solid four months trading update, with revenue and underlying earnings increasing 5% and 16%, respectively, and operating margins expanding 310bp to an all-time high of 32.1%.
21/02/2022 Super Retail Group
HOLD We forecast sales of $1,628m in 1H22, down (8.4)% yoy. Our estimate is 1% lower than Visible Alpha consensus of $1,652m.  At its AGM in October 2021, SUL commented that LFL sales growth YTD, excluding NSW and Victoria, was (6)%.  At the group level, LFLs were (12)% YTD. We expect an improvement at the back end of 1H22 given re-openings post-lockdown and forecast (9)% overall LFLs for 1H22 at the group level. We forecast EBITDA of $330.7m on an AASB 16 basis, 1% higher than consensus.
21/02/2022 The A2 Milk Company
HOLD We expect 1H22 NPAT will be down materially on the pcp given lower revenue, increased costs, five months of MVM losses, higher D&A, reduced interest income and a much higher tax rate.
22/02/2022 Accent Group
HOLD AX1 has already indicated that the temporary closure of around 400 stores due to lockdowns in several of its key markets reduced sales by $86m and EBIT by $40m in the first 18 weeks of 1H22. When it is also considered that AX1’s earnings in the PCP benefitted from a $9m JobKeeper payment, it seems apparent to us that the yoy decline in profits in 1H22 is likely to have been very material indeed. We forecast a 53.3% drop in first half EBIT to $38.2m.
22/02/2022 Cochlear
HOLD While we expect sales to benefit from market growth and the continued recovery in surgery rates, the recent uptick in COVID infections put the recovery at risk, with net margins below the long-term run rate (18%) for longer.
22/02/2022 Coles Group
ADD We forecast 1H22 EBIT to be down 3% to A$988m after cycling strong growth of 12% in the pcp. While increased at-home consumption due to lockdowns in NSW, VIC and ACT in 1Q22 were positive for sales, higher COVID costs could have a negative impact on margins.
22/02/2022 Costa Group Holdings
ADD We expect CGC to deliver on its FY21 guidance and forecast EBITDA-S of A$219.5m (A$210.5m ex. 2PH) and NPAT-S of A$57.0m (+3.4% yoy). However, we are cognisant that operating conditions have been far from perfect over the 2H21, with COVID-related challenges resulting in disrupted supply chains and pressure on labour availability. While there have also been adverse weather events in certain CGC regions, we understand these did not have a material impact.
22/02/2022 HomeCo Daily Needs REIT
ADD We expect a general trading update, however the focus will also be on the merger with AVN with Scheme Meetings being held in late January. 
22/02/2022 HUB24
ADD We forecast underlying NPAT of A$12.1m, up 71% on the pcp. Key line item expectations: revenue margin 29.8bp (5bp compression on 2H21); platform EBITDA A$30.6m; Platform EBITDA margin 39.3% (pcp 39.7%).  
22/02/2022 Jumbo Interactive
ADD Following a positive 1Q trading update and strengthening jackpot environment over the 2Q, we expect JIN to report a strong interim result. We estimate total Australian national lottery sales rose 15.7% on the pcp driven by 23 large jackpots across OzLotto/PB (15 in 1H21) and strong average large jackpot sizes (+12.5% on the pcp). JIN will cycle the transfer of Lotterywest Lottery Retailing customers to its SaaS platform during the 1H (adverse revenue margin impact). 
22/02/2022 MoneyMe
ADD We forecast 1H22 revenue of ~A$47m (+97% on pcp) with a closing gross loan book of ~A$566m (+238% on pcp and +70% on the sequential half). We also anticipate a continued fall in the cost of funds (~5% at FY21, 1H22F = 4.6%) with new funding facilities announced in the half (e.g. A$200m Autopay facility with a funding cost of < 3% over one-month BBSW).
22/02/2022 Nanosonics
ADD We are forecasting revenue of A$63.2m, EBITDA of A$11.3m and NPAT of A$5.0m for 1H22. Consensus sits at EBITDA of A$10.3m. 
22/02/2022 Peter Warren Automotive
ADD We sit in-line with guidance, forecasting A$32.9m NPBT. Key to the result will be indications of demand/trading into early 2H22 and expectations on improving supply. 
22/02/2022 SomnoMed
HOLD We expect a stronger top-line result offset by new product development costs. Focus will remain entirely around outlook commentary and details around the new technology piece.
22/02/2022 Step One Clothing
ADD We forecast sales of $38.1m in 1H22, 12% above our estimate of revenue in 1H21 of $34.0m. While our estimate is unchanged from our forecast before the trading update, the composition is different. STP’s statement that UK sales growth was just 3% in 1H22 was a surprise as it is only in its second full year there. Australian growth of 10% was better than expected. We forecast a higher EBITDA margin in 1H22 (20.3%) than 2H22 (19.4%) due to the timing of marketing expenditure. 
23/02/2022 Ai-Media Technologies
ADD We forecast healthy revenue growth (~30% yoy) and AIM’s EBITDA loss to diminish materially yoy as the company nears EBITDA breakeven. 
23/02/2022 Antisense Therapeutics
SPEC BUY Results are largely reported in the quarterly. We do not expect FY22 guidance to be provided however we anticipate some commentary around FDA regulatory progress and commentary around new indications. 
23/02/2022 APA Group
ADD We target mild 1H22 EBITDA decline (-1%) due to East Coast Grid recontracting headwinds and higher corporate costs. Free cashflow should grow (+18%) due to lower sustaining capex and tax.
23/02/2022 Australian Vintage
HOLD In line with recent AGM commentary, we expect AVG’s 1H22 result will be materially down on a very strong pcp. We forecast 1H22 EBITS of A$13.5m, -34% on the pcp, reflecting the impact of increased logistics costs and higher marketing expenses. Core brand sales will likely be flat to modestly higher. 
23/02/2022 Coronado Global Resources
ADD CRN reports its financials quarterly in conjunction with production. There is little room to surprise or disappoint given key financials will be known, and the balance sheet should be well understood in a net cash position. We expect a minimal dividend under the terms of the US Bonds.
23/02/2022 Domino's Pizza
HOLD We expect DMP’s earnings growth trajectory to moderate considerably in 1H22 after a sensational performance in the PCP. We forecast same store sales (SSS) growth in 1H22 of +1.5%, down from +8.5% in 1H21. At the AGM in early November, SSS growth in the first 18 weeks was disclosed as +4.5%, but since then store sales have slowed abruptly in Japan. We forecast EBITDA on an AASB 16 basis of $222.4m, 1.7% above 1H22 and 2.4% below Visible Alpha consensus of $227.8m.
23/02/2022 Healius
ADD We expect a solid result, following a strong 1Q trading update pointing to strong underlying earnings growth underpinned by COVID testing in Pathology and cost outs, somewhat offset by declining growth across Imaging and Day Hospitals.
23/02/2022 Micro-X
SPEC BUY We forecast a net loss of A$9.1m for 1H22. 
23/02/2022 MLG Oz
HOLD In line with MLG’s commentary, we forecast a weak interim result (EBITDA -22% yoy; NPAT -50%), which reflects the impact of the cessation in fixed crushing with FMG at Christmas Creek, escalating cost pressures, losses in the lime business and cost of mobilising new projects. We expect net debt to peak at >A$50m (LTM leverage >1.3x) before improving in the 2H22.
23/02/2022 National Tyre & Wheel
HOLD We forecast EBITDA (post-AASB) of A$20.7m (flat on pcp) and NPAT of A$8.4m (down 14.7% on pcp). Key to the result reaction will be commentary on demand conditions in underlying core business through 2H22 – noting the majority of acquisition EBITDA (~A$7m pre-AASB) is expected in 2H. Commentary on current supply pressures (import / freight pressures) will also be key. 
23/02/2022 PTB Group
ADD We expect solid performance in 2H22 to build on the first half with FY22 EPS of 7.6cps.
23/02/2022 Ramelius Resources
ADD Given its track record, we expect RMS to meet its guidance range of 130-150koz with costs likely to be higher in the first half of the year (guidance A$1,450-A$1,550/oz) than the second. We forecast revenue of A$306.7m and EBITDA of A$117.1m.
23/02/2022 Rio Tinto
HOLD 2H21 will likely show healthy earnings and FCF generation, but market focus is likely to remain on RIO’s continuing operational underperformance and permitting/license issues at Jadar. We expect second half group underlying EBITDA of US$17,224m (+21% pcp) and a final dividend of US$4.95ps.
23/02/2022 Universal Store
ADD Some of the sense of anticipation around UNI’s earnings release has ebbed away because it pre-announced most of its 1H22 key performance metrics earlier this month. We now know that revenue was $108.3m with a LFL sales decline of only (2.2)%, a remarkably resilient performance given the size of the comparable numbers from 1H21. UNI has yet to disclose EBITDA (we forecast $21.2m on a pre-AASB 16 basis) and NPAT (we forecast $13.1m). 
23/02/2022 Wagners
ADD We forecast WGN to deliver 1H22 EBIT of A$12.2m, up 13.2% on the pcp (-16.4% on 2H21). The result should benefit from the completion of the remaining 30% of the CRR tunnel segment contract, solid cement and concrete (plus price improvement) volumes and growth in its haulage business. We think the NewGen business (CFT/EFC) could report a weaker interim result, with earnings likely to be weighted to the 2H22.
23/02/2022 Woolworths
HOLD We forecast group EBIT to be down 13% to A$1,383m. Divisionally, we expect Australian Food EBIT to decrease by 9% to A$1,206m, NZ Food EBIT growth of 11% to NZ$215m and BIG W EBIT to fall by 81% to A$26m.
24/02/2022 Atlas Arteria
ADD ALX will release Q4 toll revenue data on 27 January. At this stage, we expect the APRR (ALX 31%) and DG (ALX ~100% ec. interest) to report FY21 EBITDA growth of 21% and 28% on pcp (-3% and -34% vs 2019), respectively.
24/02/2022 Bega Cheese
HOLD BGA’s 1H22 EBITDA will be up materially on the pcp given it includes LD&D and the associated synergy benefits. However, margins will be severely lower due to significant COVID related costs and a higher farmgate milk price. NPAT growth is more modest given increased D&A and interest expense.
24/02/2022 BikeExchange
SPEC BUY Lookthrough revenue in 1Q22 was up 31%. We forecast 40% yoy growth in revenue in 1H22, leading to an estimate of $2.8m. Increased investment in senior management and marketing expenditure causes us to expect an increased EBITDA loss of $3.6m. With limited D&A and finance costs as well as no tax, this flows through to a forecast NPAT loss of $3.6m.
24/02/2022 Blackmores
HOLD In line with the seasonality of the business (China’s key selling events are in the 1H), we have assumed a 1H vs 2H EBIT split of 57.5%/42.5%. Growth reflects a strong performance from its China and International businesses and margin improvement following supply chain efficiencies and price/mix benefits. 
24/02/2022 Cromwell Property Group
HOLD We expect the focus to be on outcomes from the strategic review and the Board’s distribution policy moving forward. 
24/02/2022 Eagers Automotive
ADD We expect APE to deliver in-line with guidance (MorgansF NPBT A$393.8m). The implied 2H21 UNPBT decline (1H A$218.6m; 2H ~A$175m) includes ~A$20-25m of estimated lock-down impact.  
24/02/2022 Earlypay
EPY ADD We expect EPY to deliver A$6.4m NPATA, up ~79% on pcp. We expect the core Invoice Finance division to drive the majority of growth.
24/02/2022 Flight Centre Travel
HOLD While we forecast strong TTV growth, we expect a slightly larger 1H22 NPBT loss vs the pcp given the 1H21 benefited from JobKeeper (A$78m net benefit) and other government subsidies and the 1H22 has a higher cost base.
24/02/2022 Karoon Energy
ADD We expect KAR’s 2Q22 and 1H22 results to both demonstrate large gains from a rising oil price environment. KAR has impressed with the speed with which it has become an operator on the Bauna operations. We expect another consistent result in terms of production.
24/02/2022 Lovisa
ADD When its stores have been allowed to open, LOV has traded strongly in 1H22. We forecast 30% yoy growth in revenue to $191.0m. We assume gross margins will stay broadly stable, but that some inflation through the cost of doing business (CODB) line will lead to a 170 bp reduction in the EBITDA margin. Our EBIT estimate of $41.7m is up 37% yoy and in line with Visible Alpha consensus of $41.8m.
24/02/2022 MAAS Group
ADD We expect MGH to deliver a solid interim result and forecast 1H22 EBITDA of A$42.0m (+38.1% yoy) and NPAT of A$20.3m (+29.1% yoy). We think growth will be driven by the Construction Materials and Civil Construction & Hire segments and supported by prior M&A. As guided, Real Estate earnings will be materially weighted to the 2H22, with ~75% of Residential settlements and all Commercial Property revaluation gains (MorgansF A$10m) expected in the 2H. 
24/02/2022 Medlab Clinical
MDC SPEC BUY Results will be largely guided to in 2Q21 quarterly cash flow report. 
24/02/2022 National Storage REIT
HOLD General trading update; revaluations; and FY22 guidance to be reiterated.
24/02/2022 Over The Wire
HOLD We forecast EBITDA of $16.5m in 1H22. This is up materially yoy. That said the outlook for OTW’s share price is less about earnings and more about the scheme vote for ABB’s takeover offer which is being held on 24th Feb.
24/02/2022 Paradigm Biopharmaceuticals
HOLD No expectation of surprise with major financial metrics (cash burn / cash balance) already highlighted in the quarterly cashflow reports.
24/02/2022 QUBE Holdings
HOLD It could be a messy result given segment reallocations and the Moorebank Property sale. We target 1H22 EBITDA growth of 6% on pcp (12% in 2H22) and 12% growth in underlying NPATA. Our EBITDA expectation is 8% below Visible Alpha consensus due to a higher revenue growth but lower margin outlook. 
24/02/2022 Ramsay Health Care
HOLD Recent 1QFY22 trading update flagged challenging conditions, with volatility seen across all geographies despite a strong demand pipeline, with underlying earnings declining 27.8% to A$197.4m and NPAT down 39.5% to A$58.1m.
24/02/2022 Reece
HOLD We forecast 1H22 EBITDA to be up 10% to A$383m with ANZ EBITDA rising 9% and US EBITDA (in USD) jumping 15%. 
24/02/2022 Regis Resources
ADD RRL has flagged a downgrade to guidance after an incident at its Rosemont pit.  FY22 production guidance was set at 460-515koz of gold produced. We anticipate a negative reaction to reporting as a result.
24/02/2022 Silk Logistics Holdings
ADD We target 1H22 EBITDA and NPAT growth of c.11% and 59%, respectively. However, a looming uncertainty is the labour and container logistics supply chain constraints likely to have impacted the business in late 1H22/early 2H22.
24/02/2022 Superloop
SLC ADD We forecast underlying EBITDA of $10m which equates to ~42% of our FY22 full year number. There are a number of one-offs and timing quirks to be aware of in SLC’s 1H22 result. For instance cash from the HK/SG divestment won’t land until 2H22. We expect free cash flow to also be heavily 2H weighted. 
24/02/2022 TPG Telecom Ltd
TPG ADD Operating conditions have not changed much in the last 6 months and earnings are not overly seasonal. We expect 2H21 Underlying EBITDA to broadly match the 1H21. We expect mobile subscriber growth to remain slightly negative and cost savings to almost offset declining revenue. 
24/02/2022 Viva Energy Group
VEA ADD We expect to see a second half slowdown compared to the strong 1H21 result, with east coast lockdowns once again having an impact. With that said we still expect 2H21 to be considerably stronger than a year earlier on overall stronger demand conditions compared to early in the pandemic.
25/02/2022 Adbri
ADD We expect a weaker 2H21 result reflecting the previously flagged reduction in Alcoa lime volumes, new NSW cement import terminal, COVID-related restrictions on construction activity and delayed return of the Accolade from its drydock. While October sales volumes exceeded expectations and near-term demand was expected to remain strong throughout the 4Q21 (subject to COVID), supply chain disruptions/increased costs have offset the improving top-line trends.
25/02/2022 Australian Finance Group
ADD We are forecasting 1H22 reported NPAT of A$29.8m and a fully franked interim dividend of A6.7cps.
25/02/2022 Bluebet Holdings
ADD With ~58%/66% of prospectus turnover/net win achieved in the 1Q22 (and prior to the seasonally stronger 2Q), we expect BBT to deliver a strong interim top-line result. Our recently upgraded 1H22 net win forecasts are 30% above of prospectus. BBT’s key operational metrics will be pre-released with its 2Q22 update on 31 January.  
25/02/2022 Booktopia Group
ADD We forecast 1H22 revenue of A$128m, and EBITDA at the higher end of the guidance range (A$4.5m), with an EBITDA margin of ~3.6% (well down on the ~7% in the pcp).
25/02/2022 Brambles
HOLD For 1H22, we forecast (constant FX) 8% sales growth and 1% underlying EBIT growth. We expect sales growth to reflect pricing benefits to recover inflation and other cost-to-serve increases in all regions while EBIT margin will be negatively impacted (-100bp) by transformation costs.
25/02/2022 Genex Power
ADD We expect a significant increase in energy sales (+90% on pcp) with the Jemalong plant fully operational driving the company to break even.
25/02/2022 GQG Partners
ADD Our forecasts (US$230.1m NPAT) sit slightly ahead of prospectus. GQG closed FY21 with US$91.2bn FUM, ahead of the prospectus target of US$88.6bn. Performance fees add some marginal upside potential (immaterial).
25/02/2022 Home Consortium
ADD Focus on impacts from AVN/HDN merger; outlook commentary around deal flow. 
25/02/2022 ImpediMed
SPEC BUY We forecast a net loss of A$7.8m for 1H22 (pcp: net loss of A$11.6m).
25/02/2022 Lindsay Australia
HOLD Following its positive 1Q22 trading update, we expect LAU to report a strong interim result. Our 1H22 underlying EBITDA forecast of A$27.4m (+4.5% on the pcp) will likely prove conservative provided the company’s strong momentum continued throughout the 2Q22. 
25/02/2022 Mach7 Technologies
M7T ADD We forecast revenue of A$14.5m and net loss of A$2.2m for 1H22.
25/02/2022 Medibank
HOLD We forecast 1H22 underlying NPAT of A$215m (Bloomberg consensus = A$216m).  Our 1H22 dividend forecast is ~A6cps (Consensus = A6cps).
25/02/2022 Mitchell Services
SPEC BUY We expect MSV to meet our 1H expectations as financials are reported quarterly. Capital management potential has pushed back following the Aug-21 growth raising.
25/02/2022 Motorcycle Holdings
ADD We expect MTO to deliver forecast 1H22 EBITDA (pre-AASB16) in the upper end of the guided range at A$17.4m, with risk to the upside. Comments around early 2H22 trading conditions for inventory and strong balance sheet position will be of key interest.
25/02/2022 Shine Justice
ADD SHJ has typically (FY20/21) reported a ~42/58% 1H/2H EBITDA skew. We expect a slightly less pronounced skew and a solid result: EBITDA of A$27.9m (+14.8%) and NPAT of A$12.9m (+28.4%). We expect GOCF conversion to be above the pcp (45%), however still subdued as SHJ funds growth. We have a positive reaction call as we think SHJ can detail its growth plan post the Mesh case certainty and balance sheet strength.  
28/02/2022 Aerometrex
ADD While we see improvements in the pcp driven by the continued focus in sales activity and growth of subscription revenues in the MetroMap product, major focus lies in outlook commentary and progress on the transition of project revenue to MetroMap recurring subscription. Our forecasts for 1H22 is $6m ARR. 
28/02/2022 Audeara
SPEC BUY Financial results largely guided in the quarterly report. Our focus lies around commentary or details around progress and sell-through across existing and mature clinics as a template for further clinic additions.
28/02/2022 Camplify Holdings
ADD We forecast ~213% 1H22 revenue growth on pcp to ~A$6.7m, driven by ~A$25m GTV on platform (representing a ~26.8% take rate), with stable gross margins on FY21 at 62%.
28/02/2022 Control Bionics
CBL SPEC BUY We forecast a net loss of A$2.1m for 1H22. 
28/02/2022 Dalrymple Bay Infrastructure
DBI ADD We expect stable Terminal Infrastructure Charges (TIC) and EBITDA in 2H21 vs 1H21 (while TIC is negotiated), while debt service should materially decline given the reset of interest rate swaps at end-1H21. 
28/02/2022 Delorean Corporation
SPEC BUY We anticipate a flat outlook for EBITDA in 1H22 compared to pcp and slightly lower NPAT from higher expected interest and tax costs.
28/02/2022 ImexHS
SPEC BUY Top-line metrics to be foreshadowed in 4Q21 cashflow report and expecting to see an increase in expenses with higher investment in sales and marketing functions. While the results are likely to be muddied by the services business acquisition and reorganisation of segmental reporting, we view the resulting increase in transparency to be well received. Outlook commentary is key and expect a positive tone to drive upside reaction.
28/02/2022 InvoCare
ADD We forecast FY21 (December year-end) operating EBITDA to be up 24% to A$128m (Bloomberg consensus A$125m) on the back of a rebound in revenue as restrictions ease across IVC’s key markets (notwithstanding extended lockdowns in NSW and VIC in 3Q21) and good cost control driving a return to positive operating leverage.
28/02/2022 Tissue Repair
SPEC BUY No surprises given quarterly reporting. Focus will remain for some time on cash balance versus expected outflow to complete clinical programs. Results are unlikely to provide any meaningful guidance or outlook commentary.
28/02/2022 Waypoint REIT
ADD Expect CY22 guidance to be provided with the result.
TBA Airtasker
ADD The above targets broadly coincide with our FY22F GMV of ~A$204m (implying ~+30% domestic GMV growth) and revenue of just over ~A$35m. For the 1H22 result, we are forecasting ~A$86m in GMV (+~18% on pcp) and ~A$15m revenue (+~18%) on pcp, implying a blended take rate of 17.3%.
TBA Allkem
ADD We forecast a strong lift in 1H22 earnings to $73m (+150% on pcp) driven by booming prices for lithium commodities.
TBA Central Petroleum
HOLD We will have a better view on CTP’s 1H22 result post its December quarterly, which will give an insight into Mereenie’s performance post the two new production wells brought online in September. 
TBA Computershare
HOLD We forecast a 1H22 management NPAT of US$145m, +24% on pcp (Bloomberg consensus = US$143m) and a 1H22 dividend of US14.4cps (~A20cps) (consensus = US13.5cps).
TBA Cooper Energy
ADD We expect the first half result to be dragged on by rising cost pressures, contributed to by third-party gas purchases and COVID impacts to labour. The outlook for Orbost and Athena continue to play an integral role to sentiment.
TBA Generation Development Group
ADD We forecast 1H22 group NPAT of A$1.9m and an interim dividend of ~1cps. Our group forecasts reflect 1H22 Investment Bond business NPAT of A$2.6m vs A$2.1m in the pcp, offset by higher costs linked to annuity product development.
TBA Kalium Lakes
SPEC BUY We do not expect much, if any, revenue for the half given no updates on sales from the company but include KLL in the Research Playbook for the first time as it enters production.
TBA  Kina Securities
ADD We forecast FY21 normalised NPAT of ~PGK95m, up 26% on pcp, and a 2H21 dividend of 15.5 toea per share.
Link Administration Holdings
HOLD At its AGM in late November, LNK said trading in FY22 had been strong so far and ahead of expectations and full year guidance was re-affirmed with a “positive outlook”.  We forecast 1H22 Operating NPATA of A$55m (Bloomberg consensus A$53m) and 1H22 DPS of ~A5cps (Bloomberg A4.5cps).  
ADD We anticipate strong revenue growth in 1H22 of ~62% on pcp to ~A$3.7m, with the North American direct sourcing business revenue beginning to contribute materially. The ~21% domestic SaaS revenue growth assumption is predicated on new client wins in the half (closing ARR of A$4.7m, +19% on pcp and +8% on the sequential half).
ADD In its Appendix 4C on 20 January 2022, MYD indicated 20.4% growth in GTV in 1H22, including 18.5% growth in 2Q22. Revenue grew faster than GTV (up 55% yoy in 1H22) due to the acceleration in sales of in-stock products (private label and third-party brands). MYD also disclosed that there was an operating cash outflow of $6.0m in 2Q22, resulting in a $0.5m outflow for the half. EBITDA was not disclosed in the Appendix 4C.
ADD We forecast $80m of underlying EBITDA in 1H21 which represents 48% of full year EBITDA (vs a 49% 1H skew in the last two years). 
HOLD We anticipate that NVX will post another loss this half as R&D activity continues and the company heads towards securing an anode contract.
Panoramic Resources
HOLD With operations resumed and PAN dispatching its first shipment of nickel concentrate in the half, we think the result will be broadly positive. Though we have attributed value (revenue) to PAN’s first concentrate sale, it is unlikely to hit cash flow until 2H given how late in the quarter it was completed.
Red 5
ADD Likely to be a flat response to the half year update with Darlot production still subdued and the focus remaining the second half of the year when King of the Hills begins operation.
HOLD We are currently forecasting 1H22 revenue of A$534m (~10% ahead of Visible Alpha consensus) and ~13% ahead of consensus for EBITDA (MorgansE 1H22F EBITDA A$260m).
Tyro Payments
ADD We forecast TYR 1H22 revenue of A$161m (Bloomberg consensus A$141m), a 1H22 NPAT of -A$8m, and no interim dividend.
ADD In line with management guidance, we forecast 1H22 revenue to be down 8% to A$26.0m and EBITDA to fall by 30% to A$2.9m (ex-JobKeeper). 
Western Areas
HOLD We anticipate production to be towards the lower end of guidance, with risk skewed to the downside given lower mining rates and increased stockpile treatment seen in Q1. Revenue is likely to be up relative to the pcp, however, given the strong nickel price rises over the last 12 months.
Zip Co
ADD We forecast Z1P to produce a 1H22 NPAT loss of -A$57m.  We forecast no 1H22 dividend.

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Disclaimer: The information contained in this calendar is provided to you by Morgans Financial Limited as general advice only, and is made without consideration of an individual's relevant personal circumstances. Morgans Financial Limited ABN 49 010 669 726, its related bodies corporate, directors and officers, employees, authorised representatives and agents ("Morgans") do not accept any liability for any loss or damage arising from or in connection with any action taken or not taken on the basis of information contained in this report, or for any errors or omissions contained within. It is recommended that any persons who wish to act upon this report consult with their Morgans investment adviser before doing so.