Australian Broker Call

Ord Minnett rates ABP as Hold (3) -

Ord Minnett has updated estimates to account for recent transactions, including the acquisition of 50% of 464 St Kilda Road for $48m and the sales of Bacchus Marsh shopping centre, 169 Australis Drive Derrimut as well as the remainder of 201 Pacific Highway St Leonards.

Hold maintained. Target is $3.60.

Target price is $3.60 Current Price is $3.69 Difference: minus $0.09 (current price is over target).
If ABP meets the Ord Minnett target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Credit Suisse rates AHG as Neutral (3) -

The company has downgraded FY18 net profit guidance to $75m. The main cause of the downgrade is automotive retail margins and Western Australian private car buying that is recovering more slowly than expected.

As this comes fairly soon after a first half result that implied an improving outlook for automotive, and taking into account the risks around the sale of refrigerated logistics, Credit Suisse does not envisage enough certainty to justify a positive investment view.

The broker downgrades FY18 estimates by -12% and makes larger downgrades to FY19-20, despite forecasting modest margin improvement. Neutral rating maintained. Target reduced to $3.00 from $3.85.

Target price is $3.00 Current Price is $3.02 Difference: minus $0.02 (current price is over target).
If AHG meets the Credit Suisse target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.40, suggesting upside of 12.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates AHG as Downgrade to Neutral from Outperform (3) -

Subsequent to the company's downgrade to FY18 guidance, Macquarie suggests challenging market conditions are likely to weigh in the near term with the risk of broader contagion.

The implied reversal in automotive margin performance requires consideration and the broker acknowledges the underlying drivers are difficult to ascertain at this point. Macquarie downgrades to Neutral from Outperform. Target is reduced to $3.30 from $4.20.

Target price is $3.30 Current Price is $3.02 Difference: $0.28
If AHG meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $3.40, suggesting upside of 12.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgan Stanley rates AHG as Overweight (1) -

The company has reduced net profit guidance to $75m versus consensus estimates of $85m. The company has cited the impact of regulatory changes and slower private automobile demand in Western Australia as well as the progress of the divestment of refrigerated logistics.

Morgan Stanley still considers its Overweight thesis intact, as car sales are improving and there are potential catalysts. Industry view is In-Line and target reduced to $4.00 from $4.10.

Target price is $4.00 Current Price is $3.02 Difference: $0.98
If AHG meets the Morgan Stanley target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $3.40, suggesting upside of 12.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgans rates AHG as Hold (3) -

FY18 net profit guidance has been downgraded materially. FY18 net profit guidance of $75m is -14% below the prior year and previous consensus estimates. Morgans notes weakness in both the core automotive margins and refrigerated logistics and considers this downgrade severe, particularly this late in the financial year.

The outcome of the refrigerated logistics sale process is fundamentally influential, the broker contends. Sale discussions with HNA are ongoing but there remains significant uncertainty, in the broker's view, as it still requires Australian FIRB, landlord and lender approvals.

Hold rating is maintained. Target is reduced to $3.32 from $3.86.

Target price is $3.32 Current Price is $3.02 Difference: $0.3
If AHG meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $3.40, suggesting upside of 12.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates AHG as Accumulate (2) -

The trading update disappointed Ord Minnett, as underlying operating net profit is reduced to $75m, down -14% on the prior year. The broker considers FY18 will be an earnings trough and the stock is trading on a relatively undemanding price-to-earnings multiple.

The potential for value-accretive acquisitions exist if the refrigerated logistics transaction is completed. Accumulate maintained. Target reduced to $3.60 from $4.00.

Target price is $3.60 Current Price is $3.02 Difference: $0.58
If AHG meets the Ord Minnett target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $3.40, suggesting upside of 12.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates AHG as Neutral (3) -

Automotive Holdings's FY18 profit guidance downgrade implies a -21% drop for the second half on last year, the broker notes. Margin pressures from regulatory changes and a slow recovery for WA sales have been blamed. The broker is surprised by the scale and suggests there must be internal problems as well as just competitive pressures.

Cold logistics is also performing poorly due to the protracted sales process to the Chinese, which hopefully will be completed in six weeks. In the meantime, the broker cut its target to $3.15 from $3.70 and retains Neutral.

Target price is $3.15 Current Price is $3.02 Difference: $0.13
If AHG meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $3.40, suggesting upside of 12.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates AIZ as Outperform (1) -

Macquarie updates capacity and proprietary airfare metrics and incorporates revised oil price forecasts. An uptick in capacity growth over the next nine months is expected, although the broker notes demand has been growing ahead of this rate.

Macquarie believes the market is too negative on FY19 profit estimates given the capacity growth outlook. Outperform rating maintained. Target is NZ$3.80.

Current Price is $3.04. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates ASB as Outperform (1) -

The company has provided more detail on its commercial shipbuilding expansion. Macquarie observes Austal has a competitive advantage in the large commercial ferry market through its advanced design, high-speed vessels and modular construction approach.

The broker understands commercial vessels have substantially higher margins than naval programs and the build is lower risk given the easier transfer of manufacturing knowledge.

The company expects revenue through its Philippines facility to double in FY19 and double again in FY20. Outperform rating. Target is $2.29.

Target price is $2.29 Current Price is $1.77 Difference: $0.52
If ASB meets the Macquarie target it will return approximately 29% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.8

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Citi rates BSL as Buy (1) -

BlueScope Steel has found itself in the enviable position to be able, yet again, to lift its guidance for the year. Management can thank strong US steel market conditions for that.

Citi analysts point out market consensus already was above guidance and both have now merely fallen in-line with each other. The analysts do believe this signals a strong start to FY19.

The analysts also see ongoing prospects for capital management, hence the Buy rating remains in place. Target unchanged at $18.60. Note: no changes have been made to forecasts.

Target price is $18.60 Current Price is $18.05 Difference: $0.55
If BSL meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $18.51, suggesting upside of 2.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.8

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Credit Suisse rates BSL as Outperform (1) -

The company has upgraded second half EBIT guidance to $680m, in line with Credit Suisse forecasts. The broker suggests the outcome could be even higher, given the company's prior guidance upgrades were exceeded by reported numbers.

The upgrade is largely on the back of stronger US steel spreads in North America. The broker warns that North Star's contribution may fall short of some expectations, but any disappointment in the second half should mean that perceived shortfall adds to the first half of FY19.

Outperform rating and $16.90 target maintained.

Target price is $16.90 Current Price is $18.05 Difference: minus $1.15 (current price is over target).
If BSL meets the Credit Suisse target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.51, suggesting upside of 2.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.8

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgan Stanley rates BSL as Overweight (1) -

The company's guidance upgrade has confirmed stronger earnings momentum and suggests further upside in FY19, Morgan Stanley believes. Operating earnings of $680m is now expected for the second half of FY18, 12% ahead of prior forecasts.

The upgrade was primarily driven by strong US spreads that have boosted North Star profitability. Morgan Stanley believes strong cash flows will unlock the next leg of upside for the stock.

Overweight rating. Industry view is Cautious. Target is $20.

Target price is $20.00 Current Price is $18.05 Difference: $1.95
If BSL meets the Morgan Stanley target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $18.51, suggesting upside of 2.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.8

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates BSL as Accumulate (2) -

The company has upgraded earnings guidance, although Ord Minnett still suspects it is retaining a conservative view. The stock is trading below the broker's base-case valuation and further upside is expected if US prices hold. There is also scope for significant capital returns.

The broker maintains an Accumulate rating and raises the target to $19.00 from $18.50.

Target price is $19.00 Current Price is $18.05 Difference: $0.95
If BSL meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $18.51, suggesting upside of 2.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.8

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates BSL as Buy (1) -

BlueScope has upgraded second half earnings guidance as expected, given rising steel spreads in the US. But the 12% increase only serves to bring guidance in line with consensus forecasts, the broker notes.

The company did not provide a new spread estimate but the broker notes if current spot prices were to hold for another six weeks, and accounting for a typical one month lag, this would imply further upside to guidance. Meanwhile, ASEAN building products are performing poorly but this is election-related and should prove temporary.

Buy retained, target rises to $20.50 from $18.75.

Target price is $20.50 Current Price is $18.05 Difference: $2.45
If BSL meets the UBS target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $18.51, suggesting upside of 2.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.8

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Credit Suisse rates CYB as Downgrade to Neutral from Outperform (3) -

First half results missed Credit Suisse estimates at the top line. Still, the broker believes the bank continues to execute well on costs although the revenue story appears harder given competitive pressures.

The possibility of outperforming FY19 CTI targets now appears unlikely to Credit Suisse and the share price will be dependent on revenue upside.

Rating is downgraded to Neutral from Outperform. $6.00 target retained.

Target price is $6.00 Current Price is $5.51 Difference: $0.49
If CYB meets the Credit Suisse target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $5.93, suggesting upside of 7.6% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY18:

Forecast for FY19:

This company reports in GBP. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgans rates FDV as Add (1) -

Morgans upgrades valuation following the recent capital raising which valued Zameen, in which the company has a 30% stake, at US$220m.

Zameen has performed better than expected and the broker expects it to be cash flow positive in the second half of 2018.

Morgans maintains an Add rating and raises the target to $0.97 from $0.92.

Target price is $0.97 Current Price is $0.71 Difference: $0.26
If FDV meets the Morgans target it will return approximately 37% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Citi rates GXY as Buy (1) -

The irony! As the company has updated the Sal De Vida feasibility study, Citi analysts report it did not materially change their Net Present Value calculation for the project. But then they did slice 20c off the valuation because the James Bay valuation required a correction.

As the analysts see plenty of catalysts on the horizon, they maintain the Buy rating. Price target lost -20c to $4.30. Citi expects the announcement of a new partner to join the development of Sal De Vida at around mid-year.

Target price is $4.30 Current Price is $3.06 Difference: $1.24
If GXY meets the Citi target it will return approximately 41% (excluding dividends, fees and charges).

Current consensus price target is $3.48, suggesting upside of 13.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.2

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Citi rates IVC as Upgrade to Buy from Sell (1) -

InvoCare failed to impress the broker in February, but Citi analysts have now made a 180 degrees turnaround declaring the company's Protect & Growth capex plan, costing $200m, is going to deliver.

In addition, the share price valuation is seen as too low. The analysts see a case for additional upside potential from cost savings, market share gains (yes), stronger case average growth, as well as from acquisitions in rural areas.

Estimates are, on their own admission, between 2-7% higher than market consensus. Price target improves to $14 from $13.50. Upgrade to Buy from Sell.

Target price is $14.00 Current Price is $12.36 Difference: $1.64
If IVC meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $12.36, suggesting downside of -0.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.1

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates LLC as Outperform (1) -

After site tours and presentations Macquarie is more confident in the earnings outlook in Italy. The broker envisages the projects are a key differentiator for Lend Lease and suggests medium-term European consensus earnings are likely to be too low.

Outperform and $18.30 target retained.

Target price is $18.30 Current Price is $18.32 Difference: minus $0.02 (current price is over target).
If LLC meets the Macquarie target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.35, suggesting upside of 0.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates LLC as Lighten (4) -

The company has updated on two development projects in Milan with a combined end value of $6.5bn. Ord Minnett notes both are large-scale urban renewal opportunities spanning 10-15 years.

The company has structured both projects on a phased basis, subject to constraints but with discretion on timing. Without any capital invested upfront and flexibility the risks are greatly reduced, in the broker's opinion.

Ord Minnett maintains a Lighten rating and $17 target.

Target price is $17.00 Current Price is $18.32 Difference: minus $1.32 (current price is over target).
If LLC meets the Ord Minnett target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.35, suggesting upside of 0.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Citi rates LNK as Neutral (3) -

After the company clarified the potential impact of the proposed policy on inactive super funds, Citi suggests the risks are now skewed to the upside and it is more likely that management can assuage investor concerns at the upcoming briefing.

A -$55m impact is similar to what Citi has allowed for. Neutral rating. Target is $8.10.

Target price is $8.10 Current Price is $7.26 Difference: $0.84
If LNK meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $8.08, suggesting upside of 11.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.4

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Credit Suisse rates LNK as Upgrade to Outperform from Neutral (1) -

Management has provided clarity on the bear case scenario given the federal government's budget policy on low-balance super accounts. Credit Suisse estimates the impact of the new legislation is -8% in FY21 but suggests the policy stands a good chance of being watered down.

The broker downgrades FY20 EPS estimates by -7% and FY21 by -10%. This includes the proposed changes to superannuation and the loss of CareSuper from FY20.

Rating is upgraded to Outperform from Neutral as a broker believes the stock offers a buying opportunity. Target is reduced to $8.10 from $9.00.

Target price is $8.10 Current Price is $7.26 Difference: $0.84
If LNK meets the Credit Suisse target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $8.08, suggesting upside of 11.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.4

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgans rates LNK as Add (1) -

The company has updated on the proposed changes announced in the federal budget. Management estimates a revenue impact of -$55m in FY20. Morgans suggests, in a worst case scenario, it could be a -13.5% impact on FY20 EPS.

However, the broker considers a high single-digit EPS fall is more likely because of potential cost reduction actions and other mitigating factors by management.

Add rating maintained and the broker considers the stock oversold. Target is lowered to $8.25 from $8.52.

Target price is $8.25 Current Price is $7.26 Difference: $0.99
If LNK meets the Morgans target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $8.08, suggesting upside of 11.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.4

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates LNK as Neutral (3) -

Link Administration estimates the new super rules announced in the budget will cost the company -$55m in revenue when the broker had assumed -$47m. While this implies another tick-down to earnings forecasts, the date for super account transfers to the ATO will be Oct 31 when the broker assumed July 31, so there's an offset.

Put it together and the broker retains Neutral and a $7.65 target.

Target price is $7.65 Current Price is $7.26 Difference: $0.39
If LNK meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $8.08, suggesting upside of 11.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.4

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Citi rates MYR as Sell (5) -

In initial response to today's Q3 sales update, Citi believe Myer achieved a credible result in a difficult environment. At least, the update showed no further deterioration, point out the analysts.

The latter refers to sales momentum, given like-for-like sales were still down -3.1%. Strong online sales are now cannibalising in-store sales, the analysts point out.

Citi doesn't see a favourable risk-reward balance just yet. Sell rating retained, as well as the 41c price target.

Target price is $0.41 Current Price is $0.41 Difference: $0
If MYR meets the Citi target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $0.38, suggesting downside of -8.1% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.8

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgans rates NBL as Add (1) -

The company will acquire five brands from Specialty Fashion ((SFH)) for $31m. Noni B will now operate across nine brands and 1350 stores.

Morgans had previously expected an accretive acquisition as a key catalyst for the stock and the company to reap the cost reductions/earnings benefits over the coming years.

The acquisition provides buying power and removes a distressed competitor from the industry. Add rating maintained. Target rises to $3.50 from $2.73.

Target price is $3.50 Current Price is $2.72 Difference: $0.78
If NBL meets the Morgans target it will return approximately 29% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgans rates RHL as Add (1) -

First half result beat forecasts. Net profit grew 21% and revenue rose 7.0%. Growth was driven by a full six-months contribution from prior acquisitions.

Despite lower cattle prices and a dry start to the winter crop season the company is expected to post strong profit growth in FY18.

Add rating maintained. Target is raised to $3.60 from $3.55.

Target price is $3.60 Current Price is $3.19 Difference: $0.41
If RHL meets the Morgans target it will return approximately 13% (excluding dividends, fees and charges).

The company's fiscal year ends in September.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Citi rates SFR as Sell (5) -

The company has emerged from a trading halt to announce copper mineralisation has been discovered at Morck's Well, 22km south of DeGrussa. Assays are pending but, in Citi's view, based on other Doolgunna deposits the presence of gold is likely.

The broker suggests, ahead of the announcement, the share price was discounting an additional 1-2 years of life at DeGrussa so a discovery will need to extend the life of mine.

Sell/High Risk rating. Target is $6.70.

Target price is $6.70 Current Price is $8.73 Difference: minus $2.03 (current price is over target).
If SFR meets the Citi target it will return approximately minus 23% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.25, suggesting downside of -17.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.5

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Credit Suisse rates SFR as Underperform (5) -

Credit Suisse suggests the trading halt, which usually indicates market sensitive information is to be released that could move the share price, in the case of these exploration results was a damp squib.

The broker observes the share price is up around 5%, seemingly in response to what could be a naive correlation. The release confirms a relatively shallow anomaly 20km from the company's processing capacity that supports a follow up.

Rating is Underperform. Target is $6.10.

Target price is $6.10 Current Price is $8.73 Difference: minus $2.63 (current price is over target).
If SFR meets the Credit Suisse target it will return approximately minus 30% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.25, suggesting downside of -17.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.5

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates SFR as Neutral (3) -

The company has announced an intersection of massive sulphide mineralisation 22 km from DeGrussa. Sandfire is earning a 70% interest in this prospect from Auris Minerals ((AUR)) and Fe Limited ((FEL)).

Macquarie suggests the Morck's Well discovery has potential to deliver additional ore feed to the DeGrussa plant and is, therefore, encouraging. Current mine life of DeGrussa is just four years. Target is $8.30. Neutral maintained.

Target price is $8.30 Current Price is $8.73 Difference: minus $0.43 (current price is over target).
If SFR meets the Macquarie target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.25, suggesting downside of -17.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.5

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates STO as Neutral (3) -

The company's largest shareholder, ENN, has reached a preliminary agreement with Harbour Energy regarding exchanging shares in Santos. Nevertheless, ENN has stated there are still major uncertainties.

Macquarie previously highlighted the biggest risk to the takeover is approval from the Treasurer. In a period where gas and electricity prices are a major political concern the broker envisages this development adds a further layer of risk to the Harbour offer.

Neutral and $6.30 target retained.

Target price is $6.30 Current Price is $6.36 Difference: minus $0.06 (current price is over target).
If STO meets the Macquarie target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.95, suggesting downside of -6.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.2

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Credit Suisse rates SVW as Outperform (1) -

The company's upgraded guidance, to 20-25% growth, has indicated strength across all three key divisions. Credit Suisse does not consider the valuation stretched as yet and expects FY19 to present a clean year with no ambiguity from M&A.

Outperform rating maintained. Target rises to $21.25 from $19.00.

Target price is $21.50 Current Price is $19.98 Difference: $1.52
If SVW meets the Credit Suisse target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $20.91, suggesting upside of 4.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.8

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates TAH as Outperform (1) -

Victoria will introduce an 8% point of consumption tax on wagering on January 1, 2019. Macquarie suggests NSW may also consider such a tax in its budget in June.

The broker estimates the tax will cost corporate bookmakers around $195m once enforced across all states. Victorian racing and Tabcorp are expected to be no worse off.

Outperform maintained. Target is $5.20.

Target price is $5.20 Current Price is $4.59 Difference: $0.61
If TAH meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $5.21, suggesting upside of 13.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.7

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgan Stanley rates TAH as Overweight (1) -

The US Supreme Court has ruled the law which prohibits states from legalising sports betting is unconstitutional. This will allow US sports betting to be adopted on a state-by-state basis and New Jersey is likely to be the first.

Whilst a positive for the wagering industry, Morgan Stanley does not believe an entry by Tabcorp into the US is imminent. Rather, the broker expects Tabcorp to focus on integrating Tatts in the near term and the US is a longer-term growth option.

Overweight rating and $5.20 target. Industry view is Cautious.

Target price is $5.20 Current Price is $4.59 Difference: $0.61
If TAH meets the Morgan Stanley target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $5.21, suggesting upside of 13.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.7

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates TAH as Buy (1) -

The US High Court has passed a ruling allowing each state to legalise sports betting for the first time, outside of casinos, countering a longstanding black market. This is a positive for Tabcorp, the broker suggests, as it provides a prospective new opportunity, but the broker believes the company has greater priorities at home.

There remain many questions, including as to whether regulated/taxed US betting would actually draw punters away from better odds from their black market bookies. Buy and $5.20 target retained.

Target price is $5.20 Current Price is $4.59 Difference: $0.61
If TAH meets the UBS target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $5.21, suggesting upside of 13.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.7

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Credit Suisse rates TME as Neutral (3) -

Credit Suisse considers the company's briefing highlights a clear sense of purpose across vertical markets and the work that is underway to address a range of growth opportunities.

The main question for the broker is the extent of upside these opportunities can present and over what timeframe. Capital management is on the table and FY18 guidance is unchanged.

Neutral rating. Price target is raised to NZ$4.50 from NZ$4.42.

Current Price is $4.39. Target price not assessed.

Current consensus price target is $5.15, suggesting upside of 17.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Deutsche Bank rates VVR as Buy (1) -

Deutsche Bank analysts have kept the Buy rating and $2.55 target intact as they note management reaffirmed FY18 operating EPS guidance of 3.0% to 3.75% at the AGM. (DBe at 3.7%, consensus 4.0%), assuming $50m in acquisitions.

Buy retained based on 1) 26% upside to current share price; 2) strong distribution yield relative to peers (FY18F 6.9% vs peer average of 5.1%); and 3) VVR trades at a 7% discount to NTA.

Target price is $2.55 Current Price is $2.01 Difference: $0.54
If VVR meets the Deutsche Bank target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $2.43, suggesting upside of 20.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates WHC as Buy (1) -

With approval confirmed, the transfer of Idemitsu's 30% stake in the Tarrawonga coal mine has been completed, taking Whitehaven's stake to 100%. The price has not been disclosed.

The transfer comes earlier than expected but the mine only contributes 12% of Whitehaven's total sales, the broker notes. The company retains a strong balance sheet and is one of the best free cash flow generators in the sector. Buy and $5.50 target retained.

Target price is $5.50 Current Price is $5.20 Difference: $0.3
If WHC meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $4.76, suggesting downside of -8.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.6

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources