Australian Broker Call

Ord Minnett rates ANZ as Accumulate (2) -

Ord Minnett expects FY16 cash earnings of $6.18bn and a final dividend of 80c. Margins are expected to decline by around 2 basis points as the bank continues to run off low-yielding exposures.

While provisioning remains high the broker does not expect another leg up in the current environment. The broker retains an Accumulate rating and $31.50 target.

Target price is $31.50 Current Price is $28.20 Difference: $3.3
If ANZ meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $28.34, suggesting upside of 0.5% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY16:

Forecast for FY17:

Market Sentiment: 0.4

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

Macquarie rates BHP as Outperform (1) -

Reports suggest Peabody and Nippon Steel have settled Q4 coking coal contracts at US$200/t. The broker had forecast US$170/t for Q4, declining to US$140/t in Q1.

The broker has not made earnings forecast changes, but notes there is material upside at spot prices and notes consensus is currently below the broker. BHP could receive a cash flow boost. Outperform and $25 target retained.

Target price is $25.00 Current Price is $23.80 Difference: $1.2
If BHP meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $23.35, suggesting downside of -0.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

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

Market Sentiment: 0.5

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

UBS rates BHP as Downgrade to Neutral from Buy (3) -

UBS is downgrading to Neutral from Buy believing the risk/reward has become more balanced as iron ore and coal prices are expected to fall back over the next 3-6 months and oil prices stabilise.

The company has largely completed its restructuring in the broker's view and the priority now is to strengthen the balance sheet. FY17 EBITDA forecasts are upgraded by 13%. Target rises to $23.50 from $23.00.

Target price is $23.50 Current Price is $23.80 Difference: minus $0.3 (current price is over target).
If BHP meets the UBS target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $23.35, suggesting downside of -0.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

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

Market Sentiment: 0.5

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

UBS rates ERA as Sell (5) -

Weak fundamentals remain a headwind for the stock but legacy contracts are envisaged supporting the stock. The broker lowers uranium price forecasts for the next 12 months.

September quarter uranium production improved to 666 tonnes, ahead of UBS estimates, as a result of higher throughput. This lifts estimates and reduces the broker's forecast loss for 2016 to -$40m.

UBS retains a Sell rating and reduces the target to 9c from 10c.

Target price is $0.09 Current Price is $0.35 Difference: minus $0.26 (current price is over target).
If ERA meets the UBS target it will return approximately minus 74% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

Market Sentiment: -1.0

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

UBS rates EVN as Buy (1) -

UBS continues to envisage upside for gold prices as low inflation should keep yields down and US Fed policy loose. This should take the price towards a US$1,400/oz average in 2017, the broker believes.

The stock remains the broker's pick in the sector and a Buy rating is retained. Target is reduced to $2.80 from $2.89.

Target price is $2.80 Current Price is $2.17 Difference: $0.63
If EVN meets the UBS target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $2.70, suggesting upside of 26.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.7

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

UBS rates IGO as Neutral (3) -

UBS observes nickel demand is lifting and 10% of supply is set to leave the trade. While prices are yet to reach a point where the industry is on a more sustainable footing the broker expects nickel to lift to US$5.50/lb in 2017 and US$6.25/lb in 2018.

The higher prices lift estimates for earnings in FY17 and FY18 by 18% and 16% respectively. Neutral rating retained. Target rises to $4.21 from $4.19.

Target price is $4.21 Current Price is $3.90 Difference: $0.31
If IGO meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $3.81, suggesting downside of -1.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.2

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

Morgan Stanley rates JHX as Equal-weight (3) -

Morgan Stanley remains cautious about the stock for the near term and believes earnings risks are skewed to the downside, despite the probability of near-term strength in volume growth.

The broker observes US macro data has slowed a little and retailer sales data could point to weaker renovations activity.

Equal-weight retained. Target is $20.33. In-Line sector view.

Target price is $20.33 Current Price is $20.21 Difference: $0.12
If JHX meets the Morgan Stanley target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $21.84, suggesting upside of 9.8% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY17:

Forecast for FY18:

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

Market Sentiment: 0.4

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

Morgans rates MTO as Upgrade to Add from Hold (1) -

Industry data suggests motorcycle sales are buoyant and Morgans upgrades FY17 growth assumptions to 7% from 4.5%. The industry remains ripe for consolidation and the broker believes it is just a matter of time before the company makes another acquisition.

The main downside risk is a deterioration in economic conditions and discretionary spending. Rating is upgraded to Add from Hold. Target rises to $3.86 from $3.65.

Target price is $3.86 Current Price is $3.58 Difference: $0.28
If MTO meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).

The company's fiscal year ends in July.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 1.0

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

Citi rates NAB as Downgrade to Neutral from Buy (3) -

Citi analysts observe NAB shares have outperformed amidst a notable rotation in investor funds flows in the Australian banking sector. But now the going is expected to get tougher and thus the recommendation has been pulled back to Neutral from Buy.

According to the analysts, continuation of the stocks’ outperformance appears less clear cut now as management at the bank is tackling a number of substantial issues within the remaining operations. Target drops to $30.50 from $31.50. Earnings estimates have been rejigged, a little.

Note: on current projections by Citi NAB will cut its dividend next financial year to 158c from an estimated 178c this year.

Target price is $30.50 Current Price is $28.28 Difference: $2.22
If NAB meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $28.50, suggesting upside of 1.2% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY16:

Forecast for FY17:

Market Sentiment: 0.1

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

Deutsche Bank rates OFX as Buy (1) -

A major driver of revenue growth is volatility in foreign exchange. With the major trading pair of AUD/USD experiencing very low volatility in the past four months and the second largest, AUD/GBP, appreciating 25% since the first quarter, Deutsche Bank reduces forecasts.

FY17 revenues are lowered by 10% and EBITDA by 8%. A Buy rating is retained. Target is reduced to $2.20 from $2.70.

Target price is $2.20 Current Price is $1.90 Difference: $0.3
If OFX meets the Deutsche Bank target it will return approximately 16% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.5

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

UBS rates OGC as Sell (5) -

The broker was surprised that the Didipio mine was one of 20 singled out for suspension by the Philippines mines department following the audit of all mines.

At this stage day-to-day operations are unaffected while management seeks clarification. Assuming the mine can operate without interruption, UBS still believes investors will price in country risk.

UBS retains a Sell rating. Target is reduced to $3.59 from $3.79.

Target price is $3.59 Current Price is $3.76 Difference: minus $0.17 (current price is over target).
If OGC meets the UBS target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.20, suggesting upside of 13.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

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 OML as Outperform (1) -

The company will acquire Executive Channel Network for $68.5m. Credit Suisse does not consider this a bargain but it does provide increased exposure to a highly sought after demographic that has historically been difficult to reach.

The broker observes a number of strategic merits in the deal and while not factoring in many revenue synergies, notes the possibility of packaging "office" with other verticals.

Outperform retained. Target rises to $6.00 from $5.95.

Target price is $6.00 Current Price is $4.89 Difference: $1.11
If OML meets the Credit Suisse target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $5.98, suggesting upside of 25.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

Market Sentiment: 1.0

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

Macquarie rates OML as No Rating (-1) -

oOh! has agreed to acquire Executive Channel International, funded by an underwritten share placement and debt from an existing facility. The deal would combine the number one and two players in the Office segment, the broker notes.

The broker is advising om the deal and as such is currently restricted from making a recommendation.

Current Price is $4.89. Target price not assessed.

Current consensus price target is $5.98, suggesting upside of 25.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

Market Sentiment: 1.0

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

UBS rates OZL as Upgrade to Neutral from Sell (3) -

UBS is starting to shift its view, having been negative for some time on copper. The broker observes the demand side is stronger, particularly in China while supply side growth should slow.

2017 earnings estimates lift 19% on higher copper prices.

Despite the risks, with few ways to play copper in Australia, the broker upgrades OZ Minerals to Neutral from Sell. Target rises to $6.34 from $6.26.

Target price is $6.34 Current Price is $5.97 Difference: $0.37
If OZL meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $5.96, suggesting upside of 1.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

Market Sentiment: -0.1

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

UBS rates PRU as Neutral (3) -

UBS continues to envisage upside for gold prices as low inflation should keep yields down and US Fed policy loose. This should take the price towards a US$1,400/oz average in 2017, the broker believes.

Earnings estimates are lifted for FY18 to account for Sissingue in group earnings. Neutral retained with the target slipping to 50c from 55c.

Target price is $0.50 Current Price is $0.48 Difference: $0.02
If PRU meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $0.72, suggesting upside of 52.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.6

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

Morgan Stanley rates PTM as Underweight (5) -

Morgan Stanley estimates net outflows of $330m in September, increasing the downside risks to its FY17 forecasts. The prospect of a buy-back is likely to support the share price.

Morgan Stanley envisages risks to flows from limited mix of distribution channels, a more mature retail business and rising competition. Underweight rating retained. Target is $4.50. In-Line sector view retained.

Target price is $4.50 Current Price is $5.07 Difference: minus $0.57 (current price is over target).
If PTM meets the Morgan Stanley target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.01, suggesting downside of -0.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.5

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

Ord Minnett rates QUB as Initiate coverage with Buy rating (1) -

Ord Minnett suggests a solution to the inefficient and complex import/export logistics in NSW will not be easy, but should be rewarding. Qube Holdings intends to drive greater acceptance of rail through investment in Sydney's largest integrated intermodal terminal.

The broker expects this will create a commercial alignment of stevedore and logistics operations which should in turn drive efficiency gains, lower freight costs for customers and ultimately lead to a greater acceptance of rail versus road.

Ord Minnett initiates coverage on the stock with a Buy rating and $2.85 target.

Target price is $2.85 Current Price is $2.26 Difference: $0.59
If QUB meets the Ord Minnett target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $2.63, suggesting upside of 15.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.5

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

UBS rates RIO as Buy (1) -

UBS expects the company to generate strong free cash flow from the Pilbara even at cycle lows because of the restructuring potential within the group and believes this feature is unappreciated by the market.

2017 EBITDA estimates are upgraded by 6%. The broker's Buy rating is unchanged. The target is lifted to $61 from $59.

Target price is $61.00 Current Price is $53.20 Difference: $7.8
If RIO meets the UBS target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $55.41, suggesting upside of 5.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

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

Market Sentiment: 0.6

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

Macquarie rates S32 as Outperform (1) -

Reports suggest Peabody and Nippon Steel have settled Q4 coking coal contracts at US$200/t. The broker had forecast US$170/t for Q4, declining to US$140/t in Q1.

The broker has not made earnings forecast changes, but notes there is material upside at spot prices and notes consensus is currently below the broker. South32 cash flow could double at spot prices. Outperform and $2.70 target retained.

Target price is $2.70 Current Price is $2.53 Difference: $0.17
If S32 meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $2.30, suggesting downside of -6.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

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

Market Sentiment: 0.1

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

UBS rates S32 as Downgrade to Neutral from Buy (3) -

UBS downgrades South32 to Neutral from Buy and lifts the target to $2.50 from $2.25. The broker considers the risk/reward is more balanced as coal and manganese prices are expected to fall back over the next three months. The rand is also becoming a headwind.

The company has said it is contemplating two transactions and additional returns are expected in FY17 as cash continues to build. UBS upgrades FY17 EBITDA by 23%.

Target price is $2.50 Current Price is $2.53 Difference: minus $0.03 (current price is over target).
If S32 meets the UBS target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.30, suggesting downside of -6.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

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

Market Sentiment: 0.1

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

UBS rates SFR as Buy (1) -

UBS is starting to shift its view, having been negative for some time on copper. The broker observes the demand side is stronger, particularly in China while supply side growth should slow.

FY17 earnings estimates are lifted by 30% following an 8% lift to FY17 copper price forecasts. The Buy is supported by organic growth and low-cost domestic production. Target rises to $6.63 from $6.24.

Target price is $6.63 Current Price is $5.04 Difference: $1.59
If SFR meets the UBS target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $5.68, suggesting upside of 11.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.1

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

Credit Suisse rates STO as Neutral (3) -

Credit Suisse observes there is great uncertainty regarding equity gas at Fairview and Roma as well as the variability in some of the third party contracts.

While there is clear potential upside for Santos from changes in the Horizon contract, the broker believes these are likely to be more than offset at GLNG.

Credit Suisse reviews its valuation and reduces the target to $3.90 from $4.90. Neutral retained.

Target price is $3.90 Current Price is $3.94 Difference: minus $0.04 (current price is over target).
If STO 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 $4.97, suggesting upside of 29.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

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

Market Sentiment: 0.5

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

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

The NSW government has reversed its decision to ban greyhound racing from FY18. NSW greyhounds represent 5% of Tabcorp's wagering turnover.

Credit Suisse does caution investors that early indications of wagering growth could be erased later by intense competition.

The broker reverses its prior downgrade to FY18 estimates and upgrades its rating to Outperform from Neutral rating, despite a lack of constructive views on the UK venture, Sun Bets. Target is raised to $5.60 from $5.30.

Target price is $5.60 Current Price is $5.07 Difference: $0.53
If TAH meets the Credit Suisse target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $4.79, suggesting downside of -7.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.1

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

Deutsche Bank rates TAH as Hold (3) -

Deutsche Bank views the decision by the NSW government to overturn the greyhound racing ban a minor positive for Tabcorp. NSW greyhound racing represents 5% of total wagering turnover.

The broker raises the target to $4.80 from $4.70 and retains a Hold rating.

Target price is $4.80 Current Price is $5.07 Difference: minus $0.27 (current price is over target).
If TAH meets the Deutsche Bank target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.79, suggesting downside of -7.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.1

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

Deutsche Bank rates TTS as Hold (3) -

Deutsche Bank considers the NSW government's backing down from the greyhound racing ban a minor positive for Tatts, although it represents only 2-3% of total wagering revenue.

Earnings forecasts are increased by 1% with a Hold rating and $3.90 target retained.

Target price is $3.90 Current Price is $3.55 Difference: $0.35
If TTS meets the Deutsche Bank target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $4.08, suggesting upside of 12.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.3

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

Citi rates VOC as Upgrade to Buy from Neutral (1) -

The Vocus share price has been under the pump in recent weeks and that almost reads like a severe understatement. Citi analysts have now jumped to the rescue, essentially declaring the market is being silly.

Even with slower growth ahead, which has become Citi's base case scenario, Vocus shares look significantly undervalued in the analysts' opinion. They have upgraded to Buy from Neutral while the target (on lowered estimates) drops to $7.40 from $8.00.

Target price is $7.40 Current Price is $5.63 Difference: $1.77
If VOC meets the Citi target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $8.92, suggesting upside of 63.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.8

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

Citi rates WES as Sell (5) -

Citi analysts have conducted an in-depth comparison between supermarket operators in Australia and Tesco in the UK. The analysts believe there are sufficient differences in both markets to support higher operating margins in Australia.

The analysts have also used the study to reiterate their view that Coles is facing lower EBIT margins, albeit not in a fall-off-the-cliff manner. Regardless, this is sufficient for the analysts to retain a Sell rating for Wesfarmers. Target $38.80.

Target price is $38.80 Current Price is $45.35 Difference: minus $6.55 (current price is over target).
If WES meets the Citi target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $42.59, suggesting downside of -5.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

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

Macquarie rates WHC as Underperform (5) -

Reports suggest Peabody and Nippon Steel have settled Q4 coking coal contracts at US$200/t. The broker had forecast US$170/t for Q4, declining to US$140/t in Q1.

The broker has not made earnings forecast changes, but notes there is material upside at spot prices. Whitehaven could be debt free in a year at current spot prices. Underperform and $1.50 target retained given the broker's longer term bearish view on thermal coal.

But using spot prices, the broker's earnings forecasts would jump by 121% and valuation by 320%.

Target price is $1.50 Current Price is $2.86 Difference: minus $1.36 (current price is over target).
If WHC meets the Macquarie target it will return approximately minus 48% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.27, suggesting downside of -18.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.3

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

UBS rates WHC as Downgrade to Sell from Neutral (5) -

UBS expects the company to focus on cost controls in FY17. Thermal coal price estimates are lifted for FY17 by 6% to US$68/t and semi soft coking coal by 32% to US$102/t. As a result FY17 earnings are expected to almost double.

The broker downgrades to Sell from Neutral to reflect the premium at which the stock trades versus net present value. Target is raised to $2.60 from $2.15.

Target price is $2.60 Current Price is $2.86 Difference: minus $0.26 (current price is over target).
If WHC meets the UBS target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.27, suggesting downside of -18.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.3

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

UBS rates WSA as Sell (5) -

UBS observes nickel demand is lifting and 10% of supply is set to leave the trade. While prices are yet to reach a point where the industry is on a more sustainable footing, the broker expects nickel to lift to US$5.50/lb in 2017 and US$6.25/lb in 2018.

Despite the expectations for the nickel price, the broker believes the stock is overvalued and retains a Sell rating. Target raised to $1.88 from $1.86.

Target price is $1.88 Current Price is $2.64 Difference: minus $0.76 (current price is over target).
If WSA meets the UBS target it will return approximately minus 29% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.33, suggesting downside of -9.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.3

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