Australian Broker Call

Citi rates A2M as Buy (1) -

Citi observes the company performed strongly at the 6.18 sales promotion which should help resolve excess inventory.

However, a resurgence of Chinese brands was evident and remains a key risk.

Strong sales performances may be good for brand awareness and market share but are typically associated with weaker margins, the broker adds.

Buy rating and $21.50 target maintained.

Target price is $21.50 Current Price is $18.11 Difference: $3.39
If A2M meets the Citi target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $19.36, suggesting upside of 6.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

This company reports in NZD. 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

Ord Minnett rates AMP as Hold (3) -

The sale of the life insurance business has been approved by the Reserve Bank of New Zealand.

This was the last hurdle for AMP and will release $1.1bn in capital.

Ord Minnett considers the longer-term challenge lies with extracting value from the wealth management operations.

The broker maintains a Hold rating and $1.59 target.

Target price is $1.59 Current Price is $1.85 Difference: minus $0.26 (current price is over target).
If AMP meets the Ord Minnett target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.49, suggesting downside of -16.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

Credit Suisse rates AUB as Outperform (1) -

The company considers it is now in a position to provide guidance, expecting underlying net profit in FY20 of $52-53m, representing growth of 12-14%.

Credit Suisse had been concerned that earnings may be at risk but now, with this confirmation, raises the target to $15.75 from $12.60.

Outperform rating maintained, as the stock is trading at a -10% discount to the XSI.

Target price is $15.75 Current Price is $13.93 Difference: $1.82
If AUB meets the Credit Suisse target it will return approximately 13% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

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

Macquarie rates AUB as Outperform (1) -

AUB Group expects FY20 net profit of $52-53m, noting earnings throughout April and May have improved.

Macquarie believes the company's strategic product, specialisation and productivity initiatives should support the outlook.

The previously delayed interim dividend of 14.5c will be paid in September.

Macquarie retains an Outperform rating and raises the target to $15.11 from $11.54.

Target price is $15.11 Current Price is $13.93 Difference: $1.18
If AUB meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

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

Morgans rates AVN as Add (1) -

The company has indicated its operating performance has improved significantly over May and June. All 20 centres are open.

While expecting volatility over the short term, Morgans continues to believe the portfolio is positioned for the longer term because of low vacancy rates, sustainable rents, low expenditure requirements and the ability to re-mix tenants.

The broker suggests, once the pandemic has passed, demand for large format retail will be even stronger. Add rating maintained. Target slips to $2.53 from $2.54.

Target price is $2.53 Current Price is $2.21 Difference: $0.32
If AVN meets the Morgans target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $2.25, suggesting upside of 5.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.7

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

UBS rates BAP as Buy (1) -

The Australian automotive aftermarket has experienced a rebound in demand through May and momentum continued into June.

UBS upgrades fourth quarter sales forecasts to reflect the improving conditions.

While cautious about the FY21 outlook as pent-up demand and stimulus subsides the broker believes the company can benefit from domestic tourism and increased private transport usage.

Buy rating retained. Target is raised to $7.00 from $6.40.

Target price is $7.00 Current Price is $5.89 Difference: $1.11
If BAP meets the UBS target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $6.47, suggesting upside of 11.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

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

Macquarie rates CQR as Outperform (1) -

The company has announced a distribution for the second half of $0.10, ahead of Macquarie's forecasts.

Operating cash flow appears to be broadly in line with expectations and the broker considers the distribution yield attractive.

Outperform retained as the relative value combined with defensive characteristics is supportive. Target is $4.30.

Target price is $4.30 Current Price is $3.57 Difference: $0.73
If CQR meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $3.48, suggesting upside of 1.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.3

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

Credit Suisse rates CRN as Outperform (1) -

The company has updated 2020 production guidance to 16.5-17mt. Sales volumes will be higher, given the draw on inventory in the US.

Credit Suisse notes there is little optimism about the short-term outlook for either thermal or metallurgical coal prices.

Soft manufacturing demand continues to plague the industry.

Still, Coronado Global is well-positioned for when prices recover, at least on the metallurgical side.

Outperform maintained. Target is reduced to $2.30 from $2.60.

Target price is $2.30 Current Price is $1.02 Difference: $1.28
If CRN meets the Credit Suisse target it will return approximately 125% (excluding dividends, fees and charges).

Current consensus price target is $2.12, suggesting upside of 116.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

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

Market Sentiment: 0.7

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

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

CSL Behring has obtained exclusive rights to develop and commercialise uniQure’s gene therapy candidate for Hemophilia B. Morgan Stanley expects CSL to pay uniQure more than US$2bn including $450m cash.

The global Hemophilia B market is estimated to be around circa US$1.3bn, reports the broker, with CSL’s Idelvion constituting about US$400m. The broker considers uniQure's gene therapy candidate to be the most advanced as compared to others.

Morgan Stanley rates the stock as Equal-weight with a target price of $288. Industry view: In-line.

Target price is $288.00 Current Price is $292.36 Difference: minus $4.36 (current price is over target).
If CSL meets the Morgan Stanley target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $311.67, suggesting upside of 6.0% (ex-dividends)

The company's fiscal year ends in May.

Forecast for FY20:

Forecast for FY21:

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

Macquarie rates CSR as Outperform (1) -

CSR provided no earnings guidance at its AGM. A slowdown in demand is expected although further government support for housing is considered highly likely.

Macquarie finds the balance sheet and liquidity strong and the valuation attractive.

Outperform rating maintained. Target is $4.35.

Target price is $4.35 Current Price is $3.76 Difference: $0.59
If CSR meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $4.09, suggesting upside of 11.7% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.3

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

Citi rates FNP as Buy (1) -

Citi envisages downside risk to earnings following the unexpected departure of the CFO. The CEO is also "on leave".

There is also increased risk to opaque Asian dairy demand and the pace of recovery in the profitable out-of-home channel.

The broker suspects the balance sheet needs equity, although there are no major expenditure projects being planned in the medium term.

Citi retains a Buy rating and $5.30 target.

Target price is $5.30 Current Price is $3.01 Difference: $2.29
If FNP meets the Citi target it will return approximately 76% (excluding dividends, fees and charges).

Current consensus price target is $4.79, suggesting upside of 59.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.7

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

UBS rates FNP as Buy (1) -

In the light of heightened uncertainty, UBS puts the Buy rating and $4.75 target under review.

The company has announced the CEO is on leave pending a further announcement, which follows news that the CFO has resigned.

Freedom Foods is now in a trading halt.

Target price is $4.75 Current Price is $3.01 Difference: $1.74
If FNP meets the UBS target it will return approximately 58% (excluding dividends, fees and charges).

Current consensus price target is $4.79, suggesting upside of 59.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.7

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

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

Credit Suisse assesses the pandemic has clouded the outlook for FlexiGroup.

There are some advantages for the company in that its customer base is predominantly over 35 years in age and there is high home ownership penetration.

Still, the broker does not believe it is ideal to be launching new products and playing catch up in Buy Now Pay Later in a time of economic disruption.

Rating is downgraded to Neutral from Outperform. Target is reduced to $1.50 from $2.00.

Target price is $1.50 Current Price is $1.38 Difference: $0.12
If FXL meets the Credit Suisse target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $1.16, suggesting downside of -5.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.3

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

Ord Minnett rates IGO as Resume Coverage with Sell (5) -

Ord Minnett resumes coverage after a short hiatus with a Sell rating and $3.70 target.

The broker considers the stock expensive, pricing to perfection nickel prices, mine life & grade, and remains cautious about capital returns, given M&A risk.

The main catalyst is upcoming FY21 guidance. Ord Minnett expects a -20% decline in Nova metal, as grades have peaked.

Target price is $3.70 Current Price is $5.03 Difference: minus $1.33 (current price is over target).
If IGO meets the Ord Minnett target it will return approximately minus 26% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.06, suggesting upside of 5.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

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

Mirvac Group has announced a second-half dividend distribution of $0.03 which takes the total for FY20 to $0.091. The original guidance, withdrawn in March, aimed at distributing $0.122.

Morgan Stanley notes this implies a payout ratio of less than 50% versus the group’s typical 70% level.

This also points towards 50-60% of rents collected this half, notes the broker and expects this to improve with the group working through its rent relief negotiations.

Morgan Stanley rates the stock as Equal-weight with a target price of $2.60. Industry view: In-line.

Target price is $2.60 Current Price is $2.39 Difference: $0.21
If MGR meets the Morgan Stanley target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $2.61, suggesting upside of 15.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.6

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

Morgans rates MTO as Add (1) -

Motorcycle Holdings has issued guidance for operating earnings (EBITDA) which is 40% ahead of Morgans' forecasts.

Despite the strong update, the share price was flat and the broker suspects the market is cautious about what happens when stimulus ends.

Morgans expects trading can remain robust and also argues inflated earnings are not being capitalised at an excessive multiple.

Add rating maintained. Target rises to $2.12 from $1.86.

Target price is $2.12 Current Price is $1.90 Difference: $0.22
If MTO meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

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

Morgan Stanley rates NEW as Overweight (1) -

New Energy Solar has announced an agreement to sell 50% of Mount Signal 2 (a solar plant in California) to NextEnergy Capital for a consideration of US$52m.

Morgan Stanley notes ongoing operating issues have impacted operating cash flows and distributions in the first half but are considered temporary.

On a side note, Morgan Stanley reports Infigen Energy ((IFN)) (Australia’s largest listed renewables company) received takeover bids, and should a deal take place, New Energy Solar will become Australia’s largest listed pure-play renewables company.

Morgan Stanley rates the stock as Overweight with a target price of $1.41. Industry view: Cautious.

Target price is $1.41 Current Price is $1.20 Difference: $0.21
If NEW meets the Morgan Stanley target it will return approximately 18% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

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

Credit Suisse rates OZL as Underperform (5) -

The prefeasibility study for Carrapateena has signalled the potential for a transition to block caving in order to access higher grade zones.

The company has also indicated its move to acquire 100% of West Musgrave does not signal an intention to develop, rather it provides the prospect to package it for sale.

OZ Minerals has provided no explicit trading update but indicated performance is tracking to guidance.

Credit Suisse would have preferred more detailed metrics around capital management.

Underperform maintained. Target rises to $8.60 from $8.00.

Target price is $8.60 Current Price is $10.88 Difference: minus $2.28 (current price is over target).
If OZL meets the Credit Suisse target it will return approximately minus 21% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.18, suggesting upside of 5.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.6

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

Credit Suisse rates QUB as Outperform (1) -

Qube Holdings has signed up Woolworths ((WOW)) for warehouse space at its Moorebank Logistics Park.

The lease rate, once operational, is far higher than market rates in the south-west of Sydney.

Credit Suisse raises its lease rate assumptions for the remaining space.

The broker suspects the decision by Woolworths is likely to trigger further interest from suppliers and other potential customers.

Outperform rating reiterated. Target rises to $3.50 from $2.80.

Target price is $3.50 Current Price is $2.85 Difference: $0.65
If QUB meets the Credit Suisse target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $3.03, suggesting upside of 10.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

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

Woolworths ((WOW)) will take a lease across two sites at Moorebank.

Qube Holdings is expected to spend between -$420-460m to fund the warehouse infrastructure, receiving revenue of around $30m from 2025.

UBS considers the transaction a positive development in that the company has locked in a major tenant with low counterparty risk.

Rating is reduced to Neutral from Buy as the stock is now trading in line with valuation. Target is raised to $2.80 from $2.70.

Target price is $2.80 Current Price is $2.85 Difference: minus $0.05 (current price is over target).
If QUB meets the UBS target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.03, suggesting upside of 10.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

Citi rates SHL as Buy (1) -

Having withdrawn guidance in March, Sonic Healthcare has reinstated expectations for FY20 operating earnings to be similar to FY19.

Citi asserts management has quickly adjusted the cost base to reflect what were -30-50% declines in revenue in some markets.

A large offset has come from testing of covid-19, which the broker suggests is a key upside risk for earnings going into FY21.

Buy rating maintained. Target is raised to $34.00 from $32.50.

Target price is $34.00 Current Price is $30.33 Difference: $3.67
If SHL meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $30.04, suggesting downside of -0.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.3

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

Credit Suisse rates SHL as Outperform (1) -

Sonic Healthcare now expects FY20 operating earnings to be similar to FY19. Credit Suisse raises estimates by 16%.

Coronavirus testing continues to ramp up in the company's key markets, particularly Australia and the US.

As a result, Credit Suisse suspects there is upside to the first half but the benefit is likely to unwind by the second half and into FY22.

Outperform maintained. Target rises to $32.50 from $28.00.

Target price is $32.50 Current Price is $30.33 Difference: $2.17
If SHL meets the Credit Suisse target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $30.04, suggesting downside of -0.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.3

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

Macquarie rates SHL as Neutral (3) -

Sonic Healthcare expects FY20 operating earnings (EBITDA) of $1.08bn, ahead of Macquarie's expectations.

Following weakness in March and April the majority of the company's divisions has returned to pre-pandemic revenue levels.

Macquarie assesses improving activity levels, combined with cost initiatives, are underpinning the business.

Neutral maintained. Target rises to $29.50 from $27.65.

Target price is $29.50 Current Price is $30.33 Difference: minus $0.83 (current price is over target).
If SHL meets the Macquarie target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $30.04, suggesting downside of -0.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.3

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

Morgan Stanley rates SHL as Overweight (1) -

Sonic Healthcare’s new FY20 guidance has operating income pegged at $1075m, similar to FY19 level and above Morgan Stanley’s expectations.

The broker notes recovery started in May with a majority of the company’s divisions returning to pre-covid-19 values (with the exception of the US, UK, Ireland and Belgium). 

The uplift to operating income from covid-19 testing for US/Germany/Australia is expected to be 8-10% in FY20 and 25-32% in FY21.

Morgan Stanley rates the stock as Overweight with a target price of $28.90. Industry view: In-line.

Target price is $28.90 Current Price is $30.33 Difference: minus $1.43 (current price is over target).
If SHL meets the Morgan Stanley target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $30.04, suggesting downside of -0.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.3

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

Morgans rates SHL as Downgrade to Hold from Add (3) -

Management has reinstated FY20 guidance, expecting underlying operating earnings (EBITDA) growth to be flat. Testing volumes in most of the company's divisions have returned to pre-pandemic levels.

Morgan is encouraged by the recovery in volumes but notes base revenue across around 35% of the business is subdued, and the pandemic is far from over.

This suggests cost savings and government support are doing the heavy lifting. Rating is downgraded to Hold from Add and the target is raised to $28.63 from $27.84.

Target price is $28.63 Current Price is $30.33 Difference: minus $1.7 (current price is over target).
If SHL meets the Morgans target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $30.04, suggesting downside of -0.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.3

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

Ord Minnett rates SHL as Hold (3) -

The company's trading update was well ahead of Ord Minnett's expectations. This is attributed to aggressive cost management and government support.

The broker now expects a rapid recovery in FY21, supported by coronavirus testing.

While the broker lifts the target to $30.00 from $27.50 the uplift in valuation does not support a change in the Hold rating.

Ord Minnett expects routine work will continue to normalise, particularly where rates of community infection are low such as Germany and Australia.

Target price is $30.00 Current Price is $30.33 Difference: minus $0.33 (current price is over target).
If SHL meets the Ord Minnett target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $30.04, suggesting downside of -0.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.3

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

UBS rates SHL as Sell (5) -

Having withdrawn FY20 guidance in March, Sonic Healthcare now expects operating earnings (EBITDA) will be in line with FY19.

UBS increases second half revenue growth forecasts to allow for a more rapid return of routine work and improved margin assumptions across regions.

While unable to quantify the earnings contribution from pandemic testing, the broker suspects this has been of benefit in countering lower routine work.

UBS retains a Sell rating and raises the target to $26.75 from $25.10.

Target price is $26.75 Current Price is $30.33 Difference: minus $3.58 (current price is over target).
If SHL meets the UBS target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $30.04, suggesting downside of -0.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.3

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

Ord Minnett rates WOW as No Rating (-1) -

Woolworths has outlined strong sales for the fourth quarter. FY20 EBIT guidance of $3.2-3.25bn is in line with Ord Minnett's forecasts.

The company will also introduce dual automated distribution centres in Moorebank for -$700-780m in capital expenditure.

Ord Minnett is restricted on providing a rating and target at present.

Current Price is $36.12. Target price not assessed.

Current consensus price target is $37.98, suggesting upside of 5.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

Citi rates WPL as Buy (1) -

Citi assesses Woodside Petroleum is likely to be out-of-the-money on its offtake agreement with Corpus Christi T2 for 20 years.

The broker expects the company will opportunistically attempt to mitigate losses by hedging Brent/Henry Hub.

However, current futures prices still yield large losses. While cautious about these losses, the broker considers the equity is cheap.

Buy/High Risk rating retained. Target is $27.97.

Target price is $27.97 Current Price is $21.58 Difference: $6.39
If WPL meets the Citi target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $25.16, suggesting upside of 21.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

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