Australian Broker Call

Deutsche Bank rates ALU as Buy (1) -

First half results were strong and Deutsche Bank notes operating metrics are comfortably meeting FY20 targets.

The broker highlights the significant effort that has gone into production development and sales execution.

The results demonstrate the quality of the business, in the broker's view, and a Buy rating is maintained. Target is $29.50.

Target price is $29.50 Current Price is $32.45 Difference: minus $2.95 (current price is over target).
If ALU meets the Deutsche Bank target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $26.00, suggesting downside of -19.9% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Ord Minnett rates ALU as Upgrade to Hold from Sell (3) -

First half results were very strong, supported by perpetual license sales, particularly Altium Designer in China. Ord Minnett found operating leverage clearly evident.

The broker notes management's confident outlook regarding the FY20 revenue target of $200m. The broker materially upgrades cash flow forecasts and lifts the rating to Hold from Sell. Target is raised to $26.51 from $17.70.

Target price is $26.51 Current Price is $32.45 Difference: minus $5.94 (current price is over target).
If ALU meets the Ord Minnett target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $26.00, suggesting downside of -19.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Citi rates AMP as Neutral (3) -

Sometimes life doesn't seem fair. Citi analysts report the new super account consolidation legislation that has been passed through Federal parliament in effect represents yet another downgrade for AMP.

EPS estimates have been sliced further by single digits. Neutral rating retained. Target price drops to $2.35 from $2.50. Note: the analysts left DPS forecasts unchanged.

Target price is $2.35 Current Price is $2.23 Difference: $0.12
If AMP meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $2.29, suggesting upside of 2.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Macquarie rates AMP as Neutral (3) -

The company has provided estimates for the earnings impact from the Protecting Your Superannuation Package announced in the May 2018 federal budget.

The ongoing impact of around $30m, annualised, in FY20 is around 5% of Macquarie's re-based FY20 profit estimates.

The broker believes, while earnings and legislative uncertainty persist, the stock will continue to trade at a discount to historical multiples.

Neutral maintained. Target is reduced to $2.20 from $2.30.

Target price is $2.20 Current Price is $2.23 Difference: minus $0.03 (current price is over target).
If AMP 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 $2.29, suggesting upside of 2.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Morgans rates AMP as Hold (3) -

AMP says operating earnings are expected to fall -$10m in 2019 and -$30m in 2020 as a result of the Protecting Your Super package bill that was recently passed in the Senate.

Morgans cuts 2019/20 earnings estimates -2% and -5% to reflect the news.

Target price falls to $2.32 from $2.37. Hold rating retained, Morgans reiterating its view that it will take time to turnaround the AMP ship.

Target price is $2.32 Current Price is $2.23 Difference: $0.09
If AMP meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $2.29, suggesting upside of 2.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

UBS rates AMP as Neutral (3) -

AMP has revealed what impact it expects to suffer as a result of the May budget proposal of consolidating inactive accounts and imposing fee caps on account balances. The numbers are broadly in line with the broker's estimates.

Forecasts largely unchanged. The broker notes the proposal should soon become law. Neutral and $2.30 target retained.

Target price is $2.30 Current Price is $2.23 Difference: $0.07
If AMP meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $2.29, suggesting upside of 2.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Citi rates ANN as Buy (1) -

Following on from their initial response (see yesterday's Report), Citi analysts muse Ansell results tend to be a "mixed" experience; this time was no different. Minor changes have been implemented to forecasts and modeling, with the analysts pointing out revised guidance is now in-line with their own projection.

For good measure: Citi analysts are not blaming management for anything, it's just the nature of a geographically diversified business as is Ansell. The share buyback continues and is, according to Citi, largely responsible for the upgrade in guidance. Buy. Target price $28.50.

Target price is $28.50 Current Price is $24.88 Difference: $3.62
If ANN meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $26.18, suggesting upside of 5.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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 ANN as Neutral (3) -

First half results were ahead of Credit Suisse estimates, although the top line disappointed as global markets weakened. This situation is expected to continue, despite the company targeting 3-4% organic sales growth in FY19.

The broker maintains a Neutral rating and raises the target to $24.00 from $23.50.

While the broker is cautious, the strong balance sheet and potential for additional M&A are expected to support the share price in the medium term.

Target price is $24.00 Current Price is $24.88 Difference: minus $0.88 (current price is over target).
If ANN meets the Credit Suisse target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $26.18, suggesting upside of 5.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Deutsche Bank rates ANN as Buy (1) -

First half results were weak, with low organic revenue growth and missing the broker's expectations. However, the outlook appears positive with a recovery in industrial revenue growth occurring in the second quarter.

Deutsche Bank retains a Buy rating because of the high shareholder returns and capital management opportunities. Target is $27.10.

Target price is $27.10 Current Price is $24.88 Difference: $2.22
If ANN meets the Deutsche Bank target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $26.18, suggesting upside of 5.2% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

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

Macquarie rates ANN as Outperform (1) -

First half results were ahead of expectations. Macquarie believes incremental savings from the company's transformation program as well as price increases should provide earnings support into FY20.

Favourable movements in raw material pricing recently presents margin upside if sustained. Outperform rating maintained. Target rises to $28.00 from $26.50.

Target price is $28.00 Current Price is $24.88 Difference: $3.12
If ANN meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $26.18, suggesting upside of 5.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Morgan Stanley rates ANN as Overweight (1) -

First half revenue was below Morgan Stanley's estimates. Industrial sales were -8.1% behind estimates. FY19 estimates for earnings per share for continuing operations is now expected in the range of US$1.06-1.12.

The broker notes FY19 revised guidance implies a 3% upgrade at the mid point. This includes dilution from the Ringers Glove acquisition, the benefit from share buybacks and lower tax rates.

Overweight rating and $25.39 target. Industry view is In-Line.

Target price is $25.39 Current Price is $24.88 Difference: $0.51
If ANN meets the Morgan Stanley target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $26.18, suggesting upside of 5.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Morgans rates ANN as Hold (3) -

Ansell's first-half result fell short of the broker on several metrics, the transformation program and divestment of Sexual Wellness complicating the outcome.

Morgans expects the transformation program will deliver sales and margin growth and clear the way for acquisitions but believes organic growth in the second half could prove an obstacle.

The broker lifts earnings-per-share forecasts 4% and bumps the target price to $25.45 from $25.16 and retains a Hold recommendation.

Target price is $25.45 Current Price is $24.88 Difference: $0.57
If ANN meets the Morgans target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $26.18, suggesting upside of 5.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Ord Minnett rates ANN as Hold (3) -

Ord Minnett found the first half results underwhelming, despite being ahead of forecasts. Organic sales are slowing and profits are contracting.

The causes, rising input costs and weakness in Europe, were not a surprise but remind the broker of the unpredictable and often negative global forces which buffet the business.

Management remains optimistic on the outlook but Ord Minnett believes the stock is best bought after it falls from favour rather than in the hope results will improve.

Hold rating maintained. Target rises to $26 from $25.

Target price is $26.00 Current Price is $24.88 Difference: $1.12
If ANN meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $26.18, suggesting upside of 5.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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 ANN as Neutral (3) -

Ansell's result was roughly in line from an earnings perspective despite a miss on revenues, implying improved margins. The weak spots were Europe & Middle East, where automotive demand slowed, and soft growth in emerging markets, mainly Russia and Latin America. Healthcare suffered from higher raw material costs.

An assumed moderation in raw material costs along with price increases should provide for a better performance in the second half, the broker notes, while leaving forecasts largely unchanged. Neutral retained, target rises to $25.00 from $24.50.

Target price is $25.00 Current Price is $24.88 Difference: $0.12
If ANN meets the UBS target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $26.18, suggesting upside of 5.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Morgans rates AQR as Add (1) -

Convenience Retail REIT's first-half result met the broker and management confirmed funds from operations and dividend guidance (implied yield of 7%).

The company announced it will change its name to APN Convenience Retail REIT (AQR) as of today. APN manages Convenience Retail and owns a 12% stake.

Morgans notes the portfolio metrics are solid. Add rating maintained and the target price rises to $3.15 from $3.14.

Target price is $3.15 Current Price is $2.95 Difference: $0.2
If AQR meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Macquarie rates ARF as Outperform (1) -

The company has acquired three specialist disability properties in Adelaide for $23.95m, representing an initial yield of 6%.

Macquarie observes the acquisition is around 1.2% accretive on a full-year basis and consistent with the company's strategy.

Outperform rating maintained. Target is raised to $2.75 from $2.50.

Target price is $2.75 Current Price is $2.65 Difference: $0.1
If ARF meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Macquarie rates BIN as Outperform (1) -

The company has downgraded FY19 earnings (EBITDA) guidance to $92-96m, citing a slowing market, price pressures and a delayed redevelopment program.

While the downgrade is disappointing and Macquarie has residual concerns around the visibility on earnings, the fall in the stock price appears overdone.

Moreover, if the DADI deal goes ahead gearing appears manageable and some residual risks recede. The accretion potential of buybacks is also a support.

Outperform maintained. Target is reduced to $1.50 from $2.75 and estimates for earnings per share are revised down by -20% for FY19 and -17% for FY20.

Target price is $1.50 Current Price is $1.22 Difference: $0.28
If BIN meets the Macquarie target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $2.27, suggesting upside of 85.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Morgans rates BIN as Add (1) -

Bingo Industries has downgraded guidance (profit warning) resulting in a savaging of the share price.

FY19 growth is now forecast at -2% to +3%, compared with the previous forecast of 15% to 20%, to reflect lower volumes from the weakening residential construction sector and delays in the Queensland landfill levy and redevelopment of recycling facilities.

The broker downgrades earnings-per-share forecasts -16% to -25% across FY19-FY21 and notes the ACCC has pushed back a decision on Bingo's acquisition of DADI until February 28. Bingo has not disclosed any share price triggers on the $200m scrip consideration that may allow DADI to cancel. The company reports its first-half result on February 26.

Target price falls to $1.85 from $2.37. Add rating retained given good medium-term industry fundamentals, although the stock remains vulnerable to Sydney collection and non-putrescible post collections.

Target price is $1.85 Current Price is $1.22 Difference: $0.63
If BIN meets the Morgans target it will return approximately 52% (excluding dividends, fees and charges).

Current consensus price target is $2.27, suggesting upside of 85.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Macquarie rates BKL as Outperform (1) -

On initial assessment, Macquarie saw a weak interim performance, missing expectations on the back of larger than expected margin pressure. Underlying revenue trends are also categorised as "mixed".

Thus far trends in Q2 are "weak", comment the analysts, so no surprise management delivered equally "weak" outlook commentary. Macquarie has now placed Blackmores under review.

Target price is $150.00 Current Price is $92.86 Difference: $57.14
If BKL meets the Macquarie target it will return approximately 62% (excluding dividends, fees and charges).

Current consensus price target is $117.67, suggesting upside of 26.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.3

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

Citi rates BLX as Buy (1) -

In initial response to released set of interim results, Citi declares the report marks a "miss". Making matters worse, due to greater than usual uncertainty, management has also downgraded FY19 guidance.

Target price is $1.85 Current Price is $1.27 Difference: $0.58
If BLX meets the Citi target it will return approximately 46% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Citi rates BOQ as Neutral (3) -

Post yesterday's profit warning, Citi analysts point out revised guidance implies -5%-8% downgrade vis a vis Citi's prior projection. The analysts note BDDs are higher, while revenues are weaker than previously expected.

The regional lender is not immune from retail banking trends, but it should be less impacted, surmise the analysts. January’s repricing should help stabilize BOQ’s NIM, they add.

Having said all of the above, Citi analysts do maintain the outlook looks "challenging". But also, weak trends in combination with a lower share price could open up BOQ as a target, according to Citi. Target price drops to $9.90 from $11. Neutral.

Target price is $9.90 Current Price is $9.01 Difference: $0.89
If BOQ meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $9.48, suggesting upside of 5.2% (ex-dividends)

The company's fiscal year ends in August.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.4

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

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

The bank's trading update has indicated cash earnings are likely to be in the range of $165-170m in the first half. The weaker-than-expected update is driven by a reduction in non-interest income.

Credit Suisse was more disappointed with the outlook commentary for the second half, as market conditions are expected to remain challenging amid increased costs from regulatory requirements.

The broker downgrades FY19-20 earnings estimates by -10-12%. Rating is reduced to Neutral from Outperform. Target is lowered to $9.69 from $11.40.

Target price is $9.69 Current Price is $9.01 Difference: $0.68
If BOQ meets the Credit Suisse target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $9.48, suggesting upside of 5.2% (ex-dividends)

The company's fiscal year ends in August.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.4

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

Deutsche Bank rates BOQ as Hold (3) -

The first half update disappointed Deutsche Bank. Cash net profit is expected to be in the range of $165-170m, around -6% below the broker's prior forecasts at the mid point.

The broker has a Hold rating and $9.50 target.

Target price is $9.50 Current Price is $9.01 Difference: $0.49
If BOQ meets the Deutsche Bank target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $9.48, suggesting upside of 5.2% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.4

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

Macquarie rates BOQ as Underperform (5) -

First half earnings guidance implies around a -7% downgrade to Macquarie's forecasts. The broker envisages a growing risk of a cut to the dividend, with an implied pay-out ratio of 86%.

Given challenging operating conditions and increased chance of a cut to the dividend Macquarie maintains an Underperform rating.

Target is reduced to $9.00 from $9.50. FY19-21 earnings forecasts are downgraded by -6-7%.

Target price is $9.00 Current Price is $9.01 Difference: minus $0.01 (current price is over target).
If BOQ 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 $9.48, suggesting upside of 5.2% (ex-dividends)

The company's fiscal year ends in August.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.4

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

Morgan Stanley rates BOQ as Underweight (5) -

The bank's first half update and guidance for a first half cash profit of $165-170m is below Morgan Stanley's expectations.

Market conditions are expected to be challenging in the second half with increased regulatory costs.

Underweight rating retained. Industry view is In-Line. Price target is $8.90.

Target price is $8.90 Current Price is $9.01 Difference: minus $0.11 (current price is over target).
If BOQ 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 $9.48, suggesting upside of 5.2% (ex-dividends)

The company's fiscal year ends in August.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.4

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

Ord Minnett rates BOQ as Hold (3) -

The first half trading update was softer than Ord Minnett expected. The broker reduces cash net profit forecasts by -7-8% across FY19-21.

This reflects guidance as well as higher bad and doubtful debts and lower net interest margins in the medium term.

Hold rating maintained. Target is reduced to $9.45 from $10.60.

Target price is $9.45 Current Price is $9.01 Difference: $0.44
If BOQ meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $9.48, suggesting upside of 5.2% (ex-dividends)

The company's fiscal year ends in August.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.4

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

UBS rates BOQ as Sell (5) -

Bank of Qld's trading update featured an earnings forecast substantially below the broker's expectations. Profit is forecast to fall -7-10% with margins under pressure from funding costs and competition, UBS notes. Fee income remains under substantial pressure.

The broker does not see any of these factors improving in the medium term. Earnings forecasts cut -9% out to FY21. The broker now expects the dividend to be cut to 34c, or possibly lower, from a current 38c. Sell retained, target falls to $9.00 from $9.80.

Target price is $9.00 Current Price is $9.01 Difference: minus $0.01 (current price is over target).
If BOQ meets the UBS target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.48, suggesting upside of 5.2% (ex-dividends)

The company's fiscal year ends in August.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.4

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

Morgan Stanley rates BPT as Overweight (1) -

First half results were ahead of Morgan Stanley's estimates. Production is likely to be lower next year and, given the flatter oil price environment and the performance over the year to date, the broker suspects it might be appropriate to take profits.

Still, the medium-term outlook remains sound and the broker assumes both gas and oil can grow from the joint venture with Santos ((STO)).

Target is $1.90. Overweight retained. Industry view: In-Line.

Target price is $1.90 Current Price is $1.98 Difference: minus $0.08 (current price is over target).
If BPT meets the Morgan Stanley target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.96, suggesting downside of -1.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.6

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

Citi rates BXB as Buy (1) -

At face value, it appears Brambles' interim performance met Citi's expectations, but the analysts point out there was some help from AASB15 accountancy changes. Cost inflation is biting, and that, the analysts say, is the take-away from this result.

Citi analysts also highlight the Brambles dividend coverage is "weak" with free cash flow of US$73.1m for the half not even close to the dividend payout of circa US$166m. Management anticipates better cash flow in H2, plus underlying profit should see a "modest improvement", the analysts report. Buy. Target $12.10.

Target price is $12.10 Current Price is $11.41 Difference: $0.69
If BXB meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $11.39, suggesting downside of -0.2% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

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 BXB as Outperform (1) -

First half underlying earnings were slightly below Credit Suisse forecasts. Management remains positive about the turnaround in the US pallet business and has reported 5% price increases in Pallets Americas.

Credit Suisse maintains an Outperform rating and raises the target to $12.20 from $11.50. The company has flagged the potential sale of the IFCO business is at an advanced stage.

Target price is $12.20 Current Price is $11.41 Difference: $0.79
If BXB meets the Credit Suisse target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $11.39, suggesting downside of -0.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Deutsche Bank rates BXB as Hold (3) -

Interim results were in line with Deutsche Bank's expectations. The company has experienced a moderation in like-for-like volume growth in the second quarter, particularly in Europe.

Input cost inflation is expected to remain at elevated levels. The separation process for IFCO is likely to continue underpinning the share price, the broker points out.

Hold rating and $10.55 target maintained.

Target price is $10.55 Current Price is $11.41 Difference: minus $0.86 (current price is over target).
If BXB meets the Deutsche Bank target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.39, suggesting downside of -0.2% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

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

Macquarie rates BXB as Neutral (3) -

First half underlying profit was slightly ahead of Macquarie's estimates. The company is confident in the CHEP Americas margin improvement and completion of the IFCO separation in 2019.

Still, Macquarie believes Brambles is fairly priced and maintains a Neutral rating. Target is raised to $10.65 from $10.30.

Target price is $10.65 Current Price is $11.41 Difference: minus $0.76 (current price is over target).
If BXB meets the Macquarie target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.39, suggesting downside of -0.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

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

First half results were slightly below expectations. The company is expected to benefit from the options on the balance sheet associated with the proposed IFCO separation.

Meanwhile, the near-term outlook is likely to feature uncertainties, such as Brexit, but over the medium term Morgan Stanley anticipates operating leverage will be increasingly evident.

Equal-weight. Target is raised to $10.50 from $10.30. Industry view is Cautious.

Target price is $10.50 Current Price is $11.41 Difference: minus $0.91 (current price is over target).
If BXB meets the Morgan Stanley target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.39, suggesting downside of -0.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Morgans rates BXB as Hold (3) -

Bramble's first-half result broadly met the broker. On the upside, Morgans notes net debt to EBITDA fell to 1.5x from 1.7x at the end of the 2018 financial year. A sale of IFCO could also prove a windfall.

On the downside, CHEP America's earnings fell -9% as cost pressure continued.

Morgans cuts FY19 earnings -6% and maintains a Hold rating. Target price falls to $10.49 from $10.56.

Target price is $10.49 Current Price is $11.41 Difference: minus $0.92 (current price is over target).
If BXB meets the Morgans target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.39, suggesting downside of -0.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Ord Minnett rates BXB as Buy (1) -

Ord Minnett believes investors should be pleased with the first half result. Headline numbers were above forecasts but the broker is also encouraged by the outlook.

The company expects input cost inflation should ease in the second half. The broker estimates spot rates of US lumber and transport peaked in June 2018 and this should start to filter through to contract rates from now on.

Ord Minnett maintains a Buy rating and $12.55 target.

Target price is $12.55 Current Price is $11.41 Difference: $1.14
If BXB meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $11.39, suggesting downside of -0.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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 BXB as Buy (1) -

Brambles' result has led the broker to reduce earnings forecasts, noting a -1% earnings decline under new accounting standards and a weaker than expected performance for CHEP Americas, due to cost escalation and recovery issues. The broker trims its FY growth expectations.

But FY19 should be the nadir for CHEP, the broker suggests, with growth to accelerate beyond on the lag effect in cost recoveries, price rises and plant automation. Despite a solid share price run-up to the result, the broker retains Buy. Target unchanged at $12.10.

Target price is $12.10 Current Price is $11.41 Difference: $0.69
If BXB meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $11.39, suggesting downside of -0.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Deutsche Bank rates CCL as Hold (3) -

The company will impair the SPC business, with the discontinued loss to be -$120m for the full year. The carrying value will be written down to zero.

Deutsche Bank updates estimates to reflect the impairment charge but makes no changes to underlying forecasts. Hold rating and $8 target maintained.

Target price is $8.00 Current Price is $8.40 Difference: minus $0.4 (current price is over target).
If CCL 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 $8.40, suggesting upside of 0.0% (ex-dividends)

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 CCL as Hold (3) -

The company has received indicative bids for its planned divestment of SPC. Coca-Cola Amatil will take a non-cash pre-tax impairment of $146.9m on the net assets, taking the carrying value to zero. 2019 guidance has been reiterated.

Ord Minnett is disappointed that 2019 will be another transition year as corporate, food and services are now loss-making at the EBIT level.

The broker is impressed, nonetheless, by the plans from new Australian beverages managing director Peter West, who understands some of the company's key competitive advantages.

Hold rating and $8.50 target maintained.

Target price is $8.50 Current Price is $8.40 Difference: $0.1
If CCL meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $8.40, suggesting upside of 0.0% (ex-dividends)

The company's fiscal year ends in December.

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 COH as Buy (1) -

Citi analysts saw a "mixed" result. Management kept its FY guidance unchanged, but developed markets share loss will hurt the share price today, predict the analysts. In addition, flat unit growth in developed markets is seen as a disappointment also. Competitor Sonova is making its impact felt.

Target price is $202.00 Current Price is $179.69 Difference: $22.31
If COH meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $179.86, suggesting upside of 0.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.3

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

Macquarie rates COH as Underperform (5) -

In initial assessment of today's released interim report, Macquarie finds the result missed its forecast by some -4% while FY19 guidance has been left intact. Cochlear Implant (CI) unit sales seem to be a major item for disappointment.

Macquarie explains the latter in reference to the US experiencing a lower growth rate due to competitor product launch and Western European growth has been affected by health budget constraints and a competitor product launch (Sonova).

Target price is $163.00 Current Price is $179.69 Difference: minus $16.69 (current price is over target).
If COH meets the Macquarie target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $179.86, suggesting upside of 0.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.3

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

Citi rates COL as Buy (1) -

In initial assessment of today's interim report release, the analysts find Coles' performance is below expectations, due to disappointment from supermarkets.

Target price is $14.00 Current Price is $12.10 Difference: $1.9
If COL meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $12.45, suggesting upside of 2.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

Macquarie rates COL as Neutral (3) -

On Macquarie's early assessment, Coles' maiden interim report release as a stand-alone entity has missed both its and market consensus expectations; by some -6% and -3% respectively.

Also, no dividend was declared, but Macquarie explains this was expected with Wesfarmers ((WES)) to pay a 1H19 DPS including 6 months of Coles earnings. Coles intends to pay a seven month maiden DPS in September.

Target price is $13.59 Current Price is $12.10 Difference: $1.49
If COL meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $12.45, suggesting upside of 2.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

Ord Minnett rates ENN as Hold (3) -

First half results were broadly in line with Ord Minnett estimates. Base management fees were also higher.

The broker observes the business has consistently demonstrated good inflows and strong returns on investment.

Ord Minnett is attracted to the growing recurring earnings and underlying assets. Hold rating maintained. Target rises to $2.28 from $2.24.

Target price is $2.28 Current Price is $1.70 Difference: $0.58
If ENN meets the Ord Minnett target it will return approximately 34% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Macquarie rates GOR as Outperform (1) -

2019 production guidance is weaker than Macquarie expected, although first gold at Gruyere remains on track for the second quarter of 2019.

The weaker guidance is more than offset by a 5% lift in reserve grade which the broker expects will drive a modest boost to production.

Outperform retained. Target rises to $0.90 from $0.85.

Target price is $0.90 Current Price is $0.80 Difference: $0.1
If GOR meets the Macquarie target it will return approximately 12% (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 GWA as Downgrade to Neutral from Buy (3) -

It's not about you, it's about the cycle and our concerns, such seems to be the message from Citi analysts post interim report release. The analysts make minor adjustments to forecasts only, but lower longer term forecasts out of concern about the housing cycle in Australia.

The analysts do note, acquired Methven strengthens GWA's innovation focus, with the NZ company carrying three of the six patented shower technologies globally, and GWA's geographic footprint expands as well, but Citi prefers to wait on how all of this plays out.

Downgrade to Neutral from Buy. Target drops to $3.26 from $3.69.

Target price is $3.26 Current Price is $3.23 Difference: $0.03
If GWA meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $3.43, suggesting upside of 6.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

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

FY19 guidance for a similar second half is in line with Credit Suisse estimates. The broker liked the first half result as bathrooms & kitchens revenue grew 2.6% in a flat market.

Cash flow conversion was strong and the interim dividend was increased by 6%.

The broker considers the stock fairly valued and downgrades to Neutral from Outperform. Target is reduced to $3.65 and $3.75.

Target price is $3.65 Current Price is $3.23 Difference: $0.42
If GWA meets the Credit Suisse target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $3.43, suggesting upside of 6.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Deutsche Bank rates GWA as Hold (3) -

First half results were in line with Deutsche Bank's estimates. The company has benefited from strong commercial and resilient renovation volumes, which offset a decline in the residential market.

Deutsche Bank retains a Hold rating and $3.25 target and remains concerned around margin erosion in the longer term as end-market demand weakens.

Target price is $3.25 Current Price is $3.23 Difference: $0.02
If GWA meets the Deutsche Bank target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $3.43, suggesting upside of 6.2% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Morgans rates GWA as Hold (3) -

GWA Group's first-half result outpaced the broker thanks to continued market share growth in its prime Bathrooms and Kitchens business. The company reported a healthy balance sheet and strong cash flow.

Morgans raises FY19 earnings estimates by 2% and bumps the target price up to $3.20 from $3.

Hold rating retained, the broker believing the stock represents fair value at a price-earnings multiple of 16.5x and yield of 5.4%, and awaits news of the Methven purchase and trends in the housing market.

Target price is $3.20 Current Price is $3.23 Difference: minus $0.03 (current price is over target).
If GWA meets the Morgans target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.43, suggesting upside of 6.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

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

Helloworld's first-half result met the broker and FY19 guidance for strong earnings growth was reiterated. Cash flow was weaker than expected.

Morgans rates the stock and management well but downgrades to Hold from Add noting there is less than 10% upside to the target price.

Target price rises to $5.85 from $5.75.

Target price is $5.85 Current Price is $5.51 Difference: $0.34
If HLO meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

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

Ord Minnett rates HLO as Buy (1) -

The interim result was below expectations and highlighted a lack of earnings growth and weaker-than-expected cash flow. However, Ord Minnett suspects a strong second half is a "good bet".

The broker downgrades estimates by -7% for FY19 and -6% for FY20. Buy rating maintained. Target is raised to $6.14 from $5.88.

Target price is $6.14 Current Price is $5.51 Difference: $0.63
If HLO meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

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

Macquarie rates IDR as Outperform (1) -

On initial assessment, it appears the H1 performance was smack bang in line with Macquarie's expectation. The analysts find the quality of the report okay. FY19 FFOps guidance of 19.05-19.25cps is equally in line with Macquarie's forecast.

Target price is $2.85 Current Price is $2.89 Difference: minus $0.04 (current price is over target).
If IDR 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 $2.73, suggesting downside of -5.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Citi rates IFL as Neutral (3) -

Citi saw a slight miss (-1%) even though a lower tax rate was providing support. On the analysts' own assessment, they are positioned some -7% below market consensus, so today's interim release would disappoint elsewhere.

Target price is $5.70 Current Price is $6.20 Difference: minus $0.5 (current price is over target).
If IFL meets the Citi target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.15, suggesting downside of -16.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Macquarie rates IFL as Neutral (3) -

In initial assessment of today's interim report release, Macquarie points out the result missed by some -3%. While management has taken measures to reinstate confidence, the analysts simply continue to see too many uncertainties.

Target price is $4.75 Current Price is $6.20 Difference: minus $1.45 (current price is over target).
If IFL meets the Macquarie target it will return approximately minus 23% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.15, suggesting downside of -16.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Deutsche Bank rates IMD as Buy (1) -

First half results were ahead of Deutsche Bank's expectations, with revenue up 19% and operating earnings (EBITDA) up 6%.

The broker maintains a Buy rating and $1.61 target.

Target price is $1.61 Current Price is $1.16 Difference: $0.45
If IMD meets the Deutsche Bank target it will return approximately 39% (excluding dividends, fees and charges).

Market Sentiment: 1.0

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

UBS rates IMD as Buy (1) -

Imdex' earnings result beat the broker by 2%, with a beat of profit due to reduced D&A. Revenue beat the broker by 6% on solid US growth but the pace of growth slowed in the first half and into the second, management conceded.

While commentary was a little downbeat, the broker believes market conditions remain favourable, various initiatives are beginning to make their mark and moderating employee expense growth should materially improve operating leverage. Buy and $1.65 target retained.

Target price is $1.65 Current Price is $1.16 Difference: $0.49
If IMD meets the UBS target it will return approximately 42% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Ord Minnett rates LLC as Accumulate (2) -

London's oldest housing charity, Peabody, has selected Lendlease to develop a $14.5bn residential apartment project in a 50-50 joint venture.

Ord Minnett believes this further positions the business for meaningful increases in production over the next 5-10 years. The development pipeline is estimated to have increased to $93bn, with a 45% weighting to London.

Accumulate maintained. Target is $15.25.

Target price is $15.25 Current Price is $13.88 Difference: $1.37
If LLC meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $15.37, suggesting upside of 10.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.9

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

Citi rates MND as Neutral (3) -

In initial response to today's interim report, Citi analysts spotted a better-than-expected performance. Though margins are in decline, the H1 margin was better than what Citi had penciled in. Guidance for -10% decline in revenues is slightly better than market consensus (-12%), suggest the analysts, though it does suggest a sharper fall in H2.

Target price is $14.30 Current Price is $17.35 Difference: minus $3.05 (current price is over target).
If MND meets the Citi target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.46, suggesting downside of -16.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.2

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

Credit Suisse rates NCZ as Outperform (1) -

The company has a new $100m working capital facility to manage volatile cash flow. Credit Suisse believes the facility is more than sufficient to fund the phase 2 expansion to 15mtpa.

The company's Century mine, pipeline and Karumba port continue to operate without disruption from the North Queensland flooding that has isolated most other major concentrate producers from port access.

The broker maintains an Outperform rating and $2.10 target.

Target price is $2.10 Current Price is $0.84 Difference: $1.26
If NCZ meets the Credit Suisse target it will return approximately 150% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Citi rates NHF as Neutral (3) -

Yesterday already, Citi analysts had responded by assuring investors nib Holdings had yet released another very strong result, but they also pointed out the result was propped up by $13m of reserve release. Carrying forward of some of the benign claims trends leads to higher forecasts (ex reserve releases).

The analysts believe management's guidance for FY19 once again looks conservative, but there is still the ascendancy of Labor as the potential new Federal government on the horizon, and this keeps Citi's enthusiasm in check.

Neutral rating retained. Target price lifts to $5.85 from $5.70. Both EPS and DPS projections have gone up.

Target price is $5.85 Current Price is $5.67 Difference: $0.18
If NHF meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $5.70, suggesting upside of 0.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Credit Suisse rates NHF as Downgrade to Underperform from Neutral (5) -

First half results beat Credit Suisse estimates. FY19 guidance is increased, with underlying operating profit expected to be at least $195m.

Given the recent recovery in the share price Credit Suisse downgrades to Underperform from Neutral, believing the PE premium is not justified.

While management is doing a solid job in generating earnings growth, the broker believes the further away target margins become, the more risk there is of a correction. Target is steady at $4.90.

Target price is $4.90 Current Price is $5.67 Difference: minus $0.77 (current price is over target).
If NHF meets the Credit Suisse target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.70, suggesting upside of 0.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Deutsche Bank rates NHF as Buy (1) -

First half net profit was up 4.8%. Deutsche Bank notes the bumper results and conservative guidance. Australian Resident Health Insurance (ARHI) revenue was up 4.9%, the largest division.

Guidance for underlying operating profit is $190-195m. Deutsche Bank reiterates a Buy rating and $6.50 target.

Target price is $6.50 Current Price is $5.67 Difference: $0.83
If NHF meets the Deutsche Bank target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $5.70, suggesting upside of 0.4% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Macquarie rates NHF as Neutral (3) -

First half net profit was ahead of Macquarie's estimates. Record results from ARHI and international health insurance were supported by growth in premiums and expanded margins.

The broker finds FY19 operating conditions supportive. Macquarie maintains a Neutral rating and raises the target to $5.47 from $5.22.

Target price is $5.47 Current Price is $5.67 Difference: minus $0.2 (current price is over target).
If NHF meets the Macquarie target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.70, suggesting upside of 0.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

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

NIB Holdings' first-half result pleased the broker, thanks to a strong contribution from the Australian Residential Health Insurance business and upgraded 2019 guidance.

Morgans increases FY19 earnings per share 1% but cuts FY20/FY21 by -7% to reflect more conservative margin estimates for ARHI. 

Target price eases to $6.18 from $6.37 and rating downgraded to Hold from Add, the broker noting the stock is trading at a relatively fair price-earnings multiple of 18x, thanks to recent share price weakness.

Target price is $6.18 Current Price is $5.67 Difference: $0.51
If NHF meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $5.70, suggesting upside of 0.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Ord Minnett rates NHF as Hold (3) -

First half operating profit was below Ord Minnett's forecast. The broker envisages impending pressures on industry margins from government constraints on pricing, even if nib may be best positioned to manage the pressures.

The broker believes the stock is fully priced at current levels. Hold rating maintained and the target is raised to $5.71 from $5.34.

Target price is $5.71 Current Price is $5.67 Difference: $0.04
If NHF meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $5.70, suggesting upside of 0.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

UBS rates NHF as Neutral (3) -

Nib is performing well, the broker suggests, although it may be a case of making hay while the sun shines. Reserve release notwithstanding, the health insurance result was strong despite increased expenses.

Cynicism has flowed from the insurer enjoying strong margins yet implementing above-industry premium increases, implying shareholders are winning at policy-holders' expense - a fact management acknowledges.

The broker suspects nib is fortifying the P&L ahead of a Labor government policy change. Neutral retained, target rises to $5.80 from $5.70.

Target price is $5.80 Current Price is $5.67 Difference: $0.13
If NHF meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $5.70, suggesting upside of 0.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Citi rates NWL as Neutral (3) -

Yesterday, on initial assessment, Citi analysts had already declared the result report was in line with expectations. Today, the analysts express their continued expectation for lower margins, caused by a multiple of reasons, not simply because of price competition (though that is mentioned as well).

Neutral rating retained as Citi analysts continue to see downside risk to industry pricing medium term, while anxiously looking out for the following updates on funds flows.

In a general sense, Netwealth should still be a key beneficiary of the structural shift towards specialist platform providers in Australia. On Citi's current forecasts, its market share will more than double over the next five years. Target price unchanged at $8.05.

Target price is $8.05 Current Price is $7.85 Difference: $0.2
If NWL meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $7.76, suggesting downside of -1.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Credit Suisse rates NWL as Neutral (3) -

First half results were strong and benefited from higher average funds under management. Underlying net profit was ahead of Credit Suisse estimates. The broker upgrades FY19-20 forecasts by 2%.

The result has eased the broker's concerns over more acute revenue margin pressure, while bullish comments on the outlook suggest the medium-term investment case is intact.

Credit Suisse maintains a Neutral rating and raises the target to $7.90 from $7.75.

Target price is $7.90 Current Price is $7.85 Difference: $0.05
If NWL meets the Credit Suisse target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $7.76, suggesting downside of -1.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Macquarie rates NWL as Neutral (3) -

First half underlying net profit was up 21.2%. The revenue margin was below Macquarie's estimates but the result is considered robust, given the volatile markets in the second quarter.

Macquarie diverges from consensus, forecasting a -12 basis points decline in revenue margins and flat operating earnings (EBITDA) margins. Neutral maintained. Target is reduced to $7.51 from $7.53.

Target price is $7.51 Current Price is $7.85 Difference: minus $0.34 (current price is over target).
If NWL meets the Macquarie target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.76, suggesting downside of -1.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Ord Minnett rates NWL as Buy (1) -

First half results were ahead of Ord Minnett estimates. The broker maintains a Buy rating, expecting the ructions from the Royal Commission and the company's superior technology and service will drive significant gains in market share for specialist platforms.

Guidance has been reiterated for FY19 flows to exceed FY18, despite a slower second quarter. Buy rating maintained. Target is raised to $8.14 from $7.85.

Target price is $8.14 Current Price is $7.85 Difference: $0.29
If NWL meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $7.76, suggesting downside of -1.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

UBS rates NWL as Sell (5) -

Netwealth's result held no surprises and was in line with the broker's forecast. Earnings rose 21% and margin levels are expected to be maintained in the second half.

Fund flows and fee income growth will determine Netwealth's success into FY20 and beyond, the broker suggests. Management expects increased flows in FY19 and greater fee stability from here but a PE of 47x does not fairly reflect the risks involved, the broker warns. Sell and $7.20 target retained.

Target price is $7.20 Current Price is $7.85 Difference: minus $0.65 (current price is over target).
If NWL meets the UBS target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.76, suggesting downside of -1.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Macquarie rates OSH as Outperform (1) -

In initial response, Macquarie declares the 2018 result "in line", though it was factually slightly below. The analysts do acknowledge the result is definitely a mild "miss" against market consensus. Final dividend of US8.5c beat both Macquarie and market consensus expectations.

Management's guidance for the year ahead also appears to be a slight miss against expectations.

Target price is $9.15 Current Price is $8.00 Difference: $1.15
If OSH meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $8.59, suggesting upside of 7.4% (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: 0.5

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

Deutsche Bank rates RHP as Buy (1) -

First half results were driven by the accelerated adoption of Microsoft O365 and Azure. In addition, the mature SPLA business continues to grow ahead of Deutsche Bank's expectations.

The broker notes a high cash generating business model and continues to believe the sector is ripe for consolidation.

Buy rating maintained. Target rises to $1.90 from $1.75.

Target price is $1.90 Current Price is $1.62 Difference: $0.28
If RHP meets the Deutsche Bank target it will return approximately 17% (excluding dividends, fees and charges).

Market Sentiment: 0.5

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

Macquarie rates SAR as Outperform (1) -

At first glance, it appears Saracen Mineral's interim performance missed Macquarie's forecast by quite the margin. Higher development costs in the December quarter were the key variance, the analysts explain.

Macquarie has, as a result of the relatively large "miss", placed the company under review.

Target price is $3.30 Current Price is $2.91 Difference: $0.39
If SAR meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Morgans rates SEA as Add (1) -

Morgans reduces its target price for Sundance Energy to $1.69 from $2.02 noting a slower development pace for the first half.

The broker is perplexed by the stock's low share price (40c) given the stock's track record and given it believes the stock will continue outperforming its conservative curves and the likelihood of a recovery in the oil price. 

 Add rating maintained, the main risk being a fall in the oil price.

Target price is $1.69 Current Price is $0.43 Difference: $1.26
If SEA meets the Morgans target it will return approximately 293% (excluding dividends, fees and charges).

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: 1.0

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

Citi rates SGF as Buy (1) -

On initial assessment of today's released interim report, Citi analysts find SG Fleet has not been able to match their expectations, but the result appears largely in-line with market consensus. Their conclusion: Australian housing downturn has impacted sales. Citi predicts market consensus will reset some -3% lower in the next few days incorporating management's guidance for H2.

Target price is $4.11 Current Price is $2.59 Difference: $1.52
If SGF meets the Citi target it will return approximately 59% (excluding dividends, fees and charges).

Current consensus price target is $3.49, suggesting upside of 34.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Citi rates SIQ as Buy (1) -

Citi found the H2 report "impressive", declaring it in-line, but featuring strong organic growth. The analysts were surprised by the softer 2H19 Outsourced Administration revenue, but there is a suggestion of one-time disappointment.

Citi analysts like the defensive nature of the client base plus the overall resiliency in earnings. The Buy rating for Smartgroup is not simply retained, it has been re-iterated. Estimates have been sliced by -5%-6%, which lowers the price target to $11.93 (-9%).

Target price is $11.93 Current Price is $8.50 Difference: $3.43
If SIQ meets the Citi target it will return approximately 40% (excluding dividends, fees and charges).

Current consensus price target is $11.05, suggesting upside of 30.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

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

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

While the company has demonstrated growth in novated leasing despite the weakness in new car sales, revenue growth in the 2018 results was weaker than Credit Suisse expected.

The broker believes the company can continue to grow earnings but will carry reduced sales of extended warranties. Credit Suisse reduces estimates for earnings per share by -6% for 2019-20.

Rating is downgraded to Neutral from Outperform and the target lowered to $9.50 from $12.10.

Target price is $9.50 Current Price is $8.50 Difference: $1
If SIQ meets the Credit Suisse target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $11.05, suggesting upside of 30.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

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

Macquarie rates SIQ as Outperform (1) -

Despite the slower macro environment, Macquarie observes the company has continued to deliver organic growth and operating efficiencies.

The broker also notes the defensive client mix is illustrated by the relative outperformance in sales while low gearing supports the potential for acquisitions.

Outperform maintained. Target is reduced to $11.48 from $12.66.

Target price is $11.48 Current Price is $8.50 Difference: $2.98
If SIQ meets the Macquarie target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $11.05, suggesting upside of 30.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

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

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

First half results were in line with Morgan Stanley's estimates. No explicit guidance was provided. Morgan Stanley envisages upside risk through consolidation and the company's integration strategy.

Key to the share price, in the broker's view, will be organic growth, as this needs to be ahead of recent trends to deliver on consensus expectations.

Equal-weight. Target is reduced to $10.00 from $10.25. Sector view is In-Line.

Target price is $10.00 Current Price is $8.50 Difference: $1.5
If SIQ meets the Morgan Stanley target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $11.05, suggesting upside of 30.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

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

Morgans rates SIQ as Hold (3) -

Smart Group's strong first-half result fell just shy of consensus and the broker. Morgans notes margin pressures emerging from the weaker consumer sales market, which management expects to continue through the second half.

Despite risk of a further deterioration in the market, Morgans notes the company's low gearing and retains a Hold rating on the expectation Smartgroup will hit the acquisition path to maintain growth.

The broker notes that the stock is starting to offer value at a price-earnings multiple of 13.9x compared with its historical average of 16.5x. Target price eases to $10.20 from $11.20.

Target price is $10.20 Current Price is $8.50 Difference: $1.7
If SIQ meets the Morgans target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $11.05, suggesting upside of 30.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

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

Citi rates SWM as Neutral (3) -

Citi analysts saw an earnings miss, plus management cut guidance for FY19. The key issue seems to be that the TV ad market is deteriorating quite rapidly. Citi sees a lower share price in response today.

Target price is $0.60 Current Price is $0.52 Difference: $0.08
If SWM meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $0.62, suggesting upside of 19.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.2

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

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

2018 results were in line with Morgan Stanley's expectations, in terms of strategy. One surprise was the dilution from disposals as the impact now appears more significant.

The company will be redeeming short-term debt rather than tendering a broad range of debt maturities.

Equal-weight rating. Industry view In-Line. Price target is EUR165.

Current Price is $11.47. Target price not assessed.

Current consensus price target is $11.81, suggesting upside of 3.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

This company reports in EUR. 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

Citi rates WBC as Buy (1) -

Westpac's Q1 update missed Citi's expectations by some -2%. This, point out the analysts, despite several supportive factors like mortgage re-pricing and benign bad debt charges.

The analysts highlight underlying profit, ex remediation charges, shows no growth compared to the average of 2H18 period. All in all, the analysts label the quarterly performance as "weak".

Target price $30. Buy. Note Citi's projections imply the annual dividends for shareholders will remain $1.88 for as long as the eye can see ahead.

Target price is $30.00 Current Price is $26.59 Difference: $3.41
If WBC meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $27.59, suggesting upside of 3.8% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

Deutsche Bank rates WBC as Sell (5) -

Deutsche Bank found the first quarter trading update reasonable. However, management has warned customer remediation charges are likely in the second quarter.

While no quantum was provided, the broker suggests this could be a meaningful headwind to earnings growth. Sell rating and $22 target maintained.

Target price is $22.00 Current Price is $26.59 Difference: minus $4.59 (current price is over target).
If WBC meets the Deutsche Bank target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $27.59, suggesting upside of 3.8% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

Macquarie rates WBC as Neutral (3) -

First quarter results were broadly in line with Macquarie's expectations. The broker expects ongoing mortgage competition and switching will continue to weigh on margins.

Despite the bank's strong capital position and attractive valuation, the broker remains cautious about the outlook for retail banking. Neutral rating and $26.75 target maintained.

Target price is $26.75 Current Price is $26.59 Difference: $0.16
If WBC meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $27.59, suggesting upside of 3.8% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

Morgan Stanley rates WBC as Underweight (5) -

The first quarter trading update suggests cash profit is tracking around -2% below Morgan Stanley's expectations, primarily because of lower treasury and markets income.

There were no remediation charges but additional costs are likely in the second quarter.

The broker maintains an Underweight rating and $24.30 target. Industry view: In Line.

Target price is $24.30 Current Price is $26.59 Difference: minus $2.29 (current price is over target).
If WBC meets the Morgan Stanley target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $27.59, suggesting upside of 3.8% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

Morgans rates WBC as Add (1) -

Westpac has issued an unscheduled first-quarter trading update showing cash earnings of $2.04bn - just shy of consensus and well short of the broker, due to higher general insurance claims and softer Treasury and Markets income, which hit net interest margins.

Morgans cuts earnings-per-share forecasts -4.6%, -4.4% and -5.1% across FY19/20/21 to account for lower revenue forecasts. Full year cash earnings per share estimates are also lowered to account for an expected $100m pre-tax remediation charge in the second quarter.

Target price falls to $33 from $34.50. Morgans notes stable asset quality and a comfortable capital position and retains an Add recommendation, nominating Westpac as the sector pick. 

Target price is $33.00 Current Price is $26.59 Difference: $6.41
If WBC meets the Morgans target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $27.59, suggesting upside of 3.8% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

Ord Minnett rates WBC as Hold (3) -

First quarter cash earnings of $2.04bn appeared weak to Ord Minnett. The broker notes the softer trends largely relate to weaker income from Treasury and markets business.

The bank does not appear expensive on a relative basis but the broker remains concerned about net interest margins in the retail banking segment.

Ord Minnett maintains a Hold rating and lowers the target to $28.70 from $28.90.

Target price is $28.70 Current Price is $26.59 Difference: $2.11
If WBC meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $27.59, suggesting upside of 3.8% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

UBS rates WBC as Sell (5) -

Westpac's brief trading update offered number broadly in line with the broker's forecasts, on a balance of improved net interest margin due to mortgage repricing and a weaker trading contribution due to tough markets. Further remediation charges are expected but capital is strong.

The bank has begun to see a tick-up in consumer arrears beyond normal trends. One to watch. Sell and $24.50 target retained on the broker's belief house prices will continue to fall.

Target price is $24.50 Current Price is $26.59 Difference: minus $2.09 (current price is over target).
If WBC meets the UBS target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $27.59, suggesting upside of 3.8% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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