Australian Broker Call

Credit Suisse rates 360 as Outperform (1) -

Underlying revenue growth was 46% in the June quarter. Credit Suisse considers the recent launch of the new membership plan structure is a potential step-change, particularly at the revenue per user level.

Still, the broker found no quantitative detail in the update as to customer behaviour and awaits the half-year result in August for further insights.

Unsurprisingly, the growth trajectory has moderated because of the pandemic. Outperform retained. Target is reduced to $4.40 from $4.80.

Target price is $4.40 Current Price is $3.25 Difference: $1.15
If 360 meets the Credit Suisse target it will return approximately 35% (excluding dividends, fees and charges).

The company's fiscal year ends in November.

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: 1.0

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

Macquarie rates ALQ as Outperform (1) -

Macquarie was pleased with the positive news from the AGM concerning the contractors/services segment. Life sciences is resilient and earnings margins are holding up well. Geochemical sample flows are also improving.

The stock remains a laggard versus peers on a valuation basis and the broker believes it can trade closer to global peers after a positive first quarter update, and given its superior exposure to a minerals recovery.

Outperform retained. Target is raised to $9.00 from $7.78.

Target price is $9.00 Current Price is $8.29 Difference: $0.71
If ALQ meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $8.12, suggesting downside of -8.1% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.6

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

Morgan Stanley rates ALQ as Overweight (1) -

Morgan Stanley observes from the AGM commentary the company is trading better than previously expected as margins remain robust.

The performance of the commodities business and growth in life sciences have the potential to instigate a multiple re-rating in the broker's opinion.

The company has experienced an increase in revenue from office and public transport testing as well as hygiene testing.

Overweight rating. Target is $8.80. Industry view: In-line.

Target price is $8.80 Current Price is $8.29 Difference: $0.51
If ALQ meets the Morgan Stanley target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $8.12, suggesting downside of -8.1% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.6

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

UBS rates ALQ as Neutral (3) -

ALS's first-quarter trading update was solid despite covid-19 disruptions, reports UBS. The group operating income margin was mostly steady and the result was better than expected.

The company did not provide guidance for its first half but it expects things to improve with markets re-opening. The broker thinks the company will likely be on the lookout for potential M&A opportunities, owing to a strong balance sheet.

UBS reaffirms its Neutral rating with the target price increasing to $8.03 from $7.30.

Target price is $8.03 Current Price is $8.29 Difference: minus $0.26 (current price is over target).
If ALQ meets the UBS target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.12, suggesting downside of -8.1% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.6

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

Credit Suisse rates ANZ as Outperform (1) -

APRA has updated guidance on capital management for banks and insurers. The regulator is now asking banks to maintain caution in planning dividend payments.

Banks are expected to retain at least half of their earnings and actively use dividend reinvestment plans for the remainder of 2020 as well as other initiatives to offset a reduction in capital from distributions.

Credit Suisse reduces dividend forecasts as a result, expecting a pay-out ratio of 50% in the second half and FY21.

The broker retains an Outperform rating and raises the target to $26.20 from $22.80.

Target price is $26.20 Current Price is $18.45 Difference: $7.75
If ANZ meets the Credit Suisse target it will return approximately 42% (excluding dividends, fees and charges).

Current consensus price target is $21.65, suggesting upside of 17.9% (ex-dividends)

The company's fiscal year ends in September.

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

Macquarie rates APE as Neutral (3) -

At the AGM AP Eagers has signalled underlying profit from continued operations would be around $40.3m in the first half.

Macquarie assesses the company has alleviated capital concerns and also benefited significantly from strong government stimulus in response to the adverse impacts of the pandemic.

Because of the addition of Automotive Holdings in the result and the evolution of stimulus packages the broker finds it hard to forecast earnings for the short term.

Still, the business is in a relatively strong position compared with its peers. Neutral maintained. Target is raised to $7.80 from $6.50.

Target price is $7.80 Current Price is $7.99 Difference: minus $0.19 (current price is over target).
If APE meets the Macquarie target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.61, suggesting downside of -6.1% (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

Morgan Stanley rates APE as Overweight (1) -

At the AGM AP Eagers has signalled first half guidance for pre-tax profit of $40.3m, a -23.6% decline on the prior corresponding half. This is significantly better than Morgan Stanley had anticipated.

The analysts explain the beat to estimates is driven by the re-basing of incentives and a rebound in demand in June for new vehicles. Easyauto123 is likely to be profitable because of strong demand and the pricing of used vehicles.

Overweight maintained. Target is $6.70. Industry view: In-Line.

Target price is $6.70 Current Price is $7.99 Difference: minus $1.29 (current price is over target).
If APE meets the Morgan Stanley target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.61, suggesting downside of -6.1% (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

Morgans rates APE as Add (1) -

AP Eagers provided a 1H20 update with underlying profit (NPBT) of $40.3m, well ahead of the Morgans forecast of $25m.

The broker believes the company has realised a structural reduction in its cost base to the tune of -$78m per year, which should materially enhance the company's ability to counter future uncertainties.

The broker also expects the company may now pursue new opportunities. The Next100 project has accelerated during covid-19. This incorporates an operational restructure, AotoMall, shopping centre format and used car strategy.

Following material upgrades by Morgans, the target price is increased to $8.83 from $7.30 and the Add rating is maintained.

Target price is $8.83 Current Price is $7.99 Difference: $0.84
If APE meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $7.61, suggesting downside of -6.1% (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

UBS rates APE as Buy (1) -

A.P. Eagers’ AGM update highlighted focus on cost control and cash flows in the short term. Long term, the focus will be on business transformation initiatives, reports UBS.

The first-half profit was above UBS’s expectations while the cost of doing business saw a permanent reduction of -$78m. UBS believes A.P. Eagers can leverage its scale and strategy to deliver higher profitability and returns in the medium term.

The company remains one of UBS’s key picks due to its improved near-term performance, strong balance sheet and attractive long-term opportunities. 

The company will be reporting its first-half result on August 26. The broker expects material consensus upgrades.

UBS maintains its Buy rating with a target price of $7.90.

Target price is $7.90 Current Price is $7.99 Difference: minus $0.09 (current price is over target).
If APE meets the UBS target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.61, suggesting downside of -6.1% (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

Citi rates ASB as Buy (1) -

With naval shipbuilding proposed to be included in the latest covid-19 relief measures in the US, Citi thinks Austal will likely find more opportunities.

This will help the company in shoring up its pipeline, comments the broker. This assumes even more importance with the Littoral Combat Ship (LCS) program winding down.

The broker also highlights the company’s ability to win new work with the US Navy will be enhanced by its expansion into steel shipbuilding.

Believing that the market seems to be under-appreciating the positives currently, Citi retains its Buy rating with a target price of $4.23.

Target price is $4.23 Current Price is $3.30 Difference: $0.93
If ASB meets the Citi target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $3.36, suggesting downside of -1.2% (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 CBA as Neutral (3) -

APRA has updated guidance on capital management for banks and insurers. The regulator is now asking banks to maintain caution in planning dividend payments.

Banks are expected to retain at least half of their earnings and actively use dividend reinvestment plans for the remainder of 2020 as well as other initiatives to offset a reduction in capital from distributions.

Credit Suisse now forecasts a pay-out ratio of 50% in the second half and FY21. Neutral retained. Target is raised to $74.80 from $65.00.

Target price is $74.80 Current Price is $73.01 Difference: $1.79
If CBA meets the Credit Suisse target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $66.94, suggesting downside of -8.6% (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 CBA as Underweight (5) -

APRA has updated capital management guidance although Morgan Stanley notes there is still some uncertainty relating to dividends. The regulator is now asking banks to maintain caution in planning dividend payments.

Banks are expected to retain at least half of their earnings and actively use dividend reinvestment plans for the remainder of 2020 as well as other initiatives to offset a reduction in capital from distributions.

Morgan Stanley forecasts a second half dividend for Commonwealth Bank of $1.30 with a full dividend reinvestment plan underwriting.

Morgan Stanley retains its Underweight rating. Target is $63.50. Industry view: In-line.

Target price is $63.50 Current Price is $73.01 Difference: minus $9.51 (current price is over target).
If CBA meets the Morgan Stanley target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $66.94, suggesting downside of -8.6% (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 CIA as Outperform (1) -

First quarter results were materially stronger than Macquarie expected. The broker finds the upgrade momentum in the stock significant with a spot price scenario generating 40% and 200% increases in earnings for FY21 and FY22, respectively.

An update on Bloom Lake phase 2 remains the key catalyst. Outperform retained. Target rises to $3.40 from $2.90.

Target price is $3.40 Current Price is $2.88 Difference: $0.52
If CIA meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY21:

Forecast for FY22:

This company reports in CAD. 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

Macquarie rates CMM as Underperform (5) -

Capricorn Metals will raise $32.3m to fund an increase in the crusher circuit for its Karlawinda project. The plant will then be able to mill 4.0-4.5mtpa.

Macquarie expects the net impact of the upgrade will lift production to over 120,000 ounces per annum for five years from FY22.

The broker retains an Underperform rating and $1.50 target.

Target price is $1.50 Current Price is $1.95 Difference: minus $0.45 (current price is over target).
If CMM meets the Macquarie target it will return approximately minus 23% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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

Ord Minnett rates COL as Accumulate (2) -

Coles Group is due to report its FY20 result on Tuesday, the 18th of August. Ord Minnett forecasts FY20 net profit will grow 5.6%, with food a positive due to the covid-19 pandemic.

The broker forecasts a FY20 profit of $943m, group earnings (EBIT) of $1,784m and a fully franked final dividend of 28cps. Ord Minnett expects the company to enjoy cost savings and expects 2H20 EBIT margins to rise 21bp.

The Accumulate rating is maintained. The target price is increased to $19.50 from $17.50.

Target price is $19.50 Current Price is $18.18 Difference: $1.32
If COL meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $17.34, suggesting downside of -6.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.5

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

UBS rates CSL as Buy (1) -

UBS forecasts group net profit to grow by 15% year on year. For CSL Behring and Seqirus, both revenue and operating income are expected to grow year on year.

FY21 is expected to be more subdued. Positives like recovering albumin sales in China and a strong contribution from Seqirus will help offset this somewhat, expects the broker.

Some important near-term catalysts include extending the US unemployment benefits and second-quarter results of Sanofi and Merck.

CSL will report its FY20 results on August 19.

UBS maintains its Buy rating with a target price of $331.

Target price is $331.00 Current Price is $270.36 Difference: $60.64
If CSL meets the UBS target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $307.60, suggesting upside of 12.1% (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

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

Domino’s Pizza Enterprises has outperformed the ASX200 by about 109% year to date, reports UBS. This was driven by covid-19 induced effects like an uptake in delivery. The broker notes the stock exhibits defensive characteristics.

Earnings forecasts for FY20-22 have been upgraded due to strong like-for-like sales, currency tailwinds and an increasing number of stores. The company is positively affected by the shift to online but the broker believes this has already been priced in.

The company will declare its FY20 result on Aug 19.

No earnings upside expected for FY20. This leads UBS to downgrade its rating to Sell from Neutral with the target price increasing to $64 from $50.80.

Target price is $64.00 Current Price is $74.83 Difference: minus $10.83 (current price is over target).
If DMP meets the UBS target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $60.00, suggesting downside of -19.2% (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

Ord Minnett rates EOF as Buy (1) -

Ecofibre has reported normalised profit of $12.7m, in-line with Ord Minnett forecasts. Q4FY20 revenue was depressed due to the impact of covid-19.

Ananda Health remained the main contributor to group earnings with the company's Ananda Professional brand the clear market leader in the pharmacy segment.

The company announced the acquisition of key partner and performance textile manufacturer Texinnovate for -US$42m, which should bring Hemp Black to the fore.

The Buy rating is maintained. The target price decreased to $3.20 from $3.33.

Target price is $3.20 Current Price is $2.49 Difference: $0.71
If EOF meets the Ord Minnett target it will return approximately 29% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Macquarie rates FCL as Outperform (1) -

The company has signed two new clients bringing the total wins to nine for FY20. Cash flow was positive in the fourth quarter.

Macquarie upgrades operating earnings (EBITDA) estimates by 7-8% for FY21 and FY22 to reflect the level of utilisation in the fourth quarter.

Macquarie maintains its Outperform rating with a target of $5.12.

Target price is $5.12 Current Price is $4.49 Difference: $0.63
If FCL meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

This company reports in EUR. 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

Ord Minnett rates FCL as Buy (1) -

Fineos Corporation Holdings delivered a quarterly activities report that suggests to Ord Minnett a strong FY20 result, due on August 26.

The broker views favourably the good cost control and strong receipts.

The company announced AIA Australia as a new name Asia Pacific client, bringing the total new name client wins to nine in FY20.

Ord Minnett considers the company has delivered an impressive start to listed life on the ASX and particularly suggest that investors take note that the Life, Accident & Health (LA&H) market is moving and the company is in a strong position to benefit.

The Buy rating is maintained. The price target is increased to $4.75 from $3.60.

Target price is $4.75 Current Price is $4.49 Difference: $0.26
If FCL meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

This company reports in EUR. 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 IGO as Neutral (3) -

IGO’s unaudited FY20 result notes operating income and net profit were less than consensus forecasts. The FY20 numbers were also below Citi's expectations.

FY21 guidance is softer than expected and the broker expresses disappointment at Tropicana’s sub-430koz outlook. Production forecast at Nova is unchanged but costs are expected to be higher. The only positive here, states the broker, is that FY21 is merely transient. 

Citi retains its Neutral rating with the target price decreasing to $5.30 from $5.70.

Target price is $5.30 Current Price is $4.80 Difference: $0.5
If IGO meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $4.79, suggesting upside of 2.6% (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

Credit Suisse rates IGO as Underperform (5) -

Credit Suisse observes Nova continues to deliver reliable and cash generating production although some modest cost pressures exist.

The outlook for Tropicana disappointed the broker with reduced production at materially higher costs in the June quarter.

The company has indicated it will review the 15-25% pay-out dividend policy in the first half of 2021.

Underperform retained on valuation grounds. Target is reduced to $4.00 from $4.40.

Target price is $4.00 Current Price is $4.80 Difference: minus $0.8 (current price is over target).
If IGO meets the Credit Suisse target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.79, suggesting upside of 2.6% (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

Macquarie rates IGO as Outperform (1) -

The June quarter result was mixed, Macquarie observes, with a beat on earnings offset by weaker cash flow.

Guidance for FY21 production is weaker than the broker expected and the higher cost outlook has eroded some of the upside.

The company remains committed to exploration, with a $65m budget in FY21, and the main catalyst is perceived to be discovery success from the various drilling programs.

Outperform retained. Target is reduced -4% to $5.30.

Target price is $5.30 Current Price is $4.80 Difference: $0.5
If IGO meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $4.79, suggesting upside of 2.6% (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 IGO as Equal-weight (3) -

Costs at Nova and Tropicana were ahead of Morgan Stanley's estimates in the June quarter. Guidance for production and costs in FY21 are also a little weaker for Nova than the broker expected.

The broker suggests the fall in the stock price is an overreaction to the production guidance but suspects the market is likely paying a premium for gold production, which is where a reduction in future earnings estimates has come from.

Morgan Stanley maintains its Equal-weight rating and reduces the target to $4.75 from $5.00. Industry view: Attractive.

Target price is $4.75 Current Price is $4.80 Difference: minus $0.05 (current price is over target).
If IGO 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 $4.79, suggesting upside of 2.6% (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

UBS rates IGO as Buy (1) -

IGO has provided a 3-year production and cost guidance for both Nova and Tropicana. UBS is disappointed with the company's FY21 guidance on production and costs for Tropicana and to a lesser extent, for Nova.

The higher costs seem to be driven by the development of a new underground mine. The good news is this is temporary, comments the broker, and expects production to rise back in FY22-23. Costs will likely remain on the higher side.

The worse-than-expected guidance leads the broker to downgrade its FY21 net profit forecast. Gold price assumptions have been lifted for FY21 which offsets some of the downgrade from guidance.

The broker feels the market is continuing to undervalue IGO’s four major assets - Nova, Tropicana, net cash and exploration potential.

UBS thinks IGO offers the best exposure to rising nickel prices in its coverage and high gold prices. The broker maintains its Buy rating with the target price decreasing to $5.70 from $6.20.

Target price is $5.70 Current Price is $4.80 Difference: $0.9
If IGO meets the UBS target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $4.79, suggesting upside of 2.6% (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

UBS rates ILU as Neutral (3) -

Iluka Resources’ June quarter was better than expected in terms of sales and revenue. Production was down -20% year on year driven by reduced operating rates at Narngulu and covid-19 related disruptions at Sierra Rutile, reports UBS.

Despite lockdowns easing, the ceramics industry recovery has hit a plateau driven by weaker end markets (US, EU and India). The broker also highlights softer zircon pricing and a challenged titanium dioxide market due to a decline in demand for transportation.

Going ahead, Iluka Resources expects demand from transportation to be subdued. The demerger of the MAC royalty remains on track. Tthe broker expects the focus to shift to how the two businesses will trade after the split.

UBS retains its Neutral rating with a target price of $10.

Target price is $10.00 Current Price is $9.19 Difference: $0.81
If ILU meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $9.59, suggesting upside of 2.1% (ex-dividends)

The company's fiscal year ends in December.

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 JHG as Buy (1) -

Janus Henderson Group’s discretionary cost savings during the lockdown were more than expected by Citi. Outflows during the second quarter were much higher than expected and were a disappointment overall.

Driven by a combination of improving trends and one-off gains in the second quarter, the broker lifts its earnings forecasts for FY20-22. The risk surrounding Intech is high but the broker still sees the company priced attractively for any market recovery.

Citi reiterates its Buy rating with the target price increasing to $36 from $34.

Target price is $36.00 Current Price is $31.21 Difference: $4.79
If JHG meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $32.99, suggesting upside of 8.9% (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: 0.5

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

Morgan Stanley rates JHG as Overweight (1) -

The second quarter earnings beat Morgan Stanley's estimates. The company is looking for further efficiencies and while headline flows disappointed the broker this was considered a strong result.

The operating margin of 33.5% also beat estimates. The US$0.36 dividend is in line. Morgan Stanley maintains its Overweight rating. Target is $38.50. Industry view: In-line.

Target price is $38.50 Current Price is $31.21 Difference: $7.29
If JHG meets the Morgan Stanley target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $32.99, suggesting upside of 8.9% (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: 0.5

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

Citi rates LVT as Neutral (3) -

LiveTiles’s June quarter annual recurring revenue (ARR) was better than expected. Citi notes this was due to the reclassification of certain support revenue as ARR.

The broker finds LiveTile's commentary on the pipeline encouraging. Management pointed towards strong demand for its employee mobile communications/pocket intranet offering.

Trading conditions are expected to improve with the economies opening up but the broker remains cautious on the near-term outlook. Annual recurring revenue (ARR) forecast is increased by $2m in the first quarter of FY21.

Citi maintains its Neutral rating with the target price increasing to $0.30 from $0.29.

Target price is $0.30 Current Price is $0.24 Difference: $0.06
If LVT meets the Citi target it will return approximately 25% (excluding dividends, fees and charges).

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

Ord Minnett rates MPL as Hold (3) -

Medibank Private is due to report on Thursday, 20th of August. 

Ord Minnett awaits insights from the company on the size of one-off covid-19-related benefits from reduced utilisation of hospital and ancillary benefits over the course of FY20, as well as the amount being reserved across ancillary and hospital as per guidance from APRA in anticipation of a possible claims catch-up in FY21.

The broker will look for an update on 2020 premium rate increases in October and the view on rate increases for 2021. Ord Minnett assumes the company will achieve premium rate increases in October and beyond.

The Hold rating is maintained. Target is increased to $2.76 from $2.70.

Target price is $2.76 Current Price is $2.87 Difference: minus $0.11 (current price is over target).
If MPL meets the Ord Minnett target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.85, suggesting downside of -1.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.1

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

Credit Suisse rates NAB as Outperform (1) -

APRA has updated guidance on capital management for banks and insurers. The regulator is now asking banks to maintain caution in planning dividend payments.

Banks are expected to retain at least half of their earnings and actively use dividend reinvestment plans for the remainder of 2020 as well as other initiatives to offset a reduction in capital from distributions.

Credit Suisse now forecasts a pay-out ratio of 50% in the second half and FY21. Outperform retained. Target is raised to $21.30 from $18.50.

Target price is $21.30 Current Price is $18.18 Difference: $3.12
If NAB meets the Credit Suisse target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $20.47, suggesting upside of 13.1% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.8

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

Ord Minnett rates NHF as Accumulate (2) -

NIB Holdings is due to report on Monday, 24th of August. 

Ord Minnett awaits insights from the company on the size of one-off covid-19-related benefits from reduced utilisation of hospital and ancillary benefits over the course of FY20, as well as the amount being reserved across ancillary and hospital as per guidance from APRA in anticipation of a possible claims catch-up in FY21.

The broker will look for for an update on 2020 premium rate increases in October and the view on rate increases for 2021.

Ord Minnett assumes the company will achieve premium rate increases in October and beyond.

The Accumulate rating is maintained. The target price increases to $5.88 from $5.82.

Target price is $5.88 Current Price is $4.42 Difference: $1.46
If NHF meets the Ord Minnett target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $5.09, suggesting upside of 11.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.2

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

Morgan Stanley rates NTO as Overweight (1) -

The company has reiterated first half revenue and receipts are tracking in line with or ahead of prospectus.

However, with a lack of detail and indications receipts growth is lagging revenue expectations, Morgan Stanley suspects the market is disappointed.

The company continues to gain traction in enterprise and adds to revenue retention visibility.

The broker maintains its Overweight rating with a target price of $1.80. Industry view: In-line.

Target price is $1.80 Current Price is $1.95 Difference: minus $0.15 (current price is over target).
If NTO meets the Morgan Stanley target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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: 1.0

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

Morgans rates PAR as Downgrade to Reduce from Hold (5) -

Paradigm Biopharmaceutical posted its 4Q20 cashflow report with the most significant item being an uptick in R&D expenses, according to Morgans.

These expenses of -$4.7m were incurred as a number of studies and regulatory submissions are imminent.

The broker is concerned about a number of issues including large management and founder selling of shares and the sudden departure of the chairman. The analyst also sees risk to the viability of the drug, named Ph2b, as a commercial asset with its low IP value and heading into an expensive Phase 3 trial.

Morgans also suggests delays are likely to occur to clinical timelines as a result of covid-19. Additionally, the analyst sees downside risk ahead of filing the investigational new drug (IND) application for the Phase 3 trial by the end of 2020.

All this, combined with recent share price strength, has led Morgans to downgrade the recommendation to Reduce from Hold. The target price is maintained at $1.74.

Target price is $1.74 Current Price is $3.24 Difference: minus $1.5 (current price is over target).
If PAR meets the Morgans target it will return approximately minus 46% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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

Ord Minnett rates PBH as Buy (1) -

Pointsbet Holdings 4Q20 trading update was ahead of Ord Minnett expectations, with both the Australian and US businesses outperforming.

The Australian business impressed with a net win margin of 9.6%, while the US saw a significant decline in turnover, which the broker had anticipated.

The broker sees the next major catalyst is the launch of the company's offering in the state of Illinois.

Ord Minnett lifts revenue forecasts for FY20 and FY21 by 12% and 1%, respectively.

Buy rating is maintained, with the target price increased to $6.15 from $5.90.

Target price is $6.15 Current Price is $5.60 Difference: $0.55
If PBH meets the Ord Minnett target it will return approximately 10% (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

Ord Minnett rates RHC as Accumulate (2) -

Ord Minnett feels the move to again restrict elective surgery in Victoria is disappointing, but considers it a delay rather than a permanent loss.

The broker reduces FY21 earnings forecasts by -5% to allow for the ban and notes Victoria is the second smallest state for Ramsay Health Care.

Due to the ongoing covid-19 uncertainty and the continuing negotiation of the Medibank Private ((MPL)) contract, Ord Minnett doesn't expect guidance to be provided with the FY20 result.

Accumulate rating and $78.25 target maintained.

Target price is $78.25 Current Price is $62.32 Difference: $15.93
If RHC meets the Ord Minnett target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $67.66, suggesting upside of 7.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.2

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

Citi rates RIO as Neutral (3) -

Rio Tinto’s first-half 2020 operating income was ahead of consensus expectations although it missed Citi’s forecast. Capital expenditure and production guidance for 2020 remain unchanged.

The miner declared an ordinary dividend of US$1.55 per share, translating to a payout ratio of 53%. This is in-line with policy but considered conservative by Citi.

Management approved funding for its Jadar lithium project feasibility study. Projects at Koodaideri and Robe River JV remain on track, according to the company. Studies continue on Simandou and Resolution projects.

2020-21 earnings forecasts have been reduced due to weaker-than-expected first half and higher cost assumptions for bauxite and copper in the second half. The broker expects upside risk to its 2021 iron ore pricing forecast.

Citi reaffirms its Neutral rating with the target price increasing to GBP46 from GBP43.

Current Price is $103.40. Target price not assessed.

Current consensus price target is $101.92, suggesting downside of -2.3% (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: 0.1

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

Credit Suisse rates RIO as Underperform (5) -

First half earnings were ahead of expectations. With copper and iron ore rallying, Credit Suisse expects strong numbers will continue, although any retracement in these commodities could mean share price pressure, given the concentration of earnings.

Simandou is now back in focus and the company is working with partners to find a route to bring the project to market. Funding has been approved for a feasibility study for the Jadar lithium project in Serbia.

The company has taken a -US$1bn impairment charge split between Pacific Aluminium, ISAL and Diavik. Credit Suisse retains an Underperform rating and $86 target.

Target price is $86.00 Current Price is $103.40 Difference: minus $17.4 (current price is over target).
If RIO meets the Credit Suisse target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $101.92, suggesting downside of -2.3% (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: 0.1

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

Macquarie rates RIO as Outperform (1) -

First half earnings were slightly better than Macquarie expected but this was offset by weaker free cash flow and a lower interim dividend.

Production guidance and costs for 2020 are unchanged and key iron ore projects are on track.

Macquarie assesses earnings upgrade momentum remains strong because of buoyant iron ore prices.

Forecasts for 2020 earnings are increased by 3% but 2021-25 forecasts are reduced slightly. Target is pulled back to $110 from $111. Outperform.

Target price is $110.00 Current Price is $103.40 Difference: $6.6
If RIO meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $101.92, suggesting downside of -2.3% (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: 0.1

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

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

First half results were better than Morgan Stanley expected and cash returns also beat estimates.

The dividend of US$1.55 implies a pay-out ratio of 53% which is broadly in line with historical pay-outs in prior first half results.

Guidance is unchanged. The company still expects the release of the technical report on Oyu Tolgoi during the September quarter and has reiterated 2021 production guidance of 170-200,000t of copper and 450-500,000 ounces of gold.

However, Morgan Stanley finds the near-term levers to drive growth are scarce and maintains its Equal-weight rating with a target price of $91.50. Industry view: In-line.

Target price is $91.50 Current Price is $103.40 Difference: minus $11.9 (current price is over target).
If RIO meets the Morgan Stanley target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $101.92, suggesting downside of -2.3% (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: 0.1

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

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

The Rio Tinto 1H20 result was ahead of consensus estimates, according to Morgans.

The company announced an interim ordinary dividend of US$1.55ps, with no special dividend. This fell short of the broker's estimate of US$1.74ps.

Resilient iron ore pricing helped offset lower copper and aluminium prices.

The broker believes Rio Tinto may seek to further expand its copper business through inorganic options, with buoyant iron ore earnings creating an earnings and share price advantage over base metal peers.

Morgans still views the company as a core holding for most investor types, with an attractive yield profile, high margin earnings and a strong balance sheet. Despite this, the rating is downgraded to Hold from Add, after the broker altered various inputs into the forecast model. The target price is decreased to $107 from $110.

Target price is $107.00 Current Price is $103.40 Difference: $3.6
If RIO meets the Morgans target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $101.92, suggesting downside of -2.3% (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: 0.1

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

Ord Minnett rates RIO as Accumulate (2) -

Rio Tinto reported first-half earnings and net profit ahead of Ord Minnett forecasts by 3% and 15%, respectively.

The dividend of US$1.55ps and net debt of US$4.8bn were broadly in line with consensus.

The key drivers of the earnings beat were aluminium and copper earnings.

There was no major news on projects or guidance changes, aside from the re-establishment of Simandou study and engineering work.

Ord Minnett maintains its Accumulate rating with a target price of $115.

Target price is $115.00 Current Price is $103.40 Difference: $11.6
If RIO meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $101.92, suggesting downside of -2.3% (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: 0.1

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

UBS rates RIO as Neutral (3) -

Rio Tinto’s result was solid with operating income circa 4% ahead of consensus and 2% ahead of UBS’s estimates. Net profit declined by -9% year on year but was circa 9% ahead of consensus.

The positive result was driven by lower costs at Escondida and a lower net interest charge. The company also declared an interim dividend of US$1.55 per share, in line with consensus.

The miner acknowledged the Simandou iron ore project in Guinea will proceed in the next 5 years regardless of the miner’s involvement. The focus for the second half, reports UBS, is to come up with an infrastructure solution for the project.

Rio Tinto is optimistic about the potential for Winu and will give more details on the size and capital costs due towards the end of 2020, reports the broker.

The miner has a number of challenges in front of it heading into the second half but the broker also sees opportunities including changes brought on by the pandemic driving productivity improvements.

UBS retains its Neutral rating with a target price of $102.

Target price is $102.00 Current Price is $103.40 Difference: minus $1.4 (current price is over target).
If RIO meets the UBS target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $101.92, suggesting downside of -2.3% (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: 0.1

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

Credit Suisse rates SBM as Outperform (1) -

FY21 guidance is for production of 370-410,000 ounces. The guidance for Gwalia as softer than Credit Suisse had expected but is not critical to the outlook or future capability.

The broker awaits permit advancement at Atlantic and an investment decision on the Simberi sulphide project.

Outperform rating retained. Target is raised to $3.70 from $3.45.

Target price is $3.70 Current Price is $3.51 Difference: $0.19
If SBM meets the Credit Suisse target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $3.55, suggesting upside of 3.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.2

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

Macquarie rates SBM as Underperform (5) -

FY21 guidance for Gwalia is weaker than Macquarie expected. The broker expects St Barbara to press ahead with the Simberi sulphide development despite uncertainty in PNG, and reincorporates the project into forecasts.

Both Simberi and Beaver Creek developments have material uncertainty attached to their permit timelines. Macquarie increases the target by 7% to $3.00 and retains an Underperform rating.

Target price is $3.00 Current Price is $3.51 Difference: minus $0.51 (current price is over target).
If SBM meets the Macquarie target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.55, suggesting upside of 3.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.2

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

Morgan Stanley rates SBM as Overweight (1) -

Both FY21 production and cost guidance are worse than Morgan Stanley had anticipated. Somewhat offsetting this was the strong outcome in the June quarter at Gwalia which bodes well for future mining rates.

Development tonnage will be a focus for Gwalia in FY21 and the broker suspects guidance might be set conservatively after multiple downgrades in the past two years.

Overweight rating is maintained. Target price is $3.85. Industry view is Attractive.

Target price is $3.85 Current Price is $3.51 Difference: $0.34
If SBM meets the Morgan Stanley target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $3.55, suggesting upside of 3.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.2

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

Ord Minnett rates SBM as Downgrade to Hold from Buy (3) -

St Barbara announced June-quarter production figures for gold in-line with the Ord Minnett forecast. However, FY21 guidance for Gwalia was about -20% below the broker's estimate and FY22 onward has also been set -20% lower. 

The analyst still sees significant value-adding potential across Gwalia, Moose River and Simberi. The rating is lowered to Hold from Buy. The target price is decreased to $3.60 from $4.40.

Target price is $3.60 Current Price is $3.51 Difference: $0.09
If SBM meets the Ord Minnett target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $3.55, suggesting upside of 3.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.2

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

Citi rates TAH as Neutral (3) -

June quarter saw robust demand in the wagering industry with sports punters switching to racing. The second half looks challenging but that was expected, comments the broker, due to retail venue closures and the cycling of a strong run of lottery jackpots.

Citi forecasts a decline in the second half operating income but is encouraged by underlying lottery and racing trends.

For FY21, Citi expects operating income to grow 4% led by growth in wagering and gaming services with retail venues reopening. Earnings forecasts have been upgraded for FY20-22.

Citi retains its Neutral rating with the target price increasing to $3.70 from $3.40.

Target price is $3.70 Current Price is $3.56 Difference: $0.14
If TAH meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $3.58, suggesting upside of 2.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.1

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

Macquarie rates TCL as Outperform (1) -

The Elizabeth River Crossing (US) has been flagged as a potential acquisition opportunity in the first half result but Macquarie notes the growth outlook for traffic is weak and the local economy is poor.

As the largest listed tollroad company Transurban's size is increasingly an advantage for incremental growth in assets although this opportunity is not considered essential.

Still, the government's desire to fast track infrastructure to help the economy provides an opportunity for the company to build on its longer-term growth opportunities, suggest the analysts.

Outperform maintained. Target is $15.19.

Target price is $15.19 Current Price is $14.23 Difference: $0.96
If TCL meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $13.80, suggesting downside of -1.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.1

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

Credit Suisse rates WBC as Outperform (1) -

APRA has updated guidance on capital management for banks and insurers. The regulator is now asking banks to maintain caution in planning dividend payments.

Banks are expected to retain at least half of their earnings and actively use dividend reinvestment plans for the remainder of 2020 as well as other initiatives to offset a reduction in capital from distributions.

Credit Suisse now forecasts a pay-out ratio of 50% in the second half and FY21. Outperform retained. Target rises to $20.60 from $17.90.

Target price is $20.60 Current Price is $17.70 Difference: $2.9
If WBC meets the Credit Suisse target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $20.37, suggesting upside of 15.5% (ex-dividends)

The company's fiscal year ends in September.

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

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

Woolworths is due to report its FY20 result on Thursday, the 27th of August.

Ord Minnett forecasts FY20 net profit will fall -0.5%, with food a positive due to the covid-19 pandemic, while hotels and corporate are a headwind.

The broker forecasts a FY20 net profit of $1.63bn (excluding significant items), group earnings (EBIT) of $3,249m and a fully franked final dividend of 50cps.

Ord Minnett expects labour cost inflation and expects 2H20 EBIT margins to fall -13bp. Ord Minnett is restricted on providing a rating and target at present.

Current Price is $38.84. Target price not assessed.

Current consensus price target is $37.64, suggesting downside of -4.2% (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