Australian Broker Call

Citi rates A2M as Neutral (3) -

FY19 numbers disappointed on the need for increased marketing spend. For Citi's initial assessment, see yesterday's Broker Call Report. Citi analysts are of the view that as a2 Milk matures as a company, and with competition increasing in China, this theme is one that will stick.

The stepdown in margin is thus seen as permanent. Forecasts have been adjusted accordingly. All in all, the impact on the price target is rather minor: to $15.15 from $15.80 (also including a lower cost of equity).

Meanwhile in the background... management has also signalled it is of the intent of spending more on marketing in the USA. Citi thinks this is justified. All previous dividend forecasts have been scrapped.

Target price is $15.15 Current Price is $13.80 Difference: $1.35
If A2M meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $14.18, suggesting upside of 2.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

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

Market Sentiment: 0.0

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

Macquarie rates A2M as Outperform (1) -

A2 Milk's result was in line with guidance but a little short of consensus. What spooked the market, the broker suggests, is guidance for earnings margins to be flat half on half when gross margins are improving along with revenue growth, given investment in marketing and capability to drive future growth.

The broker sees multiple drivers of ongoing revenue growth but return on said investment will be in question from here. The broker still sees an attractive opportunity and retains Outperform. Target falls to $16.70 from $18.40.

Target price is $16.70 Current Price is $13.80 Difference: $2.9
If A2M meets the Macquarie target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $14.18, suggesting upside of 2.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

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

Market Sentiment: 0.0

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

Morgans rates A2M as Hold (3) -

FY19 results were in line with guidance but fell short of expectations. Morgans was disappointed with the outlook as FY20 operating earnings (EBITDA) margin guidance is materially below forecasts.

The broker reduces net profit estimates by -13.2% and -13.3% for FY20 and FY21 respectively.

The business has a strong brand and large addressable market with a robust balance sheet but, in the near-term at least, Morgans believes growth will come at a higher cost.

Hold rating maintained. Target is reduced to $13.73 from $15.35.

Target price is $13.73 Current Price is $13.80 Difference: minus $0.07 (current price is over target).
If A2M 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 $14.18, suggesting upside of 2.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

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

Market Sentiment: 0.0

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

Ord Minnett rates A2M as Downgrade to Lighten from Accumulate (4) -

FY19 net profit was up 47% but below Ord Minnett's forecasts. The broker downgrades to Lighten from Accumulate because of the higher-than-expected investment required to achieve the revenue opportunity as well as a more negative channel mix.

The broker reduces the target to $12.92 from $17.23. Ord Minnett reduces earnings estimates for FY20, given margin guidance of 28.2%, but also because marketing costs are forecast to increase further as a percentage of sales.

Target price is $12.92 Current Price is $13.80 Difference: minus $0.88 (current price is over target).
If A2M meets the Ord Minnett target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.18, suggesting upside of 2.8% (ex-dividends)

Forecast for FY20:

Forecast for FY21:

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

Market Sentiment: 0.0

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

UBS rates A2M as Buy (1) -

FY19 earnings were up strongly, however margin guidance is materially weaker than UBS expected. The drivers of a weaker margin include a rise in costs while the break-even guidance for the US in 2021 was retracted.

UBS now calculates break-even in FY24. UBS also notes inventory needs to be monitored, although not of major concern at this point.

Buy rating maintained. Target reduced to NZ$17.10 from NZ$17.50.

Current Price is $13.80. Target price not assessed.

Current consensus price target is $14.18, suggesting upside of 2.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

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

Market Sentiment: 0.0

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

Macquarie rates ADI as Neutral (3) -

APN Industria posted funds from operations in line with the broker's forecast. FY20 guidance is for FFO growth of 2.5-3%. The broker forecasts 1.9% but acknowledges upside from leasing outcomes and acquisitions.

Link Market Services' lease, representing 13% of income, expires in FY22 and the business is expected to vacate. How this is resolved is critical to the REIT going forward, the broker notes. Neutral retained, target rises to $2.88 from $2.87.

Target price is $2.88 Current Price is $2.93 Difference: minus $0.05 (current price is over target).
If ADI 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 $2.89, suggesting downside of -1.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

Citi rates AMC as Buy (1) -

Citi analysts saw the newly merged combination Amcor-Bemis, in its first results update, release a "solid" set of FY19 performance financials. The analysts state they remain attracted to the business, in particular given the global backdrop of elevated uncertainty.

Within this context, Amcor should provide investors with a stable earnings outlook and strong cash generation, suggest the analysts. Management announced a $500m buyback and $50m in investment in strategic sustainability projects.

Citi clearly believes concerns about plastics and sustainability are overplayed, suggesting the stock looks attractive. Buy rating retained with price targets $17 (-$1) and US$11.60 on slightly lowered forecasts.

Target price is $17.00 Current Price is $14.38 Difference: $2.62
If AMC meets the Citi target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $15.93, suggesting upside of 10.8% (ex-dividends)

The company's fiscal year ends in June.

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

Credit Suisse rates AMC as Neutral (3) -

Amcor's full-year FY19 result missed Credit Suisse's forecast. Lack of transparency aside, margins missed by -100 basis points, although sales beat the broker. EPS for flexibles was downgraded -1.7% to -3.2% across the accounting period. Net debt was higher than forecast.

The company guided to EPS of US61c to US64c. A $US500m buyback was announced. Foreign-exchange rates have turned against the company. Target price falls to $14.75 from $15.60. Neutral rating retained.

Target price is $14.75 Current Price is $14.38 Difference: $0.37
If AMC meets the Credit Suisse target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $15.93, suggesting upside of 10.8% (ex-dividends)

The company's fiscal year ends in June.

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

Macquarie rates AMC as Outperform (1) -

Amcor's result slightly beat the broker but was in line with consensus. It was relatively solid and the broker is forecasting 7-11% earnings growth in FY20-21, supported by a full year for Bemis and modest base business growth.

Despite a growing backlash against plastic packaging Amcor continues to see growth in the segment, and has recently launched a 100% recyclable product which has broad scale application. Target falls to $17.19 from $17.90, which includes adjustment for the currency,. Outperform retained.

Target price is $17.19 Current Price is $14.38 Difference: $2.81
If AMC meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $15.93, suggesting upside of 10.8% (ex-dividends)

The company's fiscal year ends in June.

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 AMC as Overweight (1) -

FY19 results appeared solid to Morgan Stanley. The broker believes the company is well-positioned to deliver consistent and reliable growth, having completed the Bemis transaction.

The stock is considered an attractive defensive exposure within a broader portfolio. Overweight reiterated. Target is reduced to $16.50 from $18.50. Cautious industry view.

Target price is $16.50 Current Price is $14.38 Difference: $2.12
If AMC meets the Morgan Stanley target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $15.93, suggesting upside of 10.8% (ex-dividends)

The company's fiscal year ends in June.

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

Morgans rates AMC as Hold (3) -

FY19 results were slightly below expectations. The main highlight was the US$500m on-market buyback, which the broker believes will provide share price support, although the uncertain macro economic backdrop is likely to limit the upside.

Amcor has reaffirmed its cost synergy target for Bemis of US$180m by FY22. Given a strong track record of meeting or exceeding synergies, Morgans remains comfortable with the target.

Hold rating maintained. Target is lowered to $14.51 from $15.45.

Target price is $14.51 Current Price is $14.38 Difference: $0.13
If AMC meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $15.93, suggesting upside of 10.8% (ex-dividends)

The company's fiscal year ends in June.

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

Ord Minnett rates AMC as Accumulate (2) -

FY19 results were ahead of Ord Minnett's forecasts. The outcome confirms a highly defensive earnings stream which benefits from diversity across regions, customers and product categories, in the broker's view.

Even the business units in particularly challenged end markets are delivering modest growth. Ord Minnett maintains an Accumulate rating and reduces the target to $16.00 from $16.25.

Target price is $16.00 Current Price is $14.38 Difference: $1.62
If AMC meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $15.93, suggesting upside of 10.8% (ex-dividends)

The company's fiscal year ends in June.

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

UBS rates AMC as Neutral (3) -

UBS considers the underlying results in FY19 solid. Earnings (EBIT), excluding Bemis, were flat versus FY18 but up 3% in constant currency terms. The highlight was the announcement of the share buyback earlier than expected.

Amcor intends to return US$500m from the proceeds of forced asset sales. UBS believes the early capital return reflects the stable cash flow and acknowledgement that additional M&A is unlikely in the near term.

Neutral maintained. Target is reduced to $15.55 from $16.15.

Target price is $15.55 Current Price is $14.38 Difference: $1.17
If AMC meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $15.93, suggesting upside of 10.8% (ex-dividends)

The company's fiscal year ends in June.

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 APA as Neutral (3) -

APA Group's FY19 report was in-line at the operational level but missed by -5% on the bottom line because of higher net interest expenses. Stronger margins in new assets and lower corporate costs have triggered an increase in estimates by 1%.

Dividend forecasts have been lifted in line with updated guidance. Citi analysts now point out their revised forecasts imply 55% payout. APA remains the broker's Top Pick among regulated utilities.

Target price increased to $11.18. Neutral rating retained. The analysts see little downside in the present low yield environment.

Target price is $11.18 Current Price is $10.89 Difference: $0.29
If APA meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $10.60, suggesting downside of -2.7% (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 APA as Neutral (3) -

APA Group's FY19 result met consensus and Credit Suisse forecasts, and hit the top end of guidance. FY20 guidance missed the broker because of delayed project revenue and higher corporate costs.

On the upside, positive net revenue from renewals points to underlying strength and the broker expects a benign regulatory environment despite the rhetoric.

Target price rises to $10.20 from $8.75. Neutral rating retained.

Target price is $10.20 Current Price is $10.89 Difference: minus $0.69 (current price is over target).
If APA meets the Credit Suisse target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.60, suggesting downside of -2.7% (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 APA as Neutral (3) -

APA's FY19 earnings, dividend, and FY20 growth guidance were all in line with the broker's expectation. What caught the broker's attention was commentary that operating cash flow will cover both capex and dividends for the first time in three years.  It is also a positive that the new CEO has not made any strategy changes.

Yet APA is one of many yield-payers for which valuations have become stretched as bond rates have fallen. Neutral retained, target falls to $11.24 from $11.55.

Target price is $11.24 Current Price is $10.89 Difference: $0.35
If APA meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $10.60, suggesting downside of -2.7% (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 APA as Equal-weight (3) -

FY19 earnings were at the top end of guidance and in line with expectations. Morgan Stanley notes growth strategies are unchanged and projects are within budget.

The broker also observes the share price is up 31% so far, reflecting a defensive positioning by investors. Hence, the positive earnings are factored into the price.

Equal-weight rating. Industry view is Cautious. Price target is raised to $11.22 from $10.88.

Target price is $11.22 Current Price is $10.89 Difference: $0.33
If APA meets the Morgan Stanley target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $10.60, suggesting downside of -2.7% (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

Morgans rates APA as Hold (3) -

Morgans finds the FY19 was largely in-line. The dividend had been pre-announced. FY20 guidance proved below forecast, but Morgans believes it was in-line with market consensus. DPS guidance is better-than-consensus.

Minimal changes have been made to forecasts. Higher net debt pushes down the price target to $10.64 from $10.94. Hold rating retained.

Target price is $10.64 Current Price is $10.89 Difference: minus $0.25 (current price is over target).
If APA meets the Morgans target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.60, suggesting downside of -2.7% (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

Ord Minnett rates APA as Hold (3) -

FY19 net profit was below Ord Minnett's forecasts. Yet the broker considers the financials solid, as operating earnings grew for the 15th consecutive year and reached the top end of guidance.

Acceleration of efforts to enter the US, nevertheless, could signal a more challenging environment in which to find growth from traditional sources in Australia. The broker maintains a Hold rating and raises the target to $10.60 from $10.00.

Target price is $10.60 Current Price is $10.89 Difference: minus $0.29 (current price is over target).
If APA meets the Ord Minnett target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.60, suggesting downside of -2.7% (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 AVN as Outperform (1) -

Aventus Group's funds from operations were in line with the broker's forecast and guidance. Underlying income growth was solid.

While management would not be drawn on the Home Consortium portfolio and mooted IPO process, it indicated it would be a positive for the market, the broker notes.

Gearing is stretched but the REIT has no plans for asset divestments or an equity raising.

On perceived valuation upside, the broker retains Outperform. Target falls to $2.85 from $2.90.

Target price is $2.85 Current Price is $2.61 Difference: $0.24
If AVN meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $2.58, suggesting downside of -1.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.7

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

Morgans rates AVN as Add (1) -

FY19 results were in line with guidance. Morgans acknowledges headwinds are affecting the broader retail/housing sectors but believes Aventus Group is well placed to navigate the cycle, as vacancy rates are low and rents sustainable.

The company also has a growth pipeline which can leverage off any future zoning and planning reforms. Add rating maintained. Target is raised to $2.69 from $2.32

 Longer term, upside relates to increased income sourced from funds management as well as solar, storage and signage opportunities.

Target price is $2.69 Current Price is $2.61 Difference: $0.08
If AVN meets the Morgans target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $2.58, suggesting downside of -1.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.7

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

UBS rates AVN as Neutral (3) -

FY19 results were in line with UBS estimates. Guidance for 3-4% growth in FY20 is ahead of forecasts, with UBS noting this is the first of any retail A-REIT in the current reporting season to signal guidance ahead of expectations.

The broker assesses the portfolio is delivering solid income growth when compared with peers, reflecting low existing base rents, annual fixed increases and positive re-releasing spreads. Neutral rating and $2.20 target maintained.

Target price is $2.20 Current Price is $2.61 Difference: minus $0.41 (current price is over target).
If AVN meets the UBS target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.58, suggesting downside of -1.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.7

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

Credit Suisse rates BAP as Outperform (1) -

Bapcor FY19 result was in line with Credit Suisse and consensus. The company guided to mid-to-high, single-digit NPAT growth.

The broker said the market had been bracing for the worse given the tough environment and the result is well received, highlighting the stock's defensiveness and strong market position.

Margins and like-for-likes were up, although brand penetration remains well below peers.

EPS forecasts fall -1% to -2% across FY20-FY21. Target price rises to $7.25 from $6.95. Outperform rating retained.

Target price is $7.25 Current Price is $6.70 Difference: $0.55
If BAP meets the Credit Suisse target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $7.20, suggesting upside of 7.4% (ex-dividends)

The company's fiscal year ends in June.

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

Morgan Stanley rates BAP as Overweight (1) -

FY19 net profit was in line with guidance. Revenue was up 4.8% and in line with Morgan Stanley's estimates. Cash conversion was softer, the broker notes, because of higher inventory.

Overweight rating. Target is $7.60. Industry view: In-line.

Target price is $7.60 Current Price is $6.70 Difference: $0.9
If BAP meets the Morgan Stanley target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $7.20, suggesting upside of 7.4% (ex-dividends)

The company's fiscal year ends in June.

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

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

FY19 results were in line with expectations. Morgans likes the relative safe-haven status of the business, given the volatile retail sector.

Trading multiples have expanded materially and now appear fair, so the rating is downgraded to Hold from Add.

The broker is comfortable with net profit guidance for FY20, expecting growth of around 7.8%. Target is raised to $6.98 from $6.31.

Target price is $6.98 Current Price is $6.70 Difference: $0.28
If BAP meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $7.20, suggesting upside of 7.4% (ex-dividends)

The company's fiscal year ends in June.

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

UBS rates BAP as Buy (1) -

FY19 results were in line with expectations. Cash generation improved substantially in the second half, UBS notes. The broker also points out that management has become far more optimistic since the first half result.

The broker believes the company has many growth levers, with a roll-out in Asia, potentially in early 2020. Buy rating maintained. Target rises to $7.30 from $6.60.

Target price is $7.30 Current Price is $6.70 Difference: $0.6
If BAP meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $7.20, suggesting upside of 7.4% (ex-dividends)

The company's fiscal year ends in June.

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

Citi rates BXB as Buy (1) -

It appears the disappointment stemming from the FY19 release is directly related to margins for CHEP Americas. Citi analysts have scaled back future assumptions, which pushes down the price target to $13.30 from $13.50.

The analysts observe that, clearly, the recovery in CHEP Americas margins is taking longer than expected. Brambles has been struggling with various issues in recent years, but Citi hasn't given up. The analysts forecast three year CAGR of 13%. On that basis, Buy rating retained.

Target price is $13.30 Current Price is $11.32 Difference: $1.98
If BXB meets the Citi target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $11.94, suggesting upside of 5.5% (ex-dividends)

The company's fiscal year ends in June.

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 BXB as Downgrade to Underperform from Neutral (5) -

Brambles full-year FY19 result missed consensus and Credit Suisse forecasts due to pallet damage and lost pallets.

The broker expects continued margin decline in Canada and management's CHEP outlook was lacklustre. Earnings forecasts fall -12% for FY20 and -20% for FY21. 

The buyback is expected to restart immediately after the pre-result blackout, and is expected to take a year to 18 months.

Target price falls to $11.20 from $13.50.

Target price is $11.20 Current Price is $11.32 Difference: minus $0.12 (current price is over target).
If BXB meets the Credit Suisse target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.94, suggesting upside of 5.5% (ex-dividends)

The company's fiscal year ends in June.

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 BXB as Neutral (3) -

Brambles' earnings fell slightly short of Macquarie's estimate, but it was outlook commentary that sparked a weak share price response. From a slowing global economy to Brexit and the trade war, management sees reasons to be cautious.

These factors are beyond management control, and revenue growth will likely be at the low end of the FY20 guidance range.

That share price response means a largely unchanged PE and the broker retains Neutral, cutting its target to $11.65 from $12.25. The broker agrees risk lies with that which Brambles cannot control.

Target price is $11.65 Current Price is $11.32 Difference: $0.33
If BXB meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $11.94, suggesting upside of 5.5% (ex-dividends)

The company's fiscal year ends in June.

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 BXB as Equal-weight (3) -

Morgan Stanley was disappointed with FY19 results. The Americas were a key source of margin weakness.

Sales guidance is broadly consistent with expectations, although the broker acknowledges there may be some conservatism in expectations for earnings (EBIT) growth in line with or slightly ahead of sales.

Equal-weight. Target is reduced to $11.40 from $12.50. Industry view is Cautious.

Target price is $11.40 Current Price is $11.32 Difference: $0.08
If BXB meets the Morgan Stanley target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $11.94, suggesting upside of 5.5% (ex-dividends)

The company's fiscal year ends in June.

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 BXB as Hold (3) -

Morgans comments the FY19 performance met its expectations, but not market consensus, which had anticipated better numbers. CHEP Americas's numbers in particular proved rather weak, the broker points out.

Underlying estimates have been reduced by -1%. Price target drops to $11.39 from $12.71. Hold rating retained. The broker remains wary of the uncertain global macroeconomic outlook and tough cost environment, but sees short term share price support from the on-market share buyback.

Target price is $11.39 Current Price is $11.32 Difference: $0.07
If BXB meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $11.94, suggesting upside of 5.5% (ex-dividends)

The company's fiscal year ends in June.

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 BXB as Downgrade to Neutral from Buy (3) -

Results for the June half year were well below UBS forecasts. The Americas division was -13% below forecasts because of weaker performances in Canada and Latin America.

FY20 guidance for earnings (EBIT) growth to be in line or slightly above the prior year was well below the broker's estimates. UBS believes the stock is unlikely to outperform and downgrades to Neutral from Buy.

A number of issues are of concern. There appears to be a structural decline in profitability in Latin America and Canada which undermines confidence, the broker suggests.

Brexit could also add further costs. Target is reduced to $12.10 from $13.60.

Target price is $12.10 Current Price is $11.32 Difference: $0.78
If BXB meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $11.94, suggesting upside of 5.5% (ex-dividends)

The company's fiscal year ends in June.

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 CAR as Outperform (1) -

Carsales' FY19 result was in line with pre-announced guidance, and forecast solid FY20 growth noting weak new-car sales were not translating to the used-car market.

International assets pulled their weight and Credit Suisse says the company is highly leveraged to any recovery in display ads.

Target price rises to $16.50 from $15. Outperform rating retained, the company continuing to trade at a discount to peers.

Target price is $16.50 Current Price is $15.26 Difference: $1.24
If CAR meets the Credit Suisse target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $15.04, suggesting downside of -1.4% (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

Morgan Stanley rates CAR as Overweight (1) -

FY19 results were in line with expectations. Morgan Stanley assesses Carsales.com needs to return to high single/low double digit growth in earnings per share in FY20, in order to hold onto its PE ratio of 23x, based on price increases and some volume lift as well as continuing strong international growth.

However, this is considered achievable. Overweight rating, Attractive industry view and $15.25 target maintained.

Target price is $15.25 Current Price is $15.26 Difference: minus $0.01 (current price is over target).
If CAR meets the Morgan Stanley target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $15.04, suggesting downside of -1.4% (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

Morgans rates CAR as Reduce (5) -

FY19 results were in line with guidance and Morgans found the outlook statement better than expected. With a skew towards used cars, which are holding up better the new car sales, the company is managing a trend for more modest vehicle sales.

The broker notes, although small, Brazilian and Korean operations are performing strongly. The broker likes the long-term outlook but considers the valuation rich and maintains a Reduce rating. Target is lifted to $13.80 from $12.49.

Target price is $13.80 Current Price is $15.26 Difference: minus $1.46 (current price is over target).
If CAR meets the Morgans target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $15.04, suggesting downside of -1.4% (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

Ord Minnett rates CAR as Downgrade to Accumulate from Buy (2) -

FY19 net profit was in line with Ord Minnett's forecasts. The broker observes the online advertising segment was resilient in the face of tough conditions, with dealer revenue up 6.9%.

Weakness in display showed signs of moderating in the second half, a positive sign for FY20. International business was a highlight, particularly Webmotors, where growth appears to be accelerating.

Ord Minnett retains a positive stance on the stock, underpinned by the long-term growth potential. Target is raised to $16.54 from $13.61 and the rating is downgraded to Accumulate from Buy.

Target price is $16.54 Current Price is $15.26 Difference: $1.28
If CAR meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $15.04, suggesting downside of -1.4% (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 CAR as Neutral (3) -

FY19 results were in line with expectations. UBS notes an in-line result in the context of a difficult macro backdrop, and as others missed expectations, was enough to drive an exuberant share price reaction.

Korea delivered 13% revenue growth and the broker suspects, in the longer term, if the guarantee product achieves significant penetration, revenues could double even without further price rises. Neutral maintained. Target rises to $15 from $14.

Target price is $15.00 Current Price is $15.26 Difference: minus $0.26 (current price is over target).
If CAR meets the UBS target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $15.04, suggesting downside of -1.4% (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

Citi rates CCL as Sell (5) -

Upon initial review, Citi analysts believe Coca-Cola Amatil's interim release is likely triggering upgrades of 1%-3% to consensus for the full year. In addition, suggest the analysts, there seems to be enough in there to feed market confidence that growth shall return in 2020.

Target price is $8.15 Current Price is $11.03 Difference: minus $2.88 (current price is over target).
If CCL meets the Citi target it will return approximately minus 26% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.62, suggesting downside of -21.8% (ex-dividends)

The company's fiscal year ends in December.

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

UBS rates CCL as Sell (5) -

In an initial response to the interim report release, it appears overall performance is slightly better than the numbers UBS had penciled in. The analysts note management's confidence in return to growth in 2020.

UBS cannot get excited given the outlook and where the share price is at, including the recent rally.

Target price is $7.70 Current Price is $11.03 Difference: minus $3.33 (current price is over target).
If CCL meets the UBS target it will return approximately minus 30% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.62, suggesting downside of -21.8% (ex-dividends)

The company's fiscal year ends in December.

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

UBS rates CHC as Neutral (3) -

UBS notes sector-leading growth of 25.5% in FY19. FY20 guidance for growth in earnings per share of 18-20% is marginally below expectations but the broker points out the company has a track record of upgrading throughout the year.

UBS forecasts earnings per share to drop by -5% in FY21 as transaction/performance fees normalise. The broker maintains a Neutral rating and raises the target to $12.10 from $11.05.

Target price is $12.10 Current Price is $12.38 Difference: minus $0.28 (current price is over target).
If CHC meets the UBS target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $13.10, suggesting upside of 5.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.7

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

Credit Suisse rates CTD as Outperform (1) -

Corporate Travel Management reported in line with Credit Suisse and guidance, with FY20 guidance falling just shy of consensus.

The broker notes the company has a history of conservative guidance. EPS forecasts fall -8%, -7% and -7% across FY20/FY211/FY22 to reflect higher tax and depreciation assumptions. Excluding that, earnings fell 2% across the period.

Outperform rating retained given the company's strong derating over the past 18 months, and given its attractive earnings outlook. Target price eases to $28.00 from $30.00.

Target price is $28.00 Current Price is $19.98 Difference: $8.02
If CTD meets the Credit Suisse target it will return approximately 40% (excluding dividends, fees and charges).

Current consensus price target is $28.02, suggesting upside of 40.2% (ex-dividends)

The company's fiscal year ends in June.

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

Morgan Stanley rates CTD as Overweight (1) -

While the trading environment has clearly softened, Morgan Stanley notes the company continues to win share and expand margins. The broker had expected a more bullish reaction to the guidance for 10-17% growth in FY20 operating earnings (EBITDA).

FY19 results were in line with estimates. The broker suspects the company will be keen to provide a trading update at the AGM to increase investor conviction in the guidance.

Morgan Stanley also notes M&A multiples appear to be retreating and it will be interesting to test the market's appetite for a transaction. Overweight rating reiterated. Target is $31. In-Line industry view.

Target price is $31.00 Current Price is $19.98 Difference: $11.02
If CTD meets the Morgan Stanley target it will return approximately 55% (excluding dividends, fees and charges).

Current consensus price target is $28.02, suggesting upside of 40.2% (ex-dividends)

The company's fiscal year ends in June.

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

Morgans rates CTD as Add (1) -

Morgans finds the FY19 result was in-line with guidance. The broker believes operating cashflow is the key highlight and underpins a strong balance sheet. FY20 guidance proved a little below market consensus.

Morgans retains the Add rating, while the revised price target of $23.40 compares with $27.50 previously. The analysts acknowledge any material re-rating may take time and require an improvement in operating conditions.

Earnings estimates have been reduced.

Target price is $23.40 Current Price is $19.98 Difference: $3.42
If CTD meets the Morgans target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $28.02, suggesting upside of 40.2% (ex-dividends)

The company's fiscal year ends in June.

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 CTD as Buy (1) -

FY19 results were below estimates, with Ord Minnett observing a company with an excellent track record of growth is being punished for a slowing outlook.

The broker suggests the factors contributing to the slowdown are likely to be transitory and one-off in nature, such as the Hong Kong unrest and Brexit. The difficulty is knowing just how long this will last.

In the meantime, Ord Minnett suggests an opportunity has arisen and retains a Buy rating. Target is reduced to $27.40 from $31.47.

Target price is $27.40 Current Price is $19.98 Difference: $7.42
If CTD meets the Ord Minnett target it will return approximately 37% (excluding dividends, fees and charges).

Current consensus price target is $28.02, suggesting upside of 40.2% (ex-dividends)

The company's fiscal year ends in June.

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

UBS rates CTD as Buy (1) -

Operating earnings (EBITDA) were in line in FY19, although UBS notes the result was of lower quality.

Operating cash flow concerns were alleviated and the broker remains positive around the potential for share & margin gains from the roll-out of technology, as well as improved acquisition opportunities in the current environment.

Buy rating maintained. Target reduced to $29.60 from $32.25.

Target price is $29.60 Current Price is $19.98 Difference: $9.62
If CTD meets the UBS target it will return approximately 48% (excluding dividends, fees and charges).

Current consensus price target is $28.02, suggesting upside of 40.2% (ex-dividends)

The company's fiscal year ends in June.

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

Morgans rates CTP as Add (1) -

The company has a maiden 2C resource of 270 PJ at Project Range, its CSG project in the Surat Basin.

Morgans considers this a significant result as the resource is materially above the original estimate and further growth is envisaged from several areas under exploration.

The broker expects the share price to be supported as the company pursues growth from its expanding portfolio.

The broker maintains an Add rating and raises the target to $0.24 from $0.20.

Target price is $0.24 Current Price is $0.19 Difference: $0.05
If CTP meets the Morgans target it will return approximately 26% (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

Credit Suisse rates CWN as Neutral (3) -

Crown's  FY19 result was in line with Credit Suisse but outperformed on net debt, triggering an upgrade in the target price to $11.30 from $11.

EPS forecasts fall -5% to -9% over FY20-FY22 to reflect the broker's negative view of the revenue momentum and trading environment, with Chinese custom expected to weaken, continued regulatory pressure and news a large junket operator plans to scale back in Australia.

Roughly half of the value of the Sydney apartments has been contracted for sale and the broker now believes Melco will obtain regulatory approval to own 19.99% of Crown but says that even should Melco seek to acquire more shares, a takeover premium is unlikely to be forthcoming. Neutral rating retained.

Target price is $11.30 Current Price is $11.50 Difference: minus $0.2 (current price is over target).
If CWN meets the Credit Suisse target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.87, suggesting upside of 3.2% (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

Macquarie rates CWN as Outperform (1) -

Crown's result was in line with expectation thanks to lower corporate costs and delays to the cost of Crown Digital development, which may now impact on FY20. Overall, domestic trading is improving, the broker notes, and while VIP is challenging expectations have been re-based.

The upshot is the broker forecasts -2% earnings decline in FY20 but valuing the company on a 50% fundamental, 50% takeover target basis, the broker sees attractive risk/reward. Outperform and $12.60 target retained.

Target price is $12.60 Current Price is $11.50 Difference: $1.1
If CWN meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $11.87, suggesting upside of 3.2% (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

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

FY19 results were in line with expectations. Normalised group revenue was down -10% and operating earnings (EBITDA) down -9%.

Morgan Stanley notes there is no clear indication if Crown Resorts will continue with its buyback post expiry on August 29. No outlook was provided, as usual.

Resolving the inquiry and investigation remains the focus for investors in the near term, the broker asserts.

Morgan Stanley retains an Equal-weight rating, Cautious industry view and $12.50 target.

Target price is $12.50 Current Price is $11.50 Difference: $1
If CWN meets the Morgan Stanley target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $11.87, suggesting upside of 3.2% (ex-dividends)

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 CWN as Hold (3) -

FY19 results were construed positively by the market, although missed Ord Minnett's forecasts because of material declines in VIP turnover. The broker suspects questions will persist around the future of the Australia-wide VIP business.

There was little in the way of outlook provided. Ord Minnett now forecasts FY20 VIP turnover to contract by -5.4%. This is expected to result in operating earnings (EBITDA) declining by -2.8%.

Hold rating maintained. Target reduced to $11.75 from $12.00.

Target price is $11.75 Current Price is $11.50 Difference: $0.25
If CWN meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $11.87, suggesting upside of 3.2% (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

UBS rates CWN as Neutral (3) -

Normalised operating earnings (EBITDA) in FY19 were below UBS forecasts. The highlight of the result was Melbourne slots which posted 5% growth in the second half.

UBS now expects operating earnings to decline -3% over the next two years until Crown Sydney opens in FY22. The broker maintains a Neutral rating and reduces the target to $11.20 from $12.05.

Target price is $11.20 Current Price is $11.50 Difference: minus $0.3 (current price is over target).
If CWN 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 $11.87, suggesting upside of 3.2% (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

Ord Minnett rates CWY as Accumulate (2) -

The company has acquired the senior secured debt in SKM Recycling for $60m. This is secured against the majority of the company's assets.

Owning the secured debt puts Cleanaway in a strong position to acquire any assets that are put up for sale. Cleanaway has appointed a receiver to manage the business.

Ord Minnett believes the winding up of SKM has highlighted significant structural issues in the recycling value chain. Accumulate rating and $2.30 target maintained.

Target price is $2.30 Current Price is $2.07 Difference: $0.23
If CWY meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $2.25, suggesting upside of 8.8% (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

Citi rates DMP as Buy (1) -

See also yesterday's Broker Call Report for Citi's initial review of the "mixed" FY19 performance. Today, the analysts highlight weaker-than-expected margins are related to the need to support struggling franchisees.

Japan proved very strong in FY19. For FY20, Citi believes Europe will be the swing factor. Things look worse than they probably are in Australia, the analysts surmise. They retain the Buy recommendation alongside an unchanged $44 price target.

Target price is $44.00 Current Price is $42.71 Difference: $1.29
If DMP meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $42.94, suggesting upside of 0.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.3

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

Credit Suisse rates DMP as Upgrade to Neutral from Underperform (3) -

Domino's Pizza Enterprises' FY19 result was below guidance and disappointed Credit Suisse, which now gives little credit to the company's bullish FY20 forecast.

The company's guidance thesis rests on a record year of store openings in France, but its execution history there has been wanting. Earnings are downgraded to reflect a rebase of profit forecasts for Australia.

Nonetheless, rating rises to Neutral from Underperform and the target price rises to $38.52 from $38.06, the broker believing the next catalyst is likely to be positive.

Target price is $38.52 Current Price is $42.71 Difference: minus $4.19 (current price is over target).
If DMP meets the Credit Suisse target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $42.94, suggesting upside of 0.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.3

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

Macquarie rates DMP as Outperform (1) -

Domino's FY19 result fell -2% short of the broker but a solid start to FY20 is noted, led by strength offshore, which now accounts for 55% of earnings. A&NZ is facing headwinds but these are temporary and not structural, the broker believes.

Macquarie suggests offshore growth potential is underappreciated and the domestic franchise remains solid, with further accretive acquisitions more likely than not. Outperform retained, target falls to $48.40 from $52.10.

Target price is $48.40 Current Price is $42.71 Difference: $5.69
If DMP meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $42.94, suggesting upside of 0.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.3

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

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

FY19 results missed Morgan Stanley's estimates, as the removal of underperforming franchisees in Australasia led to a higher mix of lower-margin corporate stores. There were also fewer store openings.

Australasian operating earnings (EBITDA) declined -4% versus the broker's expectations for 2.4% growth. Europe was also slightly softer than expected. Japan stood out with operating earnings growth of 42%.

Equal-weight. Target is $41. Cautious industry view.

Target price is $41.00 Current Price is $42.71 Difference: minus $1.71 (current price is over target).
If DMP 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 $42.94, suggesting upside of 0.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.3

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

Morgans rates DMP as Hold (3) -

FY19 earnings (EBIT) missed expectations. Morgans found the contraction in Australasian margin in the second half confronting, although this was partly offset by a strong performance in Japan.

Some of the issues that have plagued FY19 remain but the self-help measures being instigated should mitigate concerns somewhat, in the broker's view. Hold rating maintained. Target is reduced to $44.17 from $44.89.

Target price is $44.17 Current Price is $42.71 Difference: $1.46
If DMP meets the Morgans target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $42.94, suggesting upside of 0.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.3

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

Ord Minnett rates DMP as Lighten (4) -

FY19 net profit was below Ord Minnett's forecasts. The broker notes the core Australasian business is mature so gains in market share are difficult to come by.

Franchisee profitability is expected to continue requiring support, limiting the operating earnings (EBITDA) margin expansion. Meanwhile, store growth and market share gains in the large markets of France and Germany have proved elusive.

Ord Minnett retains a Lighten rating and raises the target to $36 from $35.

Target price is $36.00 Current Price is $42.71 Difference: minus $6.71 (current price is over target).
If DMP meets the Ord Minnett target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $42.94, suggesting upside of 0.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.3

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

UBS rates DMP as Buy (1) -

FY19 earnings (EBIT) missed UBS estimates. Trading in FY20 to date is observed to be better and cash flow is strong.

UBS believes the market is rightly discounting the company's ability to deliver double-digit growth in earnings per share.

However, the FY20 outlook should provide some confidence in the long-term growth profile. Buy rating and $48.50 target maintained.

Target price is $48.50 Current Price is $42.71 Difference: $5.79
If DMP meets the UBS target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $42.94, suggesting upside of 0.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.3

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

Morgans rates DTL as Hold (3) -

FY19 results were in line with guidance. Morgans notes the share price has rallied strongly in the past six months and is now fairly valued.

The broker rates the business highly and, if there is any share price weakness, would consider this a buying opportunity. Hold maintained. Target is raised to $2.50 from $2.48.

Target price is $2.50 Current Price is $2.49 Difference: $0.01
If DTL meets the Morgans target it will return approximately 0% (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

Morgans rates EHL as Add (1) -

FY19 financials were in line with expectations. Morgans expects FY20 will be a year of consolidation.

The broker suggests the scope for further upside to operating leverage now looks limited, which may be a disincentive for momentum investors.

The stock appears cheap, but as it is a value stock in a market where value is out of fashion Morgans believes Emeco Holdings suits patient investors.

Add maintained. Target is reduced to $2.80 from $3.22.

Target price is $2.80 Current Price is $2.04 Difference: $0.76
If EHL meets the Morgans target it will return approximately 37% (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

Citi rates FBU as Neutral (3) -

Fletcher Building delivered to guidance plus re-affirmed the NZ$300m share buyback intention. This is why, Citi surmises, the share price responded positively on the day. Meanwhile, market headwinds remain, and FBU has yet to notice an improvement in underlying activity, the analysts note.

Citi puts its belief in management's cost out program and other self-help initiatives. All in all, this company is strengthening its leverage to the next market upturn that will occur eventually, they believe.

Target price falls to NZ$5.10 from NZ$5.30. Neutral. Forecasts have been lowered.

Current Price is $4.39. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

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

Market Sentiment: 0.0

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

Credit Suisse rates FBU as Neutral (3) -

Fletcher Building reported in line with guidance. The FY19 result was disappointing as expected, a -50% fall in Australian earnings triggering an -11.1% slide in Group earnings.

Credit Suisse lowers FY20 earnings forecasts to reflect the lower-base FY19 earnings and weak composition and was downbeat on future dividend performance.

Fletcher Building expects continued weakness in NZ and Australian markets. The broker notes a lack of transparency and questions the company's right to allocate one third of capital expenditure into the weak Australian market and raises questions over the decision to re-enter vertical construction.

Target price eases to NZ$4.97 from NZ$5.17. Neutral rating retained.

Current Price is $4.39. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

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

Market Sentiment: 0.0

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

Macquarie rates FBU as Neutral (3) -

Fletcher Building reported in line with guidance. No formal FY20 guidance was provided other than to indicate earnings expectations that are consistent with the broker. A $300m buyback has been announced, commencing Sept 9.

Key from here will be more explicit guidance and the commencement of the buyback, the broker suggests. Neutral and NZ$5.00 target retained.

Current Price is $4.39. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

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

Market Sentiment: 0.0

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

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

 FY19 results were in line with guidance and contained few surprises for Morgan Stanley. The broker expects the focus to be on the turnaround strategy but envisages a turnaround will be difficult, given the challenges in the Australasian housing cycles.

Equal-weight rating maintained, as the broker suspects that internal initiatives may provide some relief but not truly offset macro headwinds. Target is reduced to NZ$5.00 from NZ$5.25. Cautious industry view.

Current Price is $4.39. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

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

Market Sentiment: 0.0

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

UBS rates FBU as Neutral (3) -

FY19 results were in line with expectations and contained no real surprises for UBS. The company has reiterated its earnings (EBIT) guidance for FY20, which equates to earnings per share of NZ36-38c, in the broker's calculation.

UBS believes a meaningful re-rating is unlikely unless there are some positive earnings revisions. Neutral maintained. Target is reduced to NZ$4.95 from NZ$5.15.

Current Price is $4.39. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

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

Market Sentiment: 0.0

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

UBS rates FLT as Buy (1) -

In an initial response to today's FY19 release, UBS comments the performance is in-line with market consensus. While there is no concrete guidance, as per company tradition, the analysts did pick up a slightly optimistic tone in management's comments.

Target price is $55.60 Current Price is $46.80 Difference: $8.8
If FLT meets the UBS target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $47.22, suggesting upside of 0.9% (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

Morgans rates HLO as Hold (3) -

At face value, Morgans concludes, the released FY19 numbers seem in-line with guidance, but on closer inspection the result has been supported by a number of lower quality items. The operational margin was below guidance.

Not improving confidence, no guidance for FY20 has been forthcoming, in a deviation from past practice. Morgans has retained the Hold rating, while the price target drops to $4.80 from $5.27 on lowered forecasts.

Target price is $4.80 Current Price is $4.46 Difference: $0.34
If HLO meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 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) -

FY19 results were below Ord Minnett's forecasts although in line with guidance. The broker notes the market is a little uneasy about the lack of guidance for FY20 but remains confident that concerns have been overplayed.

The company has decided to delay guidance until the AGM, and Ord Minnett suspects this is to allow it to share positive news regarding contract negotiations.

Revenue growth assumptions have been upgraded and the target raised to $6.37 from $6.14. Buy rating retained.

Target price is $6.37 Current Price is $4.46 Difference: $1.91
If HLO meets the Ord Minnett target it will return approximately 43% (excluding dividends, fees and charges).

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

Morgans rates HPI as Hold (3) -

FY19 results were in line with expectations. Morgans notes, in the current environment, the company will continue to focus on development opportunities undertaken on surplus land, or with the Coles Group ((COL)), for future growth.

Future catalysts include accretive acquisitions, asset re-ratings and potential corporate activity. Hold maintained. Target is raised to $3.42 from $3.30.

Target price is $3.42 Current Price is $3.41 Difference: $0.01
If HPI meets the Morgans target it will return approximately 0% (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 HPI as Hold (3) -

FY19 profit was -1% below Ord Minnett's forecast. In the short term, the broker notes elevated expiry risk, as 19 leases are due to expire in June 2021.

Still, the stock offers an attractive 6.1% distribution yield and, as it is trading in line with a target of $3.35, down from $3.40, the broker retains a Hold rating.

Target price is $3.35 Current Price is $3.41 Difference: minus $0.06 (current price is over target).
If HPI meets the Ord Minnett target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for 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 IEL as Sell (5) -

In initial response to today's FY19 release, UBS finds the numbers are below market expectations, with no guidance for FY20. The analysts question whether this is sufficient for a stock on such high multiples.

Target price is $15.40 Current Price is $17.59 Difference: minus $2.19 (current price is over target).
If IEL meets the UBS target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $16.67, suggesting downside of -5.2% (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 ILU as Neutral (3) -

The interim performance was better-than-expected with the iron ore royalty contribution spiking on the higher-for-longer iron ore price. The analysts were surprised by the 5c in dividends given free cash flow was negative for the period.

But then came the outlook: much weaker than anticipated, says Citi, with the price for zircon expected to be flat, as is the forecast for production volumes, with a rising level of costs. Forecasts have been reduced by double digit percentages.

Target price drops to $8.50 from $11.40. DCF-based valuation has reduced to $10.20. Neutral rating retained. The analysts continue to see downside risks to near term zircon forecasts and price realisations.

Target price is $8.50 Current Price is $7.54 Difference: $0.96
If ILU meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $8.93, suggesting upside of 18.4% (ex-dividends)

The company's fiscal year ends in December.

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 ILU as Neutral (3) -

Iluka Resource's first half result missed consensus and Credit Suisse forecasts as higher costs bit.

The broker sees little relief, noting zircon market headwinds and the company downgrades second-half forecasts. Net debt rose, capital expenditure fell thanks to project delays, and the zircon price is forecast to be flat, and strong demand is forecast from pigment and welding markets.

Credit Suisse has also updated its mineral sands price forecasts, cutting by -38%, which is incorporated into Iluka's forecasts.

Target price falls to $8.80 from $10. Neutral rating retained, the broker citing a return of value but noting high uncertainty in the near term.

Target price is $8.80 Current Price is $7.54 Difference: $1.26
If ILU meets the Credit Suisse target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $8.93, suggesting upside of 18.4% (ex-dividends)

The company's fiscal year ends in December.

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

Macquarie rates ILU as Neutral (3) -

Iluka's result was weak but weaker still is the outlook for full year zircon sales. The broker has cut its sales forecast by -13% but due to inventory build-up cuts earnings by -28%. Softening in zircon demand has increased near term earnings uncertainty.

The broker retains Neutral until such time some confidence can be restored. Target falls to $8.50 from $10.30.

Target price is $8.50 Current Price is $7.54 Difference: $0.96
If ILU meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $8.93, suggesting upside of 18.4% (ex-dividends)

The company's fiscal year ends in December.

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 ILU as Overweight (1) -

First half results were broadly within Morgan Stanley's forecasts. Although the zircon market is tough the broker considers the stock cheap.

The broker notes property starts in China have been relatively healthy over the past year and there is typically a 24-month delay in a price response for zircon.

Overweight rating and Attractive industry view maintained. Target is $11.25.

Target price is $11.25 Current Price is $7.54 Difference: $3.71
If ILU meets the Morgan Stanley target it will return approximately 49% (excluding dividends, fees and charges).

Current consensus price target is $8.93, suggesting upside of 18.4% (ex-dividends)

The company's fiscal year ends in December.

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

Ord Minnett rates ILU as Hold (3) -

First half net profit was below Ord Minnett's forecasts. The outlook for the zircon market is considered difficult and the company will now move to a strategy of building inventory, pulling back on sales volumes and selling a lower-quality product mix.

Ord Minnett notes valuation support for the share price following the recent drop, but until there is clarity on zircon markets expects the marginal  investor will stay on the sidelines. Hold rating maintained. Target reduced to $8.40 from $9.70.

Target price is $8.40 Current Price is $7.54 Difference: $0.86
If ILU meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $8.93, suggesting upside of 18.4% (ex-dividends)

The company's fiscal year ends in December.

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

UBS rates ILU as Neutral (3) -

First half results was softer than UBS expected, as a result of lower zircon demand. Iron ore royalty revenues lifted but the broker suspects the benefit may not continue into the second half if iron ore prices continue to slide.

Deteriorating market conditions and increasing costs underpin the broker's reductions of -11-26% to 2019-21 earnings estimates. Neutral rating maintained. Target is reduced to $8.10 from $10.60.

Target price is $8.10 Current Price is $7.54 Difference: $0.56
If ILU meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $8.93, suggesting upside of 18.4% (ex-dividends)

The company's fiscal year ends in December.

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

Morgans rates IPD as Add (1) -

FY19 results were in line with forecasts. While the timing of key catalysts such as private payor adoption and inclusion in National Comprehensive Cancer Network guidelines are difficult to predict, Morgans expects an outcome by the end of the year.

The broker believes guidance is achievable and reduces its risk-free rate assumptions to 3.5%. A -50% discount is applied to valuation to reflect lower liquidity and the need to raise additional capital. Speculative Buy (Add) rating and 26c target maintained.

Target price is $0.26 Current Price is $0.14 Difference: $0.12
If IPD meets the Morgans target it will return approximately 86% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

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

Morgan Stanley rates LNK as Overweight (1) -

The company has a new contract with Retail Employees Superannuation, which represents more than 20% of the company's fund administration base.

Morgan Stanley had thought the likelihood of losing this contract was low but the status has been a key concern for investors. The broker finds it unclear whether any changes have been made to terms or the scope of the service.

Overweight rating retained. Target is $7.75. Industry view is In-Line.

Target price is $7.75 Current Price is $4.93 Difference: $2.82
If LNK meets the Morgan Stanley target it will return approximately 57% (excluding dividends, fees and charges).

Current consensus price target is $6.70, suggesting upside of 35.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.8

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

UBS rates LNK as Buy (1) -

The company has finally announced a new contract with Retail Employees Superannuation, effective September 1, after what UBS describes as a marathon re-negotiation.

The two largest super fund clients have now renewed and risks around the company's funds administration division have therefore reduced significantly.

Still, the broker points out there is elevated uncertainty in FY20 from the government's Protecting Your Super initiative as well as regulatory risks around the UK business. Buy rating and $7.05 target maintained.

Target price is $7.05 Current Price is $4.93 Difference: $2.12
If LNK meets the UBS target it will return approximately 43% (excluding dividends, fees and charges).

Current consensus price target is $6.70, suggesting upside of 35.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.8

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

Morgans rates MAI as Add (1) -

FY19 results were in line with guidance. The company will double down on its offshore growth strategy in FY20, particularly in the US.

Morgans lowers FY20 and FY21 estimates for cash earnings by -27% and -16% respectively.

The broker considers the stock too cheap for its long-term growth profile and maintains an Add rating. Target is reduced to $0.64 from $0.73.

Target price is $0.64 Current Price is $0.51 Difference: $0.13
If MAI meets the Morgans target it will return approximately 25% (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 MGX as Outperform (1) -

Mt Gibson's beat on profit was due to tax relief but underlying earnings fell short on higher operating costs. The miner should nevertheless see strong revenue growth in FY20 as Koolan Island ramps up, the broker notes.

The high grade nature of Mt Gibson's ore provides additional leverage to buoyant iron ore prices. Target falls to $1.00 from $1.10, Outperform retained.

Target price is $1.00 Current Price is $0.73 Difference: $0.27
If MGX meets the Macquarie target it will return approximately 37% (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

Citi rates MHJ as Buy (1) -

It appears the FY19 release has further reinforced Citi's view this is a retailer in the early stage of a successful turnaround. On this basis, the analysts think the share price looks heavily undervalued.

On Citi's forecasts, like-for-like sales momentum is about to accelerate as management focuses on improving Canadian store profitability and stimulating Australian LFL sales momentum.

Gross margins are projected to start increasing again from H2 FY20. Target price jumps by 27% to $0.71. Buy.

Target price is $0.71 Current Price is $0.50 Difference: $0.21
If MHJ meets the Citi target it will return approximately 42% (excluding dividends, fees and charges).

Current consensus price target is $0.67, suggesting upside of 34.7% (ex-dividends)

The company's fiscal year ends in June.

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

Citi rates MMS as Buy (1) -

The release of FY19 financials showcased the company's resilience, argue analysts at Citi. Despite the strong share price response on the day, they continue to see further upside. Citi sees an "acyclical appeal".

Forecasts have been left largely unchanged, but the price target jumps 7% to $17.15 on increases to longer term margin assumptions. Citi analysts report their confidence has increased.

The analysts concede Asset Management and Retail Financial Services may remain challenged. The company has announced an $80m off-market buyback which, Citi calculates, generates 7.5% accretion for shareholders. Buy maintained.

Target price is $17.15 Current Price is $15.63 Difference: $1.52
If MMS meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $16.21, suggesting upside of 3.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.6

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

Credit Suisse rates MMS as Outperform (1) -

McMillan Shakespeare's FY19 result was in line with recently downgraded guidance, and ahead of consensus and Credit Suisse forecasts. EPS forecasts fall -0.7% in FY20 and rise 2% in FY21.

The company announced an off-market buyback that Credit Suisse calculates should be roughly 6% accretive.

McMillan Shakespeare managed strong novated lease growth despite the sharp decline in new car sales. The broker postulating that the company's novated lease out-performance demonstrates its underlying strength and upside leverage.

Outperform rating retained on this basis, the broker noting the valuation is also undemanding. Target price rises to $16.55 from $14.

Target price is $16.55 Current Price is $15.63 Difference: $0.92
If MMS meets the Credit Suisse target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $16.21, suggesting upside of 3.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.6

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

Macquarie rates MMS as Neutral (3) -

McMillan Shakespeare's result came in sightly ahead of expectation driven by a solid performance from Group Remuneration Services. An off-market buyback of $80m should provide valuation support.

Challenges remain in the A&NZ market but underlying volume growth in GRS provides a solid foundation ahead of improving conditions, the broker suggests, and the realisation of margin expansion from the company's Beyond 2020 investment strategy. Target rises to $15.64 from $12.62. Neutral retained.

Target price is $15.64 Current Price is $15.63 Difference: $0.01
If MMS meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $16.21, suggesting upside of 3.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.6

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

Morgan Stanley rates MMS as Overweight (1) -

FY19 net profit was in line with expectations. No formal guidance was provided but Morgan Stanley finds stronger momentum in the second half and a buyback are positive indicators.

This is particularly in the context of the very soft new vehicle market. The broker expects the focus will shift from this result to recent trading and the outlook for FY20.

Overweight rating. Target is $16.60. In-Line sector view.

Target price is $16.60 Current Price is $15.63 Difference: $0.97
If MMS meets the Morgan Stanley target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $16.21, suggesting upside of 3.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.6

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

Ord Minnett rates MMS as Hold (3) -

Ord Minnett found the FY19 result mixed. Novated leases were up around 7.4%, with salary packaging growth more modest at 2.5%.

The broker assesses the business has weathered the weak new car sales environment better than expected.

Hold rating maintained. Target rises to $15.10 from $12.50.

Target price is $15.10 Current Price is $15.63 Difference: minus $0.53 (current price is over target).
If MMS meets the Ord Minnett target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $16.21, suggesting upside of 3.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.6

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

Morgans rates MP1 as Add (1) -

Morgans finds the FY19 report was largely in-line, not surprising given the update on Q4 released in July. The broker labels it a strong result and suggests this company is positioned well for continued growth in FY20 "and beyond".

Target price remains unchanged at $8.80. Add rating retained. Estimates have been lowered by -10% as the analysts have incorporated higher operating costs alongside higher revenue forecasts.

Target price is $8.80 Current Price is $8.27 Difference: $0.53
If MP1 meets the Morgans 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:

Market Sentiment: 1.0

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

UBS rates MP1 as Buy (1) -

FY19 results were in line with expectations. Gross profit was the highlight for UBS, demonstrating significant leverage opportunity within the business.

Management has highlighted further investment in the sales force and the broker remains positive on the MCR 2.0 opportunity. Buy rating maintained. Target rises to $9.45 from $8.65.

Target price is $9.45 Current Price is $8.27 Difference: $1.18
If MP1 meets the UBS 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:

Market Sentiment: 1.0

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

UBS rates MPL as Sell (5) -

Upon initial analysis, Medibank Private has released an FY19 report below expectations, reports UBS. The dividend plus special of 2.5c is in-line. Management is aiming for further cost-out. UBS seems pretty neutral about it all.

Target price is $2.75 Current Price is $3.48 Difference: minus $0.73 (current price is over target).
If MPL meets the UBS target it will return approximately minus 21% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.98, suggesting downside of -14.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.7

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

Morgan Stanley rates NEA as Overweight (1) -

FY19 results were pre-guided so Morgan Stanley questions the sell-off. The broker suspects concerns lie with competition, sales efficiency and changes in depreciation.

However, the broker is convinced about the long-term penetration ability of the business and makes few changes to its numbers. The broker assesses the company's 8.9x FY21 enterprise value/sales multiple represents exceptional value relative to peers.

Overweight rating, In-Line industry view and $4.20 target maintained.

Target price is $4.20 Current Price is $2.80 Difference: $1.4
If NEA meets the Morgan Stanley target it will return approximately 50% (excluding dividends, fees and charges).

Current consensus price target is $4.25, suggesting upside of 51.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

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

UBS rates ORG as Buy (1) -

On UBS's initial review, it appears Origin Energy's FY19 report card was slightly better than expected, with the company also announcing a new dividend policy.

Target price is $8.85 Current Price is $7.38 Difference: $1.47
If ORG meets the UBS target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $8.38, suggesting upside of 13.5% (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

Credit Suisse rates PTM as Neutral (3) -

Platinum Asset Management reported FY19 results roughly in line with consensus and Credit Suisse forecasts. Broker downgrades earnings -4% across FY20-22 to reflect lower revenue margins and higher expenses.

Neutral rating retained, the broker noting the stock has underperformed by -30% this year but still has some challenges ahead.

Target price falls to $4.25 from $4.70.

Target price is $4.25 Current Price is $4.01 Difference: $0.24
If PTM meets the Credit Suisse target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $3.86, suggesting downside of -3.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.6

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

Macquarie rates PTM as Neutral (3) -

Platinum Asset management's underlying result met expectation but in a tough environment for value managers performance metrics remain under pressure.

The broker expects one-year relative performance to improve but pressure on metrics means pressure on funds flows.

Valuation support has nonetheless emerged and the broker retains Neutral. Target falls to $4.25 from $4.60.

Target price is $4.25 Current Price is $4.01 Difference: $0.24
If PTM meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $3.86, suggesting downside of -3.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.6

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

Morgan Stanley rates PTM as Underweight (5) -

Morgan Stanley expects flow declines will accelerate in the first half. Performance is considered a leading indicator of future flows and the company has been underperforming as well as enduring increased volatility in returns.

While management is doing a good job of investing in the business, in the broker's opinion, a turnaround and growth are expected to take time.

FY20 estimates for earnings per share are reduced by -2% and FY21 by -4%. Underweight rating maintained. In-Line industry view. Target is reduced to $3.35 from $3.50.

Target price is $3.35 Current Price is $4.01 Difference: minus $0.66 (current price is over target).
If PTM 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 $3.86, suggesting downside of -3.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.6

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

UBS rates S32 as Buy (1) -

In an initial response to the FY19 release, UBS analysts note the performance missed expectations.

Target price is $3.60 Current Price is $2.62 Difference: $0.98
If S32 meets the UBS target it will return approximately 37% (excluding dividends, fees and charges).

Current consensus price target is $3.41, suggesting upside of 30.3% (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: 0.6

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

Citi rates SBM as Downgrade to Sell from Neutral (5) -

The FY19 performance missed expectations, by some -7% vis-a-vis market consensus on Citi's observation. The analysts note the share price has weakened in the past year, but remains above their now revised price target.

While acknowledging there is upside potential were the price of gold to rally higher, Citi analysts have nevertheless decided to downgrade to Sell from Neutral. The new price target at $3 compares with $3.40 prior to the release.

Target price is $3.00 Current Price is $3.27 Difference: minus $0.27 (current price is over target).
If SBM 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 $3.37, suggesting upside of 2.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.6

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

Credit Suisse rates SBM as Underperform (5) -

St Barbara Mining's FY19 result fell well short of Credit Suisse on earnings. Elsewhere, metrics were respectable, the company reporting strong cash flow and a growing cash balance despite major reinvestment.

The broker expects another tight year for Gwalia and notes the Atlantic takeover is finalised.

Target price steady at $2.76. Underperform rating retained.

Target price is $2.76 Current Price is $3.27 Difference: minus $0.51 (current price is over target).
If SBM meets the Credit Suisse target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.37, suggesting upside of 2.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.6

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

Macquarie rates SBM as Underperform (5) -

A -36% drop in profit from St Barbara met the broker's expectation. Resources and reserves grew year on year however lower grade inventory additions above higher-grade depletions worked to reduce group grade.

Cash is in line but this is ahead of the Atlantic Gold acquisition made after June 30.

The broker awaits a site visit to Atlantic's assets in September to provide more clarity on the acquisition. Underperform and $3.00 target retained in the meantime.

Target price is $3.00 Current Price is $3.27 Difference: minus $0.27 (current price is over target).
If SBM meets the Macquarie target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.37, suggesting upside of 2.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.6

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

Credit Suisse rates SDF as Neutral (3) -