Australian Broker Call

Ord Minnett rates ANZ as Hold (3) -

Ord Minnett reports ANZ Bank's ESG briefing covered a number of themes with the bank providing insights into a number of social and environmental factors.

The bank is working towards a conciliatory approach to working with customers in financial difficulty, notes the broker, but expects a rise in foreclosures and business failures in 2021.

On climate change initiatives, ANZ stated it will consider terminating a customer relationship, albeit as a last resort, if the customer did not take adequate steps to plan on minimising its carbon impact.

Ord Minnett maintains its Hold rating with a target price of $19.50.

Target price is $19.50 Current Price is $18.13 Difference: $1.37
If ANZ meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $21.35, suggesting upside of 16.3% (ex-dividends)

The company's fiscal year ends in September.

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

Ord Minnett rates ASB as Lighten (4) -

The US Department of Defense's contract for studies of a Large Unmanned Surface Vessel has been split evenly across six firms which includes Austal.

Ord Minnett is pleased with the development although highlights with five other firms the process will be competitive. The broker remains cautious on the outlook for the company’s earnings profile in the medium term due to operational risks with the business transitioning to a steel shipbuilding business in the US.

The broker maintains its Lighten recommendation with a $3 target price.

Target price is $3.00 Current Price is $3.29 Difference: minus $0.29 (current price is over target).
If ASB meets the Ord Minnett target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.97, suggesting upside of 20.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.3

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

Morgans rates ASX as Reduce (5) -

Morgans views the ASX's August activity statistics as on the weak side. 

While average daily equity value traded was up 7% on the previous corresponding period, August cash equity volumes and average daily futures contract volumes were well down, notes the broker.

Morgans lowers FY21 and FY22 EPS estimates by -3%-4% on reduced volume forecasts for both the equities and the futures businesses.

The Reduce rating is unchanged and the price target is decreased to $74.82 from $77.08.

Target price is $74.82 Current Price is $84.38 Difference: minus $9.56 (current price is over target).
If ASX meets the Morgans target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $72.20, suggesting downside of -13.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -1.0

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

Ord Minnett rates ATL as Hold (3) -

Apollo Tourism & Leisure's final result with a net loss of -$21.7m shows a business in survival mode due to covid-19 given its reliance on international visitors, comments Ord Minnett.

The company responded to the pandemic by dramatically reducing the size of its rental fleet so as to reduce its debt. The broker believes the company did what had to be done and does not consider the risk to be insurmountable if managed correctly.

Earnings forecasts have been downgraded materially for FY21-FY23.

Ord Minnett retains its Hold rating and believes the company has a more than reasonable chance of survival. Target is reduced to $0.25 from $0.26.

Target price is $0.25 Current Price is $0.28 Difference: minus $0.03 (current price is over target).
If ATL meets the Ord Minnett target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

Ord Minnett rates BHP as Accumulate (2) -

Ord Minnett expects 2021 iron ore price to increase to US$105/t from US$100/t due to higher China steel production estimates. The broker notes BHP Group offers compelling valuation metrics and an estimated dividend yield of 5.6% for FY21.

Consensus earnings upgrades may be in the offing, the broker adds. Earnings forecasts increased by 4% for FY21. 

Target maintained at $44. Accumulate rating retained.

Target price is $44.00 Current Price is $37.06 Difference: $6.94
If BHP meets the Ord Minnett target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $39.92, suggesting upside of 6.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

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 BPT as Upgrade to Outperform from Neutral (1) -

With Beach Energy's share price down -15% since May, Macquarie notes the company has underperformed the energy sector on account of its reduced five-year free cash flow guidance.

The broker considers the Waitsia-North West Shelf contract win a positive surprise. Earnings forecasts for FY21-23 have been increased due to higher expected oil production and gas contract prices.

Macquarie has upgraded its rating to Outperform from Neutral with a target price of $1.70. 

Target price is $1.70 Current Price is $1.42 Difference: $0.28
If BPT meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $1.90, suggesting upside of 29.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.6

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

Macquarie rates BSL as Outperform (1) -

Macquarie reiterates its positive investment thesis on BlueScope Steel due to revisions to steel price expectations. The broker also highlights improving industry dynamics with demand in the US and China recovering strongly.

Earnings forecasts have been upgraded for FY21-23. Target price lifts to $16.20 from $13.50. Outperform rating retained.

Target price is $16.20 Current Price is $12.98 Difference: $3.22
If BSL meets the Macquarie target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $13.67, suggesting upside of 2.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.4

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

Macquarie rates CCP as Outperform (1) -

Macquarie considers debt pricing in the US to be a key factor in Credit Corp Group's performance. The broker notes improvement in pricing in the second quarter versus the first quarter, with PRA pricing up by circa 13% and Encore improving by about 17%

The broker highlights pricing data for the third-quarter will be important for the company's US business outlook.

Macquarie retains its Outperform rating. Target is unchanged at $20.70.

Target price is $20.70 Current Price is $18.92 Difference: $1.78
If CCP meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $20.65, suggesting upside of 6.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.8

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

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

CSL and the Australian government have signed a heads of agreement to supply doses of the University of Queensland's coronavirus vaccine, scheduled for distribution in mid 2021.

CSL and AstraZeneca have also signed an agreement for manufacture and distribution of AstraZeneca's vaccine, scheduled for shipping early in 2021.

As the latter relationship is akin to a distribution arrangement, Morgan Stanley suspects the financial benefit for CSL is likely to be smaller than that from the University of Queensland.

Equal-weight rating with a target price of $282. Industry view: In-line.

Target price is $282.00 Current Price is $282.13 Difference: minus $0.13 (current price is over target).
If CSL 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 $309.68, suggesting upside of 7.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: 0.3

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

Morgans rates DHG as Hold (3) -

Morgans reduces first half FY21 volume forecasts for Domain Holdings due to the extension of the Victorian lockdowns.

With in-person auctions prohibited until October 26 at the earliest, the broker believes the Melbourne market’s spring selling season will be severely impacted. Additionally, there is some slight weakness in national listings (ex Victoria).

However, the analyst expects the impact to some degree is the relative strength of the Sydney market in the past two months. 

Morgans also assumes a large portion of 'lost' listings in Melbourne in the first half will come through in the second half, once Melbourne hopefully returns to covid normal.

The broker sees a strong rebound in the second half of FY21 and in FY22.

The Hold rating is unchanged and the target price is decreased to $3.32 from $3.37.

Target price is $3.32 Current Price is $3.62 Difference: minus $0.3 (current price is over target).
If DHG meets the Morgans target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.57, suggesting downside of -2.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

Ord Minnett rates FMG as Upgrade to Buy from Hold (1) -

Ord Minnett expects 2021 iron ore price to increase to US$105/t from US$100/t due to higher China steel production estimates. This compels the broker to upgrade Fortescue Metals Group's rating to Buy from Hold with the target price increased to $20 from $18.80.

Iron ore price estimates for the group have been increased to US$51/t from US$48/t. The group offers a dividend yield of 9% over the next three years, according to the broker. 

Target price is $20.00 Current Price is $17.88 Difference: $2.12
If FMG meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $16.76, suggesting downside of -9.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: 0.3

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

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

Since the FY20 result Magellan Financial has dropped around -10%. Yet the infrastructure franchise has built a core offering which accounts for around half of its assets under management and Credit Suisse believes there is scope for a similar market in global equities.

The broker upgrades estimates by 1-2% to account for higher net flows and believes the company's products offer attractive characteristics that appeal to institutional investors and flows should remain robust.

Rating is upgraded to Outperform from Neutral and the target raised to $65 from $60.

Target price is $65.00 Current Price is $58.49 Difference: $6.51
If MFG meets the Credit Suisse target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $61.12, suggesting upside of 3.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -0.1

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

Ord Minnett rates MIN as Lighten (4) -

Ord Minnett expects 2021 iron ore price to increase to US$105/t from US$100/t due to higher China steel production estimates. The broker is of the opinion iron ore prices will remain buoyant over the medium term.

Ord Minnett retains its Lighten rating for Mineral Resources. The target price rises to $22.20 from $21.60.

Target price is $22.20 Current Price is $28.47 Difference: minus $6.27 (current price is over target).
If MIN meets the Ord Minnett target it will return approximately minus 22% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $25.57, suggesting downside of -7.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

Ord Minnett rates NCM as Upgrade to Accumulate from Hold (2) -

Ord Minnett is positive on the outlook for gold and maintains a US$2,000/oz gold price forecast for the December half.

However, a strengthening Australian dollar has been playing spoilsport, adds the broker, eroding margins and leading to near-term downgrades in earnings forecasts.

The broker has upgraded its rating for Newcrest Mining to Accumulate from Hold with the target price increasing to $35 from $34.

Target price is $35.00 Current Price is $31.25 Difference: $3.75
If NCM meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $34.96, suggesting upside of 11.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: 0.2

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

Morgans rates NUF as Upgrade to Add from Reduce (1) -

Nufarm reports its FY20 result on September 23. The company has recently provided preliminary underlying earnings guidance of $290m-$300m for FY20, slightly below Morgans estimates.

However, the broker expects FY20 earnings to be the low point given improved seasonal conditions in Australia. Additionally, the company said FY20 will be the trough for the European business.

Given material share price weakness and a more attractive valuation, Morgans upgrades the rating to Add from Reduce and the target price is increased to $4.85 from $4.76.

Target price is $4.85 Current Price is $3.85 Difference: $1
If NUF meets the Morgans target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $4.77, suggesting upside of 16.4% (ex-dividends)

The company's fiscal year ends in July.

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

Macquarie rates OSH as Outperform (1) -

The energy sector has had a tough reporting season with circa -$6.3bn in impairments, reports Macquarie and expects the third quarter to be even weaker due to rangebound LNG and oil prices.

The broker reports the market has reacted favourably to Oil Search's decision to downsize the Alaska Nanushuk oil development to phased self-funding. The next catalyst is Strategy Day in November.

The Outperform rating is maintained. The target price is decreased to $3.75 from $3.80.

Target price is $3.75 Current Price is $3.14 Difference: $0.61
If OSH meets the Macquarie target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $3.66, suggesting upside of 13.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

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

Market Sentiment: 0.6

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

UBS rates PPH as Neutral (3) -

Aversion to using cash (due to covid-19) has led to an increase in the use of digital payment methods in the US, observes UBS, with some churches seeing penetration increase to as high as circa 85%.

The broker believes this will drive back book growth along with delaying front book growth with a longer sell cycle.

UBS expects Pushpay Holdings to see an increase in digital giving coupled with long term penetration and has increased its forecasts for FY21-23.

UBS retains its Neutral rating with the target rising to NZ$8 from NZ$5.75.

Current Price is $7.33. Target price not assessed.

Current consensus price target is $4.45, suggesting downside of -37.5% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: 0.3

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

Morgan Stanley rates PSQ as Overweight (1) -

The company has provided its first monthly comparable update. Morgan Stanley considers the commitment a positive development, given it implies more transparency and confidence.

Comparable growth decelerated only slightly, ex Victoria. Including Victoria comparable growth slowed to 8.7% versus 10.6%, which in the broker's view shows how resilient the group is despite 27 of its 94 centres being in that state.

The broker also envisages longer-term benefits from faster corporatisation as the more capital-constrained operators in the industry endure tough conditions.

Target is $2.25. Overweight rating. Industry view: In-line.

Target price is $2.25 Current Price is $1.90 Difference: $0.35
If PSQ meets the Morgan Stanley target it will return approximately 18% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Morgans rates REA as Hold (3) -

Morgans reduces first half FY21 volume forecasts for REA Group due to the extension of the Victorian lockdowns.

With in-person auctions prohibited until October 26 at the earliest, the broker believes the Melbourne market’s spring selling season will be severely impacted. Additionally, there is some slight weakness in national listings (ex Victoria).

However, the analyst expects the majority of deferred listings will be captured in the second half and the impact on FY21 will be more muted. Any prolonged period of share price weakness from reduced first half earnings expectations is considered a buying opportunity.

The Hold rating is unchanged and the target price is decreased to $101.8 from $104.8

Target price is $101.80 Current Price is $112.81 Difference: minus $11.01 (current price is over target).
If REA 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 $106.13, suggesting downside of -6.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.2

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

UBS rates RHC as Neutral (3) -

UBS highlights Ramsay Health Care has had multiple non-core cost items every year in its income statement averaging -$37m post-tax since FY11-20. The broker estimates this implies a circa -8% downgrade to consensus FY21 earnings forecast.

Going forward, additional covid-19 costs are expected to lead to higher use of plant/equipment, more hygiene measures and staff screening costs. UBS expects these costs to remain over the short to medium term, estimating a -2.5% decline in the operating income in FY21.

UBS retains its Neutral rating with a target price of $71.20.

Target price is $71.20 Current Price is $64.74 Difference: $6.46
If RHC meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $68.67, suggesting upside of 6.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.2

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

Ord Minnett rates RIO as Accumulate (2) -

Ord Minnett expects 2021 iron ore price to increase to US$105/t from US$100/t due to higher China steel production estimates. The broker notes Rio Tinto offers compelling valuation metrics and an estimated dividend yield of 8% for FY21. 

Consensus earnings upgrades may be in the offing, the broker adds. Earnings forecasts increased by 3% for 2021. 

Ord Minnett maintains its Accumulate rating with the target price increasing to $121 from $120.

Target price is $121.00 Current Price is $97.94 Difference: $23.06
If RIO meets the Ord Minnett target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $104.17, suggesting upside of 4.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

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

Market Sentiment: 0.1

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

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

Ord Minnett is positive on the outlook for gold and maintains a US$2,000/oz gold price forecast for the December half.

However, a strengthening Australian dollar has been playing spoilsport, adds the broker, eroding margins and leading to near-term downgrades in earnings forecasts. 

Regis Resources' rating has been upgraded to Hold from Sell with a target price of $4.80.

Target price is $4.80 Current Price is $5.20 Difference: minus $0.4 (current price is over target).
If RRL meets the Ord Minnett target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.56, suggesting upside of 6.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.1

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

Ord Minnett rates SAR as Upgrade to Hold from Lighten (3) -

Ord Minnett is positive on the outlook for gold and maintains a US$2,000/oz gold price forecast for the December half.

However, a strengthening Australian dollar has been playing spoilsport, adds the broker, eroding margins and leading to near-term downgrades in earnings forecasts. 

FY21 production guidance for Saracen Mineral Holdings has been downgraded led by the Super Pit JV. Ord Minnett upgrades its rating to Hold from Lighten with a target price of $4.70.

Target price is $4.70 Current Price is $5.08 Difference: minus $0.38 (current price is over target).
If SAR meets the Ord Minnett target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.53, suggesting upside of 9.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

Macquarie rates STO as Neutral (3) -

The energy sector has had a tough reporting season with circa -$6.3bn in impairments, reports Macquarie and expects the third quarter to be even weaker due to rangebound LNG and oil prices.

With limited upside expected in the oil market, Macquarie thinks Santos will trade-off production growth for balance sheet risk. The broker believes contingency planning will be important going ahead.

Neutral retained. Target is raised to $6 from $5.80.

Target price is $6.00 Current Price is $5.27 Difference: $0.73
If STO meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $6.55, suggesting upside of 22.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

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

Market Sentiment: 0.6

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

Macquarie rates TCL as Outperform (1) -

A four-step roadmap to easing virus restrictions in Victoria appears conservative to Macquarie with a lot of restrictions remaining after the original lockdown end-date of September 13.

The broker notes the plan does not suggest any material recovery in traffic with step two of restriction easing only allowing 100,000 workers to return to work, a puny 3% of the workforce. Commuter traffic is expected to be lower for longer.

This leads the broker to reduce Transurban's CityLink's traffic estimates in the second quarter of FY21 by a further -10%, with October forecast down -60-65%. CityLink's FY21 operating income estimate is cut by -11% with the dividend forecast reduced by -2cps.

Macquarie expects a rebound post virus with long term growth opportunities.

Outperform retained with the target price increasing slightly to $14.45 from $14.44. 

Target price is $14.45 Current Price is $13.74 Difference: $0.71
If TCL meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $14.28, suggesting upside of 2.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.1

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

Ord Minnett rates VEA as Accumulate (2) -

Viva Energy Group's trading update on its Victorian business shows volumes in its Alliance retail business to be above 50 million litres a week with its commercial operations remaining resilient.

The Geelong refinery is operating at reduced levels, reports the broker, but faces a very challenging long term outlook. Ord Minnett notes Viva Energy has more exposure to Victoria than Ampol ((ALD)). There is also downside risk to Coles Express Alliance fuel volumes and operating earnings.

The broker admits a full shutdown of the Geelong refinery is an option due to the fall in global demand for oil products.

Ord Minnett maintains its Accumulate recommendation with the target price rising to $2.20 from $1.60.

Target price is $2.20 Current Price is $1.60 Difference: $0.6
If VEA meets the Ord Minnett target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $2.09, suggesting upside of 33.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

Macquarie rates WPL as Outperform (1) -

The energy sector has had a tough reporting season with circa -$6.3bn in impairments, reports Macquarie and expects the third quarter to be even weaker due to rangebound LNG prices.

Macquarie believes Woodside Petroleum's M&A activities in 2020 till the first half of 2021 will capture value on existing assets and in the case of North West Shelf, position it for delivery on the Scarborough project.

The Outperform rating is maintained. The target price is reduced to $24.40 from $24.70.

Target price is $24.40 Current Price is $18.87 Difference: $5.53
If WPL meets the Macquarie target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $23.63, suggesting upside of 23.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

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

Market Sentiment: 0.6

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