Australian Broker Call

UBS rates APT as Initiation of coverage with Sell (5) -

UBS has initiated coverage with a Sell rating and $17.25 price target. The view is based upon research suggesting the average user of Buy Now, Pay Later services is below average credit-worthy, which means, according to UBS, this sector continues to carry above average risk for regulation.

This risk, UBS argues, is at present not priced in stocks such as Afterpay Touch. Other conclusions are that users of BNPL services are younger, wealthier and employed, while also carrying above average levels of debt.

Target price is $17.25 Current Price is $33.98 Difference: minus $16.73 (current price is over target).
If APT meets the UBS target it will return approximately minus 49% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $32.36, suggesting downside of -4.8% (ex-dividends)

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

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

Credit Suisse reviews the investment thesis as the stock has fallen -11.5% and underperformed the small ordinaries index by -12.8% since the FY19 result.

The broker believes concerns around wet lease arrangements are unfounded, while issues surrounding the Qantas ((QAN)) overhang continue.

Rating is upgraded to Outperform from Neutral and the target raised to $2.90 from $2.60. The broker expects the company should generate around $28m in free cash flow, even after factoring in elevated capital expenditure into FY21.

Target price is $2.90 Current Price is $2.50 Difference: $0.4
If AQZ meets the Credit Suisse target it will return approximately 16% (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

Credit Suisse rates ARF as Initiation of coverage with Neutral (3) -

The business, an internally managed A-REIT that invests in childcare and healthcare tenanted facilities, has a favourable industry structure which should drive earnings, Credit Suisse asserts.

Given low gearing, there is scope to continue growing through both acquisitions and new developments. The quality portfolio underpins the earnings outlook, although this is considered reflected in the price.

Hence, Credit Suisse initiates coverage with a Neutral rating and a $2.65 target.

Target price is $2.65 Current Price is $2.90 Difference: minus $0.25 (current price is over target).
If ARF meets the Credit Suisse target it will return approximately minus 9% (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

Macquarie rates COE as Outperform (1) -

Cooper Energy's Sep Q performance was largely in line with expectation, requiring outperformance at Casino/Henry and Minerva to offset no gas from Sole. First gas at Sole has been delayed by five months due to a delay in plant commissioning, the broker notes.

While the delay impacts on near term earnings forecasts, production is expected to double in FY20 and again in FY21. Target falls to 65c from 70c, Outperform retained.

Target price is $0.65 Current Price is $0.61 Difference: $0.04
If COE meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $0.65, suggesting upside of 6.0% (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 COE as Add (1) -

September quarter production, up 22%, was slightly ahead of Morgans' estimates. Revenue from gas sales was up 32% versus the prior quarter, supported by higher gas prices from new contracts and better production, which offset lower revenue from oil.

A further delay to Sole is disappointing but immaterial to the broker's investment thesis. Morgans envisages a real opportunity for Cooper Energy as an emerging mid-cap stock. Add rating maintained. Target rises to $0.69 from $0.67.

Target price is $0.69 Current Price is $0.61 Difference: $0.08
If COE meets the Morgans target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $0.65, suggesting upside of 6.0% (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 CSR as Sell (5) -

UBS expects first half net profit of $76m, down -13% and FY20 net profit of $133m, down -27%. The company will report its first half results on November 1.

The broker believes the company's proactive approach to managing the housing downturn should mitigate the material weakness in margins in the first half and this leads to reduced risk for the FY20 numbers.

The stock has rallied 15% since the May election, besting local peers, which have downgraded the outlook. The broker is surprised the share price is holding up so well, as 75% of its building products division is exposed to housing.

Sell rating maintained. Target is reduced to $3.32 from $3.39.

Target price is $3.32 Current Price is $4.10 Difference: minus $0.78 (current price is over target).
If CSR meets the UBS target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.50, suggesting downside of -14.8% (ex-dividends)

The company's fiscal year ends in March.

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

Citi rates EBO as Neutral (3) -

According to the company's AGM update, everything seems to be working out in line with expectations, and Citi analysts expect no major changes to consensus forecasts. The company also announced it had purchased two medical devices distributors for $34m, adding $40m in annual revenues (or thereabouts).

Citi analysts have made rather small adjustments to forecasts. Neutral rating retained, while the price target has come down to $23 from $24 prior.

Target price is $23.00 Current Price is $23.20 Difference: minus $0.2 (current price is over target).
If EBO meets the Citi target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $23.54, suggesting upside of 1.4% (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 EBO as Neutral (3) -

The company has acquired the LMT and National Surgical business, an Australasian wholesale distributor of medical devices, for $34m. EBOS aims to achieve a return on capital employed of 15% within two years.

UBS incorporates the acquisition into forecasts, which results in upgrades to earnings per share of around 1.4% over the long-term. The broker notes management has reaffirmed qualitative guidance for FY20 with the first quarter trading in line with expectations.

Neutral maintained. Target is raised to NZ$25.90 from NZ$25.50.

Current Price is $23.20. Target price not assessed.

Current consensus price target is $23.54, suggesting upside of 1.4% (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 EVN as Neutral (3) -

Citi analysts observe the Evolution Mining share price has pulled back some -7% in the month past. They reiterate their view that on current estimates and assumptions, the shares continue to look like fair value.

As per higher costs guidance, the analysts have pared back expectations, a little. Target price loses -10c to $4.60. Neutral rating retained.

Target price is $4.60 Current Price is $4.26 Difference: $0.34
If EVN meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $4.58, suggesting upside of 7.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.1

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

Credit Suisse rates EVN as Underperform (5) -

September quarter production was "satisfactory", Credit Suisse observes. The broker was disappointed that there are more challenges emerging from the ageing Mt Rawdon operation.

Cowal and Ernest Henry now account for 75% of cash generation. Underperform rating and $4.30 target maintained.

Target price is $4.30 Current Price is $4.26 Difference: $0.04
If EVN meets the Credit Suisse target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $4.58, suggesting upside of 7.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.1

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

Macquarie rates EVN as Outperform (1) -

Evolution's Sep Q production met the broker's forecast while costs exceeded by 13% and FY20 cost guidance has been lifted due to mining issues.

The broker nevertheless highlight's the company's clear strategy to exploit strong gold prices and subsequent cash flows to reward shareholders rather than invest in production growth. The broker expects a sector-leading 4% dividend yield over the next six years. Outperform and $5.40 target retained.

Target price is $5.40 Current Price is $4.26 Difference: $1.14
If EVN meets the Macquarie target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $4.58, suggesting upside of 7.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.1

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

Morgan Stanley rates EVN as Underweight (5) -

First quarter production was weak, although grades at Cowal allowed production to be in line with Morgan Stanley's estimates. Cost guidance for FY20 has increased to $940-990/oz.

The broker is unsure if Mt Rawdon's pit wall stabilisation requirements will have an impact going into FY21. Underweight maintained. Industry view is Attractive. Target is $4.

Target price is $4.00 Current Price is $4.26 Difference: minus $0.26 (current price is over target).
If EVN meets the Morgan Stanley target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.58, suggesting upside of 7.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.1

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

Ord Minnett rates EVN as Hold (3) -

September quarter production indicated the Cowal operation continues to underpin the business, with another record quarter and production at a rate of 300,000 ounces per annum.

Mount Carlton produced lower grades and higher costs while instability in the wall at Mt Rawdon will reduce its FY20 production by -10-15,000 ounces.

Ord Minnett remains positive about the business but continues to struggle with valuation. Hold rating maintained. Target is reduced to $4.40 from $4.50.

Target price is $4.40 Current Price is $4.26 Difference: $0.14
If EVN meets the Ord Minnett target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $4.58, suggesting upside of 7.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.1

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

UBS rates EVN as Neutral (3) -

September quarter production was -2% below UBS estimates. Cost guidance has increased by $50/oz to $940-990/oz. This accounts for commodity price changes and the remediation of the pit wall at Mt Rawdon.

The increase to cost guidance from commodity prices is partly favourable, UBS assesses, due to a higher gold price, albeit royalty payments are also higher. Neutral rating maintained. Target is reduced to $4.60 from $4.90.

Target price is $4.60 Current Price is $4.26 Difference: $0.34
If EVN meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $4.58, suggesting upside of 7.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.1

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

Credit Suisse rates HT1 as Outperform (1) -

Credit Suisse observes a tough September quarter for the commercial radio market with data indicating the metro market is down -10.2%. The company's Australian radio network, however, has experienced gains in audience share in the last two radio audience surveys.

The company's commercial audience share is now close to 28%. Despite the market weakness, the broker suggests this should position the network favourably and offset some of the underlying market trends. Outperform rating maintained. Target is reduced to $1.95 from $2.00.

Target price is $1.95 Current Price is $1.69 Difference: $0.26
If HT1 meets the Credit Suisse target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $1.70, suggesting upside of 0.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.3

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

Macquarie rates HT1 as Downgrade to Underperform from Neutral (5) -

While ad markets have continued to be choppy across broader media, Macquarie was surprised by the extent of Southern Cross' guidance downgrade. Channel checks reveal weakness is across the board, not just in any one sector. The broker has reassessed its general media assumptions.

The broker expects softness in radio will also impact on HT&E. Forecast earnings cut by -9.2% and -10.9% on 2020-21. Target falls to $1.55 from $1.75. Downgrade to Underperform from Neutral.

Target price is $1.55 Current Price is $1.69 Difference: minus $0.14 (current price is over target).
If HT1 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 $1.70, suggesting upside of 0.6% (ex-dividends)

The company's fiscal year ends in December.

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

UBS rates IFL as Neutral (3) -

UBS observes the company faces a range of challenges amid a rapidly evolving wealth market. The most significant driver for the immediate future is whether the ANZ P&I acquisition proceeds, and at what price.

As APRA (Australian Prudential Regulatory Authority) has lost the case against IOOF the likelihood of the deal proceeding has increased, UBS observes.

The broker assesses the market is not only factoring in completion of the deal but also the potential for a re-negotiated price. Given the uncertainty, UBS adopts a conservative view, revising the target to $5.70 from $4.80. Neutral maintained.

Target price is $5.70 Current Price is $6.37 Difference: minus $0.67 (current price is over target).
If IFL meets the UBS target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.42, suggesting downside of -14.9% (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 ILU as Neutral (3) -

Having written about Iluka Resources' opportunity to monetise its monazite stockpile prior, Citi analysts have now incorporated this opportunity in their forecasts. The company recently signalled it has secured one customer initially with a two year offtake agreement.

Citi analysts note construction of the recovery plant is expected to start in Q4 2019 with commissioning and first sales anticipated for 1H 2020. Capex is a low $10m and payback is expected to be less than one year, the analysts add.

EPS estimates for FY20/21 have increased by 11%/18% on the inclusion of monazite sales and lower near-term AUD estimates. Target price improves to $9 from $8.50. Neutral rating maintained.

Target price is $9.00 Current Price is $8.43 Difference: $0.57
If ILU meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $9.03, suggesting upside of 7.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Macquarie rates MFG as Neutral (3) -

Magellan enjoyed further strong inflows in the Sep Q on the back of another strong market performance. While the performance moderated in the quarter, performance fee benchmarks were hit in both July and August, the broker notes.

Neutral retained, target falls to $49 from $50.

Target price is $49.00 Current Price is $50.57 Difference: minus $1.57 (current price is over target).
If MFG meets the Macquarie target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $49.26, suggesting downside of -2.6% (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

Citi rates NCK as Upgrade to Buy from Sell (1) -

Interesting twist as Citi had previously carried a Sell rating on the assumption that the disruption of the housing cycle in Australia would be too much to withstand for the small cap furniture retailer. Post yesterday's profit warning, and share price sell-off, the analysts now think their thesis has successfully played out.

Now taking the view that current tough times won't last forever, Citi has decided to upgrade to Buy from Sell. Forecasts have been reduced, but Citi analysts seek comfort in forward looking indicators that are suggesting better times will announce themselves for housing related retailers such as Nick Scali.

Price target has improved by 16% to $6.90.

Target price is $6.90 Current Price is $6.65 Difference: $0.25
If NCK meets the Citi target it will return approximately 4% (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

Macquarie rates NCK as Neutral (3) -

Nick Scali has increased its first half loss guidance to -32% from -24% with sales year to date down -8% and traffic down -10-15%. Housing-related weakness and a lack of consumer confidence is blamed. No FY guidance provided but management is hopeful of a recovery in the second half.

The broker retains a Neutral rating while cutting its target to $6.00 from $6.15, pondering whether this can be seen as the final downgrade ahead of a recovery or whether downside risk remains. The broker suggests a better entry point may yet eventuate.

Target price is $6.00 Current Price is $6.65 Difference: minus $0.65 (current price is over target).
If NCK meets the Macquarie target it will return approximately minus 10% (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: 0.5

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

Citi rates NCM as Neutral (3) -

The company has approved the first of two stages in the Cadia Expansion project and Citi analysts comment the expansion is value accretive and helps maintain production as grade declines, but it also comes with a price tag.

At the end of multiple changes having been implemented in Citi's modeling, the price target for Newcrest Mining has reduced to $36.15 from $36.90. Neutral rating maintained.

Target price is $36.15 Current Price is $33.26 Difference: $2.89
If NCM meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $32.45, suggesting downside of -2.4% (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: -0.7

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

Credit Suisse rates NCM as Underperform (5) -

The expansion at Cadia to 33mtpa from 30mtpa has been approved. The replacement of the SAG mill motor has been brought forward to the second half of FY21.

The economic assumptions continue to centre on US$1250/oz for gold and US$3.00/lb for copper, which would drive an estimated 21.5% return on invested capital. Credit Suisse maintains an Underperform rating and $31.80 target.

Target price is $31.80 Current Price is $33.26 Difference: minus $1.46 (current price is over target).
If NCM meets the Credit Suisse target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $32.45, suggesting downside of -2.4% (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: -0.7

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

Macquarie rates NCM as Underperform (5) -

Newcrest has announced approval for stage one of the two-stage Cadia expansion, pending new permits, at a greater than assumed cost of US$865m. The broker expects a larger capex spend for stage two in FY22 as it is a larger block.

Target falls to $33 from $35. Underperform retained.

Target price is $33.00 Current Price is $33.26 Difference: minus $0.26 (current price is over target).
If NCM meets the Macquarie target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $32.45, suggesting downside of -2.4% (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: -0.7

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

Morgan Stanley rates NCM as Underweight (5) -

Newcrest has approved stage 1 expansion at Cadia, which lifts capacity to 33mtpa. Higher capital expenditure has offset better recoveries, leaving the internal rate of return unchanged, Morgan Stanley observes.

Stage 1 capital expenditure is up 15%, increasing to US$685m. Morgan Stanley maintains an Underweight rating, $29.50 target and Attractive industry view.

Target price is $29.50 Current Price is $33.26 Difference: minus $3.76 (current price is over target).
If NCM meets the Morgan Stanley target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $32.45, suggesting downside of -2.4% (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: -0.7

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

UBS rates NCM as Sell (5) -

The company has approved the expansion project at Cadia (stage 1). Gold recovery and life of mine have improved, which implies an extra 1.8m ounces of gold are ultimately recovered.

However, life-of-mine capital has also increased and operating expenditure is lifted by 3%. The net impact is negligible to valuation but does lift the broker's FY22 estimates for net profit.

Sell rating maintained. Target is reduced to $31 from $33.

Target price is $31.00 Current Price is $33.26 Difference: minus $2.26 (current price is over target).
If NCM meets the UBS target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $32.45, suggesting downside of -2.4% (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: -0.7

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

Macquarie rates NEC as Outperform (1) -

While ad markets have continued to be choppy across broader media, the broker was surprised by the extent of Southern Cross' ((SXL)) guidance downgrade. Channel checks reveal weakness is across the board, not just in any one sector. The broker has reassessed its general media assumptions.

The broker expects softness in radio will be matched in FTA TV. Nine Entertainment's forecast earnings are reduced as a result, target falls to $2.05 from $2.15. Outperform retained.

Target price is $2.05 Current Price is $1.80 Difference: $0.25
If NEC meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $2.23, suggesting upside of 23.9% (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

Ord Minnett rates NGI as Buy (1) -

The September quarter was below expectations, with outflows the main source of weakness. Subsequent to a number of weak quarters, Ord Minnett notes the share price has tracked the flows down and the only likelihood of a reversal is once Mesirow outflows have ceased.

On a 12-month view the broker continues to envisage merit in the investment case because of the strong management team and the fact that more than 95% of revenue is recurring. Buy rating maintained. Target is reduced to $3.70 from $4.10.

Target price is $3.70 Current Price is $2.57 Difference: $1.13
If NGI meets the Ord Minnett target it will return approximately 44% (excluding dividends, fees and charges).

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: 1.0

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

Credit Suisse rates OGC as Outperform (1) -

Didipio has been suspended, as expected, following depletion of operating consumables. Site access remains blocked by the local government. 2020 production guidance has been reduced to 460-480,000 ounces and assumes no December quarter production or sales from Didipio.

Credit Suisse notes, if there is a favourable court decision or FTAA renewal, Didipio is ready to re-start, subject to the delivery of warehoused consumables. Outperform rating and $5 target maintained.

Target price is $5.00 Current Price is $3.50 Difference: $1.5
If OGC meets the Credit Suisse target it will return approximately 43% (excluding dividends, fees and charges).

Current consensus price target is $4.97, suggesting upside of 42.0% (ex-dividends)

The company's fiscal year ends in December.

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: 0.9

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

UBS rates OGC as Buy (1) -

Processing at Didipio will cease because of the ongoing blockade by local government. The site has now exhausted consumables. Management remains hopeful the renewal of the mining lease will be successful, but timing is uncertain.

While disappointing, UBS believes the share price has already discounted the issue. Buy rating maintained. A resolution of the issue at Didipio would represent almost a free option, in the broker's calculation. Target is reduced to $4.30 from $4.70.

Target price is $4.30 Current Price is $3.50 Difference: $0.8
If OGC meets the UBS target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $4.97, suggesting upside of 42.0% (ex-dividends)

The company's fiscal year ends in December.

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: 0.9

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

Citi rates ORA as Neutral (3) -

Citi analysts found the company's still subdued trading update of no surprise. They suggest the sale of the fibre business remains a key priority while the company's trading conditions remain as tough as they are.

The analysts have not made any changes to forecasts. Neutral rating retained. Price target $3.20 (unchanged).

Target price is $3.20 Current Price is $3.01 Difference: $0.19
If ORA meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $3.21, suggesting upside of 6.5% (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 ORA as No Rating (-1) -

Orora highlighted ongoing subdued trading conditions in both A&NZ and North America at its AGM.

Macquarie cannot provide a rating or target at present.

Current Price is $3.01. Target price not assessed.

Current consensus price target is $3.21, suggesting upside of 6.5% (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 ORA as Equal-weight (3) -

The company has indicated that subdued trading conditions have continued in both Australasia and North America. Australasian beverages appear to be performing in line with Morgan Stanley's estimates while North America is tracking below.

North America is of particular concern, given the sale of the Australasian fibre business will mean it accounts for 40% of pro forma group earnings versus 32% previously.

Some benefit from restructuring is expected to materialise in the second half. This increases the risk to the broker's 12% FY20 earnings (EBIT) growth forecast.

Equal-weight. Price target is $3.00. Sector view is Cautious.

Target price is $3.00 Current Price is $3.01 Difference: minus $0.01 (current price is over target).
If ORA 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 $3.21, suggesting upside of 6.5% (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 ORA as Neutral (3) -

At its AGM the company has noted a continuation of the subdued trading conditions across both Australasia and North America. North American first half earnings are likely to be behind as recent restructuring initiatives are expected to be of benefit in the second half.

UBS forecasts a material decline in the underlying earnings performance of North America, expecting organic earnings (EBIT) to decline -25% in the first half. The broker expects the company will continue to consider organic/acquisition opportunities around its glass/can manufacturing in Australia and its North American packaging distribution and displays.

However, a pause is considered likely in North America as the company integrates the Pollock/Bronco acquisitions and addresses recent volatility. Neutral retained. Target is $3.05.

Target price is $3.05 Current Price is $3.01 Difference: $0.04
If ORA meets the UBS target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $3.21, suggesting upside of 6.5% (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 PDL as Outperform (1) -

Pendal Group's net outflows accelerated in the Sep Q to -$1.0bn from -$0.4bn in the June Q, primarily from UK/Europe funds. Most of the damage was done in July, the broker notes, with improvement being seen thereafter.

The stock trades at a forward PE -21% below its five-year average and a -12% discount to listed fund managers, thus the broker sees the scope for a re-rate if improvement continues. Outperform retained, target falls to $8.25 from $8.75.

Target price is $8.25 Current Price is $7.34 Difference: $0.91
If PDL meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $7.94, suggesting upside of 8.1% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.4

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

Citi rates PPT as Neutral (3) -

Upon further analysis, Citi analysts have come to the conclusion that Perpetual will have to cut its dividend for shareholders. The updated forecast is for a reduction in EPS by -8%-9% in the next three years (FY20-FY22) and this has repercussions for the dividend too.

The analysts do note management remains on the look-out for acquisitions, but nothing seems imminent. Maybe the Investor Day next month might provide more insights?

Neutral rating retained, with a reduced price target of $34 (was $37).

Target price is $34.00 Current Price is $35.06 Difference: minus $1.06 (current price is over target).
If PPT meets the Citi target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $35.24, suggesting upside of 0.5% (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

Macquarie rates PPT as Upgrade to Neutral from Underperform (3) -

Perpetual suffered further fund outflows in the Sep Q and the broker forecasts more ahead. While flow trends are a major concern, the stock's de-rating to date and the potential for a positive acquisition announcement in the near term have Macquarie upgrading to Neutral from Underperform.

Target falls to $32.00 from $34.50.

Target price is $32.00 Current Price is $35.06 Difference: minus $3.06 (current price is over target).
If PPT meets the Macquarie target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $35.24, suggesting upside of 0.5% (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

Macquarie rates PTM as Neutral (3) -

Platinum Asset Management saw further net outflows in the Sep Q. The pace of outflows accelerated to -$260m per month in the Sep Q compared to -$180m pm in the June Q, the broker notes.

Target falls to $3.85 from $4.25, Neutral retained.

Target price is $3.85 Current Price is $4.21 Difference: minus $0.36 (current price is over target).
If PTM meets the Macquarie target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.76, suggesting downside of -10.8% (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

Morgans rates STO as Add (1) -

Santos will acquire the northern Australia business of ConocoPhillips. Morgans likes the acquisition as it improves earnings and simplifies the company's growth plans in northern Australia.

The main positive is the value upside, as the broker assesses Santos is creating value by acquiring 540mmboe of high-margin barrels at a price below an in-situ multiple for similar assets.

However, the improvement in valuation has been largely offset by the market re-rating the share price on the news, Morgans notes, which has been a consistent issue with the stock, whereby much of the value of its transformation has been rapidly priced in.

Add rating maintained. Target is raised to $8.60 from $8.05.

Target price is $8.60 Current Price is $7.80 Difference: $0.8
If STO meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $8.04, suggesting upside of 3.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

This company reports in 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

Macquarie rates SWM as Neutral (3) -

While ad markets have continued to be choppy across broader media, the broker was surprised by the extent of Southern Cross' guidance downgrade. Channel checks reveal weakness is across the board, not just in any one sector. The broker has reassessed its general media assumptions.

The broker expects softness in radio will be matched in FTA TV. Seven West Media's forecast earnings reduce as a result, Neutral and 39c target retained.

Target price is $0.39 Current Price is $0.38 Difference: $0.01
If SWM meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $0.46, suggesting upside of 22.1% (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 SXL as Downgrade to Neutral from Outperform (3) -

While ad markets have continued to be choppy across broader media, Macquarie was surprised by the extent of Southern Cross' guidance downgrade. Channel checks reveal weakness is across the board, not just in any one sector. The broker has reassessed its general media assumptions.

Southern Cross forecast earnings fall -15% and -18% in FY20-21. Target falls to $1.05 from $1.40. Rating downgraded to Neutral from Outperform.

Target price is $1.05 Current Price is $0.88 Difference: $0.17
If SXL meets the Macquarie target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $1.03, suggesting upside of 17.4% (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 SXL as Underweight (5) -

The company's update implies downside to expectations, Morgan Stanley suggests. Revenue in the first quarter was down -8.5%.

The company has not issued full year guidance but, if second half operating earnings (EBITDA) are flat, Morgan Stanley calculates this will imply an FY20 operating earnings result of $137-145m, down -5-10%.

The broker considers the downgrade not just specific to Southern Cross Media but an indicator for the wider media sector and maintains an Underweight rating and $0.90 target. Industry view is Attractive.

Target price is $0.90 Current Price is $0.88 Difference: $0.02
If SXL meets the Morgan Stanley target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $1.03, suggesting upside of 17.4% (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 SXL as Neutral (3) -

The company's trading update cited a weaker September quarter. Revenue is down -8.5% with both TV and audio revenue softening.

While Southern Cross did not provide an explicit update, UBS notes commercial radio data have signalled metro radio markets were down -10.2% in the quarter, which indicates the company is trading broadly in line with the market.

The broker reduces FY20 estimates for operating earnings (EBITDA) by -7%. A relatively flat outcome for revenue is expected in the second half. Neutral rating maintained. Target is reduced $1.15 from $1.25.

Target price is $1.15 Current Price is $0.88 Difference: $0.27
If SXL meets the UBS target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $1.03, suggesting upside of 17.4% (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 Z1P as Initiation of coverage with Sell (5) -

UBS has initiated coverage with a Sell rating and $4.80 price target. The view is based upon research suggesting the average user of Buy Now, Pay Later services is below average credit-worthy, which means, according to UBS, this sector continues to carry above average risk for regulation.

This risk, UBS argues, is at present not priced in stocks such as Afterpay Touch and Zip Co. Other conclusions are that users of BNPL services are younger, wealthier and employed, while also carrying above average levels of debt.

Target price is $4.80 Current Price is $5.18 Difference: minus $0.38 (current price is over target).
If Z1P meets the UBS target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.05, suggesting downside of -21.8% (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