Australian Broker Call

Citi rates AAD as Buy (1) -

The company's turnaround continued in the first half and Citi reiterates a Buy rating, noting the positive momentum in Main Event and theme parks has continued into the second half.

The broker also believes the company has demonstrated the ability to extract significant value when divesting assets.

The broker points out, given the company is no longer treating any items below the line, revisions to underlying earnings estimates are not comparable. Target is reduced to $2.35 from $2.40.

Target price is $2.35 Current Price is $1.99 Difference: $0.36
If AAD meets the Citi target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $2.01, suggesting upside of 1.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.1

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

Credit Suisse rates AAD as Outperform (1) -

First half results were as expected, having been pre-guided. Credit Suisse notes a number of positive developments including continuing LFL growth at Main Event, Improving trends at Dreamworld and by the end of FY18 the company will be in a net cash position.

A new and well credentialed CEO, Chris Morris, has been appointed on heavily incentive-based terms.

The broker makes negligible EPS changes and retains Outperform rating. Target is raised to $2.15 from $2.05.

Target price is $2.15 Current Price is $1.99 Difference: $0.16
If AAD meets the Credit Suisse target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $2.01, suggesting upside of 1.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.1

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

Deutsche Bank rates AAD as Hold (3) -

The first half result was as expected by Deutsche Bank but highlighted ongoing margin compression in the Main Event business, although constant centre growth has maintained positive momentum, and even accelerated into 2H.

No full year guidance was forthcoming as management is focusing on improving Main Event margins and overseeing recovery at Dreamworld.

Earnings estimates are downgraded by -4% for FY18 and -6% for FY19, reflecting the removal of Bowling from forecasts. Deutsche Bank maintains a Hold rating and $1.95 target.

Target price is $1.95 Current Price is $1.99 Difference: minus $0.04 (current price is over target).
If AAD meets the Deutsche Bank target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.01, suggesting upside of 1.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.1

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

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

First half results were significantly below forecasts, largely related to one-off charges in theme parks. Ord Minnett is encouraged by the trends in theme parks and Main Event, with some early signs that the turnaround effort is working.

The broker upgrades to Hold from Lighten based on valuation. Target is raised to $1.95 from $1.73.

Target price is $1.95 Current Price is $1.99 Difference: minus $0.04 (current price is over target).
If AAD meets the Ord Minnett target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.01, suggesting upside of 1.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.1

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

UBS rates AAD as Sell (5) -

First half results were weak but well flagged, UBS notes. On a positive view, Main Event has returned to constant revenue growth and announced a new CEO.

Unless Dreamworld achieves substantial ticket price increases the broker does not expect a meaningful contribution to earnings from theme parks until FY20. The broker retains a Sell rating and $1.75 target.

Target price is $1.75 Current Price is $1.99 Difference: minus $0.24 (current price is over target).
If AAD 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 $2.01, suggesting upside of 1.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.1

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

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

First half results marked a strong return to growth, although slightly missed upgraded guidance, which Morgans notes was provided post balance date.

FY18 EBIT guidance of $40-44m is reiterated. Morgans suggests the second half growth rates required to achieve this are not demanding.

The broker downgrades to Hold from Add, believing the company is not far away from cycling very strong comparables. Catalyst also owns a 30% stake which is out of escrow. Target is $2.28.

Target price is $2.28 Current Price is $1.99 Difference: $0.29
If ADH meets the Morgans target it will return approximately 15% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.5

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

UBS rates ADH as Buy (1) -

First half results were driven by very strong sales growth and rebounded from a disastrous prior corresponding half, UBS observes.

The main negative was a loss in New Zealand which pushed operating earnings slightly below the January guidance.

UBS makes small upgrades to forecasts and maintains a Buy rating. Target is raised to $2.40 from $2.35.

Target price is $2.40 Current Price is $1.99 Difference: $0.41
If ADH meets the UBS target it will return approximately 21% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.5

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

Macquarie rates AFG as Outperform (1) -

Australian Finance's result beat the broker on profit, cash flow and dividend. Distribution growth sees the company increasing share.

Portfolio growth continues to drive trailing commission value while trading conditions remain positive, the broker suggests. Outperform retained on an attractive valuation. Target rises to $2.12 from $2.07.

Target price is $2.12 Current Price is $1.86 Difference: $0.26
If AFG meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 1.0

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

Ord Minnett rates AHG as Accumulate (2) -

First half results were ahead of Ord Minnett's forecasts. The result revealed meaningful cost savings in the underlying business but the broker suggests the focus in the near term will remain on the completion risk from the sale of the refrigerated logistics business.

Accumulate maintained. Target rises to $4.00 from $3.80.

Target price is $4.00 Current Price is $3.60 Difference: $0.4
If AHG meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $3.94, suggesting upside of 9.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.5

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

UBS rates AHG as Neutral (3) -

While wary of extrapolating the performance of just two months after a strong finish to the first half, UBS expects second half automotive earnings to be ahead of the prior corresponding half, assisted by a return to growth in Western Australia.

The broker lifts medium-term estimates by 6-8% but maintains a Neutral rating, given the risks around the divestment of the refrigerated logistics division. $3.70 target maintained.

Target price is $3.70 Current Price is $3.60 Difference: $0.1
If AHG meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $3.94, suggesting upside of 9.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.5

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

Deutsche Bank rates ASL as Buy (1) -

First half results were ahead of Deutsche Bank. Ausdrill is on track for a strong FY18 driven by its African mining business and recovering Aust operations, in the broker's view.

The company has upgraded FY18 guidance to 40% growth, from 30-40% previously, implying NPAT of $44m vs the broker's upgraded estimate of $54m. Management noted that the AUMS and Mining Services Africa tender pipeline continues to be exceptionally strong.

Buy rating maintained. Target increases to $3.20 from $2.90 driven by earnings upgrades and lower gearing.

Target price is $3.20 Current Price is $2.77 Difference: $0.43
If ASL meets the Deutsche Bank target it will return approximately 16% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 1.0

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

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

First half results were in line with expectations. Forward bookings are strong in New Zealand and North America while Australia is in line with the company's expectations.

Management remains comfortable with current FY18 consensus net profit forecasts of around $19-19.5m.

Morgans observes the stock screens attractively but, as it is now trading within 10% of the new target, downgrades to Hold from Add. Target is reduced to $1.93 from $2.03.

Target price is $1.93 Current Price is $1.68 Difference: $0.25
If ATL meets the Morgans target it will return approximately 15% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

Ord Minnett rates ATL as Hold (3) -

First half results were in line with expectations. The company has acquired the remainder of CanaDream along with George Day Caravans, resulting in an increase in net debt to $197.7m as of December 31. This also reflects the fact capital was raised just prior to the end of the year.

Ord Minnett expects net debt to increase to around $202m by June and increase marginally in future years. The broker believes the business is performing well but this is factored in to the share price. Hold rating and $1.62 target maintained.

Target price is $1.62 Current Price is $1.68 Difference: minus $0.06 (current price is over target).
If ATL meets the Ord Minnett target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

Credit Suisse rates AUB as Outperform (1) -

First half results were broadly in line with Credit Suisse estimates. An unanticipated revaluation below the line meant NPAT was significantly higher than the broker's forecast.

Management is expecting 5-10% growth in NPAT over the prior year following on from the 15.1% growth in the first half. Overall, Credit Suisse sits at the top end of the guidance range with 9.7% full year growth.

The broker makes minimal positive changes to forecasts and maintains the Outperform rating and $14.70 target.

Target price is $14.70 Current Price is $12.70 Difference: $2
If AUB 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 FY18:

Forecast for FY19:

Market Sentiment: 1.0

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

Macquarie rates AUB as Outperform (1) -

AUB's result beat the broker. FY guidance was reaffirmed but with the expectation of hitting the top end of the range, reflecting confidence in the premium rate outlook, the broker notes.

The company will make a one-off investment in data centre outsourcing to reduce costs, albeit the cost of that one-off is yet unknown, while AUB is cautious over NSW workers' compensation changes from this year and their revenue impact.

The strong premium rate environment keeps the broker on Outperform, target rises to $13.90 from $13.44.

Target price is $13.90 Current Price is $12.70 Difference: $1.2
If AUB meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 1.0

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

Citi rates AX1 as Buy (1) -

Interim performance was a beat and Citi has grabbed the opportunity to reiterate its Buy rating, while bumping up its price target by 13% to $1.15.

The positive view is based upon the combination of high yield, renewed sales momentum in the business plus the optionality to tap into further growth internationally.

Forecasts have been boosted higher on the back of the results release.

Target price is $1.15 Current Price is $1.05 Difference: $0.1
If AX1 meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Market Sentiment: 0.5

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

Macquarie rates AYS as Neutral (3) -

Amaysim reported an earnings decline of -36.5% in line with the earlier profit warning. Average revenue per unit trends have deteriorated sharply, the broker notes, since the introduction of $10 and $20 unlimited plans.

Mobile margins increased but the broker does not know if this is sustainable, while the dividend has been suspended to allow for investment. The outlook is dependent on the company's ability to protect profit via the cheap plan transition, the broker suggests, through its relationship with Optus.

Neutral retained, target falls to $1.85 from $1.95.

Target price is $1.85 Current Price is $1.44 Difference: $0.41
If AYS meets the Macquarie target it will return approximately 28% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

Macquarie rates BDR as Neutral (3) -

Beadell has secured a refinancing package from Sprott Private Lending that will be used to pay off existing debt and fund the plant upgrade.

This clearly provides some relief, the broker suggests, but delivery of the mill upgrade and subsequent improvement in production are critical. Neutral and 14c target retained.

Target price is $0.14 Current Price is $0.13 Difference: $0.01
If BDR meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $0.19, suggesting upside of 43.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

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

Citi rates BSL as Buy (1) -

Improved global conditions for steel spreads over the last six months suggest to Citi the company will make a strong finish to FY18. Underlying operating earnings forecasts (EBIT) rise 26% and 23% for FY18 and FY19 respectively.

A strategic review has been announced to assess the options for stemming losses in the buildings segment in ASEAN following the first half loss of -$7.4m. Target is lifted to $18.60 from $15.46. Buy retained.

Target price is $18.60 Current Price is $16.40 Difference: $2.2
If BSL meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $17.43, suggesting upside of 6.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.8

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

Credit Suisse rates BSL as Outperform (1) -

BlueScope's first half results were ahead of Credit Suisse, aided by a one-off $32m coal benefit and reduced tax rate.

Second half guidance is for 25% higher EBIT than 1H, but appears based on conservative assumptions. A strong 2H is expected from Australian steel products driven by higher spreads, favourable product mix and a Colourbond price increase in April.

The broker makes minor EPS changes on adjustments for guidance and maintains Outperform and $15.90 target.

Target price is $15.90 Current Price is $16.40 Difference: minus $0.5 (current price is over target).
If BSL meets the Credit Suisse target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $17.43, suggesting upside of 6.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.8

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

Deutsche Bank rates BSL as Hold (3) -

Bluescope's first half results were ahead of Deutsche Bank and guidance on stronger performances from the Australian and US divisions.

The company expects second half EBIT to increase 25% to $606m, based on spot East Asia HRC spreads holding, but a US spread US$80/t below spot at US$410/t. Deutsche Bank views the guidance as conservative.

The broker forecasts FY18 EBIT of $1,145m, flat in FY19 and then declining moving forward.

A Hold rating is retained and target raised to $15.00 from $14.00.

Target price is $15.00 Current Price is $16.40 Difference: minus $1.4 (current price is over target).
If BSL meets the Deutsche Bank target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $17.43, suggesting upside of 6.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.8

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

Macquarie rates BSL as Outperform (1) -

BlueScope's profit beat the broker and pre-released guidance but this was mostly due to one-offs. Operationally the result was largely in line with expectation albeit NZ delivered a clear beat.

FY guidance suggests a softer second half but this does not take into account the potential benefits of trade policies, either in Aust or the US, the broker notes. Management is committed to prudent capital allocation and ongoing capital returns.

Outperform retained, target rises to $19.00 from $18.90.

Target price is $19.00 Current Price is $16.40 Difference: $2.6
If BSL meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $17.43, suggesting upside of 6.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.8

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

Ord Minnett rates BSL as Accumulate (2) -

First half earnings were ahead of expectations. Ord Minnett finds the outlook a little soft but is suspects management is trying to be circumspect amidst a positive macro environment for steelmakers, particular those with US exposure.

The broker maintains an Accumulate rating and raises the target to $18.00 from $16.30. The broker also includes in modelling the company's $2.2bn in tax offsets.

Target price is $18.00 Current Price is $16.40 Difference: $1.6
If BSL meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $17.43, suggesting upside of 6.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.8

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

UBS rates BSL as Buy (1) -

First half results were ahead of estimates. UBS believes the company's ASEAN downstream business is under appreciated and the value of the diversification will mean the stock eventually trades ahead of its steel peers.

The company is guiding to a 25% lift in underlying EBIT, half on half, in FY18 and this is in line with UBS forecasts. Buy maintained. Target rises to $18.10 from $18.00.

Target price is $18.10 Current Price is $16.40 Difference: $1.7
If BSL meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $17.43, suggesting upside of 6.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.8

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

Macquarie rates BVS as Outperform (1) -

Bravura's result beat the broker on stronger wealth management revenues and margins and FY guidance has been upgraded to high-teen percentage earnings growth from mid-teen.

The broker notes Bravura trades at a -25% enterprise value discount to established peer Iress ((IRE)) and offers a 4.3% yield. There is significant potential for multiple re-rates, the broker believes, on increasing momentum in the core Sonata product.

Outperform retained, target rises to $2.41 from $1.91.

Target price is $2.41 Current Price is $2.17 Difference: $0.24
If BVS meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 1.0

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

Ord Minnett rates CDP as Hold (3) -

First half results were in line with expectations. The company has guided to growth in free funds from operations of up to 1% for FY18.

Ord Minnett maintains a Hold rating and $8.10 target.

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

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

Morgan Stanley rates FAR as Overweight (1) -

The company will farm out two blocks in the Gambia to Petronas, immediately south of the SNE discovery in Senegal.

Morgan Stanley considers it a good deal as it brings in capital to drill an exploration well late in 2018. It also develops another relationship with a large oil company.

Overweight retained. Target is $0.12. Industry view: In-Line.

Target price is $0.12 Current Price is $0.08 Difference: $0.04
If FAR meets the Morgan Stanley target it will return approximately 50% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 1.0

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

Morgan Stanley rates FBU as Overweight (1) -

Morgan Stanley has met with management following the first half results and is more confident the provisions will be sufficient and building product margins should revert.

On this basis the broker envisages attractive value and reiterates an Overweight rating. Target is NZ$8.00. Industry view is: Cautious.

Current Price is $6.09. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

This company reports in NZD. 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

Deutsche Bank rates GEM as Hold (3) -

2017 earnings were below expectations and Deutsche Bank observes a sharp acceleration is required in earnings growth to meet 2018 consensus forecasts.

Notwithstanding valuation support, the broker believes soft occupancy and discounting, as well as increased capital expenditure, means a turnaround is unlikely in the near term. Hold rating maintained. Target reduced to $3.30 from $3.75.

Target price is $3.30 Current Price is $2.89 Difference: $0.41
If GEM meets the Deutsche Bank target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $3.72, suggesting upside of 28.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.6

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

Macquarie rates GEM as Neutral (3) -

G8's miss of earnings guidance downgraded in December implies poor operational visibility, the broker suggests. Occupancy was weak in the half, leading to margin compression.

Government rebate changes due from July are expected to improve industry dynamics, the broker notes, but the question is as to whether a resultant increase in demand is sufficient to overcome the oversupply issue dragging on the market. The broker awaits evidence. Neutral retained, target falls to $3.30 from $3.60.

Target price is $3.30 Current Price is $2.89 Difference: $0.41
If GEM meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $3.72, suggesting upside of 28.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.6

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

Morgan Stanley rates GEM as Overweight (1) -

2017 results were in line with estimates. Morgan Stanley believes the stock is a good buying opportunity at the end of a downgrade cycle.

January occupancy was ahead of expectations and provides confidence for the broker that G8 Education is on track to achieve an assumed uplift in occupancy to 79% in 2018.

Overweight rating and $4.25 target. Industry view is In-Line.

Target price is $4.25 Current Price is $2.89 Difference: $1.36
If GEM meets the Morgan Stanley target it will return approximately 47% (excluding dividends, fees and charges).

Current consensus price target is $3.72, suggesting upside of 28.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.6

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

Ord Minnett rates GEM as Buy (1) -

2017 results were weaker than than expected. Ord Minnett is disappointed the company was not able to deliver a number closer to guidance, given it was provided in December.

The broker was also disappointed to note the contribution from growth investments was revised sharply lower, removing a potential offset to weaker occupancy in the run-up to new funding from July.

Nevertheless, the current valuation is undemanding and the broker maintains a Buy rating. Target is reduced to $3.80 from $4.90.

Target price is $3.80 Current Price is $2.89 Difference: $0.91
If GEM meets the Ord Minnett target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $3.72, suggesting upside of 28.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.6

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

UBS rates GEM as Buy (1) -

2017 results were slightly below expectations. UBS notes the operating environment remains challenging and 2018 is likely to be a transition period.

The growth opportunity prevailing amid an improved government funding environment should provide benefits in 2019, the broker suggests. Buy rating maintained. Target reduced to $3.95 from $4.25.

Target price is $3.95 Current Price is $2.89 Difference: $1.06
If GEM meets the UBS target it will return approximately 37% (excluding dividends, fees and charges).

Current consensus price target is $3.72, suggesting upside of 28.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.6

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

UBS rates GTY as Buy (1) -

First half results were strong and UBS believes settlement targets are achievable. FY18 guidance is for 7% growth in distributable earnings.

The broker believes the company is well positioned to capitalise on the trends, maintaining a flexible balance sheet with Australia's largest portfolio of manufactured home parks. Buy rating maintained. Target rises to $2.30 from $2.10.

Target price is $2.30 Current Price is $2.02 Difference: $0.28
If GTY meets the UBS target it will return approximately 14% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 1.0

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

Morgan Stanley rates GXY as Downgrade to Equal-weight from Overweight (3) -

A revised lithium price forecast has reduced the stock's valuation and Morgan Stanley also moves to a balanced bull versus bear case weighting.

The latest price deck refreshes the broker's base case view and now incorporates the risks of increased supply from Chile.

Rating is downgraded to Equal-weight from Overweight. Target is reduced to $3.05 from $3.50. Industry View: Attractive.

Target price is $3.05 Current Price is $3.30 Difference: minus $0.25 (current price is over target).
If GXY meets the Morgan Stanley target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.65, suggesting upside of 10.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.2

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

Credit Suisse rates HUB as Outperform (1) -

First half results were below Credit Suisse, although the cost and tax driven miss did little to debunk the broker's investment thesis, with the Platform division revenue margin beat appeasing concerns over revenue margin pressure.

Credit Suisse has lowered EPS estimates by -29-41% with the shift to an accounting tax rate of 28-29%. However, Platform EBITDA forecasts were only downgraded by -3% in FY19 and -1% in FY20.

HUB remains one of Australia's leading platforms, in the broker's opinion, and is expected to attract significant inflows to drive FuA growth.

 Outperform rating maintained and target reduced to $13.00 from $13.40.

Target price is $13.00 Current Price is $10.43 Difference: $2.57
If HUB meets the Credit Suisse target it will return approximately 25% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.5

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

Ord Minnett rates HUB as Hold (3) -

The first half was in line with expectations. Ord Minnett observes material investment in costs occurred to support the ongoing integration of Agility and to strengthen operating and sales functions.

The broker remains positive about the outlook in light of the operating leverage and structural trends. Hold maintained. Target is $11.

Target price is $11.00 Current Price is $10.43 Difference: $0.57
If HUB meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.5

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

Deutsche Bank rates ISD as Hold (3) -

First half results were below Deutsche Bank and highlighted the ongoing pressure the business is facing. The opex overrun is concerning with management pointing to the need to reverse the excessive cost containment which occurred over FY17.

The company reaffirmed FY18 EBITDA guidance of $32-36m with revenue guidance lowered to $133-136m. The company also announced the resignation of MD John Croll.

Hold rating and $1.10 target retained.

Target price is $1.10 Current Price is $1.06 Difference: $0.04
If ISD meets the Deutsche Bank target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $1.01, suggesting downside of -4.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.3

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

Macquarie rates ISD as Underperform (5) -

iSentia's result met the broker and guidance downgraded in October, which has been reaffirmed. Structural and competitive headwinds facing the core A&NZ business are apparent, the broker suggests, and an Asian turnaround will require operational and product improvements.

Cost savings are a positive but the broker requires evidence of further stabilsation of operating conditions and improved revenues before moving from Underperform. Target falls to 88c from 91c.

Target price is $0.88 Current Price is $1.06 Difference: minus $0.18 (current price is over target).
If ISD meets the Macquarie target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.01, suggesting downside of -4.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.3

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

UBS rates ISD as Neutral (3) -

First half result was soft and in line with expectations. UBS notes churn appears to have stabilised but asks whether this has been at the expense of pricing. The broker envisages potential pressures on costs from the eventual renegotiation of the copyright agreement.

The resignation of the CEO also creates another layer of uncertainty. UBS prefers to await tangible signs of improvement and maintains a Neutral rating. Target is reduced to $1.05 from $1.10.

Target price is $1.05 Current Price is $1.06 Difference: minus $0.01 (current price is over target).
If ISD meets the UBS target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.01, suggesting downside of -4.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.3

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

Morgan Stanley rates JHC as Underweight (5) -

First half net profit was in line with estimates. The company has reiterated FY18 EBITDA to be -5-10% below the prior year.

Morgan Stanley notes occupancy was affected by a severe flu season and roster review across 14 villages. The turnaround is taking longer than expected and the broker expects a challenging second half.

Underweight rating retained. Target is $1.60. Industry view is In-Line.

Target price is $1.60 Current Price is $2.07 Difference: minus $0.47 (current price is over target).
If JHC meets the Morgan Stanley target it will return approximately minus 23% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.96, suggesting downside of -5.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

Morgans rates JHC as Hold (3) -

First half results were below forecasts. Morgans notes occupancy pressure, funding cuts and higher staff costs induced the weakness. FY18 guidance has been reiterated.

Morgans maintains a Hold rating and does not rule out corporate activity, given the strategic holding of Moelis Australia ((MOE)). The broker believes it will be another six months before the market gains confidence on the recovery in operations. Target is raised to $2.03 from $2.01.

Target price is $2.03 Current Price is $2.07 Difference: minus $0.04 (current price is over target).
If JHC 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 $1.96, suggesting downside of -5.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

UBS rates JHC as Neutral (3) -

First half results were weak and in line with expectations. UBS notes, as with other listed peers, the company experienced top-line pressure because of a more severe flu season and cuts to government aged care funding.

The business was unable to offset this as non-wage costs grew well ahead of revenue. UBS believes the development pipeline carries significant execution risk. Neutral rating maintained. Target rises to $1.95 from $1.92.

Target price is $1.95 Current Price is $2.07 Difference: minus $0.12 (current price is over target).
If JHC meets the UBS target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.96, suggesting downside of -5.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

Morgan Stanley rates MIN as Overweight (1) -

A revised lithium price forecast has reduced the stock's valuation and Morgan Stanley also moves to a balanced bull versus bear case weighting.

The latest price deck refreshes the broker's base case view and now incorporates the risks of increased supply from Chile.

Target is reduced to $21.40 from $21.60. Overweight retained. Industry view: Attractive.

Target price is $21.40 Current Price is $19.44 Difference: $1.96
If MIN meets the Morgan Stanley target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $20.47, suggesting upside of 5.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.7

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

Morgan Stanley rates MVF as Overweight (1) -

First half results were slightly worse than expected. Guidance for FY18 net profit to be down -25% appears realistic to Morgan Stanley.

While guidance does not appear to include any recovery in market activity, the broker suggests it will be an incremental benefit and, if it occurs, likely to be small.

Overweight rating retained. Target is $2.20. In-Line industry view.

Target price is $2.20 Current Price is $1.18 Difference: $1.02
If MVF meets the Morgan Stanley target it will return approximately 86% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.5

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

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

First half results were in line with guidance. Margins were affected by competition from Primary Healthcare's ((PRY)) low-cost operation and the transition of a Sydney-based facility to a premium offering, Morgans notes.

The broker was surprised by FY18 guidance, which has called for a net profit to be -25% lower than FY17. The broker adjusts forecasts accordingly. As a result, valuation falls significantly.

Rating is downgraded to Hold from Add as the broker believes competitive pressures will continue to suppress earnings over the next few years. Target is reduced to $1.25 from $1.52.

Target price is $1.25 Current Price is $1.18 Difference: $0.07
If MVF meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.5

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

Morgans rates MWY as Add (1) -

First half results were weak, as expected. Importantly, Morgans notes the company is on track to deliver a much stronger second half because of a higher US dollar woodchip price, stronger volumes and a contribution over six months from PMP.

Morgans maintains an Add rating and raises the target to $3.00 from $2.95. The broker considers the stock leveraged to positive industry fundamentals while trading on an undemanding PE of 11.2x.

Target price is $3.00 Current Price is $2.52 Difference: $0.48
If MWY meets the Morgans target it will return approximately 19% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 1.0

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

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

Full year results were in line with Credit Suisse but at the low end of the company's guidance range. 2018 guidance was largely as expected.

The broker makes minor changes to revenue forecasts following guidance for "8-10% organic growth". The broker also adjusts numbers for the Reckon deal, lowering 2018 EPS forecast by -3% on higher costs.

MYOB faces a challenging competitive environment and a period of higher investment but its valuation is compelling, the broker notes, and moves to Outperform from Neutral. Target price rises to $3.75 from $3.60.

Target price is $3.75 Current Price is $3.23 Difference: $0.52
If MYO meets the Credit Suisse target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $3.96, suggesting upside of 22.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.7

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

Deutsche Bank rates MYO as Buy (1) -

2017 results were slightly behind forecasts. Deutsche Bank notes 2018 guidance effectively includes a re-basing of margins, with management guiding to an EBITDA margin of 43-45%, mainly because of a pick up in digital marketing costs.

Buy and $4.40 target retained.

Target price is $4.40 Current Price is $3.23 Difference: $1.17
If MYO meets the Deutsche Bank target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $3.96, suggesting upside of 22.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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) -

Newcrest will invest US$250m to acquire a 27.1% stake in Lundin Gold. In addition, the company can spend US$20m over 5 years to earn a 50% interest in eight exploration properties to the north and south of the Fruta del Norte project.

The terms allow Newcrest to increase its interest to 32%, but no further, within eight years. First production is scheduled from Q4 2019 and is guided to be 300koz/yr at US$609/oz.

Underperform and $18.50 target maintained.

Target price is $18.50 Current Price is $21.70 Difference: minus $3.2 (current price is over target).
If NCM meets the Credit Suisse target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $21.32, suggesting downside of -1.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: -0.2

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

Deutsche Bank rates NCM as Sell (5) -

Newcrest has agreed to invest US$250m to acquire a 27.1% stake in Lundin Gold as part of a US$400m private equity placement.

The raising will be used to fund development of the Fruta del Norte gold mine in Ecuador. First production is expected by the end of 2019. Newcrest has also agreed to an exploration JV on eight tenements in Ecuador.

Sell rating and $20 target maintained.

Target price is $20.00 Current Price is $21.70 Difference: minus $1.7 (current price is over target).
If NCM meets the Deutsche Bank target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $21.32, suggesting downside of -1.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: -0.2

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 is partnering with Lundin Gold, investing US$250m to acquire a 27.1% interest. The deal includes a standstill whereby Newcrest will not increase its stake beyond 32% during an eight-year period.

UBS finds it difficult to assess the Ecuador project against the company's targets as there are no financial hurdles. The deal also includes an exploration joint venture whereby Newcrest can earn a 50% interest.

The deal does not move the dial significantly, in the broker's opinion, and a Sell rating is maintained. Target is $13.90.

Target price is $13.90 Current Price is $21.70 Difference: minus $7.8 (current price is over target).
If NCM meets the UBS target it will return approximately minus 36% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $21.32, suggesting downside of -1.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: -0.2

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

Morgans rates NSR as Hold (3) -

First half underlying earnings were up 11% and supported by improved occupancy as well as acquisitions. FY18 guidance is unchanged and Morgans makes no material changes to forecasts.

Morgans expects upside risks relate to higher growth in yields and scale benefits. Downside risks include increased competition, lower yields and general property market movements.

Hold rating retained. Target is $1.60.

Target price is $1.60 Current Price is $1.53 Difference: $0.07
If NSR meets the Morgans target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $1.51, suggesting downside of -1.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

Deutsche Bank rates OGC as Buy (1) -

Underlying, reports Deutsche Bank, the gold producer's FY17 performance only missed expectation by -1%. The net profit surprised but that was mostly because of a one-off tax benefit.

Strong free cash flows were much better than expected. The analysts note the company left guidance for 2018 unchanged. As such, headline production should fall this year, but cash generation should improve, explain the analysts.

Price target lifts to $4.15 from $3.80 on marginally higher estimates. Buy rating retained.

Target price is $4.15 Current Price is $3.48 Difference: $0.67
If OGC meets the Deutsche Bank target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $4.58, suggesting upside of 31.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.9

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

Morgan Stanley rates ORE as Underweight (5) -

A revised lithium price forecast has reduced the stock's valuation. Morgan Stanley's FY18 earnings estimates are unchanged as the company has guided to fixed pricing, at around 25% above second half achieved prices.

Underweight maintained. Target reduced to $4.60 from $5.10. Industry View: Attractive.

Target price is $4.60 Current Price is $6.56 Difference: minus $1.96 (current price is over target).
If ORE meets the Morgan Stanley target it will return approximately minus 30% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.36, suggesting upside of 12.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.6

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

Citi rates OSH as Sell (5) -

The company has reported an earthquake in the PNG Highlands and, as a precautionary measure, has shut down PNG LNG operations until further notice.

Citi notes the project would have been designed for such but assumes, for now, a one-month outage. As the earthquake measured 7.5 on the Richter scale there is a risk the impact is being underestimated.

The broker maintains a Sell rating and reduces the target to $6.61 from $6.64.

Target price is $6.61 Current Price is $7.61 Difference: minus $1 (current price is over target).
If OSH meets the Citi target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.17, suggesting upside of 7.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.3

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

Macquarie rates PLS as Outperform (1) -

Pilbara's financials are not important given the company is in the ramp-up stage. It was a busy half, the broker notes, featuring the commencement of a feasibility study of Pilgangoora stage 2, ongoing development of stage 1, and a shipping agreement signed with Atlas Iron ((AGO)).

Stage 2 forms the base case of the broker's valuation and even on conservative assumptions, it looks compelling, the broker believes. Outperform and $1.20 target retained.

Target price is $1.20 Current Price is $0.83 Difference: $0.37
If PLS meets the Macquarie target it will return approximately 45% (excluding dividends, fees and charges).

Current consensus price target is $1.03, suggesting upside of 24.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

Citi rates PRU as Buy (1) -

First half results were stronger than expected. Citi expects cash could flow back in the second half and expects the company to be positive net cash by the end of 2018.

In view of the successful construction of the Sissingue gold mine and probability of a strengthening balance sheet a Buy (High Risk) rating is retained. Target rises to $0.69 from $0.57.

Target price is $0.69 Current Price is $0.43 Difference: $0.26
If PRU meets the Citi target it will return approximately 60% (excluding dividends, fees and charges).

Current consensus price target is $0.50, suggesting upside of 17.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.6

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

Citi rates QBE as Neutral (3) -

Results were weaker than expected. The company retains 2018 guidance, which includes the Latin American business to be reported as a discontinued operation. The company also maintains expectations for a $1bn buyback.

Citi believes the company's strategy is sensible but it will take time for fortunes to turn around. The stock continues to look fair value rather than compelling. Neutral maintained. Target is raised to $11.00 from $10.80.

Target price is $11.00 Current Price is $10.40 Difference: $0.6
If QBE meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $10.98, suggesting upside of 5.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.3

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

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

QBE's full year results were in line with expectations, having been pre-reported in January. GWP and NEP was slightly weaker but the balance sheet deteriorated a little less than Credit Suisse had forecast.

The company has retained the $1bn buyback despite the fall in earnings. The broker believes that with the company sitting at the low end of the capital target and a debt to equity position above 40%, management should focus on repairing the damaged balance sheet in the near-term.

With QBE underperforming the market by -21% in the last twelve months the broker upgrades to Neutral from Underperform and raises the target to $10.20 from $9.85.

Target price is $10.20 Current Price is $10.40 Difference: minus $0.2 (current price is over target).
If QBE 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 $10.98, suggesting upside of 5.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.3

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

Morgan Stanley rates QBE as Overweight (1) -

2017 results were weaker than expected. Morgan Stanley is more comfortable with the outlook as there is greater underwriting discipline, supported by improving fundamentals.

The expedited sale of the Latin American portfolio is a positive surprise as the US$409m in net proceeds will help to restore gearing to around 35%. Morgan Stanley expects, with the buyback continuing, that around $330m is likely to be bought back in the second half of 2018.

Target is $11.90. Overweight retained. Industry view is In-Line.

Target price is $11.90 Current Price is $10.40 Difference: $1.5
If QBE meets the Morgan Stanley target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $10.98, suggesting upside of 5.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.3

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

Ord Minnett rates QBE as Accumulate (2) -

Despite the prior guidance, the 2017 result was weaker than expected. Ord Minnett is now increasingly of the view that the top end of 2018 guidance could be difficult to achieve.

Given the current share price, the prospects for US interest rate increases and a belief that the company can achieve a high portion of the targeted $1bn share buyback, the broker maintains an Accumulate rating. Target is cut to $10.85 from $11.20.

Target price is $10.85 Current Price is $10.40 Difference: $0.45
If QBE meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $10.98, suggesting upside of 5.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.3

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

UBS rates QBE as Buy (1) -

UBS suggests 2017 was a year QBE may want to forget. Both gross written premium and underlying profitability were softer than expected and without any material flow through to 2018.

The broker had suspected the message about capital would be worse than it was, and that the company may back away from buybacks, but the CEO confirmed this was not the case.

The business feels like a drawn-out turnaround that requires patience, the broker suggests. Buy rating maintained. Target raised to $11.70 from $11.40.

Target price is $11.70 Current Price is $10.40 Difference: $1.3
If QBE meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $10.98, suggesting upside of 5.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.3

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

Deutsche Bank rates RWC as Sell (5) -

First half results were ahead of Deutsche Bank due to better than expected Americas earnings with the Lowe's roll-out successful and limited Home Depot destocking.

While the broker forecasts an 11% EBIT CAGR from FY19-21, risk remains in achieving higher earnings growth given Reliance Worldwide continues to pursue several growth strategies at the same time. However, Deutsche Bank continues to believe N American demand will remain strong.

Sell rating retained on valuation. Target is $3.90.

Target price is $3.90 Current Price is $4.41 Difference: minus $0.51 (current price is over target).
If RWC meets the Deutsche Bank target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.53, suggesting upside of 2.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.1

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

Macquarie rates RWC as Outperform (1) -

Reliance beat the broker's top-end-of-consensus forecast. It was a solid operational performance, the broker suggests, featuring margin outperformance across a broad front. FY guidance has been upgraded.

Quality management, strong execution, growth optionality and structural penetration potential keep the broker on Outperform. The stock is not cheap, but there is not a lot of downside on a three year compound growth rate of 20%pa.

Target rises to $5.10 from $4.40.

Target price is $5.10 Current Price is $4.41 Difference: $0.69
If RWC meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $4.53, suggesting upside of 2.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.1

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

Morgans rates RWC as Hold (3) -

First half results were slightly ahead of expectations. Earnings in the Americas rose strongly while EMEA was weaker. FY18 EBITDA guidance has been upgraded to $150-155m.

Guidance assume strong top-line growth from further penetration of PTC in the Americas and a full contribution from Holdrite. Morgans continues to believe the stock is fully valued for the near term, but reconsider it on any share price weakness.

Hold rating maintained. Target rises to $4.33 from $3.97.

Target price is $4.33 Current Price is $4.41 Difference: minus $0.08 (current price is over target).
If RWC 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 $4.53, suggesting upside of 2.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.1

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

Ord Minnett rates RWC as Accumulate (2) -

First half net profit was below forecasts, mainly because of higher tax charges. EBITDA was in line with estimates. The highlight for Ord Minnett was the growth in global sales of PTC fittings and accessories. In addition, margins in both the Americas and Asia Pacific expanded despite cost headwinds.

The broker considers the company an attractive investment proposition and maintains an Accumulate rating. Target is raised to $4.80 from $4.70.

Target price is $4.80 Current Price is $4.41 Difference: $0.39
If RWC meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $4.53, suggesting upside of 2.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.1

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

Morgan Stanley rates SCG as Underweight (5) -

2017 results were in line with expectations. Morgan Stanley remains cautious about the outlook for shopping centres but acknowledges that the stock's appeal as a relatively lower-risk play is increasing.

The broker remains concerned about the execution risks, given the $1.8bn in active developments underway, which is elevated versus historical levels.

Target is $4.15. Industry view is Cautious. Underweight maintained.

Target price is $4.15 Current Price is $3.92 Difference: $0.23
If SCG meets the Morgan Stanley target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $4.55, suggesting upside of 16.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.5

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

Morgans rates SIV as Hold (3) -

The first half result for hospitality was lower than expected and the company has announced the full exit of its GoGetta business, resulting in a significant impairment.

This de-risks the business as the hospitality division has a stronger track record of returns and competitive positioning, Morgans notes. The broker expects a material amount of capital can be returned from the GoGetta run-off over 18 months and envisages FY19 as the year for re-basing earnings.

Hold rating maintained. Target reduced to $4.87 from $7.96.

Target price is $4.87 Current Price is $4.58 Difference: $0.29
If SIV meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

Citi rates SKI as Buy (1) -

Citi incorporates the 2017 results, making few changes to proportionate EBITDA and net profit in its 2018 and 2019 forecasts. The broker suggests guidance is achievable and may even prove conservative.

The broker prefers the stock over peers APA ((APA)) and Ausnet ((AST)), given stronger distribution cash cover and possible upside risk. Buy retained. Target rises to $2.69 from $2.55.

Target price is $2.69 Current Price is $2.38 Difference: $0.31
If SKI meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $2.56, suggesting upside of 7.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.4

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

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

Full year results were ahead of Credit Suisse. The broker notes the company's cash flow outlook continues to deteriorate for a number of reasons.

Guidance for growth in distributions was given as "at least CPI" through 2018-2020, in line with consensus forecasts but below the 4-5% plus delivered since 2011.

With the stock now trading in line with DCF based valuation the broker upgrades to Neutral from Underperform and raises the price target to $2.45 from $2.40.

Target price is $2.45 Current Price is $2.38 Difference: $0.07
If SKI meets the Credit Suisse target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $2.56, suggesting upside of 7.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.4

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

Deutsche Bank rates SKI as Hold (3) -

Spark Infra's result missed Deutsche Bank but more important to the broker was the maintenance of distribution guidance for 2018, with 5% yoy growth expected.

Beyond that, distribution guidance will be "at least CPI" although Spark paying cash tax will be a headwind as it cannot confidently guide until the current disputes with the ATO are resolved.

Deutsche Bank cuts 2018 EBITDA forecast by -3% and 2019 forecast by -4%, incorporating the miss to TransGrid estimates shown in the result. 

Hold and target reduced to $2.50 from $2.60.

Target price is $2.50 Current Price is $2.38 Difference: $0.12
If SKI meets the Deutsche Bank target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $2.56, suggesting upside of 7.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.4

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

Macquarie rates SKI as Downgrade to Neutral from Outperform (3) -

Spark Infrastructure's profit came in slightly ahead of Macquarie although composition was not as expected. While 2018 dividend guidance did not surprise, 2019-20 dividend growth guidance of "at least CPI" is well below the 5%+ pace of growth seen in the last seven years, the broker notes.

This is a concern. Macquarie has lifted its ten-year bond rate assumption to 4.25% from 3.25% although this only impacts Spark's valuation until the next price reset for 2021-25. But slowing dividend growth means Spark Infrastructure is no longer differentiated from other regulated assets, and market concern over rising rates leads to the broker to downgrade to Neutral from Outperform.

Target rises to 2.67 from $2.65.

Target price is $2.67 Current Price is $2.38 Difference: $0.29
If SKI meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $2.56, suggesting upside of 7.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.4

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

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

2017 results were slightly above expectations, with SAPN and VPN outperforming on costs and incentive allowances. Morgan Stanley notes the asset base growth has lagged slightly.

Distribution guidance of $0.16 per security has been affirmed for 2018. Distribution growth of at least CPI is being targeted through to 2020.

Morgan Stanley maintains an Underweight rating and $2.47 target. Industry view is Cautious.

Target price is $2.47 Current Price is $2.38 Difference: $0.09
If SKI meets the Morgan Stanley target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $2.56, suggesting upside of 7.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.4

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

Morgans rates SKI as Add (1) -

2017 results were in line with forecasts. Morgans finds evidence that, while regulated revenue was relatively predictable, there was significant uncertainties in working capital, operating costs and tax.

The broker notes the company appears comfortable with the short term regulatory threats and has reaffirmed distribution guidance for 2018. FY19-20 distribution growth of at least CPI is expected.

Morgans maintains a Add rating and reduces the target to $2.54 from $2.69.

Target price is $2.54 Current Price is $2.38 Difference: $0.16
If SKI meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $2.56, suggesting upside of 7.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.4

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

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

2017 net profit was slightly ahead of estimates. Ord Minnett observes the result was characterised by strong cash flow and cash has been retained to fund growth opportunities.

The broker upgrades to Accumulate from Hold on the basis of valuation, raising the target to $2.60 from $2.55. Growth from unregulated assets potentially provides further upside.

Target price is $2.60 Current Price is $2.38 Difference: $0.22
If SKI meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $2.56, suggesting upside of 7.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.4

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

Morgans rates SLC as Add (1) -

First half results were broadly in line. Morgans notes sales momentum was strong despite the company undertaking significant investment in simplifying and restructuring acquired businesses.

The broker's positive view is based on medium-term upside as asset utilisation improves. Add retained. Target is $2.81.

Target price is $2.81 Current Price is $2.16 Difference: $0.65
If SLC meets the Morgans target it will return approximately 30% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 1.0

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

Deutsche Bank rates WOW as Buy (1) -

First half results were ahead of expectations. Deutsche Bank was pleased with the sales performance and gains in market share.

The second half started well and the broker believes the current formula is allowing margins to grow while some reinvestment is being made.

This is expected to underpin earnings for some time. Buy rating maintained. Target rises to $30 from $29.

Target price is $30.00 Current Price is $27.86 Difference: $2.14
If WOW meets the Deutsche Bank target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $26.93, suggesting downside of -3.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.1

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