Australian Broker Call

Macquarie rates AMI as Outperform (1) -

Macquarie notes a weak June quarter report, with production of 22,900 ounces of gold around -22% below estimates. The company is guiding to reduced gold production in FY20, partially offset by higher base metals production.

Macquarie reduces estimates for earnings per share in FY19 by -16% and maintains an Outperform rating, lowering the target to $0.55 from $0.60.

Target price is $0.55 Current Price is $0.49 Difference: $0.06
If AMI meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Ord Minnett rates CCL as Hold (3) -

Ord Minnett believes recent changes in the Australian beverages division may be showing signs of starting to deliver. The external environment and momentum have also improved in Indonesia.

The broker believes the stock has limited valuation support but remains attractive versus its peers. Ord Minnett maintains a Hold rating and increases the target to $10.00 from $8.50.

Target price is $10.00 Current Price is $10.47 Difference: minus $0.47 (current price is over target).
If CCL meets the Ord Minnett target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.62, suggesting downside of -17.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.6

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

Macquarie rates CLQ as No Rating (-1) -

The company has received a $14.6m tax refund under the research and development tax incentive scheme for FY18 subsequent to the completion of the June quarter. The company has appointed Fluor as the project management contractor for the Sunrise project.

The primary focus of the quarter was progressing the FEED, which is 43% complete. Macquarie is restricted on rating and target at present.

Current Price is $0.44. Target price not assessed.

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Morgans rates FMG as Reduce (5) -

Morgans believes there is growing likelihood the iron ore rally will moderate. The top end of consensus expectations makes little sense to the broker.

Still, resilient demand could mean supply tightness drags into FY20, particularly if the Pilbara majors underperform on volumes. Regardless, the broker envisages prices are skewed to the downside.

As the stock is trading at a sizeable premium to the target, raised to $6.19 from $6.15, Morgans maintains a Reduce rating.

Target price is $6.19 Current Price is $8.14 Difference: minus $1.95 (current price is over target).
If FMG meets the Morgans target it will return approximately minus 24% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.41, suggesting upside of 3.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.0

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

Citi rates GUD as Downgrade to Neutral from Buy (3) -

Citi remains cautious, in light of the FY19 results, lowering estimates for FY20-21 by -16-19%. The broker downgrades to Neutral from Buy because of the decline in momentum in the second half.

The company has noted soft demand from re-sellers and also increased competition in filters. Prices remain flat at Ryco. Target is reduced to $11.02 from $14.91.

Target price is $11.02 Current Price is $9.72 Difference: $1.3
If GUD meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $10.66, suggesting upside of 9.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.1

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

Credit Suisse rates GUD as Neutral (3) -

Earnings in FY19 trailed Credit Suisse estimates. Credit Suisse envisages ongoing risks to the outlook amid competition and further pressure from the re-seller channel in a soft market.

The broker updates forecasts which reveal a -3% decline in estimates for earnings per share in FY20 and a -10% reduction in the dividend.

The broker still envisages a -$4m draw down in debt is required to fund the dividend. Neutral rating maintained. Target is reduced to $10.30 from $12.00.

Target price is $10.30 Current Price is $9.72 Difference: $0.58
If GUD meets the Credit Suisse target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $10.66, suggesting upside of 9.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.1

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

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

FY19 results were softer than expected. Valuation is undemanding, in Macquarie's view, yet the automotive division was impacted by several problems that accelerated in the second half and may persist in the near term.

The broker downgrades to Neutral from Outperform, having been disappointed organic growth was not sustained above 5% or boosted by bolt-on acquisitions. Target is reduced to $10.50 from $14.50.

Target price is $10.50 Current Price is $9.72 Difference: $0.78
If GUD meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $10.66, suggesting upside of 9.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.1

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

Ord Minnett rates GUD as Accumulate (2) -

Ord Minnett was disappointed with the FY19 results as well as the outlook. Management has highlighted a number of issues such as weaker economic conditions, increased competition and a lack of sell-through from the catalogue launch.

The broker maintains an Accumulate rating and trims the target to $12.00 from $12.70. Having re-based market expectations, Ord Minnett believes the risk/reward balance remains favourable over the medium term.

Target price is $12.00 Current Price is $9.72 Difference: $2.28
If GUD meets the Ord Minnett target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $10.66, suggesting upside of 9.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.1

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

UBS rates GUD as Downgrade to Sell from Buy (5) -

FY19 results were in line with expectations. UBS was disappointed with the Narva catalogue launch, with industry feedback suggesting weaker sales.

The company faces substantial FX headwinds over FY20, and the broker points out prices have not increased for the largest brand Ryco. Hence, it could be difficult to grow earnings (EBIT) in FY20.

UBS downgrades to Sell from Buy and lowers the target to $9.50 from $12.30.

Target price is $9.50 Current Price is $9.72 Difference: minus $0.22 (current price is over target).
If GUD meets the UBS target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.66, suggesting upside of 9.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.1

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

Macquarie rates KAR as Upgrade to Outperform from Neutral (1) -

The company will acquire the Bauna oilfield for US$665m, becoming the fourth largest liquids producer on the ASX. Macquarie suggests a US$100-120m capital raising may be required to fund the acquisition shortfall and strengthen the balance sheet.

The broker assesses the company's three-year wait to obtain the field appears to have paid off. Seller Petrobras is undergoing an extensive divestment program to reduce debt.

Macquarie believes the field is more suited to a company such as Karoon Gas, which has the ability to focus on lifting production volumes. Rating is upgraded to Outperform from Neutral. Target rises to $3.00 from $1.15.

Target price is $3.00 Current Price is $1.71 Difference: $1.29
If KAR meets the Macquarie target it will return approximately 75% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

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

Macquarie rates MIN as No Rating (-1) -

The company has received unconditional approval for the sale of 50% of Wodgina to Albemarle, from Chinese authorities. The deal remains subject to regulatory approvals from Australia's Foreign Investment Review Board and consent from third parties with interest in the tenements.

Macquarie downgrades FY19 earnings estimates by -17% after incorporating lower iron ore shipment volumes and increasing cash cost assumptions. The broker is advising hence is currently restricted from making a recomendation.

Current Price is $16.20. Target price not assessed.

Current consensus price target is $20.00, suggesting upside of 23.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.8

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

Morgan Stanley rates MIN as Overweight (1) -

Iron ore shipments in the June quarter were below estimates and the ramp up at Wodgina is delayed, with first ore expected in around 3-4 months, although Morgan Stanley believes the impact on earnings should be limited.

The broker remains positive on fundamentals and maintains an Overweight rating and $19.50 target. Industry view: Attractive.

Target price is $19.50 Current Price is $16.20 Difference: $3.3
If MIN meets the Morgan Stanley target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $20.00, suggesting upside of 23.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.8

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

Morgan Stanley rates MPL as Underweight (5) -

Morgan Stanley believes structural issues continue to overhang the health sector, notwithstanding the federal election outcome as, in a community-based model with falling participation and an ageing pool of participants, claims per policy will experience upward pressure.

In the face of a soft consumer backdrop and continuing downgrades, the broker believes the market is likely to be too bullish on revenue and policyholder growth.

Despite this, health insurers continue to over earn, with returns above 22% considered unusually high in a regulated industry with government approved pricing.

The broker maintains an Underweight rating and raises the target to $2.60 from $2.40. Industry view: In-Line.

Target price is $2.60 Current Price is $3.63 Difference: minus $1.03 (current price is over target).
If MPL meets the Morgan Stanley target it will return approximately minus 28% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.92, suggesting downside of -19.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.6

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

Morgan Stanley rates NHF as Downgrade to Underweight from Equal-weight (5) -

Morgan Stanley believes structural issues continue to overhang the health sector, notwithstanding the federal election outcome as, in a community-based model with falling participation and an ageing pool of participants, claims per policy will experience upward pressure.

In the face of a soft consumer backdrop and continuing downgrades, the broker believes the market is likely to be too bullish on revenue and policyholder growth. Despite this, health insurers continue to over earn, with returns above 22% considered unusually high in a regulated industry with government approved pricing.

Rating is downgraded to Underweight from Equal-weight. Target is raised to $6.00 from $5.30. Industry view: In-line.

Target price is $6.00 Current Price is $8.18 Difference: minus $2.18 (current price is over target).
If NHF meets the Morgan Stanley target it will return approximately minus 27% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.14, suggesting downside of -24.9% (ex-dividends)

The company's fiscal year ends in June.

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 OGC as Neutral (3) -

Citi found the June quarter positive, as the Haile mine is showing signs of a turnaround and NZ operations were reliable. Didipio is closed by protests, although the broker suspects this may change in the second half.

The company sought a provincial court injunction against the physical restraint of their operations but this has been denied so the Court of Appeals will now be approached.

Citi maintains a Neutral rating and reduces the target to $4.45 from $4.90.

Target price is $4.45 Current Price is $3.98 Difference: $0.47
If OGC meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $4.66, suggesting upside of 17.1% (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

Credit Suisse rates OGC as Neutral (3) -

Mining was suspended in the June quarter at Didipio as the blockage of the mine site access road continued. Second-half production is subject to the timing of the resumption of underground mining.

The company produced 129,300 ounces in the quarter, a little ahead of Credit Suisse estimates. The broker notes the court has denied the company's petition at the hearing on July 12 which now adds risk to second-half guidance.

Credit Suisse believes, in the event of a protracted delay to the re-opening of the access road, consumable depletion will occur before liquidity becomes a factor.

Neutral rating and $4.25 target maintained.

Target price is $4.25 Current Price is $3.98 Difference: $0.27
If OGC meets the Credit Suisse target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $4.66, suggesting upside of 17.1% (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 OGC as Outperform (1) -

June quarter results were broadly in line with Macquarie's expectations although costs were notably elevated. There was a marked improvement at Haile but Didipio was suspended because of the ongoing dispute with local government authorities.

The broker considers uncertainty on the outlook for Didipio will remain for some time while Haile and Waihi should drive increased production and margin.

Outperform maintained. Target unchanged at $5.00.

Target price is $5.00 Current Price is $3.98 Difference: $1.02
If OGC meets the Macquarie target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $4.66, suggesting upside of 17.1% (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

UBS rates OGC as Neutral (3) -

UBS found the cost performance in the June quarter worse than forecast, with all-in sustainable costs up 27%. Some of this was from heavy pre-stripping, so there will be a benefit in the future from greater access to ore and lower stripping costs.

The broker notes OceanaGold is heavily leveraged to the gold price and the share price has not rallied with the sector because of recent operating and regulatory issues, in particular Didipio in the Philippines.

Neutral rating maintained. Target is reduced to $4.40 from $4.75.

Target price is $4.40 Current Price is $3.98 Difference: $0.42
If OGC meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $4.66, suggesting upside of 17.1% (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

Citi rates RIO as Buy (1) -

Citi adjusts forecasts ahead of the first half result. The broker expects the iron ore division to report operating earnings (EBITDA) of US$7.5bn. Buy rating maintained. Target is reduced to $110 from $114.

Target price is $110.00 Current Price is $98.94 Difference: $11.06
If RIO meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $103.16, suggesting upside of 4.3% (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: 0.1

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

Citi rates RMD as Neutral (3) -

FY19 results were ahead of Citi's estimates and FY20-21 forecasts are increased by 7-8%. The broker considers the business excellent, albeit fairly valued and, hence, maintains a Neutral rating. Target is raised to $19.00 from $17.75.

ResMed has tentatively agreed with the US government to resolve on a civil basis the Department of Justice investigation for payment of US$39.5m relating to issues around re-supply. Citi believes the company took appropriate measures several years ago, noting ResMed is confident in its numbers.

Target price is $19.00 Current Price is $18.73 Difference: $0.27
If RMD meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $17.95, suggesting downside of -4.2% (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: 0.4

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

Credit Suisse rates RMD as Outperform (1) -

The company reported a strong fourth quarter result, with underlying earnings (EBIT) above Credit Suisse estimates. Mask growth was strong while US device growth was 7% with the continued uptake of the AirSense 10.

Credit Suisse maintains an Outperform rating and raises the target to $20.10 from $18.45. The broker believes ResMed benefits from having the broadest product portfolio and having launched three new masks in the past 12 months.

Target price is $20.10 Current Price is $18.73 Difference: $1.37
If RMD meets the Credit Suisse target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $17.95, suggesting downside of -4.2% (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: 0.4

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

Macquarie rates RMD as Underperform (5) -

Fourth quarter net profit was ahead of Macquarie's expectations. The broker believes its forecasts capture the recent positive trends while the risk/reward profile is skewed to the downside at current levels.

The broker considers the current share price ascribes limited medium-term risk in relation to reimbursement changes or the longer-term impact of competing technologies. Underperform maintained. Target is raised to $15.35 from $15.00.

Target price is $15.35 Current Price is $18.73 Difference: minus $3.38 (current price is over target).
If RMD meets the Macquarie target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $17.95, suggesting downside of -4.2% (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: 0.4

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

Morgan Stanley rates RMD as Overweight (1) -

Morgan Stanley is increasingly convinced the company's connected-care strategy will drive market share gains and higher rates of re-supply sales. FY19 results were ahead of expectations.

The main headwinds in the forecast period are considered to be low device growth, outside of the Americas, as periods that benefited from favourable reimbursement changes are cycled. There is also likely to be dilution to earnings per share from the Verily joint venture and Propeller Health acquisition.

Overweight rating and target is raised to $17.90 from $17.70. Industry view: In-Line.

Target price is $17.90 Current Price is $18.73 Difference: minus $0.83 (current price is over target).
If RMD meets the Morgan Stanley target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $17.95, suggesting downside of -4.2% (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: 0.4

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

Ord Minnett rates RMD as Hold (3) -

FY19 results were ahead of Ord Minnett's estimates. The core sleep franchise performed strongly and extended its leading position, the broker observes.

Robust market conditions are expected to continue into FY20, supporting earnings growth of around 10%, although the broker suggests this is largely captured in the share price.

Ord Minnett maintains a Hold rating. Target is raised to $18.00 from $16.50, because of a change in the risk-free rate assumption to better reflect the global rate environment.

Target price is $18.00 Current Price is $18.73 Difference: minus $0.73 (current price is over target).
If RMD meets the Ord Minnett target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $17.95, suggesting downside of -4.2% (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: 0.4

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

UBS rates RMD as Upgrade to Buy from Neutral (1) -

UBS upgrades to Buy from Neutral. Following the results, which were slightly ahead of expectations, the broker updates assumptions which underpin upgrades of 5-8% over the forecast period.

Mask growth stood out in the Americas, up 16%, and US re-supply growth is also showing no signs of slowing. Target is raised to US$140 from US$122.

Current Price is $18.73. Target price not assessed.

Current consensus price target is $17.95, suggesting downside of -4.2% (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: 0.4

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) -

Credit Suisse is upgrading to Neutral from Underperform as the stock is trading in line with valuation. Relative underperformance is rendering Spark Infrastructure undervalued based on historical correlation of valuation multiples. Target is raised to $2.30 from $2.10.

Still, the broker cautions that forecast cash flows put significant doubt on the company's ability to grow dividends and an extension of a discounted dividend reinvestment plan may be required beyond what is needed to fund the Bomen equity.

Target price is $2.30 Current Price is $2.35 Difference: minus $0.05 (current price is over target).
If SKI 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 $2.28, suggesting downside of -3.0% (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

Ord Minnett rates SUN as Hold (3) -

Ord Minnett updates its model to incorporate a revised investment return benchmark for fixed income. The changes result in a -12% reduction in estimates for FY19 and minor variations to the outer years.

Hold rating maintained. Target is reduced to $14.40 from $14.61.

Target price is $14.40 Current Price is $13.59 Difference: $0.81
If SUN meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $13.83, suggesting upside of 1.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.1

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

Credit Suisse rates TWE as Outperform (1) -

US retail sales data reveals the company has markedly improved sales in July. The improvement came with a strong launch of Beringer Bros. Credit Suisse is impressed with Treasury Wines' execution under the new distribution model.

Still, the broker concedes it is early days as online reviews, while positive, have not been resoundingly so, and the initial volume purchased was 20% of the size of 19 Crimes.

Outperform and $19.85 target retained.

Target price is $19.85 Current Price is $17.70 Difference: $2.15
If TWE meets the Credit Suisse target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $18.06, suggesting upside of 2.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

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

Ord Minnett rates Z1P as Accumulate (2) -

The company performed strongly in the June quarter, beating Ord Minnett's expectations. Underlying sales and the amount of bad debts were a source of positive surprise.

The broker expects a strategic update at the August results, which should assist in setting out the trajectory of the business. Accumulate rating maintained. Target is raised to $3.70 from $3.30.

Target price is $3.70 Current Price is $3.46 Difference: $0.24
If Z1P 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 FY19:

Forecast for FY20:

Market Sentiment: 0.8

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