Australian Broker Call

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

FY19 results were below Morgan Stanley's estimates. Challenging conditions continue in Europe, although the company is guiding to modest growth.

US remains the bright spot, in Morgan Stanley's view, with a 10% gain in net subscribers. The main catalyst for the broker will be evidence of traction from internally developed product.

Target is $1.10. Equal-weight rating. Industry view is In-Line.

Target price is $1.10 Current Price is $0.91 Difference: $0.19
If 3PL meets the Morgan Stanley target it will return approximately 21% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.5

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

Credit Suisse rates A2M as Neutral (3) -

FY19 results were in line with expectations. Credit Suisse finds FY20 guidance for the operating earnings (EBITDA) margin to be broadly consistent with the 28.2% outcome in the second half.

The main driver of value is a re-emergence of operating leverage and the broker does not doubt the company has the opportunity to add material scale.

However, a number of factors make Credit Suisse cautious and a Neutral rating is maintained. Target is raised to NZ$14.40 from NZ$14.00.

Current Price is $13.59. Target price not assessed.

Current consensus price target is $14.18, suggesting upside of 4.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

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

Market Sentiment: 0.0

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

Credit Suisse rates AIZ as Neutral (3) -

Operating earnings were below Credit Suisse estimates. The decline in operating earnings year-on-year reflected the combination of higher jet fuel and cost headwinds as a result of the Rolls-Royce engine issues as well as a slowdown in domestic leisure travel.

The initial guidance for FY20 is considered soft. While envisaging a number of areas of potential downside risk Credit Suisse believes that, so long as the company can maintain its current dividend profile, the shares will receive investor support.

Neutral rating. Target reduced to NZ$2.67 from NZ$2.70.

Current Price is $2.67. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

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

Market Sentiment: 0.0

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

Macquarie rates AIZ as Underperform (5) -

Air NZ's result came in ahead of expectation, albeit a -31% fall in profit. Management has trimmed its domestic capacity outlook for FY20 and noted bookings are flat. Cargo is suffering from macroeconomic challenges. FY20 guidance suggests another decline, despite cost-outs and a lower fuel price.

The broker is not surprised by the cautious outlook and retains Underperform and an NZ$2.40 target, noting the pathway to improving return on invested capital is not yet clear, but also acknowledging an 8% yield is attractive.

Current Price is $2.67. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

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

Market Sentiment: 0.0

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

UBS rates AIZ as Buy (1) -

FY19 results showed slightly stronger passenger volumes, partially countered by higher operating costs. UBS lowers estimates for earnings per share by -12% and -14% in FY20 and FY21 respectively on the back of higher depreciation costs.

UBS suggests the investor focus will shift from falling earnings in FY19 to a recovery and strong free cash flow from FY20. This conviction is supported by the cost reductions, reduced competition, fuel price weakness and timing of fleet orders.

Buy rating maintained. Target rises to NZ$3.10 from NZ$2.90.

Current Price is $2.67. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

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

Market Sentiment: 0.0

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

Citi rates AX1 as Neutral (3) -

Neutral rating retained as Citi found the FY19 report card was largely in-line with expectations. The Trybe has moved past trial stage faster than anticipated, the analysts note. There is also a trial upcoming for Pivot, at the value side of the market.

Operating cash flow decreased, likely due to higher inventories, suggest the analysts. While international plans have been shelved in order to focus on opportunities domestically. Target unchanged at $1.61.

Target price is $1.61 Current Price is $1.62 Difference: minus $0.01 (current price is over target).
If AX1 meets the Citi target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Market Sentiment: 0.5

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

Morgans rates BIN as Hold (3) -

Bingo Industries' FY19 result was in line with consensus and revised guidance, thanks to proceeds from the DADI acquisition. No guidance was provided, although the company's FY20 growth targets outpaced Morgans' estimates.

Morgans notes earnings quality and growth were strong, and operating cash flow sharply outpaced estimates, rising 12%.

With 25% of revenue linked to Sydney's weak residential markets, commodity price risks on recycled products, infrastructure project delays and a possible increase in net debt, Morgans finds it hard to reconcile growth targets with the operating environment.

Target price falls to $2.30 from $2.64. Hold rating retained.

Target price is $2.30 Current Price is $2.34 Difference: minus $0.04 (current price is over target).
If BIN 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 $2.45, suggesting upside of 4.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

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

Carsales had pre-released its headline numbers so no surprises. The core domestic business continues to perform well and the company is well placed to deliver solid growth over the medium term, Macquarie believes.

The recent run in the share price nevertheless brings valuation into line hence the broker pulls back to Neutral from Outperform. Target rises to $15.80 from $13.20, including a boost from lowering the risk free rate.

Target price is $15.80 Current Price is $15.44 Difference: $0.36
If CAR meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $15.41, suggesting downside of -0.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

Morgans rates CAT as Hold (3) -

Catapult Group's FY19 result met Morgans' forecasts, thanks to tighter costs and a solid uptick in sales of elite wearable monitoring devices.

Morgans notes the company should be free cash-flow positive by FY21 but expects a slower rate of net subscriber gains from FY20 onwards and higher capital expenditure.

Foreign exchange should weigh in the company's favour. Morgans increases capital expenditure forecasts and shaves profit forecasts.

Target price falls to $1.56 from $1.90. Hold rating.

Target price is $1.56 Current Price is $1.38 Difference: $0.18
If CAT meets the Morgans target it will return approximately 13% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Citi rates CCL as Sell (5) -

The interim report has triggered upgrades to forecasts at Citi, but the Sell rating remains in place. Cost of goods (COGS) headwinds are expected to continue depressing margins. Price target lifts to $9.70 from $8.15.

Yesterday, upon initial review, Citi analysts flagged there seemed to be enough in the report to support market confidence that growth will resume in 2020. Citi, however, zooms in on the lack of consistency in EPS growth, which means the current valuation is probably appropriate.

Target price is $9.70 Current Price is $10.79 Difference: minus $1.09 (current price is over target).
If CCL meets the Citi target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.25, suggesting downside of -14.3% (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

Credit Suisse rates CCL as Underperform (5) -

Credit Suisse believes Coca-Cola Amatil is making progress on returning to mid single digit earnings growth in 2020. The broker notes confidence has improved for 2020 volume growth.

The company has demonstrated that the erosion in volumes in the first half was largely from the Queensland container deposit scheme combined with the exit of the low-value water contract.

Price and mix is the area of concern in 2020. Credit Suisse maintains an Underperform rating and raises the target to $9.40 from $8.90.

Target price is $9.40 Current Price is $10.79 Difference: minus $1.39 (current price is over target).
If CCL meets the Credit Suisse target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.25, suggesting downside of -14.3% (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 CCL as Underperform (5) -

Coca-Cola Amatil's earnings result fell -4% short of Macquarie as the core domestic business again disappointed, showing beverages in ongoing decline. A 4c special dividend was nevertheless a positive surprise. Indonesia/PNG were again soft.

Guidance suggests 20% return on operating expense investment, which the broker believes is unlikely. Near term earnings pressures remain and valuation is no longer supportive.

Underperform retained, target rises to $8.77 from $8.15 on a roll-forward of valuation.

Target price is $8.77 Current Price is $10.79 Difference: minus $2.02 (current price is over target).
If CCL meets the Macquarie target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.25, suggesting downside of -14.3% (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

Ord Minnett rates CCL as Hold (3) -

First half net profit was below Ord Minnett's forecasts albeit consistent with 2019 being a transition year. The broker is increasingly confident about execution in the Australian beverages business, noting volume growth in Indonesia is also strong.

While valuation support is limited, Ord Minnett believes the stock is attractive versus its larger Australian consumer staples peers. Hold rating maintained. Target rises to $11 from $10.

Target price is $11.00 Current Price is $10.79 Difference: $0.21
If CCL meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $9.25, suggesting downside of -14.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.6

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

UBS rates CCL as Sell (5) -

First half results were weaker than expected. UBS notes signs of improvement in Australasia, while Indonesian volumes were strong.

However, there were significant costs, which the broker suspects highlight the need for continued investment in order to stand still in Australia and grow in Indonesia.

The company has flagged no additional investment in 2020 but the broker suspects this may not be the case. Sell maintained. Target is raised to $8.40 from $7.70.

Target price is $8.40 Current Price is $10.79 Difference: minus $2.39 (current price is over target).
If CCL meets the UBS target it will return approximately minus 22% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.25, suggesting downside of -14.3% (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

Morgans rates CGR as Add (1) -

CML Group's FY19 result broadly met guidance, and management says the group rebounded in the second-half and was off to a strong start in FY20.

Invoice financing volumes are forecast to grow 15% in FY20 but the broker notes weak second-half metrics are likely to drag on FY20. Gross margins declined and the broker expects this to trend as large clients replace smaller clients.

Add rating retained. The broker sees potential for medium-term growth but believes FY20 execution will prove critical. Target price falls to 52c from 71c.

Target price is $0.52 Current Price is $0.45 Difference: $0.07
If CGR meets the Morgans target it will return approximately 16% (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

Citi rates COL as Neutral (3) -

Citi analysts saw a "solid" FY19, underpinned by better gross margins. They did, however, downgrade like-for-like sales expectations to a negative -0.9% for Q1, leading to a rather soft outlook for Supermarket EBIT (operational earnings) in H1 FY20.

Further improvement is reliant on Coles achieving ongoing expansion in gross margins and Citi analysts believe management can achieve this. They retain the Neutral rating, considering stable underlying earnings and a 4% dividend yield attractive in the current environment.

Price target lifts to $13.90 from $13.50.

Target price is $13.90 Current Price is $13.87 Difference: $0.03
If COL meets the Citi target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $13.09, suggesting downside of -5.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.3

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

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

Credit Suisse describes the maiden FY19 result as "so far so good". Supermarkets were better-than-expected. A reduction in net debt has also reduced perceptions of higher financial risk following the de-merger.

Once the convenience re-set is cycled, earnings growth in FY21 appears likely to the broker. Rating is upgraded to Neutral from Underperform and the target increased to $13.23 from $11.97.

Target price is $13.23 Current Price is $13.87 Difference: minus $0.64 (current price is over target).
If COL meets the Credit Suisse target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $13.09, suggesting downside of -5.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.3

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

Macquarie rates COL as Neutral (3) -

The broker calls Coles' result solid, featuring the first supermarket earnings growth since FY16, strong cash conversion and a healthy balance sheet ready for investment. The broker sees the company as well placed for rising, albeit sluggish sales, while rising costs threaten earnings risk downside.

Management is cautious, noting strong competition and the fact the supermarket will be cycling last year's highly successful Little Shop campaign this half. The broker retains Neutral. Target falls to $13.62 from $13.94.

Target price is $13.62 Current Price is $13.87 Difference: minus $0.25 (current price is over target).
If COL meets the Macquarie target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $13.09, suggesting downside of -5.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.3

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

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

While the FY19 result appears better than expected, Morgan Stanley notes a clean comparison is difficult given several adjustments.

In the first quarter of FY20 the company is cycling the Little Shop promotion and suspects this will make for a challenging quarter.

Earnings growth in Coles Express is expected to remain subdued as a result of the new alliance agreement.

Equal-Weight retained. Industry view: Cautious. Target is $13.

Target price is $13.00 Current Price is $13.87 Difference: minus $0.87 (current price is over target).
If COL meets the Morgan Stanley target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $13.09, suggesting downside of -5.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.3

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

Morgans rates COL as Hold (3) -

Coles' FY19 result beat Morgans' forecasts, thanks to a strong return from Supermarkets. The company announced a surprise 11.5c special dividend.

Coles also recorded a profit from online shopping for the first time in 20 years. FY19 online revenue jumped 30% to A$1.1bn, 3.6% of supermarket sales.

This was attributed to greater scale, more efficient home delivery and continued growth in Click and Collect.

The broker tinkers with EPS forecasts. Target price rises to $13.20 from $12.91. Hold rating retained.

Target price is $13.20 Current Price is $13.87 Difference: minus $0.67 (current price is over target).
If COL meets the Morgans target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $13.09, suggesting downside of -5.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.3

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

Ord Minnett rates COL as Lighten (4) -

FY19 results were difficult for Ord Minnett to reconcile. Earnings (EBIT) were ahead of estimates yet down -9% on FY18. The broker expects earnings to fall in FY20 in all divisions.

The food business lacks a clear strategic position, struggling to address the earnings impact of a more demanding consumer, in the broker's view, because of underinvestment in the store network, supply chain and systems under the Wesfarmers ((WES)) ownership.

Lighten rating maintained. Target rises to $12.00 from $11.50.

Target price is $12.00 Current Price is $13.87 Difference: minus $1.87 (current price is over target).
If COL meets the Ord Minnett target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $13.09, suggesting downside of -5.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.3

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

UBS rates COL as Sell (5) -

The company's maiden FY19 result was messy, UBS observes, but in line with expectations. Supermarket earnings were 3% ahead of the brokers forecasts.

The company has flagged a challenging first quarter for supermarkets and the potential for a drag on working capital via tobacco changes in the first half.

UBS retains a Sell rating, although becoming less negative, expecting the top-line and margin will improve into the second half. Target is raised to $12.65 from $12.30.

Target price is $12.65 Current Price is $13.87 Difference: minus $1.22 (current price is over target).
If COL meets the UBS target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $13.09, suggesting downside of -5.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.3

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

Macquarie rates CTD as Neutral (3) -

Corporate Travel's result fell slightly short of the broker, but included a $4.8m forex gain and excluded $6.3m in one-off costs. A&NZ performed very well despite softer trading conditions and North America was solid, with Europe/Asia dragging the chain thanks to macro conditions that are likely to persist for now.

Having shifted to a sum of the parts valuation model, the broker drops its target to $21.50 from $28.70. Neutral retained.

Target price is $21.50 Current Price is $19.39 Difference: $2.11
If CTD meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $26.82, suggesting upside of 38.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.8

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

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

FY19 results were ahead of estimates. This was largely because of a higher contribution from transport. Management appears upbeat on growth prospects, guiding to FY20 net profit of $365m.

With robust work in hand at $43.3bn, Credit Suisse believes the business is well-positioned for growth. Rating is upgraded to Neutral from Underperform. Target is raised to $7.70 from $7.10.

Target price is $7.70 Current Price is $7.91 Difference: minus $0.21 (current price is over target).
If DOW 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 $7.91, suggesting downside of -1.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

Macquarie rates DOW as Outperform (1) -

Downer posted a "solid and clean" result in line with the broker. Transports Services was a standout, growing 25% thanks to robust road maintenance and rail markets.

The stock offers above-market growth at a below-market PE, the broker notes. Despite some recent issues risk management remains solid, and definitive 7% growth guidance stands up well against vague guidance provided across the sector. Outperform retained, target rises to $8.63 from $8.52.

Target price is $8.63 Current Price is $7.91 Difference: $0.72
If DOW meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $7.91, suggesting downside of -1.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

UBS rates DOW as Buy (1) -

FY19 results were in line with UBS estimates. The broker suspects FY20 guidance for net profit of $365m assumes a normalised operating outlook and therefore should not be affected by the recent Murra Warra contract provision.

This also does not include any benefit from the partial reversal of the new Royal Adelaide Hospital onerous provision expected in the first half.

The company has reached an agreement with the South Australian government on this contract but, despite the resolution, UBS still expects it will be loss-making until the next re-pricing point in FY22.

Buy rating maintained. Target is raised to $8.35 from $8.15.

Target price is $8.35 Current Price is $7.91 Difference: $0.44
If DOW meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $7.91, suggesting downside of -1.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

Citi rates EBO as Neutral (3) -

The FY19 update is dubbed slightly better than consensus. Citi analysts have reduced near term expectations, but remain confident in the longer term growth trajectory. They increase the price target to $24 from $22.

The analysts note there is ample balance sheet optionality for further acquisitions in the medical devices and consumables sectors, as well as health consumer brands. Neutral rating retained.

Target price is $24.00 Current Price is $24.50 Difference: minus $0.5 (current price is over target).
If EBO meets the Citi target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $24.04, suggesting downside of -1.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

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

Ebos Group's FY19 result met Morgans' forecasts. The company completed $300m of acquisitions and is expected to continue buying in FY20.

Key metrics were solid across most divisions, Healthcare proving the laggard, as PBS reform and the unwinding of the HepC benefit weighed.

Morgans leaves forecasts unchanged. Target price is steady at $24.07. The broker downgrades to Hold from Add following the recent sharp share price rally.

Target price is $24.07 Current Price is $24.50 Difference: minus $0.43 (current price is over target).
If EBO 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 $24.04, suggesting downside of -1.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

UBS rates EBO as Neutral (3) -

FY19 results were slightly ahead of UBS estimates. Earnings quality was affected by the exclusion of M&A transaction costs, warehouse costs and net of gains on property sales.

With the full year contribution from Chemist Warehouse, UBS forecasts 13% operating earnings (EBITDA) growth in FY20. Neutral maintained. Target is raised to NZ$25.50 from NZ$24.00.

Current Price is $24.50. Target price not assessed.

Current consensus price target is $24.04, suggesting downside of -1.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

Macquarie rates EHL as Outperform (1) -

A good result from Emeco came just ahead of guidance and the broker. Rental business metric all improved, while the workshop business continues to grow. Strong industry conditions put the company is a strong position in FY20, the broker suggests.

The broker is surprised by the sell-off response and sees a good entry point. Outperform retained, target rises to $3.00 from $2.60.

Target price is $3.00 Current Price is $1.95 Difference: $1.05
If EHL meets the Macquarie target it will return approximately 54% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

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

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

The broker does not comment on ERM's result, likely because it is swamped by a takeover offer from Shell at $2.465, a premium to Macquarie's valuation. While the broker cannot rule out a higher offer, it sees a limited number of players who would be permitted to bid and have an investment grade rating.

The broker shifts to Neutral from Outperform and lifts its target to the offer price of $2.47 from $2.05.

Target price is $2.47 Current Price is $2.46 Difference: $0.01
If EPW meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $2.32, suggesting downside of -5.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.3

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

Ord Minnett rates EPW as Downgrade to Hold from Accumulate (3) -

FY19 underlying net profit was down -14% but overshadowed by the coincident announcement that Shell Australia has made an acquisition proposal at $2.465 a share cash. Ord Minnett considers the offer fair and in line with value estimates.

The likelihood of a competitor bid is low, given competition constraints that prevent an incumbent from placing a rival bid. The broker downgrades to Hold from Accumulate and raises the target to $2.45 from $2.00.

Target price is $2.45 Current Price is $2.46 Difference: minus $0.01 (current price is over target).
If EPW meets the Ord Minnett target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.32, suggesting downside of -5.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.3

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

Citi rates EVT as Sell (5) -

Citi analysts report the FY19 release marked a "big miss", caused by both cyclical and structural pressures. Citi can pat itself on the back, it turns out its own below consensus forecasts were only off the mark by some 1%.

Cinemas in Australia heavily underperformed and management has decided to no longer disclose admission numbers. Hardly inspiring confidence is the response by Citi analysts. The sale of the German operations has been delayed.

Management provided no guidance. Citi has retained the Sell rating. Price target lifts to $12.90 from $11.25 on, believe it or not, slightly higher forecasts.

Target price is $12.90 Current Price is $12.43 Difference: $0.47
If EVT meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.5

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

Citi rates FLT as Buy (1) -

FY19 might have disappointed some, slightly, but it was within management's guidance range, comment Citi analysts. They also believe market consensus may have had higher expectations for FY20 also.

Citi analysts concentrate on the apparent stabilisation instead, while noting international profit contribution continues to grow in importance. Citi also believes management's target to lift margin to 2% remains "realistic".

Flight Centre remains the broker's preference among the large cap discretionary retailers in Australia. The analysts believe the outlook is not yet reflected in the share price. Buy rating retained with an improved target of $52.60.

Target price is $52.60 Current Price is $46.00 Difference: $6.6
If FLT meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $49.39, suggesting upside of 7.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.6

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

Credit Suisse rates FLT as Neutral (3) -

Credit Suisse suggests the enthusiasm with which the market greeted the FY19 result reflects both the strength of corporate business and indicates management has provided more clarity on the strategy to address the underperformance in the Australian shops.

Results were at the lower end of guidance. Credit Suisse retains a Neutral rating and reduces the target of $47.76 from $52.91.

Target price is $47.76 Current Price is $46.00 Difference: $1.76
If FLT meets the Credit Suisse target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $49.39, suggesting upside of 7.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.6

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

Macquarie rates FLT as Neutral (3) -

Flight Centre's result came in at the low end of previously downgraded guidance and in line with consensus. Underlying profit fell -7%. Weakness persisted for A&NZ leisure and there appears no improvement post the election and tax cuts, the broker notes.

Corporate is more dependable and global is performing well but the broker retains Neutral, awaiting signs of stabilisation in A&NZ leisure. A stronger offshore market sees target rise to $48.40 from $45.90.

Target price is $48.40 Current Price is $46.00 Difference: $2.4
If FLT meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $49.39, suggesting upside of 7.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.6

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

Morgan Stanley rates FLT as Overweight (1) -

FY19 results were in line with Morgan Stanley's estimates. The broker notes Australasia continues to be soft with total transaction value growth of 1.5%.

Softer macro conditions in Australia amid disruption from changes to the leisure business and store closures helped reduce earnings (EBIT) by -29%.

FY20 guidance will be provided at the AGM in November but the company is expecting a gradual recovery in the Australian leisure business.

Morgan Stanley maintains an Overweight rating and $46 target. Industry view: Cautious.

Target price is $46.00 Current Price is $46.00 Difference: $0
If FLT meets the Morgan Stanley target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $49.39, suggesting upside of 7.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.6

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

Morgans rates FLT as Hold (3) -

Flight Centre's FY19 result was at the low end of guidance and provided cautious guidance, pointing to macro and internal hurdles.

Morgans expects earnings guidance at the AGM may disappoint and downgrades its below-consensus forecasts further, expecting a higher tax rate and believing the company's transformation targets to be aspirational.

The company was pincered by lower earnings and higher costs (due to a global technology spend), and also logged an increase in net interest expense and weaker margins.

Hold rating retained. Target price rises to $43.50 from $41.65.

Target price is $43.50 Current Price is $46.00 Difference: minus $2.5 (current price is over target).
If FLT meets the Morgans target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $49.39, suggesting upside of 7.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.6

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

UBS rates FLT as Buy (1) -

FY19 results, while soft, were in line with guidance and UBS finds some positive signs. The rate of decline in Australian leisure eased through the second half, which suggests there is potential for growth in FY20.

The broker also notes costs remain well controlled. FY22 targets were reiterated, which UBS calculates imply 22% upside to its estimates. Buy rating maintained. Target is reduced to $55.00 from $55.60.

Target price is $55.00 Current Price is $46.00 Difference: $9
If FLT meets the UBS target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $49.39, suggesting upside of 7.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.6

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

Macquarie rates GOZ as Neutral (3) -

Growthpoint Properties' funds from operations slightly beat the broker.  FY20 guidance is in line. The company has resolved its balance sheet concerns, the broker notes.

Developments are underway that should provide growth and low bond yields are providing support, pushing dividend yield up to a 5.3% high. Neutral retained, target rises to $4.21 from $4.08.

Target price is $4.21 Current Price is $4.37 Difference: minus $0.16 (current price is over target).
If GOZ meets the Macquarie target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.94, suggesting downside of -9.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.3

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

Macquarie rates IEL as Outperform (1) -

IDP Education's result was only slightly below forecast. The issue of earnings overstatement is invalid, the broker insists, and no cause for a de-rating.

Support is provided by scarcity factors, structural tailwinds, improving competitive positioning and a strong organic growth profile, the broker notes. M&A remains a key potential catalyst. The broker retains a steadfast Outperform. Target rises to $19.20 from $17.50.

Target price is $19.20 Current Price is $16.66 Difference: $2.54
If IEL meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $18.40, suggesting upside of 10.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

Morgan Stanley rates IEL as Overweight (1) -

FY19 results were in line and Morgan Stanley considers the earnings trajectory essentially unchanged.

The broker envisages the business can compound earnings at a materially higher rate than the market and remains a buyer of any softness.

Target is raised to $21.50 from $19.00. Overweight rating reiterated. Industry view is In-Line.

Target price is $21.50 Current Price is $16.66 Difference: $4.84
If IEL meets the Morgan Stanley target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $18.40, suggesting upside of 10.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

Morgans rates IEL as Upgrade to Add from Hold (1) -

IDP Education's FY19 results met Morgans forecasts, logging strong growth across the board.

The broker says the metrics are hard to fault, the company providing a return on equity of greater than 45% and 100%+ cash conversion and low capital expenditure.

Indian student numbers grew 38%, the digital platform is in place and the broker expects margin expansion.

Broker upgrades to Add from Hold. Target price rises to $19.85 from $17.29.

Target price is $19.85 Current Price is $16.66 Difference: $3.19
If IEL meets the Morgans target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $18.40, suggesting upside of 10.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

Ord Minnett rates IEL as Downgrade to Hold from Accumulate (3) -

FY19 net profit was in line with Ord Minnett's forecasts. Student placement was the driver of the result, with Australian volumes up 10.4% and multi destinations up 51%.

Ord Minnett expects a recovery in volumes back to system in the short term and strong growth in placements to continue but does not suggest the business model is immune to risk.

Hence, the broker struggles with valuation and downgrades to Hold from Accumulate. Target is raised to $16.23 from $14.16.

Target price is $16.23 Current Price is $16.66 Difference: minus $0.43 (current price is over target).
If IEL meets the Ord Minnett target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.40, suggesting upside of 10.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

UBS rates IEL as Sell (5) -

FY19 results were weaker than UBS expected as momentum slowed in the second half. The broker notes the digital strategy continues to take shape and the business expansion is on track.

New initiatives include an innovation hub in Chennai and consideration of 15-20 new cities over the next two years for the opening of student placement offices.

The broker assesses the stock is expensive and maintains a Sell rating. Target is reduced to $15.20 from $15.40.

Target price is $15.20 Current Price is $16.66 Difference: minus $1.46 (current price is over target).
If IEL meets the UBS target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.40, suggesting upside of 10.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

Citi rates LOV as Buy (1) -

Management at Lovisa continues to execute well. Gross margin pressure is but temporary, and reflects investments in new markets, and the share price valuation is not unreasonable considering the 20% three-year net profit CAGR.

Such are the key conclusions drawn by Citi analysts post the release of FY19 financials upon which the analysts declare this retailer represents the best long term growth story in the Australian small cap retail sector.

Citi analysts note the international roll-out is tracking ahead of expectations. Forecasts have been slightly reduced. Price target lifts to $14.10. Buy.

Target price is $14.10 Current Price is $12.39 Difference: $1.71
If LOV meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $12.57, suggesting upside of 1.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.8

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

Macquarie rates LOV as Outperform (1) -

Lovisa posted a solid result in difficult trading conditions, in line with the broker. Revenue growth was underpinned by 64 new stores. Same store sales growth was only a little weak as last year's strong trends were cycled.

Lovisa's globally proven and scalable retail concept hinges on the size and speed of store rollouts and Macquarie sees the capacity to multiply. The US is a key opportunity.

The broker sees the stock as a core small retail holding. Outperform retained, target rises to $13.50 from $11.00.

Target price is $13.50 Current Price is $12.39 Difference: $1.11
If LOV meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $12.57, suggesting upside of 1.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.8

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

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

FY19 results were in line with Morgan Stanley's estimates. Like-for-like sales declined -0.5% overall, suggesting the second half recovered to growth of 1.1%.

There were 19 US stores trading in FY19 and a further nine have opened in FY20 to date. The store count is also building in France.

Equal-weight. Target is $9.00. Industry view is In-Line.

Target price is $9.00 Current Price is $12.39 Difference: minus $3.39 (current price is over target).
If LOV 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 $12.57, suggesting upside of 1.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.8

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

Morgans rates LOV as Add (1) -

Lovisa Holdings' FY19 result outpaced Morgans estimates by roughly 3% to 5%, thanks to strong revenue from acceleration in like for like sales.

The broker notes the growth absorbed substantial regional investment returning very strong cash generation, resulting in a 22% increase in the dividend, and a 2.6% rise in EPS.

The broker says the company's hedge rate will pose a hurdle in FY20 (-9%), in part offset by lower operating costs. Morgans upgrades sales growth and top-line earnings assumptions but downgrades EPS estimates to account for higher depreciation and amortisation.

Add rating retained despite high multiples, the broker expecting meaningful growth will be logged once operating leverage returns. Target price rises to $13.66 from $13.15.

Target price is $13.66 Current Price is $12.39 Difference: $1.27
If LOV meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $12.57, suggesting upside of 1.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.8

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

Citi rates MGX as Upgrade to Neutral from Sell (3) -

Underlying, it turns out, Mt Gibson's FY19 report proved well, well, well below expectations at Citi; $70m versus $100m expected without a deferred tax recognition. But the focus of operations is shifting to Koolan Island and this will ensure operational continuity.

Citi analysts have upgraded to Neutral/High Risk from Sell/High Risk while increasing forecasts for volumes and costs. Price target remains unchanged at 85c. Citi analysts welcome the return of Koolan Island, but they also make it clear they are bears on the medium term outlook for iron ore prices.

Target price is $0.85 Current Price is $0.76 Difference: $0.09
If MGX meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.5

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

Macquarie rates MIN as No Rating (-1) -

Mineral Resources' result was solid and in line with the broker. The outlook for mining services is better than expected.

The broker is currently on research restriction.

Current Price is $13.43. Target price not assessed.

Current consensus price target is $19.25, suggesting upside of 43.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.8

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

Morgan Stanley rates MIN as Overweight (1) -

FY19 results were ahead of Morgan Stanley's estimates. The broker finds quality and growth of mining services a key positive. FY20 guidance for $280-300m in operating earnings is ahead of expectations.

The company has also provided greater visibility on the long-term contracts in its mining services book, with 26% maturing in more than 10 years and 50% in 5-10 years. A retention rate of 96% has also been flagged for the past five years.

The update should alleviate some concerns, the broker suggests. Target is reduced to $18.00 from $18.80. Overweight rating. Industry view: Attractive.

Target price is $18.00 Current Price is $13.43 Difference: $4.57
If MIN meets the Morgan Stanley target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $19.25, suggesting upside of 43.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.8

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

Citi rates MPL as Neutral (3) -

Citi describes Medibank Private as a company where management does an excellent job in managing the controllables, but industry dynamics continue to constrain top line growth. In between sit a defensive business with a growing dividend yield.

Citi suggests FY20 is shaping up as potentially a year of negative growth with net margins expected to remain flat, supported by management's cost control. Neutral rating retained. Price target unchanged at $3.60.

Note: company has added 2.5c in special dividend and Citi analysts believe there is scope for additional capital returns, in time.

Target price is $3.60 Current Price is $3.44 Difference: $0.16
If MPL meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $3.12, suggesting downside of -9.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.6

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

Credit Suisse rates MPL as Underperform (5) -

FY19 net profit was in line with forecasts. Credit Suisse believes management is doing a good job holding earnings level in a difficult environment but struggles to find value in the stock.

Medibank Private has delivered less than 2% compound annual earnings growth over the last three years, the broker observes, and is at the low end of financial services dividend yields with limited scope for capital management.

Hence, an underperform rating is maintained. Target is raised to $2.90 from $2.50.

Target price is $2.90 Current Price is $3.44 Difference: minus $0.54 (current price is over target).
If MPL meets the Credit Suisse target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.12, suggesting downside of -9.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.6

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

Macquarie rates MPL as Underperform (5) -

Macquarie considers Medibank Private's result to be very high quality, featuring lower reserve releases, lower contribution from risk equalisation and customer growth tracking well. The fact the insurer continually outperforms against industry claims growth suggests upside risk, the broker believes. Net margins are at an all time high.

That said, the broker retains Underperform, suggesting a 20x multiple in a time of significant industry headwinds and low organic growth is just too rich.Target falls to $2.80 from $2.85.

Target price is $2.80 Current Price is $3.44 Difference: minus $0.64 (current price is over target).
If MPL meets the Macquarie target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.12, suggesting downside of -9.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.6

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

Morgan Stanley rates MPL as Upgrade to Equal-weight from Underweight (3) -

The company executed strongly in FY19 and its defensive traits as well as the prospect of capital initiatives cause Morgan Stanley to upgrade to Equal-weight from Underweight.

Despite the structural issues facing the private health insurance sector, the glacial pace of change, coupled with the company's initiatives, is providing the capacity to insulate net margins, in the broker's view.

The target is raised to $3.15 from $2.60. Industry view: In-Line.

Target price is $3.15 Current Price is $3.44 Difference: minus $0.29 (current price is over target).
If MPL 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 $3.12, suggesting downside of -9.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.6

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

Morgans rates MPL as Hold (3) -

Medibank's FY19 result beat consensus by a nose, announcing a special dividend of 2.5c and a major cost cutting program.

Morgans views the result as solid, pointing to stable margins and strong investment income performance. On the downside, Medibank brand policyholders continued to decline - down -1%. Prosthesis costs continue to prove a headwind.

EPS forecasts fall -1% and -2% and the target price rises to $3.41 from $3.23 on a roll-forward valuation. Hold rating retained, Morgans believing the company to be overvalued.

Target price is $3.41 Current Price is $3.44 Difference: minus $0.03 (current price is over target).
If MPL meets the Morgans target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.12, suggesting downside of -9.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.6

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

Ord Minnett rates MPL as Lighten (4) -

FY19 net profit was slightly below Ord Minnett's forecasts. The company has flagged continuing cost savings and scope for capital management but the broker remains concerned about increased pressure on the top-line and margin in the face of a challenging industry.

The broker suspects the current industry environment may mean growth drops towards 1.5% per annum. Lighten rating maintained. Target is reduced to $3.22 from $3.33.

Target price is $3.22 Current Price is $3.44 Difference: minus $0.22 (current price is over target).
If MPL meets the Ord Minnett target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.12, suggesting downside of -9.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.6

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

UBS rates MPL as Sell (5) -

FY19 net profit was in line, although operating profits were -3% below UBS estimates. The broker expects first half net margins to compress to 8.1% in FY20.

Even allowing for ongoing market share gains, operating profits could fall -16% out to FY22, in the broker's calculations. A Sell rating is reiterated and the target is steady at $2.75.

Target price is $2.75 Current Price is $3.44 Difference: minus $0.69 (current price is over target).
If MPL meets the UBS target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.12, suggesting downside of -9.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.6

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

Morgan Stanley rates MVF as Overweight (1) -

The company has signalled that five specialists working in the Victorian business will leave to establish their own practice. In FY19 the specialists collectively accounted for around $5.8m in revenue.

The company expects the FY20 impact on net profit to be -$1.5-2.5m, representing around 6-10% of Morgan Stanley's net profit estimate.

Yet the broker notes, over the last 24 months, the company has recruited 16 specialists, which indicates an ability to cover doctor losses as part of normal churn.

Overweight rating maintained. Target is $1.44. Industry view: In-Line.

Target price is $1.44 Current Price is $1.00 Difference: $0.44
If MVF meets the Morgan Stanley target it will return approximately 44% (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

Citi rates NEA as Buy (1) -

Straight off the bat, Citi analysts believe the market has been confused by changes in accounting which were not included when Nearmap pre-announced its FY19 result. They thus see the sharply weaker share price as an "enhanced buying opportunity".

Citi hereby reiterates its Buy recommendation, while making only minor adjustments to revenue forecasts. The company's adoption of accelerated amortisation triggers materially lower core profit forecasts.

Citi's advice to investors: Look up to the sky, don’t get lost in the weeds. Target price lifts to $4.59 from $4.39.

Target price is $4.59 Current Price is $2.72 Difference: $1.87
If NEA meets the Citi target it will return approximately 69% (excluding dividends, fees and charges).

Current consensus price target is $4.08, suggesting upside of 50.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

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

Macquarie rates NEA as Outperform (1) -

Nearmap's result had been pre-reported. The broker believes the fundamental outlook is unchanged, but acknowledges any shift in sentiment towards a high PE growth stock can result in short term volatility. Competition is to be expected, but product leadership sees the company well positioned.

Strong progress is being made on key metrics underpinned by US penetration, new products and an expending market. Outperform retained, target falls to $3.45 from $4.16.

Target price is $3.45 Current Price is $2.72 Difference: $0.73
If NEA meets the Macquarie target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $4.08, suggesting upside of 50.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

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

Credit Suisse rates NEC as Outperform (1) -

Credit Suisse notes a tough start to FY20 although the impact of the TV market is being reduced, with free-to-air TV expected to account for around 40% of earnings. FY19 results were in line with guidance and the broker's estimates.

Guidance is for underlying operating earnings (EBITDA) growth of 10% and the broker assesses the company has retained some flexibility on non-sports costs in TV.

Credit Suisse maintains an Outperform rating and $2.10 target.

Target price is $2.10 Current Price is $1.95 Difference: $0.15
If NEC meets the Credit Suisse target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $2.09, suggesting upside of 7.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

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

Macquarie rates NEC as Outperform (1) -

It remains unknown as to how Nine's overall  result compares to the broker's forecast, although FY20 guidance is short. Metro Media delivered above expectations, the broker notes, with digital revenues growing and print stable. Stan was a key positive but while market share gains were seen in FTA TV it was not enough to offset a declining ad market.

The broker sees Nine as well placed. FY20 catalysts include any improvement in TV ads, a potential rebound for Domain ((DHG)), changes to industry structure and competition for Stan. Outperform and $2.15 target retained.

Target price is $2.15 Current Price is $1.95 Difference: $0.2
If NEC meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $2.09, suggesting upside of 7.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

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

UBS rates NEC as Buy (1) -

FY19 results were largely in line with UBS estimates. However, attention is on the FY20 outlook which the broker found slightly better than expected. FY20 operating earnings (EBITDA) guidance is $466m.

The broker's forecasts now give Nine Entertainment the benefit of a 40.6% share in FY20 as the ratings improvements from FY19 are annualised. Buy rating and $2.15 target maintained.

Target price is $2.15 Current Price is $1.95 Difference: $0.2
If NEC meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $2.09, suggesting upside of 7.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

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

UBS rates NWH as Buy (1) -

FY19 results were broadly in line. UBS observes FY20 revenue and margin guidance underpins a 10% upgrade to estimates, with a further 10% upside risk if the top side of guidance can be achieved.

The catalysts for the near-term include $1.2bn in submitted tenders. The company has noted minimal competitive capacity remains in the market. Buy rating maintained. Target rises to $3.20 from $3.05.

Target price is $3.20 Current Price is $2.41 Difference: $0.79
If NWH meets the UBS target it will return approximately 33% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

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

Citi rates ORG as Upgrade to Buy from Neutral (1) -

The FY19 report card revealed a better-than-anticipated outlook for Energy Markets and this has triggered an upgrade from Citi analysts to Buy from Neutral. The analysts do note they remain cautious on wholesale electricity.

Another unforeseen benefit is that refinancing expensive debt will prove more beneficial than assumed previously. Combined with other adjustments, Citi's forecasts have increased by double digit percentages. Target price has lifted to $8.17.

Target price is $8.17 Current Price is $7.35 Difference: $0.82
If ORG meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $8.34, suggesting upside of 13.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.7

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

Credit Suisse rates ORG as Outperform (1) -

FY19 net profit was in line with expectations. A new dividend policy pay-out of 30-50% of operating cash flow implies an FY20 dividend of $0.20-33 per share.

Credit Suisse decreases estimates for FY20 operating earnings (EBITDA) by -6% because of lower cost cutting assumptions. Outperform maintained. Target is reduced to $8.00 from $8.50.

Target price is $8.00 Current Price is $7.35 Difference: $0.65
If ORG meets the Credit Suisse target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $8.34, suggesting upside of 13.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.7

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

Macquarie rates ORG as Outperform (1) -

Origin's underlying earnings were in line with the broker. With a debt target now achieved, the 25c dividend was a welcomed. FY20 guidance meets expectations.

Lower costs and forward sales at APLNG are helping to offset lower prices, the broker notes. Cash generation is strong so there is scope for capital management if growth options do not emerge. Outperform and $9.12 target retained.

Target price is $9.12 Current Price is $7.35 Difference: $1.77
If ORG meets the Macquarie target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $8.34, suggesting upside of 13.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.7

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

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

FY19 operating earnings (EBITDA) were in line with estimates. Morgan Stanley notes there was record output at Eraring and customer accounts in the energy markets grew by 18,000.

APLNG achieved June expenditure run rate targets of $1/gigajoule with a distribution break-even of US$36/bbl on higher domestic sales.

Equal-weight. Target is $7.67. Industry view is Cautious.

Target price is $7.67 Current Price is $7.35 Difference: $0.32
If ORG meets the Morgan Stanley target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $8.34, suggesting upside of 13.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.7

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

Morgans rates ORG as Add (1) -

Origin Energy's full-year result broadly met Morgans' estimates, thanks to favourable commodity and foreign-exchange movements, and the company's cost-cutting program.

Gearing has fallen to within the target range thanks to lower capital expenditure, and the company guided to a free cash-flow target of 30% to 50%. Dividends are perceived as sustainable.

Morgans says the stock offers value but sees few near-term catalysts to realise this. Add rating retained. Target price falls to $8.24 from $8.37 as the broker tinkers with oil-price assumptions.

Target price is $8.24 Current Price is $7.35 Difference: $0.89
If ORG meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $8.34, suggesting upside of 13.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.7

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

Ord Minnett rates ORG as Hold (3) -

FY19 net profit was ahead of Ord Minnett's forecast. The broker considers the results positive, insofar as the company's peers failed to meet expectations.

A deterioration in the energy markets business is expected in FY20, albeit not as sizeable as for AGL Energy ((AGL)) and EnergyAustralia.

Despite more capital expenditure in energy markets, higher APLNG distributions could mean an additional $1.3bn in free cash flow before dividends are paid, the broker adds.

Hold maintained. Target is reduced to $8.25 from $8.35.

Target price is $8.25 Current Price is $7.35 Difference: $0.9
If ORG meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $8.34, suggesting upside of 13.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.7

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

UBS rates ORG as Buy (1) -

FY19 operating earnings were ahead of UBS estimates. The higher final dividend was a positive surprise for the broker, although the new dividend pay-out ratio of 30-50% of free cash flow met expectations.

UBS maintains a Buy rating, given a FY20 dividend yield of over 4.5%. Target is raised to $8.95 from $8.85.

Target price is $8.95 Current Price is $7.35 Difference: $1.6
If ORG meets the UBS target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $8.34, suggesting upside of 13.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.7

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

Morgans rates PME as Upgrade to Add from Hold (1) -

Pro Medicus's FY19 result was ahead of Morgans and consensus forecasts, thanks to strong organic growth. Management guided to a continuation of strong growth, pointing to an expanding pipeline and few restraints.

Morgans lowers tax rate forecasts and increases terminal growth rate estimates, which translate to an increase in EPS of 13.4%, 2% and 4.7% over FY20/FY21 and FY22.

The broker raises the target price to $32.79 from $25.46 and upgrades to Add from Hold, despite high multiples and low dividend, believing the company represents an excellent growth opportunity.

Target price is $32.79 Current Price is $30.24 Difference: $2.55
If PME meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.5

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

UBS rates PME as Neutral (3) -

FY19 results were ahead of estimates. UBS notes a strong outlook, albeit without formal guidance. FY20-22 estimates for earnings per share are upgraded by 6-10%. The company's market position and growth potential stands out, UBS asserts.

While a doubling of the cost base is expected from FY20-25, the rapidly expanding revenue profile and high incremental earnings (EBIT) margin signals the risks are to the upside.

Valuation remains the primary limiting factor, in the broker's view, and a Neutral rating is maintained. Target is raised to $32.50 from $24.30.

Target price is $32.50 Current Price is $30.24 Difference: $2.26
If PME meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.5

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

Macquarie rates PNV as Outperform (1) -

PolyNovo's revenues fell short of the broker but earnings were in line. Guidance to breakeven in FY20 is earlier than the broker had assumed.

Investment in sales & marketing, R&D and capex supports near to medium term growth, the broker notes. Outperform retained, target rises to $2.00 from $1.50 on increased earnings forecasts.

Target price is $2.00 Current Price is $1.77 Difference: $0.23
If PNV meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

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

Citi rates PPT as Neutral (3) -

The new CEO is actively looking for acquisitions. Citi thinks further expansion into global equities is probably on his radar. No surprise, since the core business in Australia continues to suffer.

With sub-optimal investment performance (Citi's description) and most of Perpetual's remaining institutional FuM of $7bn relating to industry funds, Citi continues to see risk of further outflows.

Costs are being lowered, but this is a hard business to turn around, suggest the analysts. They are not surprised acquisitions are being sought, and hard. Neutral. Price target falls to $38.50 from $39.50.

Target price is $38.50 Current Price is $35.10 Difference: $3.4
If PPT meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $37.60, suggesting upside of 7.1% (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 PPT as Underperform (5) -

Perpetual's result fell short of the broker, but an announced FY20 cost-out program and increased dividend payout went some way to mitigate. Given cost savings will be reinvested into the business, the earnings outlook is subdued in the meantime and poor performance trends are likely to continue to weigh on flows, the broker suggests.

Hence near term risks remain, although valuation support is beginning to emerge. Underperform retained, target falls to $34.50 from $36.00.

Target price is $34.50 Current Price is $35.10 Difference: minus $0.6 (current price is over target).
If PPT meets the Macquarie target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $37.60, suggesting upside of 7.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.1

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

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

Private wealth pre-tax profit was below Morgan Stanley's estimates in FY19, with a larger-than-expected impact from legacy book re-pricing. Base fee margins and equities were flat.

The investments division performance was also subdued versus peers. The broker considers the transformation is priced into the stock and maintains an Equal-weight rating. Target is raised to $36.00 from $35.60. Industry view: In-line.

Target price is $36.00 Current Price is $35.10 Difference: $0.9
If PPT meets the Morgan Stanley target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $37.60, suggesting upside of 7.1% (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 PPT as Hold (3) -

FY19 net profit was slightly below forecasts. Ord Minnett observes the stock continues to face negative sentiment as the Perpetual Investments business has experienced large outflows, masking some of the success in other business.

The focus remains on growing and diversifying. The broker finds it difficult to assess the growth strategy at this stage and maintains a Hold rating. Target is reduced to $37 from $38.

Target price is $37.00 Current Price is $35.10 Difference: $1.9
If PPT meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $37.60, suggesting upside of 7.1% (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 PPT as Neutral (3) -

Higher operating costs meant second half operating earnings (EBITDA) fell short of UBS estimates. A new cost reduction program aimed at extracting around $20m per annum in savings should put costs back on track by FY21, in the broker's view.

Growth via acquisitions remains a priority. While this may assist earnings, UBS notes there are significant execution risks and a full valuation which supports a Neutral rating. Target is reduced to $38.00 from $40.45.

Target price is $38.00 Current Price is $35.10 Difference: $2.9
If PPT meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $37.60, suggesting upside of 7.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.1

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

Morgan Stanley rates PRT as Underweight (5) -

FY19 earnings were slightly ahead of Morgan Stanley's estimates. Guidance for FY20 points to further earnings (EBIT) declines of -6-14%.

Declines in regional advertising expenditure are expected to continue in FY20, while the second half should be boosted by the upcoming 2020 Tokyo Olympics.

Morgan Stanley maintains an Underweight rating, with the bull case dependent on industry consolidation. Target is $0.18. Industry view: Attractive.

Target price is $0.18 Current Price is $0.19 Difference: minus $0.01 (current price is over target).
If PRT meets the Morgan Stanley target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -1.0

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

Morgan Stanley rates PSQ as Overweight (1) -

Patient fee growth of 13.9% in FY19 was below Morgan Stanley's estimates while operating earnings (EBITDA) were in line.

The broker notes the investment to fix the cost base is largely complete and the operating leverage should emerge in FY20.

Overweight rating, In-Line industry view. Target is $1.80.

Target price is $1.80 Current Price is $1.28 Difference: $0.52
If PSQ meets the Morgan Stanley target it will return approximately 41% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

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

Citi rates QAN as Buy (1) -

Citi believes the FY19 and FY20 guidance has brought relief to investors who had been bracing for much worse. Expectations had been low on the basis of questions about demand and the possible impact from volatile fuel costs.

On the broker's assessment, both Qantas Domestic and Jetstar delivered a "strong" performance. Citi is projecting 8% growth in FY20 for the group, which is being described as "decent growth".

The analysts are speculating earnings momentum might have already turned more positive, but they also concede it remains too early to tell as yet. Earnings estimates have been slightly increased. Buy rating retained in combination with a $6.90 price target.

Target price is $6.90 Current Price is $5.87 Difference: $1.03
If QAN meets the Citi target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $6.11, suggesting upside of 4.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.3

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

Credit Suisse rates QAN as Outperform (1) -

FY19 pre-tax profit was below Credit Suisse estimates. Management remains upbeat on the international market, partly because of expectations that competitors will cut capacity.

Credit Suisse expects cash generation to be strong and envisages potential for further capital management. Outperform rating and $6.40 target maintained.

Target price is $6.40 Current Price is $5.87 Difference: $0.53
If QAN meets the Credit Suisse target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $6.11, suggesting upside of 4.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.3

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

Macquarie rates QAN as Neutral (3) -

Qantas reported slightly ahead of the broker in what is seen as a commendable result. A slowing domestic business remains the issue while international continues to be robust.

The broker is cautious, suggesting earnings risk is more skewed to the downside than the up. Still, the broker has increased forecasts and with support from the buyback, target rises to $6.15 from $5.75. Neutral retained.

Target price is $6.15 Current Price is $5.87 Difference: $0.28
If QAN meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $6.11, suggesting upside of 4.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.3

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

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

FY19 results were broadly in line with Morgan Stanley's estimates. Management has highlighted mixed demand conditions, particularly in the price sensitive leisure market, although premium leisure is relatively resilient.

The broker retains FY20 forecasts for pre-tax profit of $1.4bn. Management has highlighted strong Asian demand in international, offsetting currency related weakness.

Chinese visitors continue to increase and, importantly, the broker notes industry capacity continues to moderate.

Equal-weight rating maintained. Target is raised to $5.90 from $5.70. Industry view is Cautious.

Target price is $5.90 Current Price is $5.87 Difference: $0.03
If QAN meets the Morgan Stanley target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $6.11, suggesting upside of 4.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.3

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

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

UBS considers FY19 underlying profit of $1.3bn in FY19 was solid, despite the challenging economic conditions. International capacity is expected to fall by -1% across the market in the first half supporting the continuation of strong momentum in the international division.

The broker raises estimates for profit and earnings by 14-20%. UBS now envisages a benign fuel outlook along with accretive buybacks will support growth in earnings per share of 13% per annum over the next three years.

Rating is upgraded to Buy from Neutral. Target is raised to $6.40 from $5.30.

Target price is $6.40 Current Price is $5.87 Difference: $0.53
If QAN meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $6.11, suggesting upside of 4.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.3

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

Morgans rates QUB as Hold (3) -

QUBE Holdings' result fell short of Morgans bullish estimates, despite delivering solid growth as challenging marketing conditions skimmed the icing off the cake.

The broker downgrades its EPS forecasts accordingly and to reflect a lower-for-longer scenario. Capital expenditure is expected to rise. Cash generation surprised to the upside.

Target price rises to $2.90 from $2.75. Hold retained, the broker expecting another solid performance in FY20.

Target price is $2.90 Current Price is $3.27 Difference: minus $0.37 (current price is over target).
If QUB meets the Morgans target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.98, suggesting downside of -9.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

UBS rates QUB as Neutral (3) -

FY19 results were in line with estimates. The ports & bulk division stood out, delivering 9% growth. Guidance for another year of solid growth in FY20 is encouraging, reflected in UBS' 13% growth estimate.

While container volumes slipped in the June half, the broker notes Patrick gained market share and, along with the benefits from recent investments in the logistics division, this was an offset.

Neutral rating and $3.10 target maintained.

Target price is $3.10 Current Price is $3.27 Difference: minus $0.17 (current price is over target).
If QUB meets the UBS target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.98, suggesting downside of -9.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

Macquarie rates REG as Underperform (5) -

Regis Healthcare's result was relatively in line but the broker sees a -25% earnings decline in FY20 due to competition weighing on occupancy and supply exceeding demand. Regis will reduce beds in response.

Regulatory risk, the Royal Commission and growing costs are all weighing on the industry, the broker notes, but the biggest issue is the rate of new development. A reduction in the risk free rate lifts the target to $2.50 from $2.40, Underperform retained.

Target price is $2.50 Current Price is $2.93 Difference: minus $0.43 (current price is over target).
If REG meets the Macquarie target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.89, suggesting downside of -1.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.3

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

Morgans rates REG as Hold (3) -

Regis Healthcare's FY19 result met guidance. Management guided to lower earnings in FY20 to account for funding cuts and regulatory headwinds.

Morgans expects the Royal Commission to dominate headlines for another nine months - its interim report is expected in October. Otherwise, the company recorded strong metrics; occupancy rates, resident contribution and bed rates per day all rising.

The broker adjusts FY20 estimates to meet guidance. Target price rises to $2.94 from $2.70. Hold rating retained.

Target price is $2.94 Current Price is $2.93 Difference: $0.01
If REG meets the Morgans target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $2.89, suggesting downside of -1.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.3

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

UBS rates REG as Buy (1) -

FY19 results were broadly in line with estimates. The company has reiterated FY20 guidance for operating earnings (EBITDA) of $105m.

UBS forecasts 7% revenue growth in FY20, supported by flat occupancy levels and the ramping up of greenfields projects.

The broker maintains a Buy rating and $3.10 target.

Target price is $3.10 Current Price is $2.93 Difference: $0.17
If REG meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $2.89, suggesting downside of -1.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.3

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

Citi rates S32 as Buy (1) -

Citi suggests at the operational level (EBITDA) yesterday's FY19 release was in-line with market consensus and its own projection. Underlying, however, the performance didn't quite match expectations.

The company expanded its buyback program. Plus, final negotiations are taking place for the sale of the coal assets in South Africa. Management's guidance leads to reductions in forecasts. Valuation drops in response, shaving -20c off the price target, now at $3.10.

Citi retains the Buy rating but adds investors will need to look through what looks like a materially weak FY20. Also, projected net cash in FY21 of $1.0bn should offer expanded capital management options.

Target price is $3.10 Current Price is $2.45 Difference: $0.65
If S32 meets the Citi target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $3.33, suggesting upside of 35.9% (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: 0.8

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

Credit Suisse rates S32 as Outperform (1) -

FY19 results were in line with expectations. Credit Suisse notes a capital management program has been extended to US$1.25bn and will be interested to witness how aggressive the company is in buying back stock with the share price at two-year lows.

The broker is comfortable with the longer-term value and growth but assesses commodity prices are working against the business for the near term and it is hard to find a catalyst. Outperform rating maintained. Target is reduced to $3.30 from $3.50.

Target price is $3.30 Current Price is $2.45 Difference: $0.85
If S32 meets the Credit Suisse target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $3.33, suggesting upside of 35.9% (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: 0.8

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

Macquarie rates S32 as No Rating (-1) -

South32 posted a solid result with all metrics close enough to in line. Guidance is broadly in line.

The company is in negotiation to sell its South African coal business and as the broker is advising it is now on research restriction.

Current Price is $2.45. Target price not assessed.

Current consensus price target is $3.33, suggesting upside of 35.9% (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: 0.8

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

Morgan Stanley rates S32 as Overweight (1) -

Operating earnings (EBITDA) in FY19 were broadly in line with Morgan Stanley's estimates.

The company has entered exclusive negotiations for the sale of the South African coal business. The consideration is expected to offset the cash outflow in FY20.

Guidance for FY20-21 is broadly in line with expectations. Operating costs and sustaining capital expenditure is better than Morgan Stanley anticipated.

The broker maintains an Overweight rating and $3.95 target. Industry view is Attractive.

Target price is $3.95 Current Price is $2.45 Difference: $1.5
If S32 meets the Morgan Stanley target it will return approximately 61% (excluding dividends, fees and charges).

Current consensus price target is $3.33, suggesting upside of 35.9% (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: 0.8

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

Morgans rates S32 as Add (1) -

South32's FY19 result satisfied the broker and was broadly shy of recently downgraded consensus as weak metals prices in the second half found their mark.

Free cash-flow generation of $1bn proved the highlight, and the sale of South African Energy Coal is under way with an exclusive buyer.

The company guided to higher production in FY20, which should partially offset metal-price weakness and cost headwinds.

Target price falls to $3.33 from $3.45. Add rating retained, the broker predicting a second-half rally in FY20.

Target price is $3.33 Current Price is $2.45 Difference: $0.88
If S32 meets the Morgans target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $3.33, suggesting upside of 35.9% (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: 0.8

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

Ord Minnett rates S32 as Hold (3) -

FY19 underlying earnings were in line with forecasts. While there is valuation support, Ord Minnett believes South32 is in a downgrade cycle which may weigh on the stock in the near term.

FY20 cost guidance is broadly in line with estimates while FY20 capital expenditure guidance of US$861m is higher than forecast. Hold rating and $3 target maintained.

Target price is $3.00 Current Price is $2.45 Difference: $0.55
If S32 meets the Ord Minnett target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $3.33, suggesting upside of 35.9% (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: 0.8

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

UBS rates S32 as Buy (1) -

FY19 earnings were below UBS estimates. The company maintained a minimum 40% pay-out ratio and topped up the buyback by $250m. FY20 cost guidance is higher than expected.

The sale of South African Energy Coal appears complicated but UBS assesses, if price, costs and FX assumptions are met, it would appear the company has departed the business in a clean fashion.

Buy rating retained and the target is reduced to $3.30 from $3.60.

Target price is $3.30 Current Price is $2.45 Difference: $0.85
If S32 meets the UBS target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $3.33, suggesting upside of 35.9% (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: 0.8

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

Citi rates SCG as Sell (5) -

Scentre Group lowered FY19 EPS guidance to 0.7% because of asset sale dilution. The magnitude of the downgrade somewhat surprised Citi analysts. Moreover, management is now also reducing disclosures.

Citi analysts note, for example, centre level valuations are no longer included and neither are specialty sales. Does anyone else think this is a sign of an industry under pressure?

Citi analysts don't mince their words. They believe these metrics are currently softer than expectations, and likely to get worse over time. This is why they are no longer being reported on. Citi continues to see downside risks. Sell rating not just kept, it is being reiterated.

Consensus forecasts are cum further downgrades, the analysts believe. Price target drops to $3.47 from $3.50.

Target price is $3.47 Current Price is $3.95 Difference: minus $0.48 (current price is over target).
If SCG meets the Citi target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.88, suggesting downside of -1.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20: