Australian Broker Call

Credit Suisse rates AHG as Neutral (3) -

Credit Suisse believes reduced insurance income should be factored into the stock now, but specific brand pressures have exacerbated the broader challenges.

The broker notes the company has had to deal with issues such as the geographic skew to Western Australia and an historic over reliance on finance and insurance income. It is also trying to maximise value in refrigerated logistics.

While the share price has recovered somewhat and valuation looks attractive, the broker needs to be more convinced about the timing of an earnings recovery to become more positive. Neutral rating maintained. Target is reduced to $2.05 from $3.00.

Target price is $2.05 Current Price is $1.94 Difference: $0.11
If AHG meets the Credit Suisse target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $2.67, suggesting upside of 37.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.1

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

Morgans rates ALL as Add (1) -

Morgans believes the recent pullback in high PE stocks and the gaming sector more broadly creates a buying opportunity. Aristocrat Leisure is expected to experience solid growth in the digital side of the business while it has a very strong position in the North American slot market.

The company is due to report its FY18 result on November 29, which should include partial contributions from the Big Fish and Plarium acquisitions. Morgans reiterates an Add rating and raises the target to $34.89 from $33.57.

Target price is $34.89 Current Price is $29.50 Difference: $5.39
If ALL meets the Morgans target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $35.11, suggesting upside of 19.0% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.8

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

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

Credit Suisse observes, since the FY18 result, the share price has fallen -15%, resulting in an upgrade to Neutral from Underperform. The broker now considers the risks balanced and the share price supported by the buyback program, a net cash position and potential for M&A.

The broker updates assumptions regarding FX and higher raw material prices, resulting in -3% downgrades to earnings estimates. Target is lowered to $23.50 from $24.00.

Target price is $23.50 Current Price is $23.09 Difference: $0.41
If ANN meets the Credit Suisse target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $26.35, suggesting upside of 14.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.3

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

Deutsche Bank rates ANN as Hold (3) -

Management has retained FY19 guidance for earnings per share of $1.00-1.12 but expects earnings to be weighted to the second half because of higher raw material costs in the first half and the timing benefit of price rises.

Deutsche Bank is cautious about management highlighting a skew to the second half because this has not been emphasised before, despite historically having a second half skew. Deutsche Bank maintains a Hold rating and $27.25 target.

Target price is $27.25 Current Price is $23.09 Difference: $4.16
If ANN meets the Deutsche Bank target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $26.35, suggesting upside of 14.1% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.3

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

Credit Suisse rates APE as Neutral (3) -

AP Eagers appears to have stabilised its earnings base and Credit Suisse notes management is more optimistic about the potential upside from increasing finance penetration under the new flex commissioning rules.

Overall, the broker envisages fewer risks for the business and better earnings visibility, although does not expect any re-rating in the current operating environment. Neutral rating maintained. Target is reduced to $7.90 from $8.65.

Target price is $7.90 Current Price is $7.85 Difference: $0.05
If APE meets the Credit Suisse target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $8.34, suggesting upside of 6.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

Credit Suisse rates API as Underperform (5) -

FY18 results were in line with guidance. Wholesale distribution revenue was down -1.2%, with a weaker performance in the second half, and Priceline Pharmacy recorded like-for-like retail sales down -1.1% in the second half.

Credit Suisse believes the short-term outlook is challenging and PBS revenues are likely to remain under pressure along with greater competition and increasing trade discounts in the wholesale distribution market. Target is $1.55. Underperform rating maintained.

Target price is $1.55 Current Price is $1.74 Difference: minus $0.19 (current price is over target).
If API meets the Credit Suisse target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in August.

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

Morgan Stanley rates API as Underweight (5) -

FY18 results met Morgan Stanley's expectations. No FY19 outlook has been provided because of uncertainty created by the government's review of the community service obligation funding pool. The government is expected to report within weeks, which will set the tone for FY19. 

The broker also suggests there is a lack of confidence in forecasting the retail performance in the upcoming Christmas trading period. Underweight retained. Industry view: In Line. Target is raised to $1.58 from $1.43.

Target price is $1.58 Current Price is $1.74 Difference: minus $0.16 (current price is over target).
If API meets the Morgan Stanley target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in August.

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 ARB as Neutral (3) -

In response to the company telling shareholders Q1 sales have been slower than last year's, Citi analysts counter this is not necessarily bad news as last year's Q1 was very strong.

Citi's current forecasts are for a mean reverting to historical average growth pace of 7%-8% and the analysts suggest this might actually be happening at ARB.

The company experienced some  headwinds from updated Toyota and Ford models, in addition to AUD weakness against the Thai baht and wobbly consumer confidence. But Citi analysts don't seem worried. Neutral. Target unchanged at $22.35.

Target price is $22.35 Current Price is $17.54 Difference: $4.81
If ARB meets the Citi target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $20.45, suggesting upside of 16.6% (ex-dividends)

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

Macquarie rates ARB as Outperform (1) -

ARB's sales grew in the Sep Q, it was revealed at the company's AGM, but at a slower pace than the same time last year due to the weakening housing cycle weighing on consumer demand. Currencies and rising costs for power and steel have also hit margins.

These will ultimately be offset by prices rises and the broker believes the market has sold down ARB too far on such concerns, suggesting the company can strengthen its position in the US and ride "through the cycle". Outperform retained, target falls to $22.00 from $23.50.

Target price is $22.00 Current Price is $17.54 Difference: $4.46
If ARB meets the Macquarie target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $20.45, suggesting upside of 16.6% (ex-dividends)

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 AWC as Buy (1) -

Citi analysts have reduced forecasts and higher costs are to blame; the analysts point towards extended strike outage, raw material cost inflation and lower realised prices.

Alcoa reported quarterly performance last night, hence. The reductions have pulled back the price to $3.20 from $3.40 prior. Buy rating retained.

Target price is $3.20 Current Price is $2.65 Difference: $0.55
If AWC meets the Citi target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $3.12, suggesting upside of 17.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.7

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

Credit Suisse rates AWC as Outperform (1) -

Net income attributable to Alumina Ltd was US$196m in the September quarter. Credit Suisse increases forecast distributions from AWAC to $304m in the second half. The improvement is attributed to strong alumina pricing and lower-than-expected costs in the smelting business.

Credit Suisse revises views on spot alumina pricing, lifting the 2019 average to US$408/t. Outperform and $3.10 target retained.

Target price is $3.10 Current Price is $2.65 Difference: $0.45
If AWC meets the Credit Suisse target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $3.12, suggesting upside of 17.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.7

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

Macquarie rates AWC as Outperform (1) -

Alumina's Sep Q production was soft, the broker notes, putting FY guidance at risk, but pricing momentum will likely outweigh minor operating concerns. The lag in realised pricing to spot prices means realised prices could rise 10% in the Dec Q even if spot falls -10%.

Were the broker to apply the current spot price to its model, the stock's valuation would more than double. Outperform retained, target falls to $3.50 from $3.60.

Target price is $3.50 Current Price is $2.65 Difference: $0.85
If AWC meets the Macquarie target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $3.12, suggesting upside of 17.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.7

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

Ord Minnett rates AWC as Accumulate (2) -

In the wake of Alcoa's September quarter earnings report, Ord Minnett observes combined operating earnings at AWAC were a record US$766m, albeit short of forecasts because of higher costs. AWAC alumina production was slightly weaker quarter on quarter, reflecting Western Australian industrial action.

Margins remain close to the record and this bodes well for a high dividend from Alumina Ltd. The broker maintains an Accumulate rating and reduces the target to $3.10 from $3.30. The broker believes, while the stock may experience pressure if a full re-start of Alunorte is announced, much of this is already priced into the shares.

Target price is $3.10 Current Price is $2.65 Difference: $0.45
If AWC meets the Ord Minnett target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $3.12, suggesting upside of 17.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.7

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

UBS rates AWC as Neutral (3) -

Alcoa delivered net income ahead of expectations, although a sequential decline in earnings was driven by lower prices and further pressure on costs. The production from AWAC was 3.0mt alumina and 10.8mt bauxite. During the quarter Alumina Ltd received US$181m which it used to pay the 2018 interim dividend.

Alcoa has maintained a view that the alumina and aluminium markets will be in deficit in 2018. However, the estimate of the 2018 aluminium deficit has been reduced to 1.0-1.4mt because of lower demand. The forecast alumina deficit has been increased to 0.4-1.2mt, given continued supply disruptions.

Neutral rating and $2.70 target maintained.

Target price is $2.70 Current Price is $2.65 Difference: $0.05
If AWC meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $3.12, suggesting upside of 17.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.7

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

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

First quarter above-rail volumes were down -8%. Credit Suisse lowers coal volumes for FY19 by -3% and reduces coal earnings by -4%. The broker raises FY19 bulk earnings by 8%, believing the company could reach agreement with Linfox to sell the Queensland Intermodal business.

The Queensland Competition Authority has indicated it will consider a change to the averaging period for the risk-free rate and, if implemented, this could increase the company's operating earnings by around $20m a year. Credit Suisse upgrades to Outperform from Neutral on valuation and a potentially favourable announcement by the QCA.

The company's court case against the Queensland Competition Authority, alleging the former chairman was conflicted, starts on October 22. Credit Suisse reduces the target to $4.50 from $4.60.

Target price is $4.50 Current Price is $4.14 Difference: $0.36
If AZJ meets the Credit Suisse target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $4.24, suggesting upside of 2.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

Deutsche Bank rates AZJ as Hold (3) -

First quarter coal haulage volumes were weaker than Deutsche Bank expected, down -5%. Despite strong demand and pricing, the broker notes revised maintenance practices continue to affect network availability and throughput.

If the company's case, currently awaiting a final decision on UT5, is thrown out this would at least provide some clarity over the medium term for network earnings, the broker asserts. Hold rating maintained. Target is $4.10.

Target price is $4.10 Current Price is $4.14 Difference: minus $0.04 (current price is over target).
If AZJ meets the Deutsche Bank target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.24, suggesting upside of 2.3% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

Macquarie rates AZJ as Outperform (1) -

A derailment, a strike in NSW and lower Qld coal production from BHP all weighed on Aurizon's rail volumes in the Sep Q. Management expects a turnaround in the Dec Q and the broker sees growing coal volumes, particularly in Qld where capacity is tight.

Given the company can further appeal UT5, a decision can be pushed out to FY10, the broker notes, bolstering FY19 earnings at the expense of FY20. Aurizon trades on an internal rate of return of 10.4%, the broker calculates, well above other infra stocks. Outperform and $4.66 target retained.

Target price is $4.66 Current Price is $4.14 Difference: $0.52
If AZJ meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $4.24, suggesting upside of 2.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

Macquarie rates BHP as Outperform (1) -

At BHP's AGM management noted its key focus is capital discipline, but also warned the completion of the sale of the US shale assets could slip into 2019. Completion is a key catalyst for the stock, the broker notes, as shareholders will be rewarded through buybacks.

Outperform and $40 target retained.

Target price is $40.00 Current Price is $33.01 Difference: $6.99
If BHP meets the Macquarie target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $37.03, suggesting upside of 12.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.7

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

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

Citi analysts have re-assessed their investment view and forward modeling now that the share price has corrected noticeably in line with rising bond yields.

While the share price target has been reset at $218 from $238 with the added comment this includes some $12 for CSL112, the recommendation has also been upgraded to Buy from Neutral.

Also, the analysts highlight at their revised target price, CSL shares will be trading on an FY20 PE of 31x; this compares with the three year average of 28x (still at a historic premium, thus).

Target price is $218.00 Current Price is $187.03 Difference: $30.97
If CSL meets the Citi target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $213.58, suggesting upside of 14.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.4

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

Deutsche Bank rates DMP as Sell (5) -

While acknowledging it is difficult to get a definitive view of the impact on Domino's Pizza Enterprises from the master franchisee's reports, Deutsche Bank infers that the company's same store sales in Europe were most likely weaker in the September quarter.

This is been attributed to hot and dry weather across Europe. Sell rating maintained. Target is $36.

Target price is $36.00 Current Price is $54.70 Difference: minus $18.7 (current price is over target).
If DMP meets the Deutsche Bank target it will return approximately minus 34% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $48.74, suggesting downside of -10.9% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

Credit Suisse rates GNC as Outperform (1) -

Graincorp is adding 79,000t of malt capacity to supply a tight Scottish distillery market. The capital cost seems a little expensive to Credit Suisse versus historical benchmarks, but the project economics appear supported by the market.

There has been no guidance on the earnings contribution from the expansion. Although the broker assumes capital investment is weighted to FY21, additional expenditure in FY19 mean some risk to a balance sheet that is already affected by a poor outlook for the Australian winter crop.

Outperform rating maintained. Target is raised to $9.10 from $9.07.

Target price is $9.10 Current Price is $8.35 Difference: $0.75
If GNC meets the Credit Suisse target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $8.49, suggesting upside of 1.7% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.4

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

Deutsche Bank rates GNC as Buy (1) -

Deutsche Bank considers the expansion of malting capacity in the UK a positive for Graincorp as it targets a higher margin/high growth distilling market and further diversifies the business. Graincorp will invest $94m to expand annual malting capacity by 79,000t.

Deutsche Bank retains a Buy rating and raises the target to $9.30 from $9.20.

Target price is $9.30 Current Price is $8.35 Difference: $0.95
If GNC meets the Deutsche Bank target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $8.49, suggesting upside of 1.7% (ex-dividends)

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.4

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

Citi rates GXY as Buy (1) -

It appears the spodumene volumes in the quarterly update were well below expectation, and Citi analysts have done the unavoidable; they have reduced forecasts.

Overall, suggest the analysts, it was a "weak" September quarter. They anticipate a better performance in the present quarter.

Target price moves to $4.30 from $4.50. Buy/High Risk rating retained.

Target price is $4.30 Current Price is $2.36 Difference: $1.94
If GXY meets the Citi target it will return approximately 82% (excluding dividends, fees and charges).

Current consensus price target is $3.41, suggesting upside of 44.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.6

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

Credit Suisse rates GXY as Neutral (3) -

September quarter production was softer than expected, down -35% on the June quarter. This was driven by a reliance on low-grade weathered ore, as permit delays prevented access to higher grade fresh ore.

Recoveries are expected to improve in the December quarter back to the mid 50% range with the new ore zone guided to be around 1.15% lithium oxide. Credit Suisse maintains a Neutral rating and $3.15 target.

Target price is $3.15 Current Price is $2.36 Difference: $0.79
If GXY meets the Credit Suisse target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $3.41, suggesting upside of 44.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.6

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

Macquarie rates GXY as Outperform (1) -

Galaxy's Sep Q production was weak, the broker notes, on both lower recoveries and lower grades. Management expects improvement this quarter.

In response to management commentary, the broker has pushed out its timeframe for Sal da Vida and increased Mt Cattlin cost assumptions. Target falls to $3.00 from $3.90.

Outperform retained on the longer term value of the company's two main development projects.

Target price is $3.00 Current Price is $2.36 Difference: $0.64
If GXY meets the Macquarie target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $3.41, suggesting upside of 44.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.6

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

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

Galaxy does not expect contract volumes from the current year to spill over into the next and the pricing mechanism should remain the same. The company is exploring opportunities regarding conversion in order to sell a greater proportion of converted product and toll treatment of spodumene is no longer the focus.

Equal-weight rating. Target is $2.85. Industry View: In-Line.

Target price is $2.85 Current Price is $2.36 Difference: $0.49
If GXY meets the Morgan Stanley target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $3.41, suggesting upside of 44.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.6

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

UBS rates GXY as Buy (1) -

UBS was disappointed with the September quarter result as spodumene production was -34% below forecasts. This was attributed to a delay in receiving permits to allow mining access and forcing the majority of ore being mine to come from a lower-grade pit. The situation is expected to improve in the December quarter.

However, the company has also announced delays to the yield optimisation project and completion is now targeted in the current quarter, with an improvement in recoveries anticipated from the March quarter 2019.

Buy rating and $3.75 target retained.

Target price is $3.75 Current Price is $2.36 Difference: $1.39
If GXY meets the UBS target it will return approximately 59% (excluding dividends, fees and charges).

Current consensus price target is $3.41, suggesting upside of 44.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.6

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

Macquarie rates JBH as Outperform (1) -

Ahead of JB Hi-Fi's AGM next week, the broker has modestly lifted earnings forecast on increased margin assumptions, noting price competition appears to have stabilised. While The Good Guys margin weakness has been worse than anticipated, the broker sees a multi-year synergy tailwind.

Outperform retained, target rises to $29.00 from $28.80.

Target price is $29.00 Current Price is $24.61 Difference: $4.39
If JBH meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $25.66, suggesting upside of 4.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.1

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

Morgans rates LVH as Add (1) -

The first quarter update signals to Morgans there is solid progress being made in lifting recurring revenue and average revenue per client. Annualised recurring revenue doubled and annualised revenue per client grew 51%.

Should the company be successful in implementing its strategy the broker believes the rewards for shareholders could be substantial. Still, the stock is considered high risk and, as it trades below valuation and target, an Add rating is maintained. Target is $0.92.

Target price is $0.92 Current Price is $0.44 Difference: $0.48
If LVH meets the Morgans target it will return approximately 109% (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

Morgans rates MTO as Add (1) -

Morgans makes material downgrades on the back of industry data which shows first quarter road bike volumes were down -13%. The broker believes the benefits of the Cassons acquisition have been eroded by the negative performance of the core dealership.

Add rating maintained. The broker now forecasts FY19 operating earnings growth of 17%. Target is reduced to $3.11 from $4.00.

Target price is $3.11 Current Price is $2.55 Difference: $0.56
If MTO meets the Morgans target it will return approximately 22% (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

Morgans rates MWY as Add (1) -

Morgans upgrades forecasts as the company has new equity to capitalise on growth opportunities, which should diversify operations, grow volumes and increase leverage to positive fundamentals.

The company has stated previously it was assessing acquisition opportunities in Tasmania. The earnings outlook is positive over the next couple of years, the broker points out, because of rising US dollar woodchip prices and a falling Australian dollar.

The broker finds the valuation undemanding while the strong free cash flow underpins an attractive dividend yield. Add rating reiterated. Target is raised to $3.75 from $3.38.

Target price is $3.75 Current Price is $3.06 Difference: $0.69
If MWY meets the Morgans target it will return approximately 23% (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

Morgans rates OZL as Add (1) -

Morgans lifts 2018 copper production forecasts after the company guided to the upper end of the expected range of 100-110,000t. The broker believes the market is under appreciating the value uplift from Carrapateena as it transitions from peak capital expenditure into generating cash from 2020.

The broker believes the macro fears are overdone and the stock presents a compelling opportunity, and retains an Add rating. Target is reduced to $10.30 from $10.63.

Target price is $10.30 Current Price is $8.97 Difference: $1.33
If OZL meets the Morgans target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $10.63, suggesting upside of 18.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.7

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

Credit Suisse rates PRU as Outperform (1) -

Edikan was in line with expectations in the September quarter while Sissingue was weaker. Still, the ramp up at Sissingue has now progressed and grades appear to Credit Suisse to be reconciling well, which provides increased confidence in the company's ability to similarly execute on Yaoure.

Outperform rating and $0.57 target maintained.

Target price is $0.57 Current Price is $0.38 Difference: $0.19
If PRU meets the Credit Suisse target it will return approximately 50% (excluding dividends, fees and charges).

Current consensus price target is $0.57, suggesting upside of 49.3% (ex-dividends)

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

Macquarie rates PRU as Outperform (1) -

Despite weather interruptions at Sissingue, Perseus reported a strong cash flow result in the Sep Q. A return to normal at Sissinge and cost reductions at Edikan should further increase cash flow in the near-term the broker notes.

Longer term a replacement for Edikan is needed but funding plans for the Yaoure project are firming. Outperform retained, target rises to 50c from 44c.

Target price is $0.50 Current Price is $0.38 Difference: $0.12
If PRU meets the Macquarie target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $0.57, suggesting upside of 49.3% (ex-dividends)

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

UBS rates QBE as Buy (1) -

UBS believes 2018 has been a better year for QBE, although the fourth quarter is typically of concern because of the potential for unusual developments. However, it is possible that no claims have been made under the $900m aggregate reinsurance cover, as yet.

 At this stage the broker believes QBE is on track to achieve a 95.7% combined operating ratio target versus guidance of 95-97% and a Buy rating is maintained. Target is $12.20.

Target price is $12.20 Current Price is $11.55 Difference: $0.65
If QBE meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $11.86, suggesting upside of 2.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.6

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

Citi rates S32 as Buy (1) -

September quarter production of nickel, manganese ore and metallurgical coal was ahead of Citi's estimates while alumina, thermal coal and manganese alloy were below estimates.

The broker expects a strong balance sheet could facilitate further capital management in 2019. Citi pushes the Hermosa project commissioning out to 2023.

While several expressions of interest have been received for the transfer of ownership of South Africa Energy Coal the broker does not expect any significant sale proceeds. Citi maintains a Buy rating and $4.70 target.

Target price is $4.70 Current Price is $3.75 Difference: $0.95
If S32 meets the Citi target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $4.16, suggesting upside of 11.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.6

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

Credit Suisse rates S32 as Outperform (1) -

Production at Illawarra stood out in the September quarter but, given two longwall moves are to be completed over the remainder of FY19, Credit Suisse observes production rates cannot be sustained and therefore FY19 guidance was left unchanged.

The broker notes manganese production was strong in both Australia and South Africa. Production guidance has been maintained for FY19.

Credit Suisse believes the potential for further capital returns in February should put a high floor under the share price in the near term. The broker maintains an Outperform rating and $4.35 target.

Target price is $4.35 Current Price is $3.75 Difference: $0.6
If S32 meets the Credit Suisse target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $4.16, suggesting upside of 11.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.6

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

Deutsche Bank rates S32 as Buy (1) -

September quarter production was reassuring for Deutsche Bank, as steady operations are key to the broker's positive outlook. Buy rating and $4.40 target maintained.

Target price is $4.40 Current Price is $3.75 Difference: $0.65
If S32 meets the Deutsche Bank target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $4.16, suggesting upside of 11.0% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.6

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

Macquarie rates S32 as Outperform (1) -

Strong results at Illawarra, Cannington and GEMCO were the highlights of a better than expected Sep Q production result from South32. The speed of the buyback to date suggests to the broker a special dividend could be announced at the first half result.

The stock trades on a free cash flow yield of 10% on the broker's forecast commodity prices and 15% plus at spot, making it look cheap. Outperform retained. The balance of a smaller buyback offset by a special leads to a target reduction to $4.10 from $4.30.

Target price is $4.10 Current Price is $3.75 Difference: $0.35
If S32 meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $4.16, suggesting upside of 11.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.6

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

Ord Minnett rates S32 as Hold (3) -

Ord Minnett observes ongoing improvements at Illawarra and a strong performance in the manganese business in the September quarter.

Nevertheless, the broker reduces FY19 forecasts by -7% because of lower alumina output and more conservative cost estimates.

A Hold rating is maintained along with a $4.10 target.

Target price is $4.10 Current Price is $3.75 Difference: $0.35
If S32 meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $4.16, suggesting upside of 11.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.6

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

UBS rates S32 as Neutral (3) -

UBS observes production at Cannington is stable and output at Illawarra continues to lift. Manganese output was at a record for the September quarter, taking advantage of positive market conditions. If the environment is sustained, UBS envisages the possibility of a beat to guidance in FY19.

Worsley continues to be affected by maintenance, with production -10% below forecasts. Neutral rating and $4.20 target retained.

Target price is $4.20 Current Price is $3.75 Difference: $0.45
If S32 meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $4.16, suggesting upside of 11.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.6

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

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

Citi is encouraged by the results coming from deep drilling at Gwalia and awaits the outcome of work on the expansion and mass extraction. The broker believes the slurry-pumping strategy could be a game changing technology for deep gold mines, if it works. The study is due in the March quarter 2019.

Citi notes the shares have pulled back around -20% in the past three months, while the falling Australian dollar and commodity price outlook have lifted FY19 earnings expectations. The broker upgrades to Neutral from Sell. Target is raised to $4.30 from $3.70.

Target price is $4.30 Current Price is $4.10 Difference: $0.2
If SBM meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $4.29, suggesting upside of 4.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

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

Credit Suisse rates SDF as Outperform (1) -

The company has announced a 3% upgrade to FY19 net profit guidance, now expecting $85-90m. Credit Suisse notes that this absorbs the mark-to-market loss from the JLG holding.

The company is experiencing better organic growth in the first quarter, which is supported by price rises from insurers. As Credit Suisse previously considered the guidance conservative no changes are made to forecasts.

Outperform rating and $3.15 target maintained.

Target price is $3.15 Current Price is $2.96 Difference: $0.19
If SDF meets the Credit Suisse target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $3.47, suggesting upside of 17.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.8

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

Macquarie rates SDF as Outperform (1) -

Steadfast has upgraded its FY19 earnings guidance range, inclusive of the Johns Lyng Group stake, to $190-200m from $185-195m, reflecting expected 20% growth in FY19 both organically and from acquisitions.

Market conditions and balance sheet strength remain supportive, the broker notes, as does growth in Asia and the UnionSteadfast investment. Outperform retained, target rises to $3.90 from $3.60.

Target price is $3.90 Current Price is $2.96 Difference: $0.94
If SDF meets the Macquarie target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $3.47, suggesting upside of 17.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.8

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

Ord Minnett rates SDF as Accumulate (2) -

Management has upgraded FY19 guidance, citing stronger organic growth and contributions from acquisitions. This is partly offset by the expected losses from the JLG stake.

Currently, Ord Minnett envisages strong growth in premium rates and potential earnings upside from the client trading platform, calculating this is worth around 12% of FY19 earnings, spread over five years, if management achieves its targets. The broker maintains an Accumulate rating and $3.35 target.

Target price is $3.35 Current Price is $2.96 Difference: $0.39
If SDF meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $3.47, suggesting upside of 17.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.8

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

Macquarie rates STO as No Rating (-1) -

Santos' Sep Q production and revenues were in line with the broker's expectation. 2018 guidance has been tightened to the top end of the prior range. Ahead of the Quadrant acquisition, Santos achieved its gearing reduction target one year ahead of schedule, the broker notes.

The broker is currently restricted from providing a recommendation or target.

Current Price is $7.09. Target price not assessed.

Current consensus price target is $7.03, suggesting downside of -0.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.0

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

Morgan Stanley rates STO as Overweight (1) -

September quarter production results were largely in line with Morgan Stanley's expectations. Incremental improvements are noted, along with minor upgrades to guidance. Cooper oil production continues to increase, up 17% in the quarter.

Overweight rating retained. Industry view: Attractive. Price target is $8.30.

Target price is $8.30 Current Price is $7.09 Difference: $1.21
If STO meets the Morgan Stanley target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $7.03, suggesting downside of -0.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.0

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

Ord Minnett rates STO as Hold (3) -

September quarter production was ahead of estimates, driven by record gas sales to LNG plants and higher oil output from the Cooper Basin.

Ord Minnett expects the stronger balance sheet should also support growth from the Quadrant acquisition, as well as brownfield opportunities in Queensland and the Cooper Basin.

Hold rating and $7.35 target maintained.

Target price is $7.35 Current Price is $7.09 Difference: $0.26
If STO meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $7.03, suggesting downside of -0.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.0

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

UBS rates STO as Upgrade to Neutral from Sell (3) -

Sales volumes in the September quarter were ahead of UBS estimates. The company has lifted the lower end of its production and sales guidance for 2018 and reduced 2018 capital expenditure by -$50m. UBS observes the results are starting to demonstrate the positive impact of increased drilling in the Cooper Basin.

Overall, September quarter production was slightly below UBS estimates because of the timing of asset sales to Ophir Energy. UBS has since incorporated the acquisition of Quadrant. Rating is upgraded to Neutral from Sell. Target is raised to $7.55 from $5.70.

Target price is $7.55 Current Price is $7.09 Difference: $0.46
If STO meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $7.03, suggesting downside of -0.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.0

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

Deutsche Bank rates TWE as Hold (3) -

Treasury Wine has reiterated guidance for 25% EBITS growth in 2019. Management has stated that early indications from the changes being made to the US route to market are positive.

Deutsche Bank welcomes the news, given the market's concerns around demand from China as well as a distribution changes in the US. Hold rating and $18 target maintained.

Target price is $18.00 Current Price is $16.33 Difference: $1.67
If TWE meets the Deutsche Bank target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $18.24, suggesting upside of 11.7% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.1

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

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

The company has lifted prices for Penfolds significantly, with the median recommended retail price increasing 11.1%. The price increases are calculated to contribute $58m in extra earnings in FY19 and Morgan Stanley suggests, combined with a $42m FX tailwind, this alone should generate 19% EBITS growth.

However, the broker believes the business in China lacks clarity compared with other markets and a slowdown in demand may not be that obvious. The broker expects a moderation in Chinese consumption to continue for the rest of 2018.

Equal-weight rating and $20 target retained. Industry view: Cautious.

Target price is $20.00 Current Price is $16.33 Difference: $3.67
If TWE meets the Morgan Stanley target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $18.24, suggesting upside of 11.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.1

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

Ord Minnett rates TWE as Accumulate (2) -

The company has reiterated earnings forecasts, expecting growth of 25% in EBITS in FY19. Ord Minnett believes the company is executing extremely well, focusing on fewer brands and leveraging scale in marketing and innovation.

Treasury Wine is also well-placed to access structural growth in Asian wine demand. The broker maintains an Accumulate rating and trims the target to $20.00 from $20.50.

Target price is $20.00 Current Price is $16.33 Difference: $3.67
If TWE meets the Ord Minnett target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $18.24, suggesting upside of 11.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.1

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

Credit Suisse rates WPL as Outperform (1) -

September quarter operations were sustained by higher prices and a boost from trading, and revenue rose 13% quarter on quarter. Wheatstone continued ahead of plan, which implies that it could be re-rated to around 10% above nameplate capacity.

Credit Suisse is positive about the delay on a preliminary agreement between Browse and the North West Shelf JV, believing it signals Woodside is more interested in obtaining a meaningful agreement. Outperform rating and $40.50 target maintained.

Target price is $40.50 Current Price is $36.09 Difference: $4.41
If WPL meets the Credit Suisse target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $37.75, suggesting upside of 4.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.1

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

Macquarie rates WPL as Underperform (5) -

Woodside's Sep Q production met the broker's forecast but revenue missed by -15% on lower sales, which the broker suspects was a timing issue.

The highlight was the potential for the Browse front engineering design to be brought forward to 2020 from 2021, but while the project is gaining traction the broker still believes the capex required makes Browse economically questionable and banks may not be willing to lend.

Underperform and $34.70 target retained.

Target price is $34.70 Current Price is $36.09 Difference: minus $1.39 (current price is over target).
If WPL 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 $37.75, suggesting upside of 4.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.1

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

Morgan Stanley rates WPL as Overweight (1) -

September quarter production was in line with Morgan Stanley's estimates. The key to the stock's performance going forward is expected to be the momentum on longer-dated expansion projects.

Woodside expects a tolling agreement is imminent between the Browse and North West Shelf joint-venture participants. Morgan Stanley applies greater value to the Browse project, assuming 50% risking. The broker also believes production that is building at Wheatstone could offer valuation upside.

Overweight rating retained. Industry view: Attractive. Price target rises to $40.00 from $37.50.

Target price is $40.00 Current Price is $36.09 Difference: $3.91
If WPL meets the Morgan Stanley target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $37.75, suggesting upside of 4.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.1

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

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

September quarter production was ahead of Ord Minnett's expectations. The broker observes the base business continues to perform, delivering higher production and sales revenue in the quarter. Progress continues at key development projects.

As the stock is trading in line with the broker's valuation, following the sell-off in the energy sector, the rating is upgraded to Hold from Lighten. Target is steady at $37.

Target price is $37.00 Current Price is $36.09 Difference: $0.91
If WPL meets the Ord Minnett target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $37.75, suggesting upside of 4.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.1

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

UBS rates WPL as Buy (1) -

The main development in the September quarterly report was the revised timeline for the Browse final investment decision, now due in 2020 as opposed to 2021. Contracts for concept definition and the preliminary agreement between the Browse JV and then North West Shelf JV are expected shortly.

Meanwhile, September quarter production was ahead of UBS estimates because of the faster ramp up of Wheatstone T2 and higher output from the NWS. UBS maintains a Buy rating and raises the target to $40.70 from $37.50.

Target price is $40.70 Current Price is $36.09 Difference: $4.61
If WPL meets the UBS target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $37.75, suggesting upside of 4.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.1

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