Australian Broker Call

Morgan Stanley rates A2M as Underweight (5) -

Morgan Stanley re-assesses revenue growth prospects and lowers forecasts because of perceived earnings risk. The risk is that FY20 growth will slow more than presumed amid softer prices and a more competitive market.

The broker reduces FY20-22 estimates by -7-10%. Underweight rating. The broker reduces the target to $10.00 from $11.20. Industry view is Cautious.

Target price is $10.00 Current Price is $11.51 Difference: minus $1.51 (current price is over target).
If A2M meets the Morgan Stanley target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $13.11, suggesting upside of 13.9% (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: -0.1

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

Citi rates AMC as Buy (1) -

Amcor, now operating in accordance with its US listing, released its inaugural Q1 performance report and Citi analysts observe FY20 guidance was re-affirmed. They also highlight that, while sustainability concerns have been depressing the share price, there has been little evidence of any impact to the company's Rigid Plastics business.

The analysts remain happy to stick with their Buy rating, noting the defensive earnings stream, attractive dividend yield plus an ongoing share buyback program.

The Q1 performance itself is described as "solid". No changes made to estimates and the price target remains at $17.

Target price is $17.00 Current Price is $14.46 Difference: $2.54
If AMC meets the Citi target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $16.00, suggesting upside of 10.6% (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: 0.6

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

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

The first quarter revealed volume growth in medical flexible packaging and liquid flexible pouches, areas not immediately evident. There is no change to company guidance, with Amcor reiterating FY20 estimates for earnings per share of US61-64c.

Plastic volumes increased and Credit Suisse cannot, therefore, conclude that environmental concerns are affecting overall plastic consumption. Rating is upgraded to Outperform from Neutral and the target raised to $15.50 from $14.75.

Target price is $15.50 Current Price is $14.46 Difference: $1.04
If AMC meets the Credit Suisse target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $16.00, suggesting upside of 10.6% (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: 0.6

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

Macquarie rates AMC as Outperform (1) -

Amcor's Sep Q earnings represent 21.6% of the broker's FY forecast, but given a traditional 45/55 second half skew to the northern summer, the result is in line with the forecast run-rate. The broker has nevertheless cut its target to $16.87 from $17.19.

But the stock had not been this cheap since the GFC, the broker declares, at a -10% PE discount to the ASX100. The market has sold on concerns regarding the sustainability of plastic packaging from an environmental perspective but for Amcor this is both a risk and an opportunity, the broker points out. Outperform retained.

Target price is $16.87 Current Price is $14.46 Difference: $2.41
If AMC meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $16.00, suggesting upside of 10.6% (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: 0.6

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

Morgan Stanley rates AMC as Overweight (1) -

First quarter revenue outcomes imply growth is tracking below Morgan Stanley's estimates. Guidance is reiterated and the maintenance of key metrics for FY20 is positive, in the broker's view.

Overweight retained. Target is  $16.50. Cautious industry view.

Target price is $16.50 Current Price is $14.46 Difference: $2.04
If AMC meets the Morgan Stanley target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $16.00, suggesting upside of 10.6% (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: 0.6

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

Morgans rates AMC as Hold (3) -

First quarter results were better than expected. Morgans makes minimal changes to forecasts but increases the target to $14.70 from $14.51 to reflect the positive impact from a lower average AUD/USD forecast.

Importantly, management has maintained FY20 guidance for underlying constant currency earnings per share of US61-64c. Hold maintained.

Target price is $14.70 Current Price is $14.46 Difference: $0.24
If AMC meets the Morgans target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $16.00, suggesting upside of 10.6% (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: 0.6

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

Ord Minnett rates AMC as Accumulate (2) -

The first quarter of FY20 was encouraging for Ord Minnett. The results were particularly significant given the business integration that is underway.

The broker believes the stock is undervalued and its stable earnings stream is not fully appreciated.

Accumulate rating and $16 target maintained.

Target price is $16.00 Current Price is $14.46 Difference: $1.54
If AMC meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $16.00, suggesting upside of 10.6% (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: 0.6

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

UBS rates AMC as Neutral (3) -

First quarter results were in line with UBS estimates. The company reiterated FY20 earnings guidance and continues to expect pro forma growth in earnings per share of 5-10%. The integration of Bemis is also tracking to plan.

UBS expects Amcor to step up its efforts to engage on the issue of plastics sustainability, noting the company is partnering with major customers to support global initiatives around reducing plastic waste.

Neutral maintained. Target is reduced to $15.40 from $15.45.

Target price is $15.40 Current Price is $14.46 Difference: $0.94
If AMC meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $16.00, suggesting upside of 10.6% (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: 0.6

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

Macquarie rates AMI as Outperform (1) -

The broker has come away from site visits to Aurelia Metals' projects with the view exploration success is thus far very encouraging, with strong potential to materially extend mine lives at both Hera and Peak. Lead-zinc circuit upgrades at Peak are on track and will improve process volumes.

Importantly, Aurelia's projects are in close proximity to existing infrastructure. Outperform and 65c target retained.

Target price is $0.65 Current Price is $0.47 Difference: $0.18
If AMI meets the Macquarie target it will return approximately 38% (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 APT as Upgrade to Buy from Neutral (1) -

Citi analysts have dug deeper into web site traffic and app downloads for the Buy Now, Pay Later sector in general. Their conclusion is that Afterpay Touch had a solid October in the USA.

In addition, Citi expects the recent launch of a number of marquee brands to result in strong merchant sales over the upcoming holiday period.

The analysts continue to see fierce competition as the key risk for the company, but given the recent share price retreat, and the above analysis, they have decided to upgrade to Buy from Neutral. Price target $31.10 (was $33.70).

Minor amendments have been made to forecasts.

Target price is $31.10 Current Price is $28.25 Difference: $2.85
If APT meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $31.84, suggesting upside of 12.7% (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 ASX as Reduce (5) -

While Morgans believes the October trading activity was mixed the company's performance in the year to date has been strong.

Moreover, ASX is undergoing several technological improvements which have the potential to add additional revenue streams.

Morgans considers the stock expensive and maintains a Reduce rating. Target is raised to $70.31 from $70.08.

Target price is $70.31 Current Price is $81.17 Difference: minus $10.86 (current price is over target).
If ASX meets the Morgans target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $70.84, suggesting downside of -12.7% (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 CPU as Neutral (3) -

Credit Suisse suspects guidance remains a stretch. The company expects management earnings in FY20 to be down by around -5.0% in constant currency terms.

While the broker does not believe the company sets aggressive targets, it remains cautious about the expectation for ongoing guidance upgrades.

With earnings re-basing in FY20 and a risk to the downside, a lower multiple is currently justified and a Neutral rating is maintained. Target is $16.50.

Target price is $16.50 Current Price is $16.48 Difference: $0.02
If CPU meets the Credit Suisse target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $15.75, suggesting downside of -4.5% (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: -0.3

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

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

As industry continues to collect plasma, UBS notes the average fractionator has the option of increasing the immunoglobulin price and/or reducing the price of albumin to stimulate demand.

As US albumin pricing is arguably at a floor, the broker believes using the immunoglobulin price lever is more likely to be used.

As CSL has embarked on plasma expansion well in advance of its peers it is likely to grow ahead of the market, in the broker's view. UBS upgrades to Buy from Neutral and raises the target to $295 from $265.

Target price is $295.00 Current Price is $269.96 Difference: $25.04
If CSL meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $253.99, suggesting downside of -5.9% (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: 0.6

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

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

Macquarie retained Outperform in the wake of CSR's recent earnings result, but believes valuation has now become full. The stock has rallied 63% year to date, and risk/reward is evenly balanced.

There remain residual uncertainties both at the macro and stock-specific level, the broker notes, and FY20-21 forecast PEs are in line with historical averages. The broker awaits signs of improvement in the residential building market and for now pulls back to Neutral, retaining a $4.80 target.

Target price is $4.80 Current Price is $4.60 Difference: $0.2
If CSR meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $3.78, suggesting downside of -17.9% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.7

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

Morgan Stanley rates MNF as Overweight (1) -

Morgan Stanley is Overweight on MNF Group because of the structural growth and differentiated competitive position. That said, the broker considers the recent capital raising was unnecessary and dilutive to value.

While understanding the rationale behind the capital raising Morgan Stanley argues the deal was a poor one for shareholders and sets a risky precedent.

Guidance has been reiterated and the broker's target is unchanged at $6.40.  Industry view: In-Line.

Target price is $6.40 Current Price is $5.00 Difference: $1.4
If MNF meets the Morgan Stanley target it will return approximately 28% (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

Credit Suisse rates NWS as Outperform (1) -

First quarter earnings missed expectations. Although the news and information services division was subdued it was largely driven by weakness in North America and News Corp Australia.

In contrast, Dow Jones delivered a solid result, Credit Suisse notes. The broker assesses Dow Jones and the Wall Street Journal are the main drivers of value within this division and, as a result, is less concerned about the overall earnings miss.

Outperform maintained. Target is reduced to $22.00 from $22.50.

Target price is $22.00 Current Price is $19.18 Difference: $2.82
If NWS meets the Credit Suisse target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $23.51, suggesting upside of 22.6% (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: 0.5

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

UBS rates NWS as Buy (1) -

The first quarter numbers missed UBS estimates. Revenue was down -7% and operating earnings (EBITDA) were down -38%.

The company highlighted pronounced currency headwinds and a particularly sluggish Australian economy and property market.

UBS maintains a Buy rating and $23.75 target.

Target price is $23.75 Current Price is $19.18 Difference: $4.57
If NWS meets the UBS target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $23.51, suggesting upside of 22.6% (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: 0.5

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

Morgan Stanley rates QBE as Overweight (1) -

Morgan Stanley suspects investors believe QBE Insurance is overly complicated. However, the portfolio is now simpler and de-risked and constructive fundamentals are strengthening into 2020.

The broker believes the upgrade cycle is not factored into the price and lifts net earned premium growth forecasts to around 3.5% in 2020/21.

Overweight rating maintained. Target is raised to $14 from $13. Industry view is In-Line.

Target price is $14.00 Current Price is $12.87 Difference: $1.13
If QBE meets the Morgan Stanley target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $12.99, suggesting upside of 0.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.6

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

Credit Suisse rates REA as Downgrade to Underperform from Neutral (5) -

First quarter results reflected weakness in residential listing volumes, amid a revenue decline of -9%. Credit Suisse finds the valuation difficult to justify, although agrees there is likely to be a recovery in the second half.

The main issue for the broker is whether the contribution to revenue growth from higher depth penetration is now close to a top and, while this is unlikely to be a structural factor, lower developer volumes will probably remain a headwind in the near to medium term.

Rating is downgraded to Underperform from Neutral and the target lowered to $90.00 from $90.50.

Target price is $90.00 Current Price is $101.32 Difference: minus $11.32 (current price is over target).
If REA meets the Credit Suisse target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $98.40, suggesting downside of -2.9% (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 REA as Neutral (3) -

The broker had already reduced its ad volume expectations a day before REA Group's result release but was still disappointed with the result, if not that surprised. There were some one-off impacts nonetheless, and the broker sees REA's underlying residential business as well placed.

Strong earnings growth should return in the second half, the broker believes, and through FY21 as volume trends improve. The broker will continue to monitor these trends and for now retains Neutral. Target falls to $105 from $109.

Target price is $105.00 Current Price is $101.32 Difference: $3.68
If REA meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $98.40, suggesting downside of -2.9% (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 REA as Reduce (5) -

The company has delivered its weakest quarter since the global financial crisis, Morgans observes. Management is expecting a strong second half on the assumption that volumes will recover somewhat.

Morgans believes REA Group should be able to deliver several more years of double-digit earnings growth and provide high levels of free cash generation and strong growth in dividends.

Nevertheless, the broker maintains a Reduce rating as the target implies a negative shareholder return. Target is reduced to $90.41 from $92.07.

Target price is $90.41 Current Price is $101.32 Difference: minus $10.91 (current price is over target).
If REA 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 $98.40, suggesting downside of -2.9% (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 REA as Lighten (4) -

REA Group's first quarter revenue and operating earnings were significantly below forecasts. This is despite the decline in listings being in line with Ord Minnett's expectations.

Given the magnitude of the miss, the broker finds it hard to justify owning the stock at current levels. Lighten rating maintained. Target is $90.

The broker believes the market has unduly given the company a pass for its continued underperformance.

Target price is $90.00 Current Price is $101.32 Difference: minus $11.32 (current price is over target).
If REA meets the Ord Minnett target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $98.40, suggesting downside of -2.9% (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 REA as Neutral (3) -

The first quarter result disappointed UBS. Group revenue fell -9%. However the miss was partly driven by increased revenue deferrals.

The broker reduces estimates for FY20 earnings per share by -4% and suspects the valuation framework being applied to the stock largely ignores short-term earnings volatility and, instead, anticipates listings will recover to FY16-18 levels.

UBS maintains a Neutral rating and raises the target to $105 from $95.

Target price is $105.00 Current Price is $101.32 Difference: $3.68
If REA meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $98.40, suggesting downside of -2.9% (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 analysts welcome the deal to divest the South African Energy Coal (SAEC) assets. They are looking forward to the company releasing a clean set of financial numbers from FY21 onwards.

After stress-testing the company's outlook, Citi remains of the view the stock is too cheaply priced. Buy recommendation retained, alongside $3.20 price target.

Target price is $3.20 Current Price is $2.74 Difference: $0.46
If S32 meets the Citi target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $3.04, suggesting upside of 10.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

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

Market Sentiment: 0.4

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

Credit Suisse rates SUL as Neutral (3) -

The company has presented its new strategy, incorporating a digital future. Credit Suisse notes a lot of changes are proposed so the need to successfully execute is high.

The strategy appears to recognise a slower growth trajectory and capital expenditure is revamped accordingly. Any significant expansion of stores appears to be off the agenda, outside of Macpac.

Credit Suisse does not believe investors are pushing for rapid growth and are, therefore, unlikely to be disappointed. Neutral rating and $9.50 target maintained.

Target price is $9.50 Current Price is $9.85 Difference: minus $0.35 (current price is over target).
If SUL meets the Credit Suisse target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.66, suggesting downside of -2.0% (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 SUL as Accumulate (2) -

Ord Minnett observes the company's capital management targets are in line with forecasts, although no financial guidance was provided at the investor briefing.

A restructure has been considered, but is not being pursued because of stranded costs and low sentiment towards the leisure segment.

The broker envisages improvement opportunities for online, supply chain, IT and optimising the private brand mix.

Ord Minnett maintains an Accumulate rating and $10 target.

Target price is $10.00 Current Price is $9.85 Difference: $0.15
If SUL meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $9.66, suggesting downside of -2.0% (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 SUL as Buy (1) -

UBS now has a clearer view on the company's strategy but believes this will take time to deliver results. The focus is on the core four brands and monetising data via loyalty and online.

The broker also assesses that the company is not intending to break up, despite a view that the market is materially undervaluing the leisure segment.

Buy rating and $9.90 target maintained.

Target price is $9.90 Current Price is $9.85 Difference: $0.05
If SUL meets the UBS target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $9.66, suggesting downside of -2.0% (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 WPL as Hold (3) -

Ord Minnett is surprised by the resource upgrade at Scarborough. The broker estimates the 11trn cubic feet of gas is now enough to fill an expanded Pluto plant to 2048.

It could also mean further opportunities to process the gas through the North West Shelf as ullage emerges beyond 2030. Hold rating maintained. Target rises to $34.00 from $32.60.

Target price is $34.00 Current Price is $34.15 Difference: minus $0.15 (current price is over target).
If WPL 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 $33.19, suggesting downside of -2.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.1

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

UBS rates WPL as Neutral (3) -

The company has increased its 2C resource for Scarborough having reprocessed seismic and wireline log data. This improves the economics of the project.

UBS increases valuation by 3%, reflecting an additional 10 years of project life at Scarborough. Neutral rating maintained. Target lifts to $32.60 from $31.60.

Target price is $32.60 Current Price is $34.15 Difference: minus $1.55 (current price is over target).
If WPL 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 $33.19, suggesting downside of -2.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.1

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

UBS rates XRO as Sell (5) -

First half results were broadly in line with expectations. The highlight for UBS was strong Australian subscriber growth.

The broker expects subscriber growth will continue to benefit from Single Touch Payroll tailwinds in the near term as this will become mandatory for businesses with more than 5 employees from June 2020.

Sell rating maintained. Target rises to $59.00 from $52.50.

Target price is $59.00 Current Price is $75.71 Difference: minus $16.71 (current price is over target).
If XRO 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 $66.32, suggesting downside of -12.4% (ex-dividends)

The company's fiscal year ends in March.

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: -0.2

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