AUSTRALIAN BROKER CALL

Morgans rates ADH as Hold (3) -

FY16 results signalled to Morgans another year of strong growth and the company is guiding to 11-15% revenue growth in FY17.

The broker notes gross margin is expected to expand by 25-75 basis points despite another step down in the average hedge rate.

Despite an inexpensive valuation, Morgans suspects the significant amount of stock coming out of escrow will weigh on the stock in the short term. The broker retains a Hold rating and $2.88 target.

Target price is $2.88 Current Price is $2.47 Difference: $0.41
If ADH meets the Morgans target it will return approximately 17% (excluding dividends, fees and charges).

The company's fiscal year ends in July.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.5

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

Ord Minnett rates ANZ as Accumulate (2) -

The bank's intention to switch around 10% of capital from institutional to retail & commercial operations is well underway, Ord Minnett observes, and the future revenue risk is not as bad as feared.

Hence, if there is less revenue at risk, then cost reductions do not need to be as drastic, the broker adds. Ord Minnett believes the bank is in a strong relative position to grow earnings and defend dividends.

The broker retains an Accumulate rating and raises the target to $31.00 from $27.50.

Target price is $31.00 Current Price is $26.48 Difference: $4.52
If ANZ meets the Ord Minnett target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $27.46, suggesting upside of 2.8% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY16:

Forecast for FY17:

Market Sentiment: 0.2

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

Macquarie rates ASB as Outperform (1) -

It was a tough year for Austal but the underlying earnings decline met the broker's expectations. The company wrote down the value of its work in progress in July to reflect lower margins on LCS vessels given required shock testing.

The LCS8 has now been delivered to the US Navy and the LCS6 has passed its first shock trials. The broker believes the bad year provides for a good entry point into a company featuring a strong balance sheet and large opportunities in the US and Australia. Outperform retained, target rises to $1.56 from $1.37.

Target price is $1.56 Current Price is $1.32 Difference: $0.24
If ASB meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.8

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

Ord Minnett rates ASB as Accumulate (2) -

FY16 results were broadly in line with forecasts, having been flagged by management in early July.

Ord Minnett is disappointed with the re-basing of earnings but notes strong free cash flow continues to be generated.

The main valuation upside is in the US work and the size of the littoral combat ships program continues to dominate near-term sentiment.

Accumulate rating retained. Target rises to $1.54 from $1.44.

Target price is $1.54 Current Price is $1.32 Difference: $0.22
If ASB meets the Ord Minnett target it will return approximately 17% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.8

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

Morgan Stanley rates AWC as Overweight (1) -

Morgan Stanley remains constructive on the stock, expecting around a US$10/t improvement in both unit costs and the alumina price.

The planned Alcoa de-merger and court case do not alter the broker's fundamental view of the stock. Nonetheless, a debt-laden JV partner may trade in lower multiples and the broker is wary that this could translate back to the market's view on AWC.

Overweight rating retained. Target is raised to $1.70 from $1.60. Industry view is Attractive.

Target price is $1.70 Current Price is $1.35 Difference: $0.35
If AWC meets the Morgan Stanley target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $1.39, suggesting upside of 2.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

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 BBG as Accumulate (2) -

FY16 results were weaker than expected. Ord Minnett notes the path of the turnaround is proving uneven and longer dated than had been expected.

Weak retail and inventory clearance weighed on the Americas business although the second half improved.

Ord Minnett retains an Accumulate rating and remains confident about the long-term potential and turnaround. Target is $2.

Target price is $2.00 Current Price is $1.34 Difference: $0.66
If BBG meets the Ord Minnett target it will return approximately 49% (excluding dividends, fees and charges).

Current consensus price target is $1.82, suggesting upside of 38.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.5

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

Citi rates BPT as Buy (1) -

Hopefully this was the last of Cooper reserves downgrades, comment analysts at Citi, post Beach Petroleum reclassifying the majority of Drill Search's 2P gas reserves. The analysts continue to see large potential through cost savings.

Because of the Cooper cost savings potential, Citi retains its Buy/High Risk rating with a target price of $0.74.

Target price is $0.74 Current Price is $0.55 Difference: $0.19
If BPT meets the Citi target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $0.63, suggesting upside of 11.6% (ex-dividends)

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.4

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

Credit Suisse rates BPT as Outperform (1) -

FY16 results did not surprise Credit Suisse. The main issue is the reserve downgrades, with 2P reserves now at 69.8mmboe.

The broker is confident that the risk/reward stacks up for a company with quality management and a net cash position.

The broker's Outperform rating is retained. Target is lowered to 70c from 75c.

Target price is $0.70 Current Price is $0.55 Difference: $0.15
If BPT meets the Credit Suisse target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $0.63, suggesting upside of 11.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.4

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

Macquarie rates BPT as Neutral (3) -

Beach's result was lower than expected due to higher than expected costs, including costs associated with the Drillsearch merger. The broker suggests the balance sheet will support M&A throughout FY17.

Beach has alluded to interest in east coast gas, which the broker believes would be a good fit. The broker expects the company to work hard to convert its Drillsearch resources into reserves. Neutral and 60c target retained.

Target price is $0.60 Current Price is $0.55 Difference: $0.05
If BPT meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $0.63, suggesting upside of 11.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.4

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

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

FY16 results were in line with expectations. Morgan Stanley expects cash to build up, while the acquisition and re-investment strategy remain the key to the investment case.

The broker finds the valuation attractive but notes the business has high expenditure on maintenance capex.

The broker retains an Equal-weight rating and In-Line sector view. Target is reduced to 60c from 67c.

Target price is $0.60 Current Price is $0.55 Difference: $0.05
If BPT meets the Morgan Stanley target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $0.63, suggesting upside of 11.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.4

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

Ord Minnett rates BPT as Accumulate (2) -

FY16 results were stronger than expected, because of lower operating costs and depreciation expense.

Ord Minnett believes more value has emerged in the stock with the price now factoring in no exploration upside. The US$26 barrel break-even point and a net cash balance suggests some safety over the medium term, notwithstanding acquisitions.

Accumulate rating retained. Target slips to 65c from 67c.

Target price is $0.65 Current Price is $0.55 Difference: $0.1
If BPT meets the Ord Minnett target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $0.63, suggesting upside of 11.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.4

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

UBS rates BPT as Neutral (3) -

FY16 profit was ahead of expectations, on lower costs. UBS observes the company's cost discipline is paying dividends - literally, with the dividend reinstated at 0.5c.

Nevertheless, the broker questions what will offset production declines. UBS retains a Neutral rating and 65c target.

Target price is $0.65 Current Price is $0.55 Difference: $0.1
If BPT meets the UBS target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $0.63, suggesting upside of 11.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.4

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

Ord Minnett rates BSA as Buy (1) -

FY16 results were ahead of expectations. Ord Minnett observes two large NBN contracts were secured in recent months and forecasts 24% revenue growth in FY17. However, the core Foxtel contract is likely to be declining in revenue terms.

If the company were to resolve its legacy issues there is potential for a re-rating towards the price target, Ord Minnett contends.

Buy rating retained. Target rises to 38c from 36c.

Target price is $0.38 Current Price is $0.31 Difference: $0.07
If BSA meets the Ord Minnett target it will return approximately 23% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 1.0

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

Deutsche Bank rates CDD as Hold (3) -

Cardno's FY16 was a tough cookie, and that is some serious understatement. The company's financial performance still managed to miss management's own guidance only issued as recent as June.

On Deutsche Bank's observation, the CEO's departure rounds out a very tough FY16. Luckily for the shareholders, the broker thinks it's unlikely getting worse, though any sustained recovery seems to require a dose of patience, still.

Price target falls to 65c from 70c and with the share price close, the Hold rating remains in place.

Target price is $0.65 Current Price is $0.73 Difference: minus $0.075 (current price is over target).
If CDD meets the Deutsche Bank target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.85, suggesting upside of 10.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.3

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

Morgans rates CDD as Hold (3) -

FY16 results were in line with expectations, Morgans observes, amid a difficult macro backdrop. No specific guidance was provided.

Morgans believes the outlook remains challenging around infrastructure investment and oil & gas and it is too early to tell whether management's improvements will have a material impact on financials in the longer term.

Still, the balance sheet looks healthier to the broker and a Hold rating is retained. Target rises to 73c from 67c.

Target price is $0.73 Current Price is $0.73 Difference: $0.005
If CDD meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $0.85, suggesting upside of 10.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.3

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

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

FY16 results missed expectations and margins were lower than Morgan Stanley forecast.

The broker calculates that guidance implies EBITDA of $104.7m and therefore no growth for FY17.

The broker retains an Equal-weight rating and $5.60 target. Industry view is In-Line.

Target price is $5.60 Current Price is $4.10 Difference: $1.5
If EHE meets the Morgan Stanley target it will return approximately 37% (excluding dividends, fees and charges).

Current consensus price target is $6.29, suggesting upside of 71.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.5

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

UBS rates EHE as Buy (1) -

FY16 results were much weaker than expected. UBS notes operations were better aligned with the guidance previously provided, while faster second half growth supports the FY17 outlook.

The broker observes the transition to organic growth weighs on non-trading costs. The company has invested $83m in land and developments and this in turn weighs on forecasts, UBS analysts point out.

UBS lowers the target to $6.95 from $7.95. Buy rating retained.

Target price is $6.95 Current Price is $4.10 Difference: $2.85
If EHE meets the UBS target it will return approximately 70% (excluding dividends, fees and charges).

Current consensus price target is $6.29, suggesting upside of 71.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.5

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

UBS rates ERA as Sell (5) -

Under current assumptions UBS expects the company to have sufficient financial resources to fully fund its rehabilitation program but this relies on maintenance of the premium to  the spot uranium price and a rising spot price as forecast.

The broker notes the undrawn $100m credit facility with major shareholder Rio Tinto ((RIO)), which ensures rehabilitation, but envisages little value left for equity holders if the facility is needed.

UBS retains a Sell rating and 10c target.

Target price is $0.10 Current Price is $0.34 Difference: minus $0.235 (current price is over target).
If ERA meets the UBS target it will return approximately minus 70% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

Market Sentiment: -1.0

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

Credit Suisse rates EVN as Reinstate coverage with Outperform (1) -

Credit Suisse reinstates coverage with an Outperform rating and $2.45 target, reflecting the acquisition of an economic interest in the Ernest Henry mine, the 2-for-15 share issue and an additional $500m in debt.

The broker's valuation ascribes no value for clear value-adding opportunities from the increased mining and milling rates under consideration and gold recovery upside under investigation.

Target price is $2.45 Current Price is $2.17 Difference: $0.28
If EVN meets the Credit Suisse target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $2.76, suggesting upside of 20.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.7

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

Macquarie rates EVN as Outperform (1) -

Evolution has entered into a transaction with Glencore to buy a stake in the Ernest Henry mine, amounting to 100% of gold production and 30% of copper and silver production, while contributing 30% to costs. The deal makes strategic sense, the broker suggests, but at the cost of a 15% premium.

The deal is earnings accretive but muted by the broker's copper price outlook. Outperform retained, target falls to $2.90 from $3.00.

Target price is $2.90 Current Price is $2.17 Difference: $0.73
If EVN meets the Macquarie target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $2.76, suggesting upside of 20.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.7

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

Morgans rates EVN as Add (1) -

The company will acquire a 30% economic interest in copper and silver from Glencore's Ernest Henry mine and 100% of the gold credits. The company has also upgraded FY17 guidance to 800-860,000 ozs.

Morgans adjusts its model to incorporate the Glencore deal and the sale of Pajingo and the equity issue.  Add rating retained. Target rises to $2.82 from $2.09.

Target price is $2.82 Current Price is $2.17 Difference: $0.65
If EVN meets the Morgans target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $2.76, suggesting upside of 20.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.7

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

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

The company has acquired more gold exposure with its partnership with Glencore but UBS believes this creates a unique set of risks, for both upside and downside.

The broker believes, ultimately, Glencore will still dictate the direction and outlook for the Ernest Henry mine and the main risk is what happens if the copper price declines materially and there is a mis-alignment of interests.

UBS upgrades to Buy from Neutral as value is seen emerging at the current share price. Target is raised to $2.98 from $2.78.

Target price is $2.98 Current Price is $2.17 Difference: $0.81
If EVN meets the UBS target it will return approximately 37% (excluding dividends, fees and charges).

Current consensus price target is $2.76, suggesting upside of 20.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.7

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

Citi rates EVT as Sell (5) -

As correctly predicted by Citi analysts, disappointment from German cinema operations marked the FY16 financial performance miss.

Citi analysts, understandably, are gloating in their subsequent updates. But today's update marks what is possibly the worst attempt ever at integrating a German victory token, in German, in an Australian research report. Too embarrassing to repeat here. Is Google Translate maybe to blame?

Target price is $14.00 Current Price is $15.00 Difference: minus $1 (current price is over target).
If EVT meets the Citi target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Market Sentiment: 0.0

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

Ord Minnett rates FAN as Hold (3) -

FY16 results were better than expected and the special dividend of 15c was a surprise for Ord Minnett.

The broker notes growth prospects exist and concerns about recent management changes are moderating.

Hold retained because of the lack of valuation support. Target is raised to $3.00 from $2.40.

Target price is $3.00 Current Price is $3.10 Difference: minus $0.1 (current price is over target).
If FAN 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 $3.15, suggesting upside of 1.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

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

Ord Minnett rates HUB as Downgrade to Accumulate from Buy (2) -

FY16 results were in line and the company reported a maiden half-year profit in the second half. Ord Minnett now envisages significant operating leverage beginning to flow.

The broker remains positive despite the limited valuation support and, following a post-result rally, downgrades to Accumulate from Buy, seeking a cheaper entry point. Target is raised to $5.00 from $4.87.

Target price is $5.00 Current Price is $4.86 Difference: $0.14
If HUB meets the Ord Minnett target it will return approximately 3% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.5

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

UBS rates IFM as Buy (1) -

The FY16 result was in line with expectations. UBS believes the win on the Nissan Europe Superservices contract is a positive and the pipeline of work is stronger than ever.

The broker likes the outlook and finds the valuation compelling, retaining a Buy rating. Price target is raised to 80c from 70c.

Target price is $0.80 Current Price is $0.69 Difference: $0.11
If IFM meets the UBS target it will return approximately 16% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 1.0

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

Citi rates IPL as Buy (1) -

It is Citi's observation the Incitec Pivot share price often moves on short term considerations. Hence why the analysts exclaim: look forward investors, do not look backwards. We all know FY16 was bad, but FY17 holds a lot of promise.

Citi analysts suggest risks are more balanced in FY17 as the all-important Louisiana facility gets up and running, spinning out long-awaited cash flows. Earnings estimates have once again been reduced, and by relatively large numbers.

Citi's price target falls to $3.60 from $4.40. Buy rating retained.

Target price is $3.60 Current Price is $2.77 Difference: $0.83
If IPL meets the Citi target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $3.32, suggesting upside of 18.0% (ex-dividends)

Forecast for FY16:

Forecast for FY17:

Market Sentiment: 0.3

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

Ord Minnett rates MIL as Buy (1) -

FY16 results were marginally below recent guidance. Ord Minnett notes the contract wins and guidance for revenue growth at 13-18%.

The broker considers the investment case remains intact and a Buy rating is retained. Moreover, if acquisitions occur the stock could perform quite well.

The target is reduced to $1.41 from $1.50.

Target price is $1.41 Current Price is $1.20 Difference: $0.21
If MIL meets the Ord Minnett target it will return approximately 18% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 1.0

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

Morgan Stanley - Cessation of coverage

Forecast for FY16:

Forecast for FY17:

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

Credit Suisse rates NHC as Neutral (3) -

FY16 saleable coal production was up 19% and includes five months ownership of 40% of Bengalla.

Credit Suisse adjusts FY16 estimates for EBITDA and net profit up 10% and 13% respectively. Neutral rating retained. Target is $1.65.

Target price is $1.65 Current Price is $1.59 Difference: $0.06
If NHC meets the Credit Suisse target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $1.54, suggesting downside of -2.3% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY16:

Forecast for FY17:

Market Sentiment: 0.0

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

Morgans rates NSR as Hold (3) -

FY16 results were in line with guidance. The company has reiterated guidance for FY17 underlying earnings of 9.2-9.4c per share.

Morgans previously assumed lower occupancy and higher prices in forecasts but now pulls back on those assumptions, raising occupancy forecasts.

The broker suspects there is potential upside to pricing if the revenue management system makes a positive impact.

Hold retained. Target is reduced to $1.69 from $1.71.

Target price is $1.69 Current Price is $1.64 Difference: $0.05
If NSR meets the Morgans target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $1.62, suggesting downside of -1.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

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

UBS rates PDN as Neutral (3) -

FY16 results were in line with expectations at the operations level. UBS notes the issue of the sell down of 24% of Langer Heinrich remains, with closure not expected until the December quarter.

On an all-in basis the cost of production is above US$30/lb and, with only legacy contracts ensuring miners retain positive cash flow, this is an unsustainable position in the broker's view.

Neutral and 20c target retained. 

Target price is $0.20 Current Price is $0.17 Difference: $0.035
If PDN meets the UBS target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $0.21, suggesting upside of 24.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

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

Market Sentiment: 0.0

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

Citi rates PRU as Neutral (3) -

Perseus' FY16 release revealed a sizable loss and on Citi's expectation FY17 will still be loss-making, albeit not to the same extent. FY18 should look a lot better, but it's a long wait, concede the analysts.

Lower projections have pulled back the price target to 51c. Neutral.

Target price is $0.51 Current Price is $0.47 Difference: $0.045
If PRU meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $0.70, suggesting upside of 47.4% (ex-dividends)

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.4

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

Credit Suisse rates PRU as Outperform (1) -

FY16 net loss was higher than expected. Credit Suisse notes the year ends a challenging period for the company.

The September quarter operating results and updated reserves and resources in October are the key catalysts for the broker, ahead of a development decision on Yaoure and progress at Sissingue.

The 90c target and Outperform rating are retained.

Target price is $0.90 Current Price is $0.47 Difference: $0.435
If PRU meets the Credit Suisse target it will return approximately 94% (excluding dividends, fees and charges).

Current consensus price target is $0.70, suggesting upside of 47.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.4

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

Macquarie rates PRU as Outperform (1) -

Perseus posted a miss on earnings largely due to exploration write-downs, but a match with the broker on underlying cash flow. The company is currently completing a major reinvestment program at Edikan.

This should lead to improved earnings in FY17, the broker suggests, while development projects should provide for strong production growth. Developing Sissingue will be the next step. Outperform and 90c target retained.

Target price is $0.90 Current Price is $0.47 Difference: $0.435
If PRU meets the Macquarie target it will return approximately 94% (excluding dividends, fees and charges).

Current consensus price target is $0.70, suggesting upside of 47.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.4

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

Credit Suisse rates RIC as Outperform (1) -

FY16 results were in line with expectations. Credit Suisse's FY17 growth outlook takes into account the potential volume headwinds in dairy and aquaculture.

The broker expects agricultural products should be able to post modest earnings growth which will be complemented by the benefit of decreasing debt.

Outperform rating and $1.55 target retained.

Target price is $1.55 Current Price is $1.38 Difference: $0.17
If RIC meets the Credit Suisse target it will return approximately 12% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.5

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

Morgans rates RIC as Hold (3) -

FY16 results were slightly higher than expected because of lower property costs. Morgans expects solid earnings growth in FY17 but reduces forecasts because of some more challenging end markets, namely dairy.

The broker notes the company continues to pursue its mill renewal and further acquisitions, investing in R&D projects such as Novacq and new technologies including high protein concentrates to extract greater value.

A Hold rating is retained. Target is reduced to $1.40 from $1.50.

Target price is $1.40 Current Price is $1.38 Difference: $0.02
If RIC meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.5

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

Morgan Stanley rates RMD as Overweight (1) -

The results from the study into CPAP in prevention of cardiovascular events missed the primary end point but suggests there is significant beneficial effect on quality of life, Morgan Stanley observes.

There is also the suggesting the primary end point was missed because of low adherence but further investigation is required. The broker expects limited impact on CPAP prescription as a result of the study.

Morgan Stanley retains an Overweight rating and In-Line sector view. Target is US$70.03.

Current Price is $9.05. Target price not assessed.

Current consensus price target is $9.92, suggesting upside of 10.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

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 RRL as Sell (5) -

Regis Resources is strongly profitable and expected production growth for the two years ahead is "encouraging", find Citi analysts. But they cannot get past what they see as a bloated valuation.

Sell. Price target $3.31. Citi suggests the reported FY16 financials were a slight beat of market consensus.

Target price is $3.31 Current Price is $3.81 Difference: minus $0.5 (current price is over target).
If RRL meets the Citi target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.06, suggesting downside of -18.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.4

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

Credit Suisse rates RRL as Underperform (5) -

FY16 results were in line with expectations. FY17 guidance is stronger, for 300-330,000 ozs.

Credit Suisse incorporates the positive grade impact of the high-grade Tooheys Well discovery in FY18 and FY19 and reflects Gloster and Erlistoun grades in FY17.

The broker retains an Underperform rating and $3.00 target.

Target price is $3.00 Current Price is $3.81 Difference: minus $0.81 (current price is over target).
If RRL meets the Credit Suisse target it will return approximately minus 21% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.06, suggesting downside of -18.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.4

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

Deutsche Bank rates RRL as Sell (5) -

Regis Resources' FY16 performance proved well ahead of market expectations, including Deutsche Bank's, and the analysts nominate "better cost control" as the prime reason.

However, a higher D&A charge has led to an apparent miss on the net profit, though still ahead by some 3% on consensus on Deutsche Bank's assessment. The higher charge does cause lowered estimates. Sell rating retained on valuation considerations. Target price $2.80 (up from $2.50 in July).

Target price is $2.80 Current Price is $3.81 Difference: minus $1.01 (current price is over target).
If RRL meets the Deutsche Bank target it will return approximately minus 27% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.06, suggesting downside of -18.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.4

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

Macquarie rates RRL as Neutral (3) -

Regis Resources' result was in line with the broker, reflecting a strong operating performance. The full-year dividend represents a 60% payout of profit as expected. With no debt and little to spend, the broker suggests this payout will be maintained.

FY17 production guidance was reiterated. Regis Resources has bounced back solidly from Garden Well issues, the broker suggests, and the dividend is supportive, but it's all in the price. Neutral retained. Target falls to $3.50 from $3.60.

Target price is $3.50 Current Price is $3.81 Difference: minus $0.31 (current price is over target).
If RRL meets the Macquarie target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.06, suggesting downside of -18.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.4

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

Macquarie rates RWC as Outperform (1) -

Reliance posted marginally ahead of prospectus forecasts. The Americas and Asia-Pacific proved solid while emerging markets were a little soft, the broker notes.

The broker retains Outperform, highlighting a potential to grow enabled by low market penetration, new products and geographies and strong channel partners. Target rises to $3.40 from $3.30.

Target price is $3.40 Current Price is $3.14 Difference: $0.26
If RWC meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $3.23, suggesting upside of 2.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.3

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

Morgans rates RWC as Hold (3) -

FY16 results were broadly in line with expectations. Morgans observes strong growth in both the retail and wholesale channels in the Americas and Asia Pacific.

While attracted to the company's market dominance, the broker considers the attributes of the stock are reflected in the price. Hold rating and $3.15 target retained.

Target price is $3.15 Current Price is $3.14 Difference: $0.01
If RWC meets the Morgans target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $3.23, suggesting upside of 2.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.3

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

Ord Minnett rates RWC as Hold (3) -

Fy16 results were in line and hard for Ord Minnett to fault. The broker notes operating cash flow was particularly strong.

Management has indicated that sales are on track to fulfill prospectus growth expectations in FY17.

Ord Minnett retained a Hold rating and $3.15 price target.

Target price is $3.15 Current Price is $3.14 Difference: $0.01
If RWC meets the Ord Minnett target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $3.23, suggesting upside of 2.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.3

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

Citi rates SCO as Buy (1) -

SME working capital solutions provider Scottish Pacific Group delivered its inaugural set of financials, and it was "solid" and in-line, according to Citi analysts.

The analysts note management reiterated its FY17 prospectus forecast. Citi's expectations are 5% higher. Buy rating retained on ongoing positive expectations.

Current Price is $3.60. Target price not assessed.

Market Sentiment: 1.0

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

Morgans rates SHV as Hold (3) -

FY16 results were weaker than expected. A weaker Australian dollar almond price means Morgans revises forecasts lower for FY17. The company has not provided formal FY17 guidance.

In the absence of further strength in the almond price, the broker considers the stock fairly valued. Hold rating maintained. Target reduced to $6.40 from $6.55.

Target price is $6.40 Current Price is $6.49 Difference: minus $0.09 (current price is over target).
If SHV meets the Morgans target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

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

UBS rates SHV as Neutral (3) -

FY16 results were "reasonably good" UBS observes. The food division has hit its 2018 target of $10m EBIT two years early.

Optimisation projects are expected to deliver around $4m in annualised cost savings from late FY17 and production is expected to rise by 63% by FY25.

UBS reduces medium-term earnings forecasts as a result of marginally higher-than-expected production costs. The broker retains a Neutral rating and reduces the target to $6.65 from $7.08.

Target price is $6.65 Current Price is $6.49 Difference: $0.16
If SHV meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

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

Morgans rates SLC as Hold (3) -

FY16 results were broadly in line with expectations. The Hong Kong network is on track to go live in December 2016 and Morgans expects revenue to be generated in 2017.

Morgans expects Singapore will overtake Australia in terms of customer numbers and total contract value in the not too distant future. The company has 14 key Singaporean buildings on-net and is in the process of connecting the initial target of 25.

Hold rating retained. Target rises to $3.05 from $2.60.

Target price is $3.05 Current Price is $2.98 Difference: $0.07
If SLC meets the Morgans target it will return approximately 2% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

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

Macquarie rates SLM as Neutral (3) -

Salmat's result beat the broker. The company is part-way through a significant business transformation, the broker notes.

The company is now in a position to refocus on revenue growth, and a strong pipeline supports this. But Salmat has a mixed track record of top line growth, so the broker thinks it's too early to get excited. Neutral retained as the broker watches closely. Target falls to 60c from 63c.

Target price is $0.60 Current Price is $0.60 Difference: $0
If SLM meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.5

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

Ord Minnett rates SUL as Sell (5) -

FY16 results were below expectations but Ord Minnett finds the outlook is strong, with a benefit from the one-off cost reductions made in FY16.

The broker notes progress is being made to address problematic businesses although executing on the plans for Ray's is difficult.

Strong growth in the core automotive and sports divisions underpin an Accumulate rating, the broker maintains. Target is raised to $11.50 from $10.00.

Target price is $11.50 Current Price is $11.01 Difference: $0.49
If SUL meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $10.73, suggesting downside of -1.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.4

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

UBS rates TFC as Buy (1) -

FY16 results were in line with expectations. UBS currently forecasts the company's realised Indian sandalwood prices to halve in FY23 when production ramps up.

The broker believes there is significant upside risk to long-term forecasts and valuation. UBS maintains a Buy rating. Target is raised to $3.20 from $3.10.

Target price is $3.20 Current Price is $1.60 Difference: $1.605
If TFC meets the UBS target it will return approximately 101% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 1.0

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

Credit Suisse rates WOW as Neutral (3) -

Further to the results Credit Suisse envisages the risks remain to the downside, despite the improvement in operating metrics for food retailing.

The broker expects the company will be pressured into conducting further asset sales and continuing a dilutive dividend reinvestment plan to improve credit metrics.

The broker expects corrective action to the balance sheet is likely to be dilutive for shareholders and the stock's current trading suggests the market is looking through FY17 weakness to improving profit in FY18.  Neutral and $24.50 target retained.

Target price is $24.50 Current Price is $24.71 Difference: minus $0.21 (current price is over target).
If WOW meets the Credit Suisse target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $21.24, suggesting downside of -12.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.4

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