Australian Broker Call

Citi rates ABP as Neutral (3) -

FY17 result was strong, as pre-announced. Citi observes the stock has been the best performer recently, up 15% and outperforming the market by around 12%.

At current prices the broker retains a Neutral rating,, although it suspects there could be potential upside from the Camellia profits or via a re-deployment of capital.  Target is raised to $3.27 from $3.19.

Target price is $3.27 Current Price is $3.61 Difference: minus $0.34 (current price is over target).
If ABP meets the Citi target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.32, suggesting downside of -7.9% (ex-dividends)

The company's fiscal year ends in June.

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

Morgan Stanley rates ABP as Underweight (5) -

As previously flagged, FY17 results were boosted by trading profits. Distribution growth of just 3% implies a pay-out level of just 53.5%, which the broker considers sensible as the group aims to deliver steady distributions amid more volatile headline earnings.

Whilst Morgan Stanley acknowledges that forecasting the growth of earnings remains difficult, given their volatile nature, the group appears well-positioned with a strong balance sheet and attractive opportunities.

FY18 guidance is broadly in line. Underweight rating retained. Target remains $3.00. Morgan Stanley's industry rating is Cautious.

Target price is $3.00 Current Price is $3.61 Difference: minus $0.61 (current price is over target).
If ABP meets the Morgan Stanley target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.32, suggesting downside of -7.9% (ex-dividends)

The company's fiscal year ends in June.

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

Ord Minnett rates ABP as Buy (1) -

FY17 underlying profit was ahead of Ord Minnett expectations. The main negative of the result was that what there was no real progress of the Camellia project, in the analysts' view.

While the stock has performed strongly since last November, the broker suspects it has further to go.

Earnings estimates are increased by 16% for FY18 and 10% for FY19. Ord Minnett maintains a Buy rating and raises the target to $3.70 from $3.30.

Target price is $3.70 Current Price is $3.61 Difference: $0.09
If ABP meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $3.32, suggesting downside of -7.9% (ex-dividends)

The company's fiscal year ends in June.

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

Morgan Stanley rates ANZ as Overweight (1) -

While the bank is delivering on cost reductions, credit quality and capital generation, Morgan Stanley is less confident on the prospects of a revenue recovery.

This limits material share price upside and keeps the stock as the number two in the broker's major bank order of preference.

Overweight rating retained. Target is $30.00. Sector view is In-Line.

Target price is $30.00 Current Price is $29.90 Difference: $0.1
If ANZ meets the Morgan Stanley target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $30.80, suggesting upside of 2.9% (ex-dividends)

The company's fiscal year ends in September.

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 ASX as Equal-weight (3) -

Morgan Stanley believes the company can deliver high single-digit earnings growth in FY18 via activity momentum and pricing power.

The broker believes opportunities to monetise the data assets remain under-appreciated by the market.

Equal-weight retained. Target is $53. Industry view: In-Line.

Target price is $53.00 Current Price is $53.92 Difference: minus $0.92 (current price is over target).
If ASX meets the Morgan Stanley target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $51.32, suggesting downside of -5.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.5

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

Morgan Stanley rates BBN as Overweight (1) -

Bubs Baby Shop, Baby Bunting's largest competitor in Queensland, and fourth-largest operator nationwide, has entered voluntary administration.

Morgan Stanley believes the company is well-positioned to capitalise on the Queensland opportunity, with four stores in the early stages of ramping up. 

Overweight rating. Target is $2.35. Sector view is In-Line.

Target price is $2.35 Current Price is $1.73 Difference: $0.62
If BBN meets the Morgan Stanley target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $1.89, suggesting upside of 6.3% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

UBS rates BPT as Neutral (3) -

Beach Petroleum announced an increase in both oil and wet gas reserves. UBS notes that, after mixed performances from assets, overall Beach's 2P reserves are up 7% on FY16, representing a reserves to production ratio of 7.3 years.

The improvement was struck primarily on Well performance, the Kangaroo oil discovery, new well locations and accounting for McKinlay oil potential in the Bauer field.

UBS lifts capital expenditure forecasts accordingly, as the company unlocks the potential to yield a 28% jump in FY earnings-per-share (UBS's new forecast), thanks to higher production.

Neutral rating retained, reflecting the stock's high multiple but the broker notes upside risk. Target price rises to 73c from 68c.

Target price is $0.73 Current Price is $0.70 Difference: $0.035
If BPT meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $0.75, suggesting upside of 3.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.2

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

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

FY17 net profit met expectations and Macquarie considers the outlook attractive.  Nevertheless, the broker believes current multiples capture the upside and downgrades to Neutral from Outperform.

The broker downgrades earnings per share estimates by -2.9% for FY18 and by -3.6% for FY19. Target is raised to $10.70 from $9.50.

Target price is $10.70 Current Price is $11.07 Difference: minus $0.37 (current price is over target).
If BRG meets the Macquarie target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.01, suggesting downside of -1.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.1

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

UBS rates BRG as Neutral (3) -

Breville's full-year result met the broker, the only surprising negative being a rise in inventories.

Otherwise, UBS perceives Breville's transformation to be on track, and makes minor changes to FY18-20 earnings-per-share estimates, but lifts forecasts for top-line growth to reflect confidence in the pace of delivery of the new operating model.

Breville announced the purchase of Aqaport (a water and air purifier), and flagged more acquisitions and a category geographical expansion - small domestic appliances. UBS notes Breville has $170m in the war chest and won't need fresh equity.

UBS lifts outer-year earnings 10% and its sum-of-the-part multiple for the global products division to 15.2x FY18 earnings (up from 13x). Target price rises 14% to $10.60 from $9.30. Neutral rating retained.

Target price is $10.60 Current Price is $11.07 Difference: minus $0.47 (current price is over target).
If BRG meets the UBS target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.01, suggesting downside of -1.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.1

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

Citi rates BSL as Buy (1) -

In an initial assessment, Citi analysts highlight the H1 underlying EBIT guidance seems a lot lower than what was expected. Seems like the company will have some 'splaining to do, the analysts add.

The analysts were equally surprised by management's commentary that Australia has become a dumping ground for global steel, yet again. At this point, Citi analysts cannot reconcile company's guidance with apparent market dynamics.

Target $17.16. Buy.

Target price is $17.16 Current Price is $11.62 Difference: $5.54
If BSL meets the Citi target it will return approximately 48% (excluding dividends, fees and charges).

Current consensus price target is $13.12, suggesting upside of 14.2% (ex-dividends)

The company's fiscal year ends in June.

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

Deutsche Bank rates CCL as Hold (3) -

Fees that will be charged for the NSW container deposit scheme have been published for the first three months of the scheme. These start at around 13-14c per container and will fall to around 11c over time.

The company has indicated it intends to increase the price of products to recover fees from customers, although does note it is uncertain how customers will respond. Deutsche Bank calculates the scheme equates to a 7.0% retail price increase.

Hold and $9.50 target retained.

Target price is $9.50 Current Price is $8.47 Difference: $1.03
If CCL meets the Deutsche Bank target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $9.11, suggesting upside of 10.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.1

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

Macquarie rates CCL as Neutral (3) -

The NSW government's container deposit scheme fees will start at 13.54c and go down to 10.94c for aluminium, and at 14.07c and go down to 11.36c for glass. PET will start at 13.78c and go down to 11.13c.

Macquarie calculates this pricing is not as bad as previously feared, although there will be an adverse impact. The broker has already factored in a degree of downside to the company's earnings over FY18 and FY19 to account for the implementation of these schemes in NSW, Queensland and Western Australia.

Neutral retained. Price target is $9.29.

Target price is $9.29 Current Price is $8.47 Difference: $0.82
If CCL meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $9.11, suggesting upside of 10.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.1

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

Ord Minnett rates CCL as Lighten (4) -

The NSW government has announced the indicative fees for the container deposit scheme which will commence on 1 December.

Ord Minnett believes the scheme is another headwind for Coca-Cola Amatil at a time when its Australian beverages division is facing product and channel challenges that weigh on volumes, revenue per case and earnings.

Lighten rating retained. Target is $9.

Target price is $9.00 Current Price is $8.47 Difference: $0.53
If CCL meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $9.11, suggesting upside of 10.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.1

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

Macquarie rates CLW as Underperform (5) -

FY17 earnings, for the period since listing in November, were in line with Macquarie's forecasts. FY18 guidance is for operating earnings per share of 26.4c, which represents growth of 3.9% on annualised FY17 results.

This was below Macquarie's prior forecast, the variance attributable to higher net interest costs. Underperform retained and target reduced to $3.82 from $3.88.

Target price is $3.82 Current Price is $4.13 Difference: minus $0.31 (current price is over target).
If CLW 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 $4.14, suggesting downside of -0.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.2

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

UBS rates CLW as Neutral (3) -

CLW's first full-year result met the broker, but guidance fell -2% short, thanks in part to an uptick in debt and maintenance capital expenditure.

Gearing stood at 29.9% as at June 17 and is expected to rise to 34% after asset purchases. Given the liquidity buffer of $25m, this leaves CLW with just $18m for acquisitions, the analysts highlight.

UBS calculates the dividend replacement plan with 30% take-up over FY18 will raise $17m and be 1% accretive, and says, assuming 30% leverage for acquisitions, the REIT would have to find assets yielding greater than 6.5% to retain its current earnings profile (unlikely).

Target price eases to $4.25 from $4.28. Neutral rating retained.

Target price is $4.25 Current Price is $4.13 Difference: $0.12
If CLW meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $4.14, suggesting downside of -0.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.2

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

Macquarie rates CSV as Neutral (3) -

FY17 result was slightly below Macquarie's expectations. The broker believes the company has taken the right steps to diversify away from print business, implementing cost savings to help offset the hit to earnings.

The broker believes the outlook for FY18 is reflective of a business undergoing a major earnings transition. Neutral retained. Target is reduced to $0.37 from $0.40.

Target price is $0.37 Current Price is $0.42 Difference: minus $0.05 (current price is over target).
If CSV meets the Macquarie target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.42, suggesting downside of -4.6% (ex-dividends)

The company's fiscal year ends in June.

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

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

FY17 results were in line with recent guidance and Morgan Stanley's forecasts are in line with FY18 guidance, which is for sales growth of 10% and operating earnings (EBITDA) of around $30m.

The broker would become more bullish on the stock with seat growth above target and evidence of customer acquisitions driving hardware sales, as well as a stabilisation in print hardware sales and annuity.

Equal-weight retained. Target is reduced to $0.46 from $0.50. In-Line view retained.

Target price is $0.46 Current Price is $0.42 Difference: $0.04
If CSV meets the Morgan Stanley target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $0.42, suggesting downside of -4.6% (ex-dividends)

The company's fiscal year ends in June.

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

Morgans rates EVN as Hold (3) -

FY17 featured records for all of production, costs and earnings, the broker notes. Evolution has improved the quality of its portfolio with the acquisition of Ernest Henry and the sale of Pajingo.

FY18 guidance was also positive but the broker retains Hold on valuation. Target rises to $2.48 from $2.32.

Target price is $2.48 Current Price is $2.39 Difference: $0.09
If EVN meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $2.52, suggesting upside of 5.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.9

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

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

Citi has responded to Fortescue's FY17 report by upgrading to Neutral from Sell and pushing up the price target to $5.50 from $4.60.

Higher iron ore prices in combination with higher dividend guidance are both seen as very supportive for the share price, underpinning the upgrade.

The FY17 performance itself seems to have slightly beaten Citi expectations beforehand. Citi points out, at present spot iron ore/FX, the dividend yield would be 13%/15% respectively and the company would be net debt free before end-FY19.

Target price is $5.50 Current Price is $5.93 Difference: minus $0.43 (current price is over target).
If FMG meets the Citi target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.01, suggesting upside of 2.1% (ex-dividends)

The company's fiscal year ends in June.

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: 0.3

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

Macquarie rates FMG as Outperform (1) -

The company has reported total resources and reserves as of June 30, with total tonnage increased by 0-1%. Macquarie is pleased the company has been able to replace mine depletion at operating assets.

A significant upgrade to the Western Hub mineral resources underpins the development case. Outperform retained. Target is raised to $6.10 from $6.00.

Target price is $6.10 Current Price is $5.93 Difference: $0.17
If FMG meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $6.01, suggesting upside of 2.1% (ex-dividends)

The company's fiscal year ends in June.

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: 0.3

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

Credit Suisse rates GFY as Neutral (3) -

Godfreys Group reported in line with the broker and guidance but Credit Suisse notes the result was supported by one-offs. Credit Suisse cuts earnings-per-share forecasts by -28% to -36% for FY18-19.

The broker notes the stock is trading on a price-earnings multiple of 4.2x, sales trends are improving and new management has been strong on operations and implementation, providing the basis for a re-rating - but adds this has been the situation for 18 months, the market awaiting more tangible evidence.

Neutral rating retained. Target price falls to 82c from 95c, continuing to be set at a -25% discount to discounted cash flow valuation.

Target price is $0.82 Current Price is $0.77 Difference: $0.05
If GFY meets the Credit Suisse target it will return approximately 6% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

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

Deutsche Bank rates GNC as Upgrade to Buy from Hold (1) -

Deutsche Bank believes the FY18 east coast winter crop reductions have been excessively discounted in the current share price. Hence, the rating is upgraded to Buy from Hold.

Recent rainfall has provided some reprieve for the FY18 winter crop and the broker retains current estimates. Target is reduced to $10.00 from $10.20.

The broker reduces FY18 earnings forecast by -6% and FY19 by -2% to reflect higher-than-anticipated energy costs that will affect margins in the malt and oil segments.

Target price is $10.00 Current Price is $8.61 Difference: $1.39
If GNC meets the Deutsche Bank target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $9.83, suggesting upside of 13.8% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.2

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

Morgans rates ICQ as Add (1) -

iCar's result slightly beat the broker as SE Asian car markets began recovering form their slump and new dealer apps won widespread support. The company is "cautiously optimistic" for the second half.

The broker has not upgraded forecasts as a result but does suggest upside risk if current conditions continue. Add and 44c target retained, with the caveat of High Risk given cash flow sustainability is yet to be reached.

Target price is $0.44 Current Price is $0.23 Difference: $0.21
If ICQ meets the Morgans target it will return approximately 91% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

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

Morgans rates JIN as Add (1) -

The broker considers Jumbo's result to be solid in a weaker traditional lottery jackpot environment. Earnings forecasts have been raised by 6-8% over FY18-20 on the assumption of jackpot normalisation, increasing high margin charity lottery business and leveraging fixed costs.

The broker also forecasts strong dividend growth and the possibility of specials. Add retained, target rises to $3.32 from $3.17.

Target price is $3.32 Current Price is $2.84 Difference: $0.48
If JIN meets the Morgans target it will return approximately 17% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 1.0

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

Citi rates LNK as Buy (1) -

FY17 earnings per share were just shy of Citi's forecasts while net profit was slightly above. The broker continues to forecast robust growth over the next two years, driven by further SuperPartners synergies and the impact of the Capita Asset Services acquisition.

The company has signalled its margin target for FY20 inclusive of the  lower margin Capita Asset Services business is now in the order of 30%. Citi retains a Buy rating and reduces the target to $9.05 from $9.20.

Target price is $9.05 Current Price is $7.69 Difference: $1.36
If LNK meets the Citi target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $8.59, suggesting upside of 13.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.5

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

Credit Suisse rates LNK as Underperform (5) -

Link Administration Holdings'  reported a full-year result in line with the broker and slightly above guidance, but the dividend disappointed by -20%.

Weakness in funds administration dragged on the result as revenue fell after clients in-sourced some services, but generally the outlook for FY18 appears solid.

Credit Suisse upgrades earnings 1%. While the broker likes the high growth profile, it notes it is cost driven rather than organic, and the regulatory, pricing, client retention and acquisition integration risks remain. Underperform rating and $7.70 target price retained.

Target price is $7.70 Current Price is $7.69 Difference: $0.01
If LNK meets the Credit Suisse target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $8.59, suggesting upside of 13.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.5

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

Deutsche Bank rates LNK as Buy (1) -

Deutsche Bank observes the company has evolved significantly over FY17. Net profit was up 101%, helped by some provision utilisation.

The main positive, in the broker's view,, is the ability to offset planned pricing reductions in the SuperPartners contracts with growth in IDDS and corporate markets.

Deutsche Bank retains a Buy rating and reduces the target to $8.20 from $9.50.

Target price is $8.20 Current Price is $7.69 Difference: $0.51
If LNK meets the Deutsche Bank target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $8.59, suggesting upside of 13.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.5

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

Macquarie rates LNK as Outperform (1) -

FY17 results were above the upper end of recently-provided guidance but Macquarie observes the fund administration division drove negative sentiment because of a reduction in non-recurring revenue. The broker was more encouraged by the performance of corporate markets and IDDS.

While recognising limited near-term catalysts and the Capita Asset Services acquisition carrying a level at of execution risk, the broker envisages value in the stock at current levels for a business with a reasonable level of near-term earnings certainty. Outperform retained. Target is reduced to $9.00 from $9.50.

Target price is $9.00 Current Price is $7.69 Difference: $1.31
If LNK meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $8.59, suggesting upside of 13.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.5

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

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

Link's result was roughly in line with consensus after adjusting for an amortisation change, and featured strong performances from Corporate Markets and IDDS, Morgans notes, offset by weakness in Funds Administration.

Weakness leads to a -4% cut of FY18 forecasts but incorporating the Capita Asset Services acquisition and subsequent capital raising into forecasts results in a 10% increase for FY19. Target rises to $9.04 from $8.29 post incorporation and on that basis Morgans sees sufficient value to upgrade to Add.

Target price is $9.04 Current Price is $7.69 Difference: $1.35
If LNK meets the Morgans target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $8.59, suggesting upside of 13.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.5

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

UBS rates LNK as Neutral (3) -

Link Group's full-year result broadly met the broker but UBS notes the strong top-line profit was struck on margin expansion, revenue rising only 1%.

This triggered a -2% to -3% earnings-per-share downgrade for FY18 and FY19.

UBS notes the soft revenue trends increase the chances of a derating in the price-earnings multiple, so despite the strong profit outlook, it retains a Neutral rating.

$8.55 target price retained.

Target price is $8.55 Current Price is $7.69 Difference: $0.86
If LNK meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $8.59, suggesting upside of 13.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.5

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

Macquarie rates MYS as Neutral (3) -

FY17 results were in line with Macquarie's expectations. Assuming a continuation of current operating conditions, the broker expects the stock to perform well although believes the near-term upside for earnings per share is captured in the current share price.

Neutral retained. Target is raised to $4.75 from $4.50.

Target price is $4.75 Current Price is $5.00 Difference: minus $0.25 (current price is over target).
If MYS meets the Macquarie target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for 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

Deutsche Bank rates NWS as Buy (1) -

The company has announced its intention to combine Foxtel and Fox Sports into a new company in which  it will have a 65% stake with the remainder 35% owned by Telstra ((TLS)).

Deutsche Bank believes the merger makes strategic sense, given the moves by telcos globally to be more focused on acquiring media content. The broker believes the transaction will only be marginally dilutive for News Corp.

Buy and $23.50 target retained.

Target price is $23.50 Current Price is $17.33 Difference: $6.17
If NWS meets the Deutsche Bank target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $20.58, suggesting upside of 18.4% (ex-dividends)

The company's fiscal year ends in June.

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

Citi rates PRY as Neutral (3) -

Citi found revenue growth reasonable but costs rising faster, leading to margin compression in FY17.  The broker notes a significant increase in trade creditors which may not be sustainable.

There was no guidance, with management highlighting significant uncertainties in the business outlook. Citi maintains a Neutral rating and raises the target to $3.70 from $3.50.

Target price is $3.70 Current Price is $3.58 Difference: $0.12
If PRY meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $3.65, suggesting upside of 2.8% (ex-dividends)

The company's fiscal year ends in June.

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 PRY as Underperform (5) -

Primary Health Care's full-year result disappointed the broker, given several non-recurring costs and transitioning of gross bill contracts, which increased the opacity of the result.

Free cash flow improved while net debt fell. Imaging earnings grew and pathology earnings were stable but medical centre earnings slumped -34%.

The broker downgrades earnings -7% over the FY18-FY19 period but leaves the discounted-cash-flow derived target price unchanged; $3.40.

Underperform rating retained, the broker noting the stock is trading at 19.2x 12-month forward earnings - an 11% premium to the ASX200 Industrials ex-financials.

Target price is $3.40 Current Price is $3.58 Difference: minus $0.18 (current price is over target).
If PRY meets the Credit Suisse target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.65, suggesting upside of 2.8% (ex-dividends)

The company's fiscal year ends in June.

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

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

FY17 result supports Morgan Stanley's belief that an inflection in the medical centre business is taking longer than expected. Nevertheless, GP retention, cash flow and balance sheet numbers continue to improve.

The broker retains an Equal-weight rating, In-Line sector view and raises the target to $3.86 and $3.74.

Target price is $3.86 Current Price is $3.58 Difference: $0.28
If PRY meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $3.65, suggesting upside of 2.8% (ex-dividends)

The company's fiscal year ends in June.

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

Morgans rates PRY as Hold (3) -

Primary Health Care's core result had been pre-released so no surprises, but a bit of a mess given the company's transformation has led to impairments, restructuring charges and numerous one-offs, the broker notes. Imaging turned around, Pathology fought against higher costs and Medical Centres is facing a slow grind as it shifts to the new GP model.

The transformation in progress makes earnings visibility low, the broker admits, hence Hold retained. Forecasts trimmed, which takes the target down to $3.56 from $3.67.

Target price is $3.56 Current Price is $3.58 Difference: minus $0.02 (current price is over target).
If PRY meets the Morgans target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.65, suggesting upside of 2.8% (ex-dividends)

The company's fiscal year ends in June.

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

Ord Minnett rates PRY as Hold (3) -

FY17 underlying net profit was in line with Ord Minnett forecasts. Despite improvements, the broker envisages insufficient upside to warrant changing its view on the stock, noting uncertainty with respect to the company's strategy, while a new CEO starts next month.

Ord Minnett maintains a Hold rating and lowers the target to $3.50 from $3.60.

Target price is $3.50 Current Price is $3.58 Difference: minus $0.08 (current price is over target).
If PRY meets the Ord Minnett target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.65, suggesting upside of 2.8% (ex-dividends)

The company's fiscal year ends in June.

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

UBS rates PRY as Buy (1) -

Primary Healthcare reported in line with pre-announced guidance, reporting $587m impairments, and $38m restructuring expense.

UBS describes it as a rebase year and says the market is awaiting the arrival of new CEO Malcolm Parmenter to set guidance in November.

For 2018, UBS forecasts an earnings turnaround in the second half, noting higher exit margins and cost gains.

Price target eases to $3.90 from $3.95. Buy rating retained.

Target price is $3.90 Current Price is $3.58 Difference: $0.32
If PRY meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $3.65, suggesting upside of 2.8% (ex-dividends)

The company's fiscal year ends in June.

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

Morgan Stanley rates PSQ as Overweight (1) -

FY17 results beat Morgan Stanley's estimates. FY18 guidance has been re-affirmed and the broker lifts forecasts slightly, gaining greater conviction in the rolling out of new centres.

The company now expects corporate costs to grow in line with patient fees, which means it can open more new centres, that are loss-making in year one, and still deliver on guidance.

Morgan Stanley retains an Overweight rating, In-Line industry view and $2.20 target.

Target price is $2.20 Current Price is $1.90 Difference: $0.3
If PSQ meets the Morgan Stanley target it will return approximately 16% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 1.0

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

Deutsche Bank rates QBE as Downgrade to Sell from Hold (5) -

Deutsche Bank downgrades to Sell from Hold. The broker believes the company has become, operationally, too complex. Returns on equity of just 7.0% have been achieved over the last five profitable years, well below the cost of capital.

The unpredictability of earnings makes the broker believe the risk/return metrics are not attractive at the current share price. Target is reduced to $10.00 from $12.70.

Target price is $10.00 Current Price is $10.85 Difference: minus $0.85 (current price is over target).
If QBE meets the Deutsche Bank target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.64, suggesting upside of 8.0% (ex-dividends)

The company's fiscal year ends in December.

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: 0.1

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

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

Credit Suisse has upgraded Sims Metal Management from Underperform to Neutral, in a preview of FY17 results.

Sims earnings guidance disappointed given the best global scrap markets since 2008, and the broker points to second-half cost-out progress/regression as the culprit. The cash balance is strong at $370m.

Credit Suisse says strong scrap, iron ore and coking coal prices suggest a stronger FY18. After removing the -25% US discount and rolling the model forward, the broker's net present value estimate rises. Target price rises to $13.50 from $11.

Target price is $13.50 Current Price is $14.13 Difference: minus $0.63 (current price is over target).
If SGM 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 $13.52, suggesting downside of -4.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.1

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

Macquarie rates SUL as Outperform (1) -

Macquarie observes Amazon--led retail disruption continues to drive rapid structural changes in the US sporting goods sector, leading to a hyper-competitive environment.

This highlights the medium and long-term challenges facing the company's sports franchise. The broker expects accelerated price investment, greater marketing activity and digital investment will weigh on margins.

Macquarie retains an Outperform rating and reduces the target to $9.50 from $11.60.

Target price is $9.50 Current Price is $8.01 Difference: $1.49
If SUL meets the Macquarie target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $9.86, suggesting upside of 24.6% (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

Ord Minnett rates TLS as Hold (3) -

The company and News Corp ((NWS)) will merge Foxtel and Fox Sports Australia into a new company. Telstra will exchange its 50% interest in the Foxtel joint venture for a 35% interest in the merged entity.

This reflects management's emphasis on content as a differentiator and Ord Minnett suspects it could signal a more aggressive move by the company into content ownership.

Hold. Target is $4.20.

Target price is $4.20 Current Price is $3.86 Difference: $0.34
If TLS meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $3.92, suggesting upside of 1.5% (ex-dividends)

The company's fiscal year ends in June.

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

Deutsche Bank rates VOC as Hold (3) -

The company has indicated FY17 underlying EBITDA is at the low end of guidance and underlying net profit of $152.3m is sitting below guidance.

The miss is because of higher-than-expected net finance costs and a higher effective tax rate of 33.4%. Deutsche Bank reduces FY17 estimates, which leads to underlying reductions in earnings per share of -5-6% between FY17-21.

Hold rating and $3.50 price target retained.

Target price is $3.50 Current Price is $2.62 Difference: $0.88
If VOC meets the Deutsche Bank target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $3.13, suggesting upside of 15.2% (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

Ord Minnett rates VOC as Hold (3) -

The company has pre-announced FY17 operating earnings of $366.4m, at the low end of its guidance range. This is slightly below Ord Minnett's forecasts.

The company will also take a non-cash impairment charge on goodwill carried on the balance sheet from previous acquisitions and has written down the carrying value of goodwill across its Australasian assets by $1.53bn post-tax.

Hold rating maintained. Target is $3.30.

Target price is $3.30 Current Price is $2.62 Difference: $0.68
If VOC meets the Ord Minnett target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $3.13, suggesting upside of 15.2% (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

Morgans rates VTG as Hold (3) -

Vita's result was in line with the broker and recently revised guidance, but while solid, reflected an "old era" pre Telstra's ((TLS)) remuneration changes. Quantification of those changes is broadly in line with the broker's expectation.

Earnings are forecast to be -22% lower in FY18 but at least expectations have now been reset, says Morgans, and growth opportunities remain present. That said, Telstra remains a threat and the market will likely not re-rate, the broker suggests, on the near term earnings profile.

Hold retained, target rises to $1.86 from $1.76.

Target price is $1.86 Current Price is $1.60 Difference: $0.26
If VTG meets the Morgans target it will return approximately 16% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

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

Deutsche Bank rates VVR as Buy (1) -

First half earnings were marginally better than Deutsche Bank's estimates. The broker considers the stock attractive from a valuation perspective versus its peers, noting an FY18 yield of 6.4% versus peers of 5.3%.

Buy rating retained. Target is raised to $2.72 from $2.62.

Target price is $2.72 Current Price is $2.16 Difference: $0.56
If VVR meets the Deutsche Bank target it will return approximately 26% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

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

Macquarie rates WES as Outperform (1) -

Underlying net profit was slightly below Macquarie's forecasts. Despite the tough economic backdrop, the broker observes management has an optimistic view of the outlook for both the retail and industrial divisions.

Macquarie expects the company to grow earnings per share by a relatively modest 5% in FY18. Outperform retained. Target rises to $43.80 from $43.50.

Target price is $43.80 Current Price is $41.35 Difference: $2.45
If WES meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $40.91, suggesting downside of -1.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.3

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