Australian Broker Call

UBS rates AAD as Sell (5) -

FY18 guidance, ahead of the results on August 22, signals sales of $420-425m and EBITDA of $37-44m. On a reported basis, the company expects a loss of -$112-122m. This includes another revaluation of Dreamworld and asset impairments at Main Event.

Main Event's new CEO has an incentive over an agreed enterprise value which could be realised in the form of a US IPO or takeover. Still, UBS believes margins would need to recover towards peak of 25%, from 17% currently, before a successful exit. UBS maintains a Sell rating and $1.75 target.

Target price is $1.75 Current Price is $1.88 Difference: minus $0.13 (current price is over target).
If AAD meets the UBS target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.02, suggesting upside of 7.3% (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

Ord Minnett rates ABP as Hold (3) -

The company has entered into contracts to sell a 50% stake in two retail assets in Brisbane and Sydney for around $155m.

Ord Minnett factors in the sale of Ashfield Mall and Lutwyche City into estimates and assumes proceeds will be used to pay down debt.

Hold maintained. Target is $3.60.

Target price is $3.60 Current Price is $3.66 Difference: minus $0.06 (current price is over target).
If ABP meets the Ord Minnett target it will return approximately minus 2% (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

Macquarie rates ANN as Re-instate Coverage with Neutral (3) -

Macquarie re-instates coverage with a Neutral rating and $30.50 target. An improved macro economic environment, lower raw material prices and favourable currency movements are considered largely captured in the share price.

The broker considers the stock fairly valued relative to domestic healthcare peers as well as international comparable companies. FY18 results are expected to be the near-term catalyst.

Target price is $30.50 Current Price is $28.64 Difference: $1.86
If ANN meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $27.69, suggesting downside of -3.3% (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: 0.2

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

Citi rates BDR as Buy (1) -

2018 gold production guidance has been downgraded while costs were upgraded, which surprised Citi. The broker expects the new mining contractor and mill upgrade should deliver significant cost benefits.

The  Tucano plant upgrade has been delayed because of alleged contractor breaches. Mill upgrades are expected in September and the broker continues to model the first benefit from the upgrade in the December quarter. Buy/High Risk maintained. Target is reduced to $0.12 from $0.15.

Target price is $0.12 Current Price is $0.05 Difference: $0.07
If BDR meets the Citi target it will return approximately 140% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

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 CCP as Add (1) -

Credit Corp reported FY18 profit growth of 16.5%, in line with expectations. FY19 guidance of 4-7% growth is below the company's historical run-rate but accounts for investment in the US business, which is anticipated to be a material growth driver ahead, the broker notes.

The broker sees strong and highly visible medium term growth as the US strategy is beginning to materialise and the existing business is maturing. Add retained, target rises to $21.97 from $21.14.

Target price is $21.97 Current Price is $21.90 Difference: $0.07
If CCP meets the Morgans target it will return approximately 0% (excluding dividends, fees and charges).

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

Ord Minnett rates CCP as Accumulate (2) -

FY18 underlying net profit was up 16.6% and slightly ahead of Ord Minnett's forecasts. FY19 guidance is below expectations but likely, in the broker's opinion, to prove conservative.

Ord Minnett observes Credit Corp has a strong track record of deploying capital accretively for shareholders and expects, given the variety of opportunities available, this will continue.

The broker maintains an Accumulate rating and raises the target to $22.00 from $20.50.

Target price is $22.00 Current Price is $21.90 Difference: $0.1
If CCP meets the Ord Minnett target it will return approximately 0% (excluding dividends, fees and charges).

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

Ord Minnett rates CHC as Accumulate (2) -

Charter Hall has secured a development opportunity with an end value of $400m, acquiring an office site in Brisbane's CBD for $100m. The company will warehouse the property on balance sheet while it raises third-party capital for a new development vehicle.

Ord Minnett considers the fact the company is willing to risk selling down the equity indicates confidence in securing capital partners and/or pre-lease the site. Accumulate rating and $6.90 target maintained.

Target price is $6.90 Current Price is $6.67 Difference: $0.23
If CHC meets the Ord Minnett target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $6.45, suggesting downside of -3.3% (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

Credit Suisse rates FAR as Outperform (1) -

FAR has confirmed that the Samo-1 well, The Gambia, will spud early in the fourth quarter. This is a near-term catalyst ,Credit Suisse suggests.

The broker suspects the market is slowly catching up on the company's story, helped by oil prices, and there are plenty of catalysts to watch out for in the next 18 months. Outperform rating and $0.14 target maintained.

Target price is $0.14 Current Price is $0.12 Difference: $0.02
If FAR meets the Credit Suisse target it will return approximately 17% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

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

UBS rates FLN as Neutral (3) -

Escrow was the highlight in the first half and growth impressed UBS. The broker looks forward to positive news in the September quarter, with 30 clients on trial and two close to making a decision.

Nevertheless, the broker would want to witness the Freelancer platform returning to double-digit turnover growth before becoming more positive. UBS maintains a Neutral rating and raises the target to $0.53 from $0.52.

Target price is $0.53 Current Price is $0.55 Difference: minus $0.02 (current price is over target).
If FLN meets the UBS target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

Morgans rates FLT as Hold (3) -

The broker suggests the current Flight Centre share price implies anticipation of an earnings upgrade at its upcoming results release. If that were the case, the broker believes, it would have been announced by now.

That said, the broker does expect guidance to be slightly exceeded and has upgraded forecasts. Target rises to $61.70 from $52.60, Hold retained.

Target price is $61.70 Current Price is $67.46 Difference: minus $5.76 (current price is over target).
If FLT meets the Morgans target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $57.06, suggesting downside of -15.4% (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

Macquarie rates GOR as Outperform (1) -

Macquarie observes the construction of Gruyere remains on track for first gold in June 2019. The company has updated on the capital required for the project which has prompted the broker to reduce FY18 and FY19 EPS estimates by -65% and -20% respectively.

Due to scope changes and force majeure costs the estimate for expenditure at Gruyere has increased to $621m. Still, for a large project and considering the flooding that occurred in 2018, Macquarie believes the increase is relatively modest and well within funding capacity. Outperform rating and $0.95 target maintained.

Target price is $0.95 Current Price is $0.68 Difference: $0.27
If GOR meets the Macquarie target it will return approximately 40% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

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

Macquarie rates GUD as Outperform (1) -

FY18 results were strong and largely in line with expectations. Macquarie considers the valuation undemanding because of the quality of the automotive business and the growth outlook.

Recent analysis signals a large pipeline of acquisition targets is available and the industry remains fragmented. Outperform rating and $16 target maintained.

Target price is $16.00 Current Price is $14.97 Difference: $1.03
If GUD meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $14.80, suggesting downside of -1.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.4

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

Deutsche Bank rates IGO as Buy (1) -

Nova's June quarter production beat Deutsche Bank's estimates but this was not enough to make up for a slow start to FY18.

Deutsche Bank lifts production estimates to 1.6mtpa over the life of mine and believes mining will not be the impediment to achieving 1.8mtpa in the longer term.

Buy rating retained on valuation. Target is $5.40.

Target price is $5.40 Current Price is $4.60 Difference: $0.8
If IGO meets the Deutsche Bank target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $4.81, suggesting upside of 4.7% (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

Ord Minnett rates JHX as Lighten (4) -

Ord Minnett believes James Hardie is set to perform strongly in FY19 across both North America and Asia-Pacific. Only modest growth for the Firmacell is expected in Europe amid a solid pick up in fibre cement sales.

The broker notes the PE multiple has de-rated in recent months and is now at its lowest relative to the Industrials index. Ahead of the first quarter results, the broker maintains a Lighten rating and lowers the target to $22.30 from $22.50.

Target price is $22.30 Current Price is $22.02 Difference: $0.28
If JHX meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $25.08, suggesting upside of 13.9% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.6

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

Macquarie rates MIN as No Rating (-1) -

Fourth quarter production was largely in line with forecasts. Shipments from the recently-acquired Koolyanobbing project are expected to commence in the first quarter of FY19.

Macquarie is currently on research restrictions and cannot advise a rating on target.

Current Price is $17.20. Target price not assessed.

Current consensus price target is $18.83, suggesting upside of 9.5% (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

Morgan Stanley rates MIN as Overweight (1) -

Wodgina production was ahead of expectations in the June quarter while shipments were in line. Mount Marion production was in line and shipments lower than Morgan Stanley expected.

The broker expects the net impact on earnings from the production report will be minimal, as stockpiling at Mount Marion and Iron Valley will allow inventory to cushion the impact.

Overweight and $21.50 target retained. Industry view: In-Line.

Target price is $21.50 Current Price is $17.20 Difference: $4.3
If MIN meets the Morgan Stanley target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $18.83, suggesting upside of 9.5% (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

Ord Minnett rates MIN as Hold (3) -

June quarter production was mixed. Iron ore sales showed no real sign of recovery and were -15% below Ord Minnett's forecasts. Meanwhile, lithium output at Mount Marion increased and came in 8% above estimates.

Wodgina DSO shipments were within 2% of the broker's forecasts. Ord Minnett remains positive on the potential sell-down of the Wodgina assets but does not expect this to occur before the FY18 result.

Hold maintained. Target is $18.00.

Target price is $18.00 Current Price is $17.20 Difference: $0.8
If MIN meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $18.83, suggesting upside of 9.5% (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

Ord Minnett rates OGC as Accumulate (2) -

Gold output in the June quarter were slightly lower than Ord Minnett expected but cost performance was strong. The broker believes the stock remains cheap on valuation metrics and relative to peers.

OceanaGold is Ord Minnett's key preference in the ASX mid-cap gold sector. Accumulate maintained. Target is $5.

Target price is $5.00 Current Price is $4.08 Difference: $0.92
If OGC meets the Ord Minnett target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $4.63, suggesting upside of 13.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.9

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

Credit Suisse rates ORE as Outperform (1) -

The average realised June quarter lithium price was at a record high. Negotiations with customers on pricing is in progress and ongoing strength in contract prices bodes well, Credit Suisse believes.

No explicit guidance was provided for FY19, other than the company being confident that it will be higher than FY18. Credit Suisse maintains an Outperform rating and $5.70 target.

Target price is $5.70 Current Price is $4.55 Difference: $1.15
If ORE meets the Credit Suisse target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $6.83, suggesting upside of 50.1% (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

Ord Minnett rates ORE as Buy (1) -

Ord Minnett observes operating costs and the balance sheet were solid in the June quarter and the Olaroz JV net debt was in line with expectations.

The company envisages continued strength in the contract market for high quality lithium carbonate. This is a positive, the broker suggests, given current market concerns around Chinese spot prices and the impact on seaborne producers.

Buy rating maintained. Target is reduced to $8.20 from $8.30.

Target price is $8.20 Current Price is $4.55 Difference: $3.65
If ORE meets the Ord Minnett target it will return approximately 80% (excluding dividends, fees and charges).

Current consensus price target is $6.83, suggesting upside of 50.1% (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

UBS rates ORE as Buy (1) -

Total lithium carbonate production for FY18 stands at 12,500t and guidance for FY19, while not specified, suggests production will be higher. UBS would be surprised to witness nameplate being achieved in FY19, particularly given a 1-2 week closure for maintenance in the September quarter.

The broker revises down estimates for FY19 to 15,000t. Buy rating maintained. Target is reduced to $6.00 from $6.60.

Target price is $6.00 Current Price is $4.55 Difference: $1.45
If ORE meets the UBS target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $6.83, suggesting upside of 50.1% (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

Credit Suisse rates ORG as Outperform (1) -

June quarter revenue was ahead of Credit Suisse forecasts because of higher volumes and higher realised domestic and LNG prices. This result was offset by oil and LNG hedging losses plus a $40m exploration write-down.

Credit Suisse retains the view that there is a risk to consensus earnings estimates. The company will report its FY18 results on August 16. Outperform maintained, with the earnings risk expected to be overlooked amid transformative de-leveraging and cost reductions. Target is reduced to $10.50 from $10.60.

Target price is $10.50 Current Price is $9.69 Difference: $0.81
If ORG meets the Credit Suisse target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $10.21, suggesting upside of 5.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.7

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

Macquarie rates ORG as Outperform (1) -

APLNG reported its 4th quarter result and while most financial metrics seem to have been slightly below Macquarie's forecasts, the analysts comment ongoing benefit from the repricing of gas continues to come through both domestically and internationally.

Equally important, management seems focused on cost containment, if not reduction, and Macquarie suggests this bodes well for future growth. The outlook remains positive, in the broker's view, assisted by buoyant pricing in global oil markets. Outperform. Target $10.02.

Target price is $10.02 Current Price is $9.69 Difference: $0.33
If ORG meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $10.21, suggesting upside of 5.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.7

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

Ord Minnett rates ORG as Accumulate (2) -

The main positive Ord Minnett takes from the June quarter report was record upstream production. APLNG directed more gas into domestic markets and delivered $363m to Origin in FY18, the first distribution from the plant.

The broker remains positive on Origin Energy and envisages ongoing de-leveraging of the balance sheet to be the next catalyst. Accumulate rating. Target is $10.30.

Target price is $10.30 Current Price is $9.69 Difference: $0.61
If ORG meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $10.21, suggesting upside of 5.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.7

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

UBS rates ORG as Buy (1) -

A focus on costs has started to produce results with APLNG sustaining record production in the June quarter, UBS observes. With FY18 APLNG cash distributions of $363m, the broker forecasts Origin Energy's FY18 net debt will be well below the target of $7bn.

The broker anticipates further cash distributions from APLNG will allow the company to achieve its target net debt/EBITDA ratio by FY19 and potentially lead to the reinstatement of dividends. Buy rating maintained. Target rises to $11.10 from $11.05.

Target price is $11.10 Current Price is $9.69 Difference: $1.41
If ORG meets the UBS target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $10.21, suggesting upside of 5.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.7

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

Citi rates RRL as Sell (5) -

The company has guided to similar gold production in FY19 as per FY18 but with a higher operating expenditure. The potential for costs to creep up is a concern that Citi flags as the reason for the fall in the share price.

The business is a high-quality operator but the stock still appears expensive and the broker maintains a Sell rating. Target is reduced to $3.85 from $4.00. The plan to mine underground at Rosemont and Garden Well is gaining momentum and while expenditure is uncertain pre-production capex is expected to be modest.

Target price is $3.85 Current Price is $4.51 Difference: minus $0.66 (current price is over target).
If RRL meets the Citi target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.12, suggesting downside of -8.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.6

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

Credit Suisse rates RRL as Neutral (3) -

Production guidance for FY19 is similar to FY18 while costs are slightly higher, driven by higher diesel expenditure and higher stripping ratios. Credit Suisse notes the majority of growth expenditure is earmarked for development of satellite operations at Duketon.

The broker maintains a Neutral rating and reduces the target to $4.45 from $4.55.

Target price is $4.45 Current Price is $4.51 Difference: minus $0.06 (current price is over target).
If RRL 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 $4.12, suggesting downside of -8.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.6

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

Deutsche Bank rates RRL as Sell (5) -

Deutsche Bank believes the sound fourth quarter production result was overshadowed by the outlook. Management has highlighted that higher stripping of satellite pits is leading to higher costs and the scale is beyond the broker's expectations.

Updating models for the results and guidance leads to a -13% fall in Deutsche Bank's FY19 EPS estimate. Sell rating maintained. Target is $4.10.

Target price is $4.10 Current Price is $4.51 Difference: minus $0.41 (current price is over target).
If RRL meets the Deutsche Bank target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.12, suggesting downside of -8.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.6

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

Macquarie rates RRL as Upgrade to Outperform from Neutral (1) -

FY18 production was a record and, in isolation, FY18 could be viewed as a high point for earnings. However, Macquarie considers this overlooks the strong long-term potential.

The introduction of higher-grade satellites is expected to push costs higher in FY19 but subsequently the broker expects a rapid reversion to the norm. Rating is upgraded to Outperform from Neutral and the target reduced to $4.90 from $5.10.

Target price is $4.90 Current Price is $4.51 Difference: $0.39
If RRL meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $4.12, suggesting downside of -8.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.6

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

Ord Minnett rates RRL as Lighten (4) -

Ord Minnett believes the negative market response to the company's June quarter result could partly be attributed to stock-specific factors and partly to a broader sector sell-off.

The new information was the cost and FY19 guidance and McPhillamys update, all of which arguably missed expectations. The broker maintains a Lighten rating and lowers the target to $4.00 from $4.20.

Target price is $4.00 Current Price is $4.51 Difference: minus $0.51 (current price is over target).
If RRL meets the Ord Minnett target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.12, suggesting downside of -8.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.6

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

Credit Suisse rates RWC as Initiation of coverage with Neutral (3) -

Credit Suisse initiates coverage with a Neutral rating and $5.70 target. The broker observes Reliance Worldwide's core push-to-connect fittings remain well below terminal share, despite 10 years of sales growth of 12% per annum.

The broker expects sales growth of 9.6% in FY18-21 and EPS growth of 21.8% per annum, inclusive of the accretive John Guest acquisition.

Target price is $5.70 Current Price is $5.93 Difference: minus $0.23 (current price is over target).
If RWC 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 $5.62, suggesting downside of -5.2% (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 SAR as Upgrade to Outperform from Neutral (1) -

The company has reported a strong set of drilling results with the highlights being Karari and Whirling Dervish. Whirling Dervish looks likely to repeat the success of Karari, in Macquarie's view.

Further open pit results in and around Thunderbox are expected to provide an incremental lift to production and extend mine life. The broker upgrades to Outperform from Neutral. Target is $2.20.

Target price is $2.20 Current Price is $1.97 Difference: $0.23
If SAR meets the Macquarie target it will return approximately 12% (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

Ord Minnett rates SBM as Hold (3) -

St Barbara delivered a solid June quarter production result, in Ord Minnett's opinion. FY19 guidance is within 5% of the broker's expectations but the broker notes there has been a sharp sell-off since the result was announced.

The broker believes the market reaction is linked more to a broader sell-off of gold and other metal stocks that have seen a strong run despite falling commodity prices.

Earnings forecasts remain largely unchanged and the Hold rating and $4.60 target maintained.

Target price is $4.60 Current Price is $4.05 Difference: $0.55
If SBM meets the Ord Minnett target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $4.29, suggesting upside of 5.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.4

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

Morgans rates SEA as Add (1) -

Sundance reported solid production and cash flow in the June Q, beating guidance. Exploration & production is continuing to ramp up across existing and newly acquired sites, the broker notes.

Drilling results have been encouraging and the broker retains Add and a 21c target.

Target price is $0.21 Current Price is $0.08 Difference: $0.13
If SEA meets the Morgans target it will return approximately 163% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 1.0

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

UBS rates SEK as Sell (5) -

UBS reviews its forecasts following the company's re-organisation of its divisions. The broker also incorporates a larger long-term pay-back for Zhaopin.

The broker can understand why the stock appeals but retains a Sell rating based on valuation. Target is raised to $19.50 from $16.00.

Target price is $19.50 Current Price is $21.14 Difference: minus $1.64 (current price is over target).
If SEK meets the UBS target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $19.33, suggesting downside of -8.6% (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

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

Following a review of the geology surrounding the Atlas project Citi is comfortable that the company can unlock the reserves growth. The broker does not believe the share price is reflecting the extent to which Atlas reserves can increase.

Meanwhile, the infrastructure deal with Jemena and the new $150m debt facility act to de-risk Queensland CSG in terms of funding, scale and schedule. Rating is upgraded to Buy/High Risk from Neutral/High Risk. Target is raised to $0.57 from $0.45.

Target price is $0.57 Current Price is $0.46 Difference: $0.11
If SXY meets the Citi target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $0.47, suggesting upside of 3.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.6

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

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

Senex has announced a $150m debt facility which Morgan Stanley considers a positive development. This significantly reduces the risk of an equity raising in the near term, although this cannot be completely ruled out.

The majority of the broker's valuation lies with the undeveloped assets so the key to the stock's performance remains centred on delivery. Equal-weight maintained. Target is $0.40. Industry view: Attractive.

Target price is $0.40 Current Price is $0.46 Difference: minus $0.06 (current price is over target).
If SXY meets the Morgan Stanley target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.47, suggesting upside of 3.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.6

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

Morgans rates SXY as Add (1) -

Senex' June Q production was in line with expectation but more importantly the company announced it had secured the funding for its two key gas projects and released an FY18 reserve upgrade.

The debt facility from ANZ is cheaper than the broker assumed. Senex remains a preferred pick in the sector and the broker retains Add. Target rises to 54c from 53c.

Target price is $0.54 Current Price is $0.46 Difference: $0.08
If SXY meets the Morgans target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $0.47, suggesting upside of 3.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.6

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

Ord Minnett rates SXY as Accumulate (2) -

June quarter production showed strong increases in output and Ord Minnett believes Senex offers the best growth prospects in its energy coverage.

A key milestone has been achieved with the announcement of a $150m debt facility, which is expected to provide sufficient funding for both development projects and alleviate any residual concerns over an equity raising. Accumulate. Target is steady at $0.46.

Target price is $0.46 Current Price is $0.46 Difference: $0
If SXY meets the Ord Minnett target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $0.47, suggesting upside of 3.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.6

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

Ord Minnett rates VHT as Initiation of coverage with Buy (1) -

Volpara Health Technologies is a healthcare software developer with a focus on breast imaging. Its foundation product, VolparaDensity is the standard in the automatic assessment of breast density, a factor shown to elevate the risk of developing breast cancer while causing a higher risk of misdiagnosis. The company is in the early stages of a US roll-out.

Ord Minnett believes the company is positioned to rapidly gain market share and initiates coverage with a Buy rating and $0.91 target.

Target price is $0.91 Current Price is $0.80 Difference: $0.11
If VHT meets the Ord Minnett target it will return approximately 14% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Macquarie rates WAF as Outperform (1) -

Exploration continued apace over the June quarter and M5 results have supported an underground study. This study is expected to be delivered in the first quarter of FY19 and funding finalised for Sanbrado in the second quarter.

Macquarie maintains a Outperform rating and $0.55 target.

Target price is $0.55 Current Price is $0.32 Difference: $0.23
If WAF meets the Macquarie target it will return approximately 72% (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