Australian Broker Call

Macquarie rates BGL as Outperform (1) -

Bellevue Gold has reported inferred resources of 4.0mt at 11.8g/t for 1.53m ounces of gold. This is a 47% lift in ounces and 53% lift in tonnage.

This is a strong resource update, Macquarie suggests, with the additional resources coming from only the Bellevue surroundings and no changes to other domains. Grade has been maintained.

The broker believes this is a viable stand-alone development prospect but would also make a compelling addition to the assets of nearby miners. Outperform rating and $0.70 target maintained.

Target price is $0.70 Current Price is $0.57 Difference: $0.13
If BGL meets the Macquarie target it will return approximately 23% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Macquarie rates CBA as Neutral (3) -

First half results were slightly ahead of expectations. Management has indicated it is looking to deliver lower expenses and Macquarie will look for further guidance on the quantum and timing of initiatives.

At this stage, the broker believes the bank's 20% premium relative to peers is too high. Neutral rating maintained. Target is $71.50.

Target price is $71.50 Current Price is $72.66 Difference: minus $1.16 (current price is over target).
If CBA meets the Macquarie target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $70.93, suggesting downside of -2.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.1

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

Ord Minnett rates CBA as Hold (3) -

First half results were a little softer than Ord Minnett forecast. The positive surprise was the stronger-than-expected capital ratio of 10.8%.

Overall, the broker suggests a tough banking environment continues, particularly for home loans, and is consistent with a preference for banks with more exposure to business lending.

Hold rating maintained. Target is $75.40.

Target price is $75.40 Current Price is $72.66 Difference: $2.74
If CBA meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $70.93, suggesting downside of -2.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.1

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

Credit Suisse rates CIM as Neutral (3) -

Net profit in 2018 was in line with estimates. The company has guided to $790-840m in net profit in 2019. Credit Suisse envisages the upcoming federal and NSW elections could slow down opportunities to bid on projects.

The broker observes a significant slowing in the second half of 2018 in small project wins in the construction segment, maybe relating to the slowing corporate capital expenditure cycle.

Neutral rating retained. Target is reduced to $46.00 from $47.50.

Target price is $46.00 Current Price is $46.90 Difference: minus $0.9 (current price is over target).
If CIM meets the Credit Suisse target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $48.20, suggesting upside of 2.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Deutsche Bank rates CIM as Hold (3) -

The company reported a mixed 2018 result with construction and services revenue below expectations. Net profit was just above the top end of guidance while, overall, earnings were in line with Deutsche Bank.

The broker suspects, while the market may be concerned about the low revenue growth and margin decline in construction, any significant share price weakness will be supported by capital management activity.

Hold rating maintained. Target is raised to $46.15 from $44.60.

Target price is $46.15 Current Price is $46.90 Difference: minus $0.75 (current price is over target).
If CIM meets the Deutsche Bank target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $48.20, suggesting upside of 2.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Macquarie rates CIM as Outperform (1) -

2018 net profit was up 11% and slightly below Macquarie's expectations. Mining significantly beat expectations, while construction & services missed forecasts.

The strength in mining and mineral processing revealed a strong level of new contracts and extensions, coupled with robust production and rising strip ratios.

All up, Macquarie observes a number of benefits from the diversified portfolio and forecasts 8% growth in earnings in 2019, considered attractive in a challenging broader market.

Outperform rating maintained. Target is reduced to $50.26 from $51.84.

Target price is $50.26 Current Price is $46.90 Difference: $3.36
If CIM meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $48.20, suggesting upside of 2.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Ord Minnett rates CIM as Accumulate (2) -

2018 net profit increased 11% and was in line with expectations. Ord Minnett notes the company is generating significant cash flow which is being used to increase dividends.

The infrastructure outlook appears strong, with the result highlighting a 40% uplift in industry expenditure in the outer years.

Meanwhile, construction recorded flat growth in the second half because of declines in the Hong Kong business. Margins declined in all three operating units in the second half, led by construction, offset by reduction in corporate losses.

Ord Minnett maintains an Accumulate rating and raises the target to $49.18 from $48.90.

Target price is $49.18 Current Price is $46.90 Difference: $2.28
If CIM meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $48.20, suggesting upside of 2.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

UBS rates CIM as Neutral (3) -

2018 net profit was in line with UBS estimates. The broker notes this was also supported by solid operating cash conversion.

The mining division was very strong while construction earnings were broadly flat.

2019 guidance implies 8% growth, which the company expects will be supported by improvements in the Australasian infrastructure and contract mining sectors.

Neutral rating maintained. Target is reduced to $49.40 from $49.50.

Target price is $49.40 Current Price is $46.90 Difference: $2.5
If CIM meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $48.20, suggesting upside of 2.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Credit Suisse rates CSL as Downgrade to Neutral from Outperform (3) -

Credit Suisse observes US immunoglobulin growth is starting to soften. This likely reflects supply constraints rather than a slowing in demand.

The broker does not expect guidance to be raised at the results on February 13, given a weaker northern hemisphere flu season, which could affect volume returns in the second half.

Rating is downgraded to Neutral from Outperform and the target lowered to $210 from $230 as the broker believes the stock is fairly valued.

Target price is $210.00 Current Price is $189.00 Difference: $21
If CSL meets the Credit Suisse target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $211.45, suggesting upside of 11.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.4

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

Macquarie rates CSL as Outperform (1) -

US flu dose distributions and early-season vaccination rates are up 10% and 6% respectively for the 2018-19 season. Macquarie expects a positive mix shift which will support near-term outlook for Seqirus.

Moreover, a pipeline of late-stage products are in development and there are additional growth avenues over the medium to longer term. Outperform rating maintained. Target is $230.

Target price is $230.00 Current Price is $189.00 Difference: $41
If CSL meets the Macquarie target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $211.45, suggesting upside of 11.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.4

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

Morgan Stanley rates EVN as Downgrade to Underweight from Equal-weight (5) -

After strong price appreciation and some disappointments in the second quarter, amid lower gold grades, Morgan Stanley downgrades to Underweight from Equal-weight.

The broker acknowledges Evolution Mining is a quality gold company, with diversified production, but the sharp increase in the share price since September has meant it is overvalued.

Target is raised to $2.90 from $2.80. Industry view is Attractive.

Target price is $2.90 Current Price is $3.86 Difference: minus $0.96 (current price is over target).
If EVN meets the Morgan Stanley target it will return approximately minus 25% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.40, suggesting downside of -11.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.3

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

Morgan Stanley rates FMG as Downgrade to Equal-weight from Overweight (3) -

Rapidly improving price realisations have driven Morgan Stanley to take profits and downgrade to Equal-weight from Overweight.

The broker calculates the stock is implying an iron ore price of US$66/t and is increasingly now a headline play in the sector.

Target is raised to $6.30 from $5.05. Industry view is Attractive.

Target price is $6.30 Current Price is $6.09 Difference: $0.21
If FMG meets the Morgan Stanley target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $5.22, suggesting downside of -14.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.0

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

Citi rates FXL as Buy (1) -

The company has downgraded cash net profit estimates for FY19 to $76-80m, an -8% downgrade at the mid point.

One of the company's equipment finance vendor program partners has entered voluntary liquidation, taking a $12m charge.

Meanwhile, in Australian cards total receivables growth of 18%, while strong, is below expectations.

Citi lowers the target to $1.97 from $2.70, taking a more conservative long-term view on earnings. Buy rating maintained.

Target price is $1.97 Current Price is $1.14 Difference: $0.83
If FXL meets the Citi target it will return approximately 73% (excluding dividends, fees and charges).

Current consensus price target is $2.09, suggesting upside of 83.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

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

Credit Suisse rates FXL as Outperform (1) -

The company has lowered net profit guidance for FY19 to $76-80m from $95-100m. Of the difference, $12m reflects an impairment and costs in commercial leasing.

The remainder, in Credit Suisse's view, implies flat underlying growth. The broker suspects tougher consumer conditions and a slower take up in new consumer lease product have posed additional obstacles.

The broker retains an Outperform rating, as the stock is considered cheap, but acknowledges there are no obvious catalysts. Target is reduced to $1.80 from $2.70.

Target price is $1.80 Current Price is $1.14 Difference: $0.66
If FXL meets the Credit Suisse target it will return approximately 58% (excluding dividends, fees and charges).

Current consensus price target is $2.09, suggesting upside of 83.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

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

Credit Suisse rates HT1 as Upgrade to Outperform from Neutral (1) -

While reducing earnings estimates to reflect lower audience share in the second half of 2018, Credit Suisse believes the stock has fallen too far, given the underlying radio market is growing.

The stock is considered to be offering value at current levels. Rating is upgraded to Outperform from Neutral and the target reduced to $1.95 from $2.23.

Target price is $1.95 Current Price is $1.61 Difference: $0.34
If HT1 meets the Credit Suisse target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $1.87, suggesting upside of 15.9% (ex-dividends)

The company's fiscal year ends in December.

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 IAG as Underperform (5) -

Macquarie's initial impressions of the first half result are mixed. The broker is concerned about the lagging expense ratio and large variance for investment income on shareholder funds.

FY19 reported margin guidance is unchanged at 16-18%. There was no mention of the Queensland flood or Victorian storm events, which occurred post balance date and which the broker estimates could cost $100m.

The broker maintains an Underperform rating and $6.85 target.

Target price is $6.85 Current Price is $7.63 Difference: minus $0.78 (current price is over target).
If IAG meets the Macquarie target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.59, suggesting downside of -0.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Ord Minnett rates IAG as Accumulate (2) -

First half insurance profit was in line with forecasts while underlying margins were slightly weaker. Ord Minnett observes guidance has been maintained and the capital position is strong.

The broker retains an $8 target and Accumulate rating.

Target price is $8.00 Current Price is $7.63 Difference: $0.37
If IAG meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $7.59, suggesting downside of -0.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Citi rates JHG as Neutral (3) -

Citi suggests that, while the outlook for flows still appears difficult and the investment performance is patchy, the stock offers longer-term valuation appeal.

Despite January's assets under management being up 5% and US net flows expected to be positive, the broker continues to forecast outflows of -US$8.5bn in 2019.

However this would be a material improvement on the prior year. The broker maintains a Neutral rating and reduces the target to $31.30 from $31.60.

Target price is $31.30 Current Price is $31.00 Difference: $0.3
If JHG meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $33.70, suggesting upside of 8.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.2

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

Credit Suisse rates JHG as Underperform (5) -

December quarter earnings missed Credit Suisse estimates, because of higher tax rates. Operating income was flattered by a decline in compensation expenses.

The broker suggests this is unlikely to be repeated unless there is a further fall in equity markets. The outflows were roughly in line with expectations from most asset classes.

The broker believes outflows and higher tax rates are likely to outweigh the benefits of a higher buyback. Underperform rating and $26 target retained.

Target price is $26.00 Current Price is $31.00 Difference: minus $5 (current price is over target).
If JHG meets the Credit Suisse target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $33.70, suggesting upside of 8.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.2

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

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

December quarter outflows of -US$8.4bn were slightly ahead of Morgan Stanley's estimates. The company is also flagging a higher tax rate going forward, given more earnings are from the US.

The US$200m buyback is also more than twice what the broker had expected. Equal-weight rating maintained. Target is $34. Industry view is In-Line.

Target price is $34.00 Current Price is $31.00 Difference: $3
If JHG meets the Morgan Stanley target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $33.70, suggesting upside of 8.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.2

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

Citi rates JHX as Buy (1) -

In spite of the softer performance in the third quarter the shares rallied on the back of upgraded FY19 guidance and a refreshed growth strategy, Citi observes.

The broker suggests near-term conditions have improved and there has been a noticeable pick up in North American operations.

The company intends to deliver $100m in cost reductions and aims to return the North American primary demand growth to 6%.

Citi maintains a Buy rating and $21 target.

Target price is $21.00 Current Price is $16.43 Difference: $4.57
If JHX meets the Citi target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $20.95, suggesting upside of 27.5% (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: 0.9

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

Credit Suisse rates JHX as Outperform (1) -

The new CEO has retained targets for 6% primary demand growth and the 35/90 share ratios, while FY19 guidance is raised by 2%.

Third quarter net profit was below Credit Suisse forecasts, as volume growth in the US was particularly weak. However, the company has noted improvement in January.

Credit Suisse maintains an Outperform rating and raises the target to $21.50 from $20.70.

Target price is $21.50 Current Price is $16.43 Difference: $5.07
If JHX meets the Credit Suisse target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $20.95, suggesting upside of 27.5% (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: 0.9

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

Deutsche Bank rates JHX as Buy (1) -

Fourth quarter net profit was in line with Deutsche Bank's estimates. US housing market growth is expected to continue, albeit at a reduced rate.

The broker believes, while management is correct to focus on customer share to accelerate primary demand growth, this is unlikely to be accomplished in time to achieve the upper end of the 3-5% target for FY20.

Deutsche Bank reduces the target to $19.30 from $19.90 and maintains a Buy rating.

Target price is $19.30 Current Price is $16.43 Difference: $2.87
If JHX meets the Deutsche Bank target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $20.95, suggesting upside of 27.5% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.9

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

Macquarie rates JHX as Outperform (1) -

Third quarter underlying net profit was slightly lower than Macquarie expected. The FY19 guidance range has been tightened to US$295-315m. The company has announced US$100m in cost reductions over three years while maintaining all targets.

Macquarie believes the cost reductions in North America are systemically important, enabling market penetration in the longer term and underpinning confidence in the profit profile.

The broker maintains an Outperform rating and raises the target to $23.65 from $23.40.

Target price is $23.65 Current Price is $16.43 Difference: $7.22
If JHX meets the Macquarie target it will return approximately 44% (excluding dividends, fees and charges).

Current consensus price target is $20.95, suggesting upside of 27.5% (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: 0.9

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

Morgan Stanley rates JHX as Overweight (1) -

The third quarter result were slightly softer than Morgan Stanley expected. Primary demand growth again disappointed, although the broker questions whether there was more of an impact from the weather than management acknowledged.

All this has been eclipsed by a strategy update and ambitious three-year targets, the broker suggests. For the first time management has targeted a cumulative US$100m in manufacturing cost reductions over the three years.

Morgan Stanley believes the current share price is an attractive position from which to build a stake in a high quality business and reiterates an Overweight rating. Target is $20. Industry view is Cautious.

Target price is $20.00 Current Price is $16.43 Difference: $3.57
If JHX meets the Morgan Stanley target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $20.95, suggesting upside of 27.5% (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: 0.9

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

Ord Minnett rates JHX as Accumulate (2) -

Third quarter net profit was short of Ord Minnett's forecasts. Guidance has been narrowed for FY19 net profit to US$295-315m, which represents a 2% upgrade at the mid point.

The new CEO has refreshed financial targets. Cost savings of $100m are expected by FY22, with the implementation of lean manufacturing in North America.

At this point, Ord Minnett assumes any benefit will be reinvested in marketing or R&D to support volume growth and primary demand. Accumulate rating and $21 target maintained.

Target price is $21.00 Current Price is $16.43 Difference: $4.57
If JHX meets the Ord Minnett target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $20.95, suggesting upside of 27.5% (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: 0.9

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

UBS rates JHX as Buy (1) -

The strategy update by the new CEO revealed no re-basing of expectations and, UBS notes, presented some bullish targets.

The broker expects the share price can still rally but remains cautious about the current challenges, such as a stalling US housing market and increased cost to serve new customers, as well as lost traction in primary demand growth.

Cost reductions should help with flexibility, UBS suggests. Buy rating maintained. Target is reduced to $20.20 from $22.00.

Target price is $20.20 Current Price is $16.43 Difference: $3.77
If JHX meets the UBS target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $20.95, suggesting upside of 27.5% (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: 0.9

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

Morgans rates JIN as Add (1) -

Morgans expects a strong result when the company reports its first half on February 15. The broker expects to see a large step up in new online accounts and also active customer numbers.

Upside to FY19 guidance is expected given the strong start to the second half.

Because of higher earnings expectations and the potential for a special dividend Morgans retains an Add rating and upgrades the target to $10.90 from $10.70.

Target price is $10.90 Current Price is $8.40 Difference: $2.5
If JIN meets the Morgans target it will return approximately 30% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Citi rates LVT as Buy (1) -

The company intends to acquire Wizdom, a software company based in Denmark. Citi suggests the company could pay up to $47.6m for the business, assuming the full earn-out is achieved.

The products are built on the same platforms used by LiveTiles and are highly complementary, creating cross selling opportunities.

Buy/High Risk rating maintained. Target is reduced to $0.86 from $0.91.

Target price is $0.86 Current Price is $0.38 Difference: $0.48
If LVT meets the Citi target it will return approximately 126% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Citi rates NVT as Neutral (3) -

The company has reported 6% growth in the first half and guided to pro forma operating earnings of $148-153m for the full year.

No interim dividend was declared but a dividend will be paid out before the conclusion of the acquisition by the BGA consortium.

Citi maintains a Neutral rating and raises the target to $5.64 from $5.30, in line with the offer and adjusted for a potential dividend payout-out.

The broker believes there is a high probability the company will be taken over.

Target price is $5.64 Current Price is $5.61 Difference: $0.03
If NVT meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $5.77, suggesting upside of 2.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Morgan Stanley rates NVT as No Rating (-1) -

First half results revealed a 6% increase in revenue and earnings. Cash conversion was 90% on continuing operations.

The company has maintained FY19 operating earnings (EBITDA) guidance of $148-153m. No interim dividend was declared but a dividend will be paid prior to implementation of the scheme to distribute franking credits.

Morgan Stanley is acting as financial adviser and cannot provide a target or recommendation at this stage. Industry view: In-Line.

Current Price is $5.61. Target price not assessed.

Current consensus price target is $5.77, suggesting upside of 2.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

UBS rates NVT as Neutral (3) -

First half results were a non-event, UBS suggests, given the takeover bid in play by BGH. Revenue and earnings growth of 6% were in line with estimates.

The lack of dividend was a surprise but management intends to pay one prior to the scheme implementation. Neutral rating and $5.83 target.

Target price is $5.83 Current Price is $5.61 Difference: $0.22
If NVT meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $5.77, suggesting upside of 2.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Credit Suisse rates OGC as Underperform (5) -

The consent on the Martha underground at Waihi has been obtained and this extends the mine life. Therefore, Credit Suisse expects production to rise above 2019 guidance.

A mine life of over 10 years could conceptually increase the valuation of Waihi but this also requires consent to re-commence the open pit. Underperform rating and $4 target maintained.

Target price is $4.00 Current Price is $4.46 Difference: minus $0.46 (current price is over target).
If OGC meets the Credit Suisse target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.84, suggesting upside of 8.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.1

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

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

2019 production and cost guidance are weaker than Macquarie expected. The focus in 2019 is on exploration, with a US$40-50m program scheduled for multiple prospects.

Macquarie is maintaining an eye on the Didipio underground and ramp up at Haile. The broker downgrades to Neutral from Outperform. Target is $5.00.

Target price is $5.00 Current Price is $4.46 Difference: $0.54
If OGC meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $4.84, suggesting upside of 8.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.1

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

UBS rates OGC as Neutral (3) -

2018 production was below UBS forecasts and costs were higher. 2018 results are scheduled for February 19. The broker forecasts US$76m in operating earnings (EBITDA) in the fourth quarter and US$369m for 2018.

The broker expects the upcoming strategy briefing in Toronto will focus on permits and timeframe for expansion at Haile. Neutral rating maintained. Target is reduced to $4.60 from $4.85.

Target price is $4.60 Current Price is $4.46 Difference: $0.14
If OGC meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $4.84, suggesting upside of 8.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.1

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

Macquarie rates QAN as No Rating (-1) -

Macquarie observes domestic capacity has been well managed but airfare price growth has moderated. The first half result is due on February 21 and Macquarie expects pre-tax profit of $752m, down -23% year-on-year.

The broker notes Australian domestic capacity was flat during the first half. Jet fuel prices have moderated throughout the second quarter relative to the first.

Ongoing lower jet fuel pricing is expected and while positive, the broker expects this to be largely passed through to customers because of rational competition, particularly within international.

Macquarie is restricted on a rating and target at present.

Current Price is $5.63. Target price not assessed.

Current consensus price target is $6.43, suggesting upside of 14.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.2

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

Citi rates SCP as Sell (5) -

First half earnings were in line with expectations. Citi revises forecasts to reflect the Miami One acquisition amid updated assumptions on debt costs and rent.

The broker finds growing evidence the retail tide has turned and maintains its Sell rating. Target is $2.23.

Organic growth appears solid and likely to be better than peers. On the other hand, generating growth via acquisitions will be more limited and become harder if cap rate rises occur and shopping centre values fall.

Target price is $2.23 Current Price is $2.50 Difference: minus $0.27 (current price is over target).
If SCP meets the Citi target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.36, suggesting downside of -5.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.5

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

Credit Suisse rates SCP as Underperform (5) -

First half results were slightly ahead of expectations. FY19 guidance has been maintained for a distribution of 14.7c and free funds from operations of 16.2c per share.

Credit Suisse believes the company has its work cut out. Management expects to re-base rents to more sustainable levels which could drive further negative rent renewals over the next 1-2 years, in the broker's opinion.

Given moderating retail metrics Credit Suisse remains cautious and maintains an Underperform rating and $2.25 target.

Target price is $2.25 Current Price is $2.50 Difference: minus $0.25 (current price is over target).
If SCP meets the Credit Suisse target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.36, suggesting downside of -5.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.5

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

Macquarie rates SCP as Underperform (5) -

First half results were slightly below expectations. Macquarie notes the portfolio obtained from Vicinity Centres ((VCX)) is at risk of rental reversion which could mean an impact on earnings after the roll-off of the rental guarantee in FY21.

This is the key issue for the stock, in the broker's view, over the next 24 months. Macquarie maintains an Underperform rating and reduces the target to $2.20 from $2.28.

Target price is $2.20 Current Price is $2.50 Difference: minus $0.3 (current price is over target).
If SCP 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 $2.36, suggesting downside of -5.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.5

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

Ord Minnett rates SCP as Accumulate (2) -

First half funds from operations were up 17.5%. Ord Minnett observes the portfolio remains defensive while the recent acquisitions have been affected by competition.

Retail property continues to diverge according to asset quality and location. The broker maintains an Accumulate rating but trims the target to $2.70 from $2.75.

Target price is $2.70 Current Price is $2.50 Difference: $0.2
If SCP meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $2.36, suggesting downside of -5.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.5

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

UBS rates SCP as Neutral (3) -

Results were in line with expectations in the first half and guidance for FY19 has been re-affirmed. UBS suspects the risk that the recent portfolio acquisition will not create value is increasing.

Still, the broker expects the stock to remain supported for its solid distribution yield of 5.7% and strong distribution growth outlook.

Neutral rating maintained. Target is reduced to $2.42 from $2.44.

Target price is $2.42 Current Price is $2.50 Difference: minus $0.08 (current price is over target).
If SCP meets the UBS target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.36, suggesting downside of -5.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.5

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

Ord Minnett rates TNE as Downgrade to Hold from Buy (3) -

The share price has increased over 65% since Ord Minnett initiated coverage in July 2018. The broker believes growth has now been captured in the valuation and downgrades to Hold from Buy.

While there is potential for earnings upgrades over the medium term, the broker would like to have a more evidence of accelerating back book cloud adoption before upgrading forecasts. Target is raised to $6.10 from $6.00.

Target price is $6.10 Current Price is $7.20 Difference: minus $1.1 (current price is over target).
If TNE meets the Ord Minnett target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.61, suggesting downside of -22.0% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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