Australian Broker Call

Citi rates A2M as Neutral (3) -

A2 Milk's first-half result beat guidance again but Citi believes the price-earnings multiple of 35x is hard to justify and retains a Neutral rating.

The broker sees potential headwinds developing in e-commerce, increased competition and declining birth rates (infant formula is the main driver of momentum).

Earnings-per-share forecasts rise 12% to 38% across FY19 to FY21 to reflect upgrades to Australian and New Zealand sales and margins and growth in China.

Target price rises to $14.60 from $10.65.

Target price is $14.60 Current Price is $14.10 Difference: $0.5
If A2M meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $13.63, suggesting downside of -3.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.1

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

Credit Suisse rates A2M as Downgrade to Neutral from Outperform (3) -

First half results were ahead of Credit Suisse estimates. Importantly, revenue grew 41% and featured another step-up from Chinese labelled infant formula.

The company anticipates second half revenue growth at a similar level. Credit Suisse upgrades FY19-21 estimates for earnings per share by 7-8%.

Following the outperformance of the share price the broker lowers the rating to Neutral from Outperform. Target is raised to NZ$13.60 from NZ$12.25.

Current Price is $14.10. Target price not assessed.

Current consensus price target is $13.63, suggesting downside of -3.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.1

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

Deutsche Bank rates A2M as Buy (1) -

Deutsche Bank saw a "strong result", carried by slightly stronger operating margins. It still was in-line, argue the analysts, while noting the company upgraded guidance.

Lots to like, both in the published report and in the company's outlook. Deutsche Bank retains a firm Buy recommendation, target NZ$15.30.

Current Price is $14.10. Target price not assessed.

Current consensus price target is $13.63, suggesting downside of -3.4% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.1

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

Macquarie rates A2M as Outperform (1) -

First half operating earnings (EBITDA) were up 53% and ahead of Macquarie's estimates. Revenue growth was supported by infant formula, with Chinese labelled product up 83%.

The company continues to envisage share gains across all key markets. Macquarie is increasingly confident in the demand outlook, margin performance and global scalability.

Outperform rating maintained. Target is raised to $15.75 from $12.60.

Target price is $15.75 Current Price is $14.10 Difference: $1.65
If A2M meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $13.63, suggesting downside of -3.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.1

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

Morgan Stanley rates A2M as Underweight (5) -

Sales via daigou drove 54% of the company's first half sales growth. First half sales and earnings beat Morgan Stanley's expectations but, on the basis that the sustainability of sales via daigou is lower, the beat is considered low quality.

The broker observes the stock as effectively re-rated despite earnings upgrades. FY19-21 estimates for earnings per share are lifted by 6-7%. Continued strong sales growth is seen offset by higher marketing expenditure.

Underweight rating. The broker raises the target to $10.50 from $9.60. Industry view is Cautious.

Target price is $10.50 Current Price is $14.10 Difference: minus $3.6 (current price is over target).
If A2M meets the Morgan Stanley target it will return approximately minus 26% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $13.63, suggesting downside of -3.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.1

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

Morgans rates A2M as Downgrade to Hold from Add (3) -

The a2 Milk Company's first-half result outpaced the broker by 11.7%, infant formula the star of the show. Guidance was upgraded.

Margins seriously surprised Morgans to the upside, the balance sheet was strong and costs rose due to marketing expenditure and administration - in part to reflect its very promising China expansion.

Earnings-per-share forecasts rise 8.3% and 3.4% for FY19 and FY20. Target price rises to roughly in line with the share price at $13.66 from $12.35.

Broker downgrades to Hold from Add after the strong rally in the share price.

Target price is $13.66 Current Price is $14.10 Difference: minus $0.44 (current price is over target).
If A2M meets the Morgans target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $13.63, suggesting downside of -3.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.1

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

UBS rates A2M as Neutral (3) -

It was another strong result from a2Milk, ahead of the broker, driven by A&NZ and China. There is no sign of a slowing of demand in China, the broker notes, and the a2 brand continues to enjoy a strong customer response. FY20 should see the benefits of marketing spend in the second half.

The broker would like to have a more positive view overall but retains Neutral, concerned about a single a2 brand and a rich valuation. New product launches would help, particularly in the US which the broker sees as an underappreciated opportunity. Target rises to NZ$14.00 from NZ$11.80.

Current Price is $14.10. Target price not assessed.

Current consensus price target is $13.63, suggesting downside of -3.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.1

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

Morgans rates AFG as Add (1) -

Morgans is defending Australian Finance Group against the recent savaging of its share price, believing it was unwarranted and misconceived.

It notes AFG is trading on a price-earnings multiple of just 6.3x and offers a fully franked dividend yield of 9.9% and sees no good reason why the company should further bolster its balance sheet, meaning the dividend should be maintained. It believes it is more defensively positioned than peers and in a good relative position to grow its loan book. It also notes that APRA has abolished two macroprudential measures that should result in an improvement in home-loan lending.

EPS forecasts fall -4.5% in FY19 to reflect weaker lodgements in the first half and -1.3% and -1.5% in FY20/FY21. Target price falls to $1.80 from $2. Add recommendation retained.

Target price is $1.80 Current Price is $1.18 Difference: $0.62
If AFG meets the Morgans target it will return approximately 53% (excluding dividends, fees and charges).

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

Citi rates AHY as Buy (1) -

Asaleo Care's half-year result met the broker but Citi estimates Asaleo will increase spending in 2019, which will eat into earnings.

The broker expects lower pulp costs could prove a boon but the FX position is likely to reduce the net benefit. Citi notes the sale of the Australian consumer tissue business should improve the balance sheet and decrease earnings volatility.

Target price is steady at $1.05. Buy rating retained, Citi expecting a re-rating to reflect the improved balance sheet, return on capital, better margins and a resumption of dividends.

Target price is $1.05 Current Price is $0.93 Difference: $0.12
If AHY meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $1.15, suggesting upside of 23.7% (ex-dividends)

The company's fiscal year ends in December.

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

Credit Suisse rates AHY as Outperform (1) -

Credit Suisse believes the investment case is in good shape and falling pulp prices should provide a solid lift in earnings in 2020. This underpins the broker's Outperform rating.

2019 operating earnings (EBITDA) guidance is $80-85m. Free cash flow in 2019 is expected to be lower. Target steady at $1.25.

Target price is $1.25 Current Price is $0.93 Difference: $0.32
If AHY meets the Credit Suisse target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $1.15, suggesting upside of 23.7% (ex-dividends)

The company's fiscal year ends in December.

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 AHY as No Rating (-1) -

2018 underlying operating earnings (EBITDA) were in line with downgraded guidance. 2019 underlying guidance of $80-85m has been provided. The company does not expect any easing of pulp prices.

Macquarie expects net debt of $110-120m following the completion of the tissue sale. Macquarie is restricted on rating and target at present.

Current Price is $0.93. Target price not assessed.

Current consensus price target is $1.15, suggesting upside of 23.7% (ex-dividends)

The company's fiscal year ends in December.

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

Morgans rates ANZ as Add (1) -

ANZ has reported its Pillar 3 disclosures for the December quarter. 

Asset quality was generally stable and the bank's home-loan book contracted over the first quarter, seeming to double down on the previous quarter's tightening, and despite suggestions that the system home lending improved in the first quarter after APRA removed limits on investors loan growth and interest only loans.

Broker retains an Add recommendation. Target price rises to $29 from $28.50 on valuation.

Target price is $29.00 Current Price is $27.77 Difference: $1.23
If ANZ meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $28.73, suggesting upside of 3.4% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.6

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

Citi rates APA as Neutral (3) -

APA Group's first-half result met the broker but Citi says the balance sheet looks stretched, presaging a possible equity raising in the next two years to fund acquisitions.

On the upside, the company says more than 90% of contract renewals have been priced at or near the foundation contract, removing pricing risk.

Citi raises the target price to $8.99 from $8.75. Neutral rating retained.

Target price is $8.99 Current Price is $9.67 Difference: minus $0.68 (current price is over target).
If APA 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 $9.26, suggesting downside of -4.3% (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 APA as Upgrade to Neutral from Underperform (3) -

First half earnings were ahead of Credit Suisse forecasts. The broker asserts arbitration rules are proving ineffective, and the upcoming elections and the outcome of the review in August signal the risk has not entirely diminished.

Growth projects are largely on track. The broker believes there is upside to consensus FY20 forecasts. Rating is upgraded to Neutral from Underperform, to reflect the upside. Target is raised to $8.75 from $7.65.

Target price is $8.75 Current Price is $9.67 Difference: minus $0.92 (current price is over target).
If APA 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 $9.26, suggesting downside of -4.3% (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

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

Deutsche Bank believes the interim report was "solid". It was clearly better-than-expected by the broker beforehand. As management continues to deliver solid, consistent and predictable distributions, the recommendation is upgraded to Buy from Hold. Target $9.90.

Target price is $9.90 Current Price is $9.67 Difference: $0.23
If APA meets the Deutsche Bank target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $9.26, suggesting downside of -4.3% (ex-dividends)

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

Macquarie rates APA as Neutral (3) -

Operating earnings (EBITDA) were below Macquarie's estimates. A bond rally has provided momentum for the share price.

This is now fading and the broker assesses the development of the MSP/SWQP expansion and other incremental opportunities in Australia will be the next major catalysts.

Neutral rating maintained. Target is raised to $9.49 from $9.18. FY20 and FY21 estimates are raised by 4%.

Target price is $9.49 Current Price is $9.67 Difference: minus $0.18 (current price is over target).
If APA 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 $9.26, suggesting downside of -4.3% (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

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

The company has reiterated FY19 distribution guidance of 46.5c per security and tightened operating earnings (EBITDA) guidance to within the upper end of the $1.55-1.58bn range.

Morgan Stanley retains a positive view of the company's growth strategy and exposure to evolving gas markets.

Equal-weight rating. Industry view is Cautious. Price target is raised to $9.28 from $8.88.

Target price is $9.28 Current Price is $9.67 Difference: minus $0.39 (current price is over target).
If APA meets the Morgan Stanley target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.26, suggesting downside of -4.3% (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

Morgans rates APA as Hold (3) -

APA Group's first-half result met the broker but cash-flow proved a miss. Gearing improved thanks to last year's capital raising and the broker notes the possibility of a US acquisition.

Earnings-per-share forecasts are adjusted up 1% to 3% to reflect guidance, a decent first half, restructuring, revenue to debt and returns from the capital expenditure program.

Target price rises to $8.53 from $8.40. Hold rating retained, the broker believing the strong share price is factoring in takeover potential.

Target price is $8.53 Current Price is $9.67 Difference: minus $1.14 (current price is over target).
If APA meets the Morgans target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.26, suggesting downside of -4.3% (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 APA as Hold (3) -

First half results were stronger than expected. Nevertheless, Ord Minnett envisages better value in cyclical stocks.

Management has indicated investigations regarding M&A options have recommenced in the US. Ord Minnett suggests any acquisition should be looked at purely on a financial return basis.

Hold rating maintained. Target is raised to $10.00 from $9.65.

Target price is $10.00 Current Price is $9.67 Difference: $0.33
If APA meets the Ord Minnett target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $9.26, suggesting downside of -4.3% (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

UBS rates APA as Neutral (3) -

It was a solid result from APA, the broker suggests, as new projects were brought on line and the company passed through tariff increases. APA is extracting more value from its existing assets by providing additional services such as storage and multi-point delivery, UBS notes, underpinning resilience in the core business and offsetting regulation headwinds.

Growth beyond FY19 remains unclear but a strong track record in organic/M&A growth provides the broker with confidence. UBS has removed its takeover bid premium in valuation to reset its target at $9.10, down from $10.00. Neutral retained.

Target price is $9.10 Current Price is $9.67 Difference: minus $0.57 (current price is over target).
If APA meets the UBS target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.26, suggesting downside of -4.3% (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 APE as Neutral (3) -

Credit Suisse was impressed with 2018 results, given the 2% increase in pre-tax profit. 2019 performance will be affected by the current negative momentum in the automotive industry and any cyclical recovery.

The main issue for the company going forward is whether it can increase finance penetration, as it has optimistic targets in this regard.

The broker maintains a Neutral rating and reduces the target to $7.00 from $7.90.

Target price is $7.00 Current Price is $7.05 Difference: minus $0.05 (current price is over target).
If APE 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 $7.38, suggesting upside of 4.7% (ex-dividends)

The company's fiscal year ends in December.

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

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

2018 results were previously released and in line. Morgan Stanley observes a strong performance in car and truck retailing, up 5% and 20% respectively, in the context of the current environment.

The company also grew market share in new vehicles across several states and held share in NSW and Queensland.

Equal-weight retained. Target is $7. Industry view: In line.

Target price is $7.00 Current Price is $7.05 Difference: minus $0.05 (current price is over target).
If APE meets the Morgan Stanley target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.38, suggesting upside of 4.7% (ex-dividends)

The company's fiscal year ends in December.

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

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

AP Eagers 2018 result met the broker, defying industry weakness thanks to years of cost control, risk-based pricing and business restructuring.

The company improved volumes, market penetration and margin retention and the company remains confident on these fronts. Broker notes the stock is well-positioned for acquisitions, although this would pose downside risk to the share price and dividend.

Target price inches up to $8.03 from $8. Broker upgrades to Add from Hold.

Target price is $8.03 Current Price is $7.05 Difference: $0.98
If APE meets the Morgans target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $7.38, suggesting upside of 4.7% (ex-dividends)

The company's fiscal year ends in December.

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

Ord Minnett rates APE as Upgrade to Accumulate from Hold (2) -

The 2018 result was in line with the guidance provided in mid January. Ord Minnett observes the economics of dealerships have changed and will continue to evolve.

The company reported margin expansion in the second half in both operating divisions, providing a level of comfort in what is expected to be a weak new vehicle sales environment.

That said, the company is ideally positioned to participate in industry consolidation. Rating is upgraded to Accumulate from Hold and the target raised to $7.50 from $7.00.

Target price is $7.50 Current Price is $7.05 Difference: $0.45
If APE meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $7.38, suggesting upside of 4.7% (ex-dividends)

The company's fiscal year ends in December.

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

Credit Suisse rates ARB as Neutral (3) -

Patchy business conditions and weak new vehicle sales have constrained growth. Credit Suisse found the first half result reflected the softer conditions in the automotive aftermarket, being slightly below expectations.

Still, the company retains a healthy net cash position. No quantitative guidance has been provided. The broker maintains a Neutral rating and reduces the target to $17.20 from $17.90.

Target price is $17.20 Current Price is $16.47 Difference: $0.73
If ARB meets the Credit Suisse target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $17.89, suggesting upside of 8.6% (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 ARB as Outperform (1) -

First half revenue and pre-tax profit were slightly below Macquarie's estimates. The broker still found the results commendable, given the market headwinds.

The broker believes ARB is a high-quality franchise and resilient. Medium-term growth prospects are robust.

Outperform rating maintained and the target is reduced to $20 from $22.

Target price is $20.00 Current Price is $16.47 Difference: $3.53
If ARB meets the Macquarie target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $17.89, suggesting upside of 8.6% (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

Morgans rates ASX as Reduce (5) -

ASX's first-half result met consensus and the broker, market volatility boosting revenue.

The company will be upgrading systems in FY19/FY20 and operating expenditure rose to reflect this but was in line with guidance.

EPS estimates rise 2% to 3% across FY19 to FY21 to reflect higher interest income forecasts. Target price rises to $57.11 from $53.63.

Broker retains a Reduce recommendation noting the stock is trading on a hefty price-earnings multiple of 29x.

Target price is $57.11 Current Price is $69.51 Difference: minus $12.4 (current price is over target).
If ASX meets the Morgans target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $59.84, suggesting downside of -13.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.8

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

Macquarie rates AWC as Outperform (1) -

2018 financials represent an in-line performance, Macquarie suggests. Shareholders are anticipating more dividends. This year (2019) will mark another record for Alumina Ltd dividends, the broker predicts.

Target price is $2.70 Current Price is $2.66 Difference: $0.04
If AWC meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $2.76, suggesting upside of 3.8% (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: 0.6

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

Ord Minnett rates AWC as Hold (3) -

It would appear the 2018 financial performance was a little below expectations, but Ord Minnett catergorises it as strong and in-line. The big surprise, however, was the dividend, and the analysts think the market will reward the company for it.

Target price is $2.60 Current Price is $2.66 Difference: minus $0.06 (current price is over target).
If AWC 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 $2.76, suggesting upside of 3.8% (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: 0.6

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

Ord Minnett rates BXB as Buy (1) -

Pact Group ((PGH)) has won the Aldi reusable plastic container pooling contract from the company's CHEP division.

Ord Minnett considers the loss of the contract immaterial and believes investors should stay focused on the main issue, that being the turnaround of CHEP in the US.

Ord Minnett maintains a Buy rating and $12.55 target.

Target price is $12.55 Current Price is $11.60 Difference: $0.95
If BXB meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $11.39, suggesting downside of -1.8% (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: 0.5

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

Deutsche Bank rates CDD as Buy (1) -

The 1H report revealed sluggish growth, comment the analysts, but they retain a positive view, declaring the risk remains to the upside for the three years ahead.

Buy rating retained, while the price target drops to $1.35 from $1.65.

Target price is $1.35 Current Price is $0.99 Difference: $0.36
If CDD meets the Deutsche Bank target it will return approximately 36% (excluding dividends, fees and charges).

Market Sentiment: 1.0

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

Citi rates CQR as Sell (5) -

Charter Hall Retail's first half result met the broker, but Citi says the market remains tough and retains a Sell rating. Overall, portfolio metrics improved after repositioning but tailwinds from the asset re-valuation are waning.

Citi believes Charter Hall looks more appealing than pressured peers but sees a number of headwinds developing, including pressure on shopping centre values. The broker notes the stock is trading an an 8% premium to NTA, increasing the risk profile.

Target price eases to $3.68 from $3.70.

Target price is $3.68 Current Price is $4.56 Difference: minus $0.88 (current price is over target).
If CQR meets the Citi target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.11, suggesting downside of -10.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.6

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

Macquarie rates CQR as Underperform (5) -

First half earnings were slightly ahead of Macquarie's expectations. FY19 guidance is reaffirmed.

The broker considers the stock a relatively defensive proposition, as 50% of its income is underpinned by covenants to Woolworths ((WOW)) and Wesfarmers ((WES)).

However, the stock is trading at an 8% premium to net tangible assets so the broker retains an Underperform rating. Target is raised to $4.07 from $4.02.

Target price is $4.07 Current Price is $4.56 Difference: minus $0.49 (current price is over target).
If CQR meets the Macquarie target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.11, suggesting downside of -10.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.6

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

UBS rates CQR as Neutral (3) -

Charter Hall Retail reported in line with UBS and FY guidance is unchanged. Given a divestment of negative growth assets over FY18 the broker expected to see sales metrics supported, but specialty sales and supermarkets both slowed. The REIT now has a lot of leasing to do in the second half.

Given skinny development margins the broker sees a 6% yield as providing support but with the stock trading at an 8% premium to net tangible asset valuation the broker retains Neutral. Target rises to $4.31 from $4.21.

Target price is $4.31 Current Price is $4.56 Difference: minus $0.25 (current price is over target).
If CQR meets the UBS target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.11, suggesting downside of -10.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.6

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

Macquarie rates CTD as Neutral (3) -

First half results were in line at the net profit line while earnings beat estimates. Guidance has firmed towards the top end of the EBITDA range of $144-150m.

Macquarie considers the results solid across all regions, with Australasia standing out. The sector remains highly fragmented and the broker expects the company to continue assessing M&A opportunities.

The stock appears fairly valued and a Neutral rating maintained. Target is raised to $28.70 from $24.50.

Target price is $28.70 Current Price is $29.27 Difference: minus $0.57 (current price is over target).
If CTD 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 $31.01, suggesting upside of 6.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.8

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

Morgan Stanley rates CTD as Overweight (1) -

The company has reiterated FY19 guidance. Revenue and earnings were slightly ahead of Morgan Stanley's estimates in the first half. The area that disappointed most was the US, and most of the concerns about the company's global expansion centre on this jurisdiction.

However, guidance for double-digit second half growth has cause the broker to become more confident.

Overweight rating. Target is raised to $31 from $27. In-Line industry view.

Target price is $31.00 Current Price is $29.27 Difference: $1.73
If CTD meets the Morgan Stanley target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $31.01, suggesting upside of 6.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.8

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

Morgans rates CTD as Add (1) -

Corporate Travel Management's first-half result beat the broker, outpacing its peers on cash flow.

Management reiterated guidance, which Morgans believes is conservative given the strong first-half and favourable foreign exchange profile. It also believes US and Asian margins should start to scale.

The broker tinkers with earnings forecasts to sit slightly ahead of guidance. Target price rises to $31.65 from $26.72. Add rating retained.

Target price is $31.65 Current Price is $29.27 Difference: $2.38
If CTD meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $31.01, suggesting upside of 6.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.8

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

Ord Minnett rates CTD as Buy (1) -

Interim results were largely in line with Ord Minnett's forecasts, the highlight being the strong operational performance in a period of significant distraction.

The broker believes the business is well-positioned to supplement organic growth with suitable acquisitions.

Estimates are updated to account for higher amortisation of software based on the technology expenditure in the US.

Ord Minnett retains a Buy rating and believes the stock will outperform over the coming year. Target is raised to $31.47 from $30.30.

Target price is $31.47 Current Price is $29.27 Difference: $2.2
If CTD meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $31.01, suggesting upside of 6.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.8

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

UBS rates CTD as Buy (1) -

It was another solid performance from Corporate Travel, ahead of the broker. Soft cash flow conversion was well flagged and well explained, the broker suggests, and FY conversion should be close to 100%.

With the tech platform now running live in the US and Asia, the broker looks with anticipation to gauge uptake from clients old and new, which will drive revenue growth and earnings margin upside. Buy retained, target rises to $32.25 from $31.20.

Target price is $32.25 Current Price is $29.27 Difference: $2.98
If CTD meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $31.01, suggesting upside of 6.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.8

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

Deutsche Bank rates CWN as Hold (3) -

Hold rating retained as the analysts observe Crown Resorts' interim performance proved -9% below market expectations with VIP turnover down -12% on a softer November/December plus higher opex.

Not helping, the analysts note the margin declined by -190bp to 28.2%. Hold rating retained on valuation. Price target falls to $11.70 from $12.30.

Target price is $11.70 Current Price is $11.40 Difference: $0.3
If CWN meets the Deutsche Bank target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $12.32, suggesting upside of 8.0% (ex-dividends)

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

Macquarie rates CWN as Neutral (3) -

The first half result has confirmed the challenges facing the domestic business while VIP moderated faster than Macquarie expected.

Macro conditions remain challenging into the second half while operating costs continue to grow.

While cautious on earnings, Macquarie notes there is no share price premium in the stock and capital management is also likely to provide support.

Neutral rating maintained. Target reduced to $12.20 from $12.65.

Target price is $12.20 Current Price is $11.40 Difference: $0.8
If CWN meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $12.32, suggesting upside of 8.0% (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 CWN as Equal-weight (3) -

First half results were softer than Morgan Stanley estimated and down -6% versus the prior corresponding half. The company provided no outlook as is usual.

The broker calculates, to meet consensus estimates for EBITDA in FY19 of $869m, Crown Resorts needs to deliver $450m in the second half, implying 4% growth.

Morgan Stanley retains an Equal-weight rating, Cautious industry view and $13.50 target.

Target price is $13.50 Current Price is $11.40 Difference: $2.1
If CWN meets the Morgan Stanley target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $12.32, suggesting upside of 8.0% (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

Ord Minnett rates CWN as Hold (3) -

First half net profit was below Ord Minnett's forecasts on the back of weakness in the VIP business. The broker believes the Australian VIP market recovery has potentially stalled and the company has lost share to Star Entertainment ((SGR)).

The broker maintains a Hold rating and reduces the target to $12.00 from $13.45.

Target price is $12.00 Current Price is $11.40 Difference: $0.6
If CWN meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $12.32, suggesting upside of 8.0% (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 CWN as Neutral (3) -

Crown's result missed the broker by -5%, mainly due to wage increases in Melbourne. UBS expects elevated costs to retreat from FY20. The other negative element was a -55% decline in VIP earnings in the Dec Q but this was cycling a 70% increase in the previous Dec Q. The main floor showed improvement.

The broker expects earnings to remain flat until FY22 when Barangaroo opens, given fewer Chinese VIP visits and consumer weakness impacting the main floor. The share buyback and solid dividend yield will otherwise support valuation. Neutral retained. Target falls to $12.05 from $12.60.

Target price is $12.05 Current Price is $11.40 Difference: $0.65
If CWN meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $12.32, suggesting upside of 8.0% (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

Citi rates DMP as Neutral (3) -

Domino Pizza's first-half result met consensus but Citi notes foreign-exchange headwinds and believes the company will struggle to meet lowered guidance.

EPS forecasts fall -7% in FY19 and -6% in FY20, although the broker notes the medium-term outlook is more favourable.

Neutral rating retained and target price rises to $45.60 from $43.40 on a roll-forward valuation basis.

Target price is $45.60 Current Price is $44.41 Difference: $1.19
If DMP meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $44.40, suggesting downside of -0.0% (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 DMP as Underperform (5) -

First half earnings were lower than the prior corresponding half. Guidance for store openings is downgraded -12%. Guidance for same-store sales and earnings (EBIT) are downgraded to the lower end of the current range for FY19.

Credit Suisse maintains an Underperform rating and reduces the target to $35.40 from $36.12.

Target price is $35.40 Current Price is $44.41 Difference: minus $9.01 (current price is over target).
If DMP meets the Credit Suisse target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $44.40, suggesting downside of -0.0% (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

Deutsche Bank rates DMP as Sell (5) -

Deutsche Bank analysts are worried. The operational margin (EBITDA/sales) has fallen, for the first time since 2009. The analysts surmise this could mark a new phase, whereby profits redistribution to franchisees becomes the dominant factor. Investors beware, is the underlying message.

Going straight to the core: Deutsche Bank believes Domino's Pizza is now a 10% organic growth business. The analysts do not believe the valuation is low enough to compensate for the risks. Sell rating retained. Target loses -$1 to $35.

Target price is $35.00 Current Price is $44.41 Difference: minus $9.41 (current price is over target).
If DMP meets the Deutsche Bank target it will return approximately minus 21% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $44.40, suggesting downside of -0.0% (ex-dividends)

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

Macquarie rates DMP as Outperform (1) -

The business may no longer deliver the growth rates enjoyed in previous years but Macquarie suggests this does not mean a meaningful de-rating should occur.

The broker believes the current PE of 26x FY19 estimates provides valuation support for a business that should grow in excess of double digits per annum.

Outperform rating is maintained. Target is lowered to $51.40 from $54.00. FY19 and FY20 estimates are revised down -5.8% and -5.4%, respectively.

Target price is $51.40 Current Price is $44.41 Difference: $6.99
If DMP meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $44.40, suggesting downside of -0.0% (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

Morgan Stanley rates DMP as Overweight (1) -

Morgan Stanley observes the company is moving to a lower growth phase as the Australasian business matures. Growth is increasingly driven by Europe and Japan.

First half network sales growth of 14.6% and EBITDA of 12.1% while strong, were soft based on historical standards, the broker acknowledges.

Morgan Stanley believes relative valuation is cheap. Overweight rating retained. Cautious industry view. Target is reduced to $50 from $65.

Target price is $50.00 Current Price is $44.41 Difference: $5.59
If DMP meets the Morgan Stanley target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $44.40, suggesting downside of -0.0% (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

Morgans rates DMP as Hold (3) -

Domino Pizza's first-half result met consensus and the broker, higher margins eroding higher revenues. Management reiterated guidance.

EPS forecasts are downgraded -5%, -6% and -7% across FY19/FY20/FY21 to reflect the bottom end of guidance. The target price falls to $47.27 from $49.62.

Hold rating retained, broker believing the stock is fully priced.

Target price is $47.27 Current Price is $44.41 Difference: $2.86
If DMP meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $44.40, suggesting downside of -0.0% (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 DMP as Lighten (4) -

First half net profit was below Ord Minnett's forecasts. Operating risks appear more balanced, with strong growth from Japan, but growth in Australasia and Europe appear more difficult to achieve.

Ord Minnett maintains a Lighten rating and reduces the target to $42.00 from $42.50.

Target price is $42.00 Current Price is $44.41 Difference: minus $2.41 (current price is over target).
If DMP meets the Ord Minnett target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $44.40, suggesting downside of -0.0% (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

UBS rates DMP as Neutral (3) -

Domino's Pizza's result missed the broker, again, featuring misses in all divisions. Outlook commentary was also disappointing. UBS has cut forecasts and suggests downside risk to the low end of guidance.

The question is as to whether the worst has now been seen. On this point the broker is not yet convinced, suggesting signs of improvement in the EU along with stabilisation in A&NZ and acquisitions are required before becoming more positive.

Target falls to $48.50 from $57.00, but at that price the broker sees valuation as reasonable hence Neutral retained.

Target price is $48.50 Current Price is $44.41 Difference: $4.09
If DMP meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $44.40, suggesting downside of -0.0% (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

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

Data#3's first-half result outpaced the broker by 4%, the dividend doubling off a low figure in the previous corresponding period.

Product outpaced Services and the company outstripped peers thanks to its diversified customer base.

On the downside, the gross profit margin fell below 13% for the first time in a decade due to weakness in Services. The Federal election could also create a drag in the second half.

EPS forecasts rise 3% in FY19 and 11% in FY20. Target price rises to $1.85 from $1.67 and rating upgraded to Add from Hold.

Target price is $1.85 Current Price is $1.64 Difference: $0.21
If DTL meets the Morgans target it will return approximately 13% (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

Morgans rates EBO as Hold (3) -

Ebos Group's first half result met the broker and management guided to a stronger full-year as acquisitions and growth in animal care offset weakness from PBS reforms and in community pharmacy care.

Ebos has swtiched its accounting to A$ from NZ$. FY19 forecasts edge up to reflect guidance, FY20 forecast is steady and FY21 is upgraded to reflect expected margin improvement as efficiency gains flow through.

Target price rises to $20.43 from $18.60. Hold rating retained.

Target price is $20.43 Current Price is $21.20 Difference: minus $0.77 (current price is over target).
If EBO meets the Morgans target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $20.43, suggesting downside of -3.6% (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 EBO as Neutral (3) -

Ebos posted a solid result, ahead of the broker, despite industry headwinds. Community pharmacy weighed on robust growth in other divisions, but given the magnitude of PBS, competitive and retail trading headwinds the broker is otherwise impressed.

Catalysts from here include competitor results, competitor mergers and Ebos' own acquisition pipeline.  Neutral and NZ$21.50 target retained.

Current Price is $21.20. Target price not assessed.

Current consensus price target is $20.43, suggesting downside of -3.6% (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

Citi rates FBU as Neutral (3) -

Fletcher Building's first half beat consensus, declaring its first dividend in 18 months and increasing FY19 guidance.

However, the stock faces industry headwinds, given the weakening residential market and increased competition.

Citi expects the company's balance sheet to be fully restored by the end of FY19 and the company signifies no interest in M&A or dividend management, suggesting the stock is feathering/cushioning the nest.

Neutral rating retained. Target price eases to NZ$5.30 from NZ$5.40.

Current Price is $4.69. Target price not assessed.

Current consensus price target is $4.81, suggesting upside of 2.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

This company reports in NZD. 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

Deutsche Bank rates FBU as Hold (3) -

It appears the interim performance was slightly better-than-expected, but Deutsche Bank analysts point at one-off impacts, and a weak organic growth picture.

Despite a lot of spending and attention, the Australian operations don't seem to find any traction, and margins in New Zealand are under pressure, point out the analysts.

Hold rating retained. Price target NZ$5.15.

Current Price is $4.69. Target price not assessed.

Current consensus price target is $4.81, suggesting upside of 2.6% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

This company reports in NZD. 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

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

First half results were below Morgan Stanley's expectations. Conditions in key markets are at, or near, a peak and the broker believes the environment will become tougher.

The broker would prefer to revisit the stock when a cyclical downturn has played out more fully.

Equal-weight rating maintained. Target is raised to $4.81 from $4.72. Cautious industry view.

Target price is $4.81 Current Price is $4.69 Difference: $0.12
If FBU meets the Morgan Stanley target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $4.81, suggesting upside of 2.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

This company reports in NZD. 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

UBS rates FBU as Neutral (3) -

The broker's take-out from Fletcher's result, which includes many different earnings numbers, is that the bear case is more obvious, that of cyclical headwinds and a history of sub-optimal capital allocation. The broker only retains Neutral because valuation is relatively low.

To be re-rated the company would need to reduce uncertainty around stranded costs, stabilise Australian earnings and demonstrate that poor capital allocation will not be repeated, the broker suggests. Target falls to NZ$5.15 from NZ$5.45.

Current Price is $4.69. Target price not assessed.

Current consensus price target is $4.81, suggesting upside of 2.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

This company reports in NZD. 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 FLT as Neutral (3) -

Upon first read, it appears the H1 result barely scraped into the guidance range, missing Citi's expectations by some -3%. While offshore operations continue performing well, the analysts highlight a -29% decline in the Australian Leisure business.

Neutral rating retained as current margin projections for FY22 do not suggest the current share price looks overly cheap. In addition, Citi analysts point out management adjusting FY19 guidance to the bottom of the $390m-$420m guidance range, implies a -4% reduction in market consensus.

Target price is $51.00 Current Price is $44.30 Difference: $6.7
If FLT meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $54.07, suggesting upside of 22.0% (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

Macquarie rates FLT as Neutral (3) -

At first glance, the interim performance missed Macquarie by some -3%, although it was still at the lower end of the guidance range. Management has further guided towards the lower end of the range.

While the ordinary dividend was slightly lower than the 61c expected by Macquarie, there is a $1.49 special dividend to make up for it. The analysts observe Australian leisure business remains "weak".

Target price is $47.00 Current Price is $44.30 Difference: $2.7
If FLT meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $54.07, suggesting upside of 22.0% (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

Citi rates FMG as Neutral (3) -

Fortescue Metals' first-half result outpaced consensus and the broker, thanks to an FX windfall and capitalisation of mining costs.

Management announced a special 11c dividend on top of an interim dividend of 19c. FY19 guidance remains unchanged.

Citi upgrades FY19 and FY20 EPS forecasts 6% and 2% (the latter reflecting the balance of the buyback program).

Target price rises to $6.40 from $6.20. Neutral rating retained, the share price outpacing the target price.

Target price is $6.40 Current Price is $6.41 Difference: minus $0.01 (current price is over target).
If FMG meets the Citi target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.13, suggesting downside of -4.4% (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: -0.3

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

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

Underlying operating earnings (EBITDA) were 8% ahead of Credit Suisse expectations, supported by lower shipping costs and lower operating expenditure.

The stock has rallied 60% so far in 2019 and moved well ahead of the broker's valuation. Hence the rating is downgraded to Neutral from Outperform.

Credit Suisse now assesses the valuation and investment case is too stretched for fresh money. Target is raised to $6.00 from $5.10.

Target price is $6.00 Current Price is $6.41 Difference: minus $0.41 (current price is over target).
If FMG meets the Credit Suisse target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.13, suggesting downside of -4.4% (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: -0.3

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

Deutsche Bank rates FMG as Sell (5) -

Deutsche Bank has retained its Sell rating post what the analysts acknowledge was a better-than-expected performance in H1. A larger than anticipated dividend marks a 104% payout ratio for the period, note the analysts.

It is their suspicion elevated iron ore prices will prove but a temporary phenomenon. Also, the resulting tsunami in cash flows will, on their expectation, largely flow into the pockets of shareholders. Target jumps to $4.90.

Target price is $4.90 Current Price is $6.41 Difference: minus $1.51 (current price is over target).
If FMG meets the Deutsche Bank target it will return approximately minus 24% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.13, suggesting downside of -4.4% (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: -0.3

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

Macquarie rates FMG as Outperform (1) -

First half earnings reflected a material increase in dividends and Macquarie believes this is a sign shareholders should expect higher cash returns going forward. Estimates for the dividend pay-out ratio are increased accordingly.

At spot prices the company's free cash flow yield rises over 20% from FY20 onward. Macquarie maintains an Outperform rating and lifts the target to $7.60 from $7.50.

Target price is $7.60 Current Price is $6.41 Difference: $1.19
If FMG meets the Macquarie target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $6.13, suggesting downside of -4.4% (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: -0.3

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

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

Operating earnings were better than Morgan Stanley expected in the first half. The company also surprised with a fully franked dividend of $0.30 a share, including an $0.11 special.

Price realisation continues to improve as well. Equal-weight maintained. Target is $6.30. Industry view is Attractive.

Target price is $6.30 Current Price is $6.41 Difference: minus $0.11 (current price is over target).
If FMG 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 $6.13, suggesting downside of -4.4% (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: -0.3

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

Morgans rates FMG as Reduce (5) -

Fortescue Metals' first-half result outpaced the broker, higher earnings resulting in a higher dividend of 19c, in addition to the special dividend of 11c. Morgans expects the company will post a strong second half thanks to cyclical strength in the iron-ore price.

The broker notes stable net debt and while the metrics are good, it believes iron-ore price strength has been priced in and maintains a Reduce recommendation.

Target price inches up to $5.50 from $5.45.

Target price is $5.50 Current Price is $6.41 Difference: minus $0.91 (current price is over target).
If FMG meets the Morgans target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.13, suggesting downside of -4.4% (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: -0.3

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

Ord Minnett rates FMG as Hold (3) -

First half earnings were ahead of Ord Minnett's forecasts. The company has enjoyed a significant rally over the past year, Ord Minnett observes and is now in an upgrade cycle.

However, the broker senses a reluctance from local investors to chase the share price higher.

Additionally, while cash flow is likely to be elevated for the near term, the current market environment is considered unsustainable as marginal supply is likely to respond.

Hold rating maintained. Target rises to $6.70 from $6.00.

Target price is $6.70 Current Price is $6.41 Difference: $0.29
If FMG meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $6.13, suggesting downside of -4.4% (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: -0.3

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

UBS rates FMG as Sell (5) -

Fortescue's result beat the broker by 19%. The broker had forecast a dividend of 9c but 30c was delivered, including an 11c special, as the company accelerates the return of franking credits to shareholders. The question remains as to whether the buyback will continue post a big rally in the share price, as management said it will depend on whether they see value.

The stock has rallied 60% in 2019, 39% of which came after the Vale disaster. Current iron ore prices won't last forever which is why the broker moved to Sell after the quarterly production report release. Target now rises to $5.60 from $5.45.

Target price is $5.60 Current Price is $6.41 Difference: minus $0.81 (current price is over target).
If FMG meets the UBS target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.13, suggesting downside of -4.4% (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: -0.3

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

Macquarie rates ILU as Outperform (1) -

Iluka's 2018 performance, upon first read, seems to have missed expectations at Macquarie by some -4-5%. Cash flow was solid and is accompanied by a higher dividend, the analysts note.

Guidance for the year ahead is also below what Macquarie had penciled in. It appears the analysts expect upside risk to rutile price assumptions. Company is now officially under review.

Target price is $9.10 Current Price is $9.44 Difference: minus $0.34 (current price is over target).
If ILU meets the Macquarie target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.91, suggesting upside of 15.6% (ex-dividends)

The company's fiscal year ends in December.

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

Ord Minnett rates ILU as Accumulate (2) -

Upon early read, Ord Minnett believes the 2018 result marks a slight "beat", carried by lower than expected marketing costs & inventory movement. The 19c dividend is below the broker (20c) but well above market consensus of 13c.

However, the key news coming out of today's update is a potential investment by the International Finance Corporation (IFC) into Sierra Rutile, highlights the broker, with current discussions suggesting an equity stake of up to 10% for US$60m.

Target price is $9.50 Current Price is $9.44 Difference: $0.06
If ILU meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $10.91, suggesting upside of 15.6% (ex-dividends)

The company's fiscal year ends in December.

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 LOV as Buy (1) -

Lovisa's first-half result met consensus and the broker is anticipating the US and France rollout of 342 stores - which the broker estimates would imply a target price of $13.32.

On the downside, sales growth is under pressure, foreign-exchange headwinds are growing and costs from the rollout will continue to rise. Net profit forecasts fall -3% to -6%.

Target price is steady at $10.75. Buy rating retained.

Target price is $10.75 Current Price is $9.77 Difference: $0.98
If LOV meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $10.33, suggesting upside of 5.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.8

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

Macquarie rates LOV as Outperform (1) -

First half results were better than expected. Macquarie is pleased the roll-out of stores in the US has materialised as a catalyst, providing highly visible medium to longer term growth for the business.

The broker reiterates an Outperform rating and raises the target to $11.00 from $10.50.

Target price is $11.00 Current Price is $9.77 Difference: $1.23
If LOV meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $10.33, suggesting upside of 5.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.8

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

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

Morgan Stanley envisages improving comparables growth will be partially offset by lower gross margins and higher costs.

The company requires significant execution on its roll-out strategy in order to justify the valuation, in the broker's view.

Nevertheless, the speed of the roll-out has surprised to the upside  although the company is yet to provide long-term targets.

Equal-weight. Target is raised to $9.00 from $8.40. Industry view is In-Line.

Target price is $9.00 Current Price is $9.77 Difference: minus $0.77 (current price is over target).
If LOV meets the Morgan Stanley target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.33, suggesting upside of 5.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.8

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

Morgans rates LOV as Add (1) -

Lovisa's first-half result met consensus, strong cash generation supporting a higher interim dividend.

The company plans to fully roll out in US and France to create a strong platform for long-term growth and margin upside, which will come at a cost.

Morgans expects operating deleverage to hasten in the second half and continue into FY20 and adjusts earnings-per-share forecasts -5.5%, -5.5% and +1% across FY19-21.

Target price rises to $10.57 from $7.94. Add rating retained, reflecting the growth profile.

Target price is $10.57 Current Price is $9.77 Difference: $0.8
If LOV meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $10.33, suggesting upside of 5.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.8

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

Morgans rates MAI as Add (1) -

The interim report proved a "miss" in the order of -8% and a decline in operational margin is to blame, according to Morgans. An accelerated amortisation schedule post the Combined Super contract loss meant the net profit result came out well below expectations.

The positive take-away, suggest the analysts, is management reiterated guidance for revenues and EBITDA for FY19. Estimates have been reduced, but the broker remains "encouraged" and optimistic. Price target drops to 81c from 84c. Add.

Target price is $0.81 Current Price is $0.55 Difference: $0.26
If MAI meets the Morgans target it will return approximately 47% (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 MMS as Buy (1) -

McMillan Shakespeare's first-half result missed the broker but Citi sees the recent share price retreat as an opportunity. No guidance was provided.

Citi notes the stock is trading above budget, yields have been maintained, novated leasing volumes are robust, it has plenty of options and management is confident of extending existing contracts.

Target price falls to $16.82 from $17.57. Buy rating retained.

Target price is $16.82 Current Price is $12.30 Difference: $4.52
If MMS meets the Citi target it will return approximately 37% (excluding dividends, fees and charges).

Current consensus price target is $15.12, suggesting upside of 22.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.8

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

Credit Suisse rates MMS as Outperform (1) -

First half results missed Credit Suisse estimates, mainly because of the contribution from small lower-quality business, which should be made up by a stronger second half.

The broker is wary of consumer/car trends which contribute to some operating challenges. However the novated lease business appears to be outperforming the market.

Should the EclipX ((ECX)) merger proceed, material synergy benefits are considered likely. Outperform rating maintained. Target is reduced to $14.45 from $17.65.

Target price is $14.45 Current Price is $12.30 Difference: $2.15
If MMS meets the Credit Suisse target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $15.12, suggesting upside of 22.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.8

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

Macquarie rates MMS as Outperform (1) -

First half results missed Macquarie's estimates. The broker is disappointed as costs have expanded in a tough operating environment. Uncertainty over the EclipX ((ECX)) bid is ongoing.

Macquarie maintains an Outperform rating and reduces the target to $14.21 from $17.41. Estimates for earnings per share are reduced by -14% for FY19 and -18% for FY20.

Target price is $14.21 Current Price is $12.30 Difference: $1.91
If MMS meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $15.12, suggesting upside of 22.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.8

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

Morgan Stanley rates MMS as Overweight (1) -

First half earnings were below Morgan Stanley's expectations. Operating performance was stronger than expected.

The broker believes the stock is capturing the earnings risks and the overhang from the uncertainty over the EclipX ((ECX)) merger.

Overweight. Target is reduced to $16.60 from $17.25. In-Line sector view.

Target price is $16.60 Current Price is $12.30 Difference: $4.3
If MMS meets the Morgan Stanley target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $15.12, suggesting upside of 22.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.8

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

Ord Minnett rates MMS as Hold (3) -

First half results disappointed Ord Minnett. The EclipX ((ECX)) transaction is still providing mixed messages about the strength of McMillan Shakespeare's underlying business, the broker asserts, and the result did little to mitigate concerns.

Ord Minnett reduces FY19 and FY20 net profit forecasts by -7% and -11%, respectively. Hold maintained. Target is reduced to $13.50 from $16.00.

Target price is $13.50 Current Price is $12.30 Difference: $1.2
If MMS meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $15.12, suggesting upside of 22.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.8

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

Ord Minnett rates MOE as Upgrade to Buy from Accumulate (1) -

2018 operating earnings (EBITDA) were ahead of Ord Minnett estimates. Asset management underpins the strong performance, with total segment revenue up 95%.

The broker believes corporate advisory is largely a distraction to the base business. The broker upgrades to Buy from Accumulate and reduces the target to $6.63 from $6.67.

Target price is $6.63 Current Price is $5.12 Difference: $1.51
If MOE meets the Ord Minnett target it will return approximately 29% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

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

Morgan Stanley rates NEA as Overweight (1) -

The company posted strong sales and cash flow discipline in the first half. Break even has been reiterated for the BAU operations.

Given improved churn and sustained sales productivity, Morgan Stanley suspects the company is on track for upside to near-term estimates.

Overweight. Industry view is In-Line. Price target is $2.25.

Target price is $2.25 Current Price is $2.44 Difference: minus $0.19 (current price is over target).
If NEA meets the Morgan Stanley target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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 NEC as Outperform (1) -

Given Nine Entertainment now also includes Fairfax Media, there is a lot of pro formas going on in Macquarie's early assessment of the interim financials. It appears the performance is a bit below expectations.

The analysts are willing to use the phrase "broadly in line". Because of a positive outlook, Outperform rating retained.

Target price is $1.95 Current Price is $1.57 Difference: $0.38
If NEC meets the Macquarie target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $1.98, suggesting upside of 26.1% (ex-dividends)

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

Deutsche Bank rates NWH as Hold (3) -

Deutsche Bank saw an interim earnings "beat", driven driven by both revenue and margin. The view is this is a "very good" result.

The analysts continue to see the company as well placed to capitalise on further iron ore work. Target $2.31 (up from $2.20). Hold.

Target price is $2.31 Current Price is $2.23 Difference: $0.08
If NWH meets the Deutsche Bank target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $2.37, suggesting upside of 6.3% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.7

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

UBS rates NWH as Buy (1) -

NRW posted a strong result, 10% ahead of guidance. The first half was a sweet spot in margin terms and UBS expects a dip in the second. The broker has upgraded its expected win-rate across visible iron ore projects and upgraded forecasts based on solid civil mining margins which, if they can be maintained, suggest further upside.

Buy retained, target rises to $2.55 from $2.35.

Target price is $2.55 Current Price is $2.23 Difference: $0.32
If NWH meets the UBS target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $2.37, suggesting upside of 6.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.7

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

Deutsche Bank rates OGC as Hold (3) -

It appears reported financials were largely in line. Deutsche Bank analysts have made minor adjustments. Price target improves to $4.70 from $4.50. Hold rating retained.

Target price is $4.70 Current Price is $4.71 Difference: minus $0.01 (current price is over target).
If OGC meets the Deutsche Bank target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.90, suggesting upside of 4.0% (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: 0.1

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

Macquarie rates OGC as Neutral (3) -

Fourth quarter earnings missed Macquarie's estimates. Haile remains in the spotlight following a challenging quarter, and the broker plans to take a closer look into the operation at a site visit on March 1.

The company is looking to the Greater Basin in the US to fill its development pipeline. Neutral. Target is $5.00.

Target price is $5.00 Current Price is $4.71 Difference: $0.29
If OGC meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $4.90, suggesting upside of 4.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.1

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

UBS rates OGC as Neutral (3) -

OceanaGold's result fell short of the broker, mostly on corporate costs and exploration write-offs. Free cash flow was nevertheless better than expected.

It's a year of transition for the miner, UBS notes, with Waihi production and earnings expected to recover and Haile starting to bounce back after wet weather with new milling capacity set to be installed. Permitting is then key for new mining areas to be opened up.

Neutral retained, target rises to $4.75 from $4.60.

Target price is $4.75 Current Price is $4.71 Difference: $0.04
If OGC meets the UBS target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $4.90, suggesting upside of 4.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.1

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

Macquarie rates ORG as Outperform (1) -

Upon initial assessment, Macquarie believes the 2018 report was slightly better-than-expected. The analysts note management left guidance unchanged and the share price continues to offer leverage to the price of oil. Otherwise, similar dynamics as for AGL Energy ((AGL)) apply.

Target price is $8.53 Current Price is $7.66 Difference: $0.87
If ORG meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $8.25, suggesting upside of 7.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.8

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

Deutsche Bank rates PGH as Buy (1) -

The interim report marked yet another miss to Deutsche Bank's expectations, accompanied by another profit warning. Management has now scrapped the dividend and flagged increased capex requirement (to serve fresh customer Aldi, among other items).

Deutsche Bank analysts suspect Pact Group is cum capital raising. On their calculations, the company could raise circa $100m in equity to reduce net leverage from 3x to 2.5x. Despite all of the above, the analysts continue to see "value" at the present share price. Buy. Target $4.25 (down from $5).

Target price is $4.25 Current Price is $2.63 Difference: $1.62
If PGH meets the Deutsche Bank target it will return approximately 62% (excluding dividends, fees and charges).

Current consensus price target is $3.24, suggesting upside of 23.0% (ex-dividends)

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

Macquarie rates PGH as Underperform (5) -

First half net profit was below Macquarie's forecasts. The company is reviewing its capital options. No interim dividend was provided and the broker assumes no final dividend.

The company may explore equity, asset sales or hybrid debt/equity options. Ongoing concerns about the balance-sheet are likely to mean the shares trade at a discount, the broker suggests, despite the stock looking cheap on a fundamental basis.

Underperform maintained. Target is reduced to $2.66 from $3.40.

Target price is $2.66 Current Price is $2.63 Difference: $0.03
If PGH meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $3.24, suggesting upside of 23.0% (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

Morgans rates PGH as Upgrade to Hold from Reduce (3) -

Pact Group's first-half result met the broker and last week's trading update. The company has won an RPC pooling contract to serve ALDI growers, but the balance sheet was stretched (gearing increased to 3.3x and interest cover fell to 6.5x) and no dividend was forthcoming.

The company is backing off acquisitions and will be consolidating and rationalising.

Target price falls to $2.62 from $3.01. Morgans upgrades to Hold from Reduce to reflect the recent share price retreat and the price-earnings multiple of 10.8x and an expected 2% rise in total shareholder return.

Target price is $2.62 Current Price is $2.63 Difference: minus $0.01 (current price is over target).
If PGH meets the Morgans target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.24, suggesting upside of 23.0% (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

Ord Minnett rates PGH as Hold (3) -

First half guidance was achieved and the outlook for FY19 is reiterated. The company also announced a new long-term crate pooling contract with Aldi.

Unfortunately, Ord Minnett notes stress on the balance sheet has led the company to suspend dividend payments. The broker maintains a Hold rating and cuts the target to $2.80 from $3.60.

Target price is $2.80 Current Price is $2.63 Difference: $0.17
If PGH meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $3.24, suggesting upside of 23.0% (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

Macquarie rates QAN as No Rating (-1) -

Upon first read, it appears Qantas' H1 performance proved slightly better than anticipated, with the return of the share buyback and a higher than expected dividend of 12c (versus 10c expected).

Macquarie is restricted and notes the absence of any formal guidance.

Current Price is $5.77. Target price not assessed.

Current consensus price target is $6.31, suggesting upside of 9.3% (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

Ord Minnett rates QAN as Sell (5) -

Ord Minnett found the H1 result disappointing from Qantas, missing estimates by -7%. Further clouding the outlook, the analysts suggest, is that capex will have to be higher, at some stage.

The broker suggests the current share price doesn’t capture the operating risks surrounding the airline.

Target price is $4.95 Current Price is $5.77 Difference: minus $0.82 (current price is over target).
If QAN meets the Ord Minnett target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.31, suggesting upside of 9.3% (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

Ord Minnett rates RDC as Buy (1) -

First half operating earnings (EBITDA) were ahead of Ord Minnett forecasts. Revenue growth was 17.5%, predominantly from the presence of new assets.

With venue improvements ongoing and earnings on track, the broker expects the discount to net tangible assets to reverse in the short term. Buy rating and $1.18 target.

Target price is $1.18 Current Price is $1.04 Difference: $0.14
If RDC meets the Ord Minnett target it will return approximately 13% (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

Credit Suisse rates RIC as Neutral (3) -

First half earnings (EBITDA) were below Credit Suisse forecasts, largely because of lower property earnings. Agribusiness has been affected by the residual Maroota rendering impact and the loss of Inghams ((ING)) poultry volumes.

The broker makes minor earnings revisions, lowering estimates for FY19 by -6% and raising estimates for FY20-21 by 1%.

Neutral rating and $1.35 target maintained.

Target price is $1.35 Current Price is $1.37 Difference: minus $0.02 (current price is over target).
If RIC meets the Credit Suisse target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for 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 RRL as Underperform (5) -

First half net profit was below Credit Suisse estimates. This stemmed from any cost adjustment on an accounting policy change, and a slight difference in corporate costs.

There is no change to guidance or update on the operating outlook. The broker maintains an Underperform rating and $4.45 target.

Target price is $4.45 Current Price is $5.53 Difference: minus $1.08 (current price is over target).
If RRL meets the Credit Suisse target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.72, suggesting downside of -14.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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 Downgrade to Sell from Hold (5) -

Interim performance missed Deutsche Bank's expectations, despite tail winds from an accounting adjustment. Target rises to $4.50 from $4.30 but with the share price trading well above this level, the rating is downgraded to Sell from Hold.

Target price is $4.50 Current Price is $5.53 Difference: minus $1.03 (current price is over target).
If RRL meets the Deutsche Bank target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.72, suggesting downside of -14.6% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

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 Neutral (3) -

First half earnings were weaker than Macquarie expected. Progress at McPhillamys and Rosemont underground are the key growth catalysts.

While the result was soft, Macquarie points out Regis Resources is one of the most consistent performers in the sector and is expected to hit the top of its FY19 guidance.

Neutral rating maintained. Target is raised to $5.60 from $5.10.

Target price is $5.60 Current Price is $5.53 Difference: $0.07
If RRL meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $4.72, suggesting downside of -14.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20: