AUSTRALIAN BROKER CALL

Morgan Stanley rates ANZ as Upgrade to Overweight from Underweight (1) -

Morgan Stanley has upgraded ANZ Bank to Overweight from Underweight, representing a double-step upgrade. And the analysts didn't take this step lightly judging by the 41 pages explanation that accompanies the decision.

Essentially, the analysts take confidence from the restructure that has been set in motion. They believe the new institutional bank strategy "can work". Of equal importance, the analysts also believe the risk of a capital raising has receded.

Morgan Stanley also suggests ANZ's dividend outlook is better than that of the other majors. A potential re-rating versus peers could be on the horizon. Sector view In-Line. Price target jumps to $28.50 from $23.90.

Target price is $28.50 Current Price is $26.54 Difference: $1.96
If ANZ meets the Morgan Stanley target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $28.03, suggesting upside of 5.5% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY16:

Forecast for FY17:

Market Sentiment: 0.4

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

Morgans rates AOG as Add (1) -

FY16 results were slightly ahead of expectations. Morgans believes the mop up of the remainder of Retirement Villages Group is positive and the company is now well positioned to improve the returns from this business.

The broker notes investment will ramp up for developments in FY17 but expects the stock can continue to outperform as it becomes a pure retirement operator.

Morgans favours the stock in the retirement/aged care sector. Add retained. Target rises to $4.01 from $3.52.

Target price is $4.01 Current Price is $3.50 Difference: $0.51
If AOG meets the Morgans target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $3.97, suggesting upside of 13.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.8

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

Macquarie rates BDR as Neutral (3) -

A strong operational performance drove better earnings for Beadell in FY16, the broker notes. It's been a marked improvement, featuring better access to material during the wet season. 

The company has significantly stepped up its exploration and mine life extensions would provide positive catalysts, the broker suggests. But it's all in the price. Neutral and 40c target retained.

Target price is $0.40 Current Price is $0.39 Difference: $0.01
If BDR meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $0.41, suggesting upside of 13.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

Market Sentiment: 0.0

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

Deutsche Bank rates BKW as Buy (1) -

Brickworks will recognise a $47m goodwill impairment in FY16 as a result of depressed Western Australian housing activity.

A restructuring program has commenced which Deutsche Bank views as a positive step, as conditions in WA are not expected to improve in the medium term.

Deutsche Bank retains a Buy rating and $17.68 target.

Target price is $17.68 Current Price is $14.13 Difference: $3.55
If BKW meets the Deutsche Bank target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $16.45, suggesting upside of 16.8% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY16:

Forecast for FY17:

Market Sentiment: 0.0

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

Credit Suisse rates CAJ as Neutral (3) -

FY16 results were in line with guidance. The focus for FY17 is on achieving significant de-leveraging, Credit Suisse asserts, as a geared balance sheet exacerbates the downside.

The task is considered to be all the more challenging given below-trend volume growth and the possibility of an altered funding environment from January.

Valuation is not demanding but the broker envisages prospects for a near-term re-rating are limited. Neutral retained. Target is 14c.

Target price is $0.14 Current Price is $0.14 Difference: $0
If CAJ meets the Credit Suisse target it will return approximately 0% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

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

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

Morgan Stanley has downgraded to Underweight from Equal-weight on the belief CommBank might be de-rating versus the other major banks in Australia. Industry view is In Line. Price target drops to $68 from $72.50.

On the analysts' assessment, CommBank is increasingly facing a tougher outlook for its retail operations, as well as in corporate banking with the Retun on Equity (ROE) gap with the other majors in Australia to narrow in the years ahead.

Most importantly, the analysts believe there's ongoing necessity for $7bn in capital, and this increases the odds for a capital raising and/or DRP underwriting.

Estimates have been reduced. Dividend is expected to remain stable at 420c per annum.

Target price is $68.00 Current Price is $72.90 Difference: minus $4.9 (current price is over target).
If CBA meets the Morgan Stanley target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $76.70, suggesting upside of 6.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.1

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

Macquarie rates EHE as Neutral (3) -

Estia's second half result missed the broker and April guidance, by a lot. This follows a prospectus miss in the first half.

The result raises questions about the performance of the underlying business, the broker suggests. Things aren't about to get better given the government's regulatory review. The broker is cautious on the earnings trajectory in FY17 and beyond. Neutral retained, target falls to $5.50 from $6.00.

Target price is $5.50 Current Price is $3.48 Difference: $2.02
If EHE meets the Macquarie target it will return approximately 58% (excluding dividends, fees and charges).

Current consensus price target is $5.64, suggesting upside of 68.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.5

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

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

Morgan Stanley believes the 29% reduction in the share price since the FY16 result is justified as the margin outlook is weaker and higher leverage may constrain growth.

The broker does not turn completely negative as the substantial de-rating appears to have captured the risk. Morgan Stanley retains an Equal-weight rating and reduces the target to $3.50 from $5.60. Industry view is In-Line.

Target price is $3.50 Current Price is $3.48 Difference: $0.02
If EHE meets the Morgan Stanley target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $5.64, suggesting upside of 68.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.5

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

Macquarie rates FMG as Outperform (1) -

The broker was surprised when credit agencies downgraded their ratings for Fortescue earlier this year. Now all three have upgraded, and it seems inevitable to the broker the ratings will soon reach investment grade.

This would be a material catalyst, the broker suggests, further reducing the production cost per tonne on lower funding rates. The iron ore price continues to trade above the broker's forecast, suggesting upside potential. Outperform retained, target rises to $5.40 from $5.00.

Target price is $5.40 Current Price is $5.08 Difference: $0.32
If FMG meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $4.51, suggesting downside of -8.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

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

Market Sentiment: -0.1

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

Citi rates FXL as Buy (1) -

This company is going through "considerable transition", point out analysts at Citi. The analysts are positive, but they acknowledge there are many points for the bulls to like and there are equally numerous points that serve the bears' view.

In light of this market division, Citi analysts suggest the next interim report will be pivotal. Management has a lot to prove, the analysts acknowledge. Part of their optimism stems from the Flight Centre ((FLT)) agreement.

Buy (reiterated). Target drops to $2.66 from $2.78 as estimates have been lowered by some -5%. Valuation seen as undemanding with an attractive yield.

Target price is $2.66 Current Price is $2.44 Difference: $0.22
If FXL meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $2.54, suggesting upside of 1.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.7

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

Credit Suisse rates FXL as Outperform (1) -

FY16 results met guidance. Credit Suisse considers the company is not without challenges, but in guiding to $99-106m in underlying FY17 profit offset by $9m invested in opportunities, the path to future growth is evident.

Credit Suisse does not expect major downside for Certegy, but based on a deteriorating trajectory and unproven new products, does not expect a return to material growth soon. By contrast the card business has a strong outlook.

Outperform retained. Target is raised to $2.70 from $2.35.

Target price is $2.70 Current Price is $2.44 Difference: $0.26
If FXL meets the Credit Suisse target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $2.54, suggesting upside of 1.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.7

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

Deutsche Bank rates FXL as Buy (1) -

FY16 results were in line with guidance. Deutsche Bank finds the affirmation of volume growth targets encouraging and, despite a lack of detail, believes they are achievable.

The broker considers the stock offers strong valuation support, with a yield of 6.6% and not much growth required to justify the metrics. Buy rating and $2.70 target retained.

Target price is $2.70 Current Price is $2.44 Difference: $0.26
If FXL meets the Deutsche Bank target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $2.54, suggesting upside of 1.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.7

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

Macquarie rates FXL as Neutral (3) -

FlexiGroup's result met the broker and guidance. FY17 guidance is lower due to investment costs, but management expects investment to provide for a return to double digit growth in FY18.

While value is not demanding and there are some early signs of life, the broker cites a history of low/no organic growth in recent years as reason to remain cautious. Neutral retained. Target rises to $2.29 from $2.08.

Target price is $2.29 Current Price is $2.44 Difference: minus $0.15 (current price is over target).
If FXL meets the Macquarie target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.54, suggesting upside of 1.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.7

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

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

FY16 results were in line with guidance. The company has guided to cash profit in FY17 of $90-97m. Management has reaffirmed the aspiration of returning to over 10% organic growth in FY18, albeit from a lower base.

Morgans believes management has set a realistic base for the business and there are opportunities in cards, commercial leasing and in Ireland, which can return the group to growth.

Rating is upgraded to Add from Hold. Target is raised to $2.70 from $2.57.

Target price is $2.70 Current Price is $2.44 Difference: $0.26
If FXL meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $2.54, suggesting upside of 1.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.7

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

Morgans rates GDF as Add (1) -

FY16 results were in line with forecasts. A new acquisition post the balance date has boosted the portfolio and lease profile, Morgans observes.

The asset is an industrial property in Mackay, Queensland, leased until 2029 to Blackwoods, a subsidiary of Wesfarmers ((WES)).

FY17 guidance comprises a distribution of 9.4c. Morgans retains an Add rating. Target is reduced to $1.11 from $1.14.

Target price is $1.11 Current Price is $1.05 Difference: $0.06
If GDF meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 1.0

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

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

Gateway's FY16 result was close enough to Macquarie but FY17 guidance has fallen short. There was not a lot of explanation but the broker notes prior FY17 settlements guidance of 292 has been lowered to 275.

Macquarie still likes the manufactured housing estate thematic and notes Gateway still has plenty of capacity for acquisitions, but the FY17 outlook has surprised, and prompted a downgrade to Neutral. Target falls to $2.40 from $2.94.

Target price is $2.40 Current Price is $2.27 Difference: $0.13
If GTY meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.5

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

UBS rates GTY as Buy (1) -

FY16 results were weaker than expected. UBS notes rental revenue was affected by delayed contributions from acquired properties and lower-than-forecast prices.

FY17 guidance is for profit growth of around 5%.  UBS expects manufactured home sales growth and expansions as well as further acquisitions. Buy rating is retained. Target edges down to $2.75 from $3.01.

Target price is $2.75 Current Price is $2.27 Difference: $0.48
If GTY meets the UBS target it will return approximately 21% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.5

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

UBS rates HZN as Buy (1) -

FY16 results beat expectations driven by lower-than-forecast tax expenses. The loss of $144.5m was primarily related to write-downs in Stanley, Maari/Manaia and PNG exploration.

The company expects it can be debt free by the end of 2019 at consensus oil prices, given cuts to capital and operating costs.

Shareholders will vote in September to approve a proposed $50m loan agreement with major shareholder IMC Investments to allow it to repay outstanding convertible bonds. Buy rating and 7c target retained.

Target price is $0.07 Current Price is $0.04 Difference: $0.026
If HZN meets the UBS target it will return approximately 59% (excluding dividends, fees and charges).

Current consensus price target is $0.08, suggesting upside of 70.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

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

Market Sentiment: 0.3

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

Credit Suisse rates ISU as Outperform (1) -

FY16 guidance was achieved, notwithstanding the strong second half, Credit Suisse observes. The broker believes the company has taken a large step forward in re-building credibility.

The broker remains cognisant of the track record of volatility but, given the company is net cash and the stock has an undemanding valuation, the Outperform rating is retained. Target is raised to $1.75 from $1.20.

Target price is $1.75 Current Price is $1.47 Difference: $0.285
If ISU meets the Credit Suisse target it will return approximately 19% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 1.0

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

Morgans rates KSL as Add (1) -

First half profit was ahead of expectations. Morgans observes the main positive was loan growth, with loans up 17% since the end of December 2015.

The broker continues to expect the stock to re-rate significantly over the next few years as management unlocks the value from the Maybank acquisition.

Add rating retained. Target rises to $1.47 from $1.37.

Target price is $1.47 Current Price is $1.05 Difference: $0.42
If KSL meets the Morgans target it will return approximately 40% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

Market Sentiment: 1.0

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

Ord Minnett rates MLB as Buy (1) -

First half results represented growth of 46%, Ord Minnett observes. Recent acquisitions were mixed with Outware below expectations and Infoready in line. Ex acquisitions, the broker estimates underlying revenue growth was flat.

FY16 guidance has been reiterated for underlying EBITDA in the range of $28-30m. Buy rating retained. Target rises to $2.54 from $2.39.

Target price is $2.54 Current Price is $1.88 Difference: $0.66
If MLB meets the Ord Minnett target it will return approximately 35% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

Market Sentiment: 1.0

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

Citi rates MML as Neutral (3) -

FY16 missed expectations due to larger than expected depreciation. Citi analysts expect 32% EPS growth in FY17 on higher gold production, though retain their Neutral rating on valuation. Price target falls to 70c on reduced estimates.

Target price is $0.70 Current Price is $0.64 Difference: $0.06
If MML meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $0.65, suggesting upside of 5.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

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

Market Sentiment: 0.0

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

Macquarie rates MML as Neutral (3) -

Medusa's profit was in line with expectation but remarkably strong, the broker suggests, for a small gold producer. Unfortunately all of the cash generated was fed back into the underground development.

Therefore, until the development is completed next year, Medusa is unlikely to make any headway, the broker believes. Given production constraints, the broker lowers its target to 60c from 80c. Neutral retained.

Target price is $0.60 Current Price is $0.64 Difference: minus $0.04 (current price is over target).
If MML meets the Macquarie target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.65, suggesting upside of 5.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

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

Market Sentiment: 0.0

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

Deutsche Bank rates MQA as Buy (1) -

First half results were stronger than expected and Deutsche Bank notes cash is being earmarked for growth. The cash balance has been boosted from the sale of Chicago Skyway and by a larger distribution from APRR.

The broker suspects the company intends to acquire more of Dulles Greenway when it becomes available later this year, or APRR in FY17.

An 18c distribution is guided for FY16 and 20c for FY17, ex any potential M&A. Buy rating retained. Target rises to $6.65 from $5.80.

Target price is $6.65 Current Price is $5.83 Difference: $0.82
If MQA meets the Deutsche Bank target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $5.90, suggesting upside of 6.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

Market Sentiment: 0.5

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

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

Mac Atlas' result was relatively strong and relatively in line with Macquarie. With traffic performance consistent focus turns to corporate activity around Greenway, and then Eiffarie/APRR.

Mac Atlas can either acquire the remaining 50% of Greenway or sell its existing 50%. The broker suggests the latter is most likely in the strong bid environment, suggesting upside, albeit there will be a tax drag. Investors have priced in the value so on that basis Macquarie pulls back to Neutral.

Target rises to $5.72 from $5.67.

Target price is $5.72 Current Price is $5.83 Difference: minus $0.11 (current price is over target).
If MQA 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 $5.90, suggesting upside of 6.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

Market Sentiment: 0.5

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

Morgan Stanley rates MQA as Overweight (1) -

FY17 distribution guidance of 20c per security is in line with Morgan Stanley's estimates. The main issue ahead is the imminent sale of 50% of Dulles Greenway. The broker notes the company's two assets continue to perform well and Dulles Greenway is getting closer to paying distributions.

Macquarie Atlas has stated its first preference is to move to full ownership of Dulles Greenway at a price accretive to shareholders. On Morgan Stanley's estimates this would mean an additional equity requirement of around $300-500m if the transaction proceeds.

Overweight retained. Target is lifted to $5.79 from $5.42. Industry view: Cautious.

Target price is $5.79 Current Price is $5.83 Difference: minus $0.04 (current price is over target).
If MQA 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 $5.90, suggesting upside of 6.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

Market Sentiment: 0.5

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

Morgans rates MQA as Hold (3) -

First half results were broadly in line with expectations. There was no update on the sales process at Dulles Greenway, which Morgans notes is expected to be run in the near term by the company's 50% co-investor.

Morgans suspects that US$120m of cash held in the US from asset sales may be used by Macquarie Atlas to buy the stake and an estimated $450m may also need to be raised to fund the acquisition.

Morgans retains a Hold rating. Target rises to $5.86 from $5.64.

Target price is $5.86 Current Price is $5.83 Difference: $0.03
If MQA meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $5.90, suggesting upside of 6.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

Market Sentiment: 0.5

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

UBS rates MQA as Neutral (3) -

First half results were ahead of expectations with outperformance from APRR and Dulles Greenway in line. UBS upgrades cash flow estimates to include higher traffic growth and higher margin assumptions.

The broker suspects the co-investor in Dulles Greenway's intention to commence a sale process could ultimately trigger a sale of the Macquarie Atlas 50% stake, which UBS values at $560m.

Funds from this transaction together with the current $200m in excess working capital could be used to add to its 20% stake in APRR, the broker asserts.

A Neutral rating is maintained. Target is raised to $5.70 from $4.30.

Target price is $5.70 Current Price is $5.83 Difference: minus $0.13 (current price is over target).
If MQA meets the UBS target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.90, suggesting upside of 6.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

Market Sentiment: 0.5

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

Citi rates PDN as Neutral (3) -

Post Paladin's FY16 release, and despite lower expectations for uranium prices in 2017, Citi analysts have actually lifted estimates on the back of management's cost cutting drive and the announced reduction in production.

Price target still drops to 18c from 22c on a reduced Net Present Value (NPV). The balance sheet, bulging with debt, remains Citi's key concern. The analysts also report all-in cash costs are expected to fall to US$32-34/lb from US$38.8/lb in FY16. Neutral/High Risk rating retained.

Target price is $0.18 Current Price is $0.16 Difference: $0.02
If PDN meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $0.20, suggesting upside of 16.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

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

Market Sentiment: 0.0

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

Citi rates RHC as Neutral (3) -

Ramsay Health Care managed to beat consensus and Citi's expectation by 1%. On the analysts' assessment, it appears guidance for 10-12% growth in EPS was in line with market consensus prior to the result.

The analysts have made minor alterations to forecasts. Of more importance is they seem to have capitulated regarding the stock's valuation, by lifting the projected PE multiple from 22x to 26x for the year ahead. In response, the price target jumps to $80.19 from $62.41. Neutral rating remains.

Because of relative valuation considerations, Citi's sector preference now resides with Healthscope ((HSO)).

Target price is $80.19 Current Price is $81.42 Difference: minus $1.23 (current price is over target).
If RHC meets the Citi target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $78.96, suggesting downside of -3.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.2

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

Credit Suisse rates RHC as Neutral (3) -

FY16 results were marginally ahead of expectations, driven largely by a better performance in both the UK and France. Credit Suisse expects FY17 to be a more challenging year, with limited procurement benefits expected to be realised.

Australian hospital revenue growth is expected to remain ahead of the industry average in the near to medium term. Credit Suisse retains a Neutral rating and raises the target to $79 from $72.

Target price is $79.00 Current Price is $81.42 Difference: minus $2.42 (current price is over target).
If RHC meets the Credit Suisse target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $78.96, suggesting downside of -3.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.2

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

Macquarie rates RHC as Upgrade to Neutral from Underperform (3) -

Ramsay's result was in line with Macquarie but yet again ahead of guidance, with Australia proving to be the growth engine. France remains tough and management is hoping for a change of government.

FY17 guidance has yet again been set at below the historical run rate Ramsay keeps achieving, but it is in-line with consensus forecasts. Despite a risk from the local MBS review, the high quality Australian business should continue to drive growth, Macquarie suggests. Upgrade to Neutral.

Target rises to $75 from $60.

Target price is $75.00 Current Price is $81.42 Difference: minus $6.42 (current price is over target).
If RHC meets the Macquarie target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $78.96, suggesting downside of -3.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.2

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

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

Morgan Stanley is increasingly confident the company will produce double digit earnings-per-share compound growth over the next three years. Scarcity value such as this commands a valuation premium, the broker asserts, although not as much as the share price implies.

The broker does not expect funding pressure will be material enough to de-rail the momentum and the investment debate is expected to shift to global procurement synergies.

The broker retains an Equal-weight rating. Target is raised to $79.30 from $69.03. Industry view is In-Line.

Target price is $79.30 Current Price is $81.42 Difference: minus $2.12 (current price is over target).
If RHC meets the Morgan Stanley target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $78.96, suggesting downside of -3.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.2

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

Morgans rates RHC as Add (1) -

FY16 results were in line with expectations. Morgans considers the guidance for FY17 profit growth of 10-12% is achievable, supported by a strong domestic business.

There is also upside potential on the back of acquisitions. The broker suspects the new growth initiative to establish community pharmacies outside of the hospital should be well received and could offer a material uplift to earnings.

Morgans retains an Add rating. Target price is raised to $87.28 from $78.33.

Target price is $87.28 Current Price is $81.42 Difference: $5.86
If RHC meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $78.96, suggesting downside of -3.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.2

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

Ord Minnett rates RHC as Accumulate (2) -

FY16 results were at the top end of guidance, with key drivers being strong domestic operations and a full-year's contribution from the French acquisitions, Ord Minnett observes.

The broker expects double digit earnings growth can be maintained from domestic hospital operations for many years to come.

The broker maintains an Accumulate rating and raises the target to $85 from $72.

Target price is $85.00 Current Price is $81.42 Difference: $3.58
If RHC meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $78.96, suggesting downside of -3.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.2

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

UBS rates RHC as Neutral (3) -

FY16 results were in line with expectations with UBS observing the strong 8.8% growth in Australian hospital revenue the mainstay of the company's performance.

UBS observes the growth outlook appears to be weighted to FY18 with centralised procurement savings delayed until that year. The company has no obvious acquisition targets, the broker notes, and envisages the regulatory outlook in Australia is benign.

The broker considers the stock efficiently priced for growth and retains a Neutral rating. Target is raised to $80.50 from $70.50.

Target price is $80.50 Current Price is $81.42 Difference: minus $0.92 (current price is over target).
If RHC meets the UBS target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $78.96, suggesting downside of -3.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.2

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

Citi rates SFR as Neutral (3) -

Citi analysts label the FY16 release "positive but unremarkable". It appears the actual numbers missed consensus and Citi's expectations.

The analysts suggest the direction for the shares over the medium term will likely be determined by A$ copper/gold and the outcome of near-mine and regional exploration at DeGrussa.

Minor adjustments have been made to estimates. Target price rolls forward to $5.69 from $5.56.

Target price is $5.69 Current Price is $5.30 Difference: $0.39
If SFR meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $5.77, suggesting upside of 3.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.1

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

Credit Suisse rates SFR as Underperform (5) -

FY16 results were weaker than expected. Credit Suisse notes the target pay-out ratio of 30% is maintained but will be reviewed and increased in time subject to cash needs.

FY17 guidance is unchanged. The broker's valuation is heavily influenced by reduced medium-term copper price assumptions. Underperform rating and $3.80 target retained.

Target price is $3.80 Current Price is $5.30 Difference: minus $1.5 (current price is over target).
If SFR meets the Credit Suisse target it will return approximately minus 28% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.77, suggesting upside of 3.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.1

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

Deutsche Bank rates SFR as Buy (1) -

FY16 results were much weaker than expected, due to slightly higher costs and a number of non-cash charges. DeGrussa continues to generate strong cash flow and the next major catalyst is the Monty feasibility study.

Deutsche Bank expects FY18 copper output will be 30% higher than FY16 which, along with a declining capital profile at DeGrussa, will push free cash flow yields to over 15%.

Buy rating and $6.60 target retained.

Target price is $6.60 Current Price is $5.30 Difference: $1.3
If SFR meets the Deutsche Bank target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $5.77, suggesting upside of 3.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.1

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

Macquarie rates SFR as Neutral (3) -

It was a mixed result from Sandfire. Earnings were in line but profit missed the broker on depreciation. Cash flow exceeded but the dividend fell short.

The broker has pared back its DeGrussa production forecast to allow Monty, due to commence in 2018, to be blended over DeGrussa's remaining life. Exploration success that extends mine life would be a material catalyst, the broker suggests.

Neutral and $5.80 target retained.

Target price is $5.80 Current Price is $5.30 Difference: $0.5
If SFR meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $5.77, suggesting upside of 3.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.1

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

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

FY16 results were below expectations, with adjustments and depreciation higher than expected. The broker observes the company enjoys robust cash generation from a stable production base.

Morgans also notes the forecast step up in free cash flow from FY17, due to the rapidly diminishing underground development expenditure and interest obligations as the balance of debt is repaid.

Rating is upgraded to Add from Hold. Target is raised to $6.05 from $5.60.

Target price is $6.05 Current Price is $5.30 Difference: $0.75
If SFR meets the Morgans target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $5.77, suggesting upside of 3.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.1

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

Ord Minnett rates SFR as Upgrade to Hold from Lighten (3) -

FY16 results missed forecasts because of higher depreciation and corporate costs. Following the recent sell off, Ord Minnett raises its rating to Hold from Lighten.

Target is steady at $6.10. The broker acknowledges the valuation attraction and upside potential from further exploration success at Monty, but does not have sufficient confidence to extend estimates for operations beyond 2022.

Moreover, Ord Minnett expects the copper price to decline to an average below US$2/lb and expects weak investor sentiment towards resources to linger for some time.

Target price is $6.10 Current Price is $5.30 Difference: $0.8
If SFR meets the Ord Minnett target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $5.77, suggesting upside of 3.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.1

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

Deutsche Bank rates SUN as Hold (3) -

Deutsche Bank suspects the insurer will be negatively impacted by the National Injury Insurance Scheme, recently introduced. At a group level the impact is calculated to deliver a 25 basis point headwind to underlying ITR margins.

While the estimated net profit impact of a negative 1.2% is manageable it adds to the overall challenge, the broker maintains, given the business is wanting to return underlying ITR margins to over 12%. Hold rating and $13.70 target retained.

Target price is $13.70 Current Price is $12.73 Difference: $0.97
If SUN meets the Deutsche Bank target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $13.34, suggesting upside of 4.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.2

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

UBS rates TOX as Downgrade to Neutral from Buy (3) -

UBS downgrades to Neutral from Buy and reduces the target to $2.40 from $3.10.

Target price is $2.40 Current Price is $2.43 Difference: minus $0.03 (current price is over target).
If TOX meets the UBS target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.51, suggesting upside of 2.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.2

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

Citi rates VIT as Neutral (3) -

Citi analysts acknowledge FY16 financial performance beat prospectus forecasts, but business momentum slowed markedly later in the fiscal year, plus the analysts cite a lack of visibility into Chinese demand.

Estimates have been lowered by some 4%. Most importantly, the analysts expect the current takeover offer will proceed given shareholders are likely to prefer certainty

Target rises to $2.22 from $2.19. Neutral rating retained. Also, Citi suggests the weak revenue outlook is likely to persist for at least another six months.

Target price is $2.22 Current Price is $2.09 Difference: $0.13
If VIT meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $2.16, suggesting upside of 4.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.3

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

Morgans rates WES as Hold (3) -

FY16 results were broadly in line with expectations. Morgans notes the composition of the result signals the hard work that is required to restore returns.

The broker considers the trends in supermarkets, hardware, Officeworks and Kmart appear sustainable in FY17, with growth in the "good" bits outweighing the drag from Target and resources.

On a prospective multiple of 19.2x the stock looks over-valued to the broker, but firm action to divest or clean up troubled assets could make it more appealing.

The broker retains a Hold rating. Target rises to $43.00 from $39.85.

Target price is $43.00 Current Price is $43.03 Difference: minus $0.03 (current price is over target).
If WES 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 $41.88, suggesting downside of -1.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

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

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

FY16 results were better than expected and highlighted for Morgans the fact that improved IT platforms and scale are pushing professional fee margins higher.

Morgans is attracted to the balance sheet, reasonable margins and strong cash flow. Given recent share price weakness, the rating is upgraded to Add from Hold. Target is raised to $4.20 from $4.16.

Target price is $4.20 Current Price is $3.52 Difference: $0.68
If XIP meets the Morgans target it will return approximately 19% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 1.0

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