Australian Broker Call

Citi rates ABC as Sell (5) -

Citi made little comment on the 2017 result other than margin declines of around -2.9%. The broker notes the company is well within target net gearing of 25%-45% allowing it to support the share price by supplementing a 75% dividend payout ratio with a special dividend.

Citi does not expect acquisitions, if any, to be of a similar size in FY18 given management's forecast for underlying NPAT growing just 0.4% year on year.

Sell rating retained and target raised to $5.20 from $5.10.

Target price is $5.20 Current Price is $6.68 Difference: minus $1.48 (current price is over target).
If ABC meets the Citi target it will return approximately minus 22% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.03, suggesting downside of -9.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.2

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

Credit Suisse rates ABC as Neutral (3) -

2017 results were at the bottom of the guidance range and margins disappointed Credit Suisse. The broker notes the company stands to benefit from infrastructure plans in South Australia, as this is a key state election issue.

The broker believes consensus estimates, for around 6% organic growth, are achievable given the continued strength in end-market demand. Neutral rating maintained. Target rises to $6.60 from $5.75.

Target price is $6.60 Current Price is $6.68 Difference: minus $0.08 (current price is over target).
If ABC 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 $6.03, suggesting downside of -9.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.2

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

Deutsche Bank rates ABC as Hold (3) -

2017 results were in line with estimates. Deutsche Bank was surprised by the weak volumes in lime while the decline in cement margins also disappointed.

Management remains optimistic about FY18, expecting price growth across most products. Deutsche Bank retains a Hold rating and raises the target to $5.65 from $5.27.

Target price is $5.65 Current Price is $6.68 Difference: minus $1.03 (current price is over target).
If ABC meets the Deutsche Bank target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.03, suggesting downside of -9.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.2

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

Macquarie rates ABC as Outperform (1) -

2017 results were generally in line with expectations. Macquarie suggests strong infrastructure activity is tightening up the market and the company's earnings visibility is better now than its has been in the recent past.

Outperform rating maintained. Target is raised to $7.00 from $6.75.

Target price is $7.00 Current Price is $6.68 Difference: $0.32
If ABC meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $6.03, suggesting downside of -9.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.2

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

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

It was a result that came out in-line, comment the analysts, including the 4c in special dividend, but given the share price had rallied pre-results release, it simply wasn't good enough. Morgan Stanley continues to have a problem with the valuation, and thus downgrades to Underweight from Equal-weight rating.

While management remaining bullish on the basis of continued strength in East Coast construction markets, Morgan Stanley cautions there remains the niggling factor of rising costs (energy). Volumes of lime imports are another factor that can spoil this party, the analysts point out.

Target remains unchanged at $6.00. Industry view: Cautious.

Target price is $6.00 Current Price is $6.68 Difference: minus $0.68 (current price is over target).
If ABC meets the Morgan Stanley target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.03, suggesting downside of -9.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.2

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

Ord Minnett rates ABC as Hold (3) -

Full year results were below Ord Minnett estimates. A key highlight for the broker was revenue growth which beat the broker by 1.6% due to contribution from acquisitions.

Ord Minnett expects divisional revenue will continue to move higher but growth rates will moderate.

The broker continues to struggle with fundamental valuation support but retains a Hold rating. Target rises slightly to $5.70 from $5.65.

Target price is $5.70 Current Price is $6.68 Difference: minus $0.98 (current price is over target).
If ABC meets the Ord Minnett target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.03, suggesting downside of -9.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.2

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

UBS rates AGI as Sell (5) -

First half pre-tax profit was down -10%, reflecting guidance late in 2017 which suggested that trading had been affected by regulatory delays in Australia, lower unit sales in Asia and a temporary deterioration in margin in North America.

Guidance has been reiterated for the second half, which suggests to UBS that FY18 pre-tax profit will be at least $56m. The broker reduces forecasts by -9% for FY18 and -21% in FY19.

The broker cannot envisage a material improvement in overall game performance, and that makes it difficult to form a constructive view at this point in time. Sell maintained. Target reduced to $1.75 from $1.85.

Target price is $1.75 Current Price is $2.04 Difference: minus $0.29 (current price is over target).
If AGI meets the UBS target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.5

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

Macquarie rates ASB as Outperform (1) -

First half results were better than forecast. US shipbuilding momentum continues and margins are up at 7.6%, Macquarie notes. Commercial ferry contracts worth $380m were won in the half and there is strong potential for additional vessels.

Macquarie finds the outlook positive and maintains an Outperform rating. Target is raised to $2.29 from $1.89.

Target price is $2.29 Current Price is $1.80 Difference: $0.49
If ASB meets the Macquarie target it will return approximately 27% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.8

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

Morgans rates BGA as Hold (3) -

Bega Cheese's result materially beat Morgan's forecast. But FY guidance is weaker than expected, leading to earnings forecast downgrades. The Mondelez Grocery acquisition will not deliver the earnings target initially assumed for FY18 until FY20.

Weak guidance implies to the broker competitive pressures will intensify in the second half and the fact that Mondelez (now Bega Foods) is performing below expectations suggests a pull-forward in investment will be needed to retain market share.

Target nevertheless rises to $6.50 from $6.20. Hold retained.

Target price is $6.50 Current Price is $6.79 Difference: minus $0.29 (current price is over target).
If BGA meets the Morgans target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

UBS rates BIN as Buy (1) -

First half results beat estimates. UBS observes the operating environment is strong and all businesses are gaining momentum. The broker maintains relatively conservative forecasts but highlights the potential upside risk.

Buy rating maintained. Target rises to $3.20 from $3.10.

Target price is $3.20 Current Price is $2.61 Difference: $0.59
If BIN meets the UBS target it will return approximately 23% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 1.0

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

Citi rates BLY as Neutral (3) -

Full year revenues were broadly in line with Citi, although EBITDA lagged, largely due to de-stocking of excess inventory. Overall, the underlying net loss of $57.8m was slightly better than the broker's forecast.

Management indicated the market outlook improved in the second half which has translated into higher volumes and revenue. While Citi's FY18-20 revenue estimates are largely unchanged, EBITDA margin expectations are lowered to 6.2% to 10% vs 9.4% to 11.5% previous.

Citi no longer puts forward a price target for this company. Neutral rating.

Current Price is $0.01. Target price not assessed.

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: 0.0

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

Morgans rates BUB as Hold (3) -

Bubs' headline result matched recent guidance but the underlying loss was greater than Morgans had expected. The company is nevertheless in a development phase, making forecasting difficult. While domestic penetration and infant formula sales growth impressed, margins were weak.

This reflects marketing costs and new product development, the broker notes. Securing ranging at Woolworths ((WOW)) suggests strategic initiatives are paying off but the market is affording Bubs a premium in line with established infant formula peers when it's still only early days.

Hold retained, target rises to 75c from 70c.

Target price is $0.75 Current Price is $0.83 Difference: minus $0.08 (current price is over target).
If BUB meets the Morgans target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

Morgans rates CLH as Hold (3) -

Collection House delivered a flat result slightly below Morgan's forecasts. Management has worked on operational efficiencies, the broker notes, but overall cash generation is yet to come through.

Debt ledger purchasing will increase through FY18, thus with management initiatives underway, the broker expects improvement in the second half. Hold retained, target rises to $1.40 from $1.37.

Target price is $1.40 Current Price is $1.32 Difference: $0.08
If CLH meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.5

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

Ord Minnett rates CLH as Lighten (4) -

Firat half results were below Ord Minnett forecasts. Management guided to a minor upgrade in earnings outlook, but a significant recovery in profitability in the second half is now required, in the broker's view.

Ord Minnett is concerned additional capital in the market could lead to price reflation in the near-term, hurting future returns, and remains cautious on the outlook.

Lighten retained. Target is $1.20.

Target price is $1.20 Current Price is $1.32 Difference: minus $0.12 (current price is over target).
If CLH meets the Ord Minnett target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.5

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

Macquarie rates CMW as Underperform (5) -

First half earnings were ahead of forecasts. The company has re-affirmed FY18 operating earnings guidance of 8.25c and distribution guidance of 8.34c, per security.

Macquarie continues to highlight the divergence in earnings and distributions. While the company has a track record of adding value to assets the broker notes it is continuing to extract value via mixed use opportunities.

Underperform rating maintained. Target rises 6.5% to $0.99.

Target price is $0.99 Current Price is $0.99 Difference: $0
If CMW meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $1.01, suggesting upside of 1.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.3

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

Deutsche Bank rates CWN as Hold (3) -

Deutsche Bank considers the sale of the company's 62% interest in CrownBet a minor positive as it is exiting a loss-making business at a reasonable price.

The broker believes Crown is well positioned to look at the William Hill Australia business, which is currently being reviewed by its parent. Hold rating and $12.40 target maintained.

Target price is $12.40 Current Price is $13.64 Difference: minus $1.24 (current price is over target).
If CWN meets the Deutsche Bank target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $13.03, suggesting downside of -4.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

Macquarie rates CWN as No Rating (-1) -

The company has finalised the sale of its 62% interest in CrownBet that was foreshadowed late in 2017. Macquarie notes this effectively returns the focus to the core Australian casino assets.

The broker understands the sale process for William Hill Australia is progressing. Macquarie is restricted on rating and target at present.

Current Price is $13.64. Target price not assessed.

Current consensus price target is $13.03, suggesting downside of -4.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

Morgans rates EHL as Add (1) -

Emeco's result broadly met Morgans' forecast. Increasing activity in resources sectors and a tightening market for mining equipment lead to optimistic outlooks for the second half and FY19.

The broker forecasts significant earnings growth over the period as the Force acquisition is integrated, utilitsation increases and new contract awards become more profitable. Add retained, target rises to 34c from 33c.

Target price is $0.34 Current Price is $0.30 Difference: $0.04
If EHL meets the Morgans target it will return approximately 13% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 1.0

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

UBS rates FLN as Neutral (3) -

2017 results were better than UBS expected. The challenges of the past year appear to have been addressed and the underlying business has returned to growth. However, the impact of changes made during the second half are likely to drag into the first half of 2018, UBS suggests.

Once revenue growth returns the broker expects valuation to lift but, given the disruptions over the past year, prefers to await evidence that improvements are flowing through to revenue. Neutral maintained. Target rises to $0.48 from $0.46.

Target price is $0.48 Current Price is $0.45 Difference: $0.03
If FLN meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

Credit Suisse rates GTN as Outperform (1) -

First half results were below expectations. The company is considering an exit of the US market if it is unable to secure a material reduction in the affiliate fee paid to CBS-Entercom. This deal represents around half of the USTN cost base.

Credit Suisse notes the core business remains solid and Brazil was the highlight. The broker reduces forecasts because of the longer road to breaking even at USTN. Outperform maintained. Target is reduced to $2.70 from $3.00.

Target price is $2.70 Current Price is $1.90 Difference: $0.8
If GTN meets the Credit Suisse target it will return approximately 42% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 1.0

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

Citi rates HVN as Sell (5) -

Harvey Norman's first half results were weak and the second half sales outlook also looks weak to Citi. The 12c interim dividend is well below the average of the past two years and the broker expects the board to favour capital returns in order to unlock $509m of franking credits.

Citi has cut FY19 earnings per share estimates by -5% and reiterates its Sell rating.

Target falls to $3.40 from $3.50.

Target price is $3.40 Current Price is $3.95 Difference: minus $0.55 (current price is over target).
If HVN meets the Citi target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.04, suggesting upside of 2.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.3

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

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

In case of any doubt (which we very much doubt), Harvey Norman's interim report was a disappointment. Credit Suisse analysts point at the Australian franchisee segment where earnings reflected increasing costs and increasing competition.

CS is forecasting more of the same with a cooling housing market in Sydney and Melbourne. Also, the first defense against online competition is investing in online sales, and this weighs on margin, explain the analysts. This is an industry-wide burden.

Target price falls to $4 from $4.03. Upgrade to Neutral from Underperform post sharp sell-off post results release.

Target price is $4.00 Current Price is $3.95 Difference: $0.05
If HVN meets the Credit Suisse target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $4.04, suggesting upside of 2.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.3

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

Deutsche Bank rates HVN as Buy (1) -

First half results were weaker than Deutsche Bank expected. The broker believes results such as these reflect the corporate structure and opacity of operations.

The broker is sceptical that an extra Sunday is the explanation for a margin decline but believes some of the costs will moderate and the outlook for sales remains solid.

Buy retained. Target is lowered to $5.00 from $5.50.

Target price is $5.00 Current Price is $3.95 Difference: $1.05
If HVN meets the Deutsche Bank target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $4.04, suggesting upside of 2.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.3

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

Macquarie rates HVN as Neutral (3) -

First half results were weaker than expected. Macquarie notes, after several years of margin expansion, pre-tax margins in the franchising division contracted by -44 basis points to 5.6%.This is of concern, as competition will only intensify and the need for ongoing investment increase.

Non-core operating losses and asset impairments increase governance concerns for the broker as well. Neutral rating and $4.50 target maintained, because of valuation support from property.

Target price is $4.50 Current Price is $3.95 Difference: $0.55
If HVN meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $4.04, suggesting upside of 2.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.3

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

Morgan Stanley rates HVN as Underweight (5) -

First half profit declined in the Australian franchisee business for the first time since the first half of FY13 and Morgan Stanley believes this marks the start of a down cycle, as the property market fades and competition increases.

The broker remains a critic of the company's capital allocation strategy as it invests outside its core competency. While the valuation looks cheap, Morgan Stanley notes earnings risks loom.

The broker retains an Underweight rating. Target is $3.50. Industry view is Cautious.

Target price is $3.50 Current Price is $3.95 Difference: minus $0.45 (current price is over target).
If HVN meets the Morgan Stanley target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.04, suggesting upside of 2.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.3

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

Ord Minnett rates HVN as Lighten (4) -

First half results were below Ord Minnett's forecasts with the core franchising operations pre-tax profit falling and margins compressing. The Coomboona dairy JV reported losses and an impairment.

Ord Minnett has reduced earnings per share forecasts by -4.7% for FY18 and -9.3% for FY19. Franchisee like for like sales growth has been slow at the start of 2H at 0.2%.

Lighten rating retained. Target reduced to $3.75 from $3.85.

Target price is $3.75 Current Price is $3.95 Difference: minus $0.2 (current price is over target).
If HVN 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 $4.04, suggesting upside of 2.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.3

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

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

UBS found little to like in the first half result, which was softer than expected. Net debt was higher and the dividend disappointed. Comments regarding capital management suggest this is less likely in the near term.

The broker believes earnings risk is now to the downside for the franchisee segment and downgrades to Neutral from Buy. Target is reduced to $4.10 from $5.77.

Target price is $4.10 Current Price is $3.95 Difference: $0.15
If HVN meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $4.04, suggesting upside of 2.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.3

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

Morgans rates LNK as Add (1) -

Link's result was above consensus, driven by a strong initial performance from Link Asset Services and a standout result from IDDS, the broker notes.

On the weak side, softer revenue trends in several businesses were evident, but the broker does not see this as all bad news. Synergy assumptions lead to Link's forward PE dropping off rapidly in coming years, implying increasing value at today's price. Add retained, target rises to $9.50 from $9.04.

Target price is $9.50 Current Price is $8.48 Difference: $1.02
If LNK meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $9.28, suggesting upside of 9.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.7

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

Citi rates MGR as Upgrade to Buy from Sell (1) -

Citi has double upgraded to Buy from Sell, while bumping up the share price target to $2.35 from $2.16. Despite softer residential conditions, the analysts believe earnings certainty is improving with 90% of major apartment projects due for completion through to FY20 having been pre-sold.

Earnings estimates have lifted by 9% and the analysts note Mirvac shares are now the cheapest among peers, despite "robust" growth prospects and with the company implementing a share buyback.

Target price is $2.35 Current Price is $2.11 Difference: $0.24
If MGR meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $2.38, suggesting upside of 12.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.4

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

Citi rates MML as Neutral (3) -

First half results were in line with Citi after the recent production report. Management has maintained its target of 85-95koz at US$1000-1115/oz all in.

Citi has trimmed FY18 plus earnings after rolling through higher D&A. However, expected FY19 earnings are higher than FY18, as is cash flow, dependent on the completion of the E15 service shaft in mid FY18.

Neutral/High Risk rating retained. Target raised to $0.57 from $0.54.

Target price is $0.57 Current Price is $0.44 Difference: $0.13
If MML meets the Citi target it will return approximately 30% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.0

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

Credit Suisse rates MQA as Outperform (1) -

2017 results were slightly below estimates. Management is guiding for Dulles Greenway traffic to be down -5% in the first half because of competition and congestion problems. Credit Suisse suggests it may take 18-24 months to resolve the issues.

Meanwhile, a strong performance is expected at APRR. Outperform rating and $6.50 target maintained.

Target price is $6.50 Current Price is $5.56 Difference: $0.94
If MQA meets the Credit Suisse target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $6.48, suggesting upside of 16.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 1.0

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

Deutsche Bank rates MQA as Buy (1) -

2017 results were in line with expectations. Deutsche Bank expects 2018 will be another year of simplification and consolidation. Distribution forecasts for 2018-20 are maintained.

Buy rating retained. Target is reduced to $6.50 from $6.70.

Target price is $6.50 Current Price is $5.56 Difference: $0.94
If MQA meets the Deutsche Bank target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $6.48, suggesting upside of 16.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 1.0

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

Macquarie rates MQA as Outperform (1) -

2017 results were in line. Macquarie has few concerns regarding the operations. Traffic growth is strong at APRR, with scope to the upside.

Greenway suffered from weak traffic because of the effects of network changes, and roadworks now delay the recovery.

Outperform retained. Target is reduced to $6.47 from $6.95.

Target price is $6.47 Current Price is $5.56 Difference: $0.91
If MQA meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $6.48, suggesting upside of 16.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 1.0

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

Morgan Stanley rates MQA as Upgrade to Overweight from Equal-weight (1) -

2017 results were a little better than expected. Morgan Stanley suggests the year ahead will be complex but ultimately worthwhile for investors. APRR is expected to perform well.

Should the board negotiate internalisation the broker expects this to be a positive, via reduced corporate costs.

Rating is upgraded to Overweight from Equal-weight. Target is raised to $6.26 from $5.86. Industry view: Cautious.

Target price is $6.26 Current Price is $5.56 Difference: $0.7
If MQA meets the Morgan Stanley target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $6.48, suggesting upside of 16.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 1.0

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

Morgans rates MQA as Add (1) -

With traffic numbers having been pre-released, Mac Atlas posted largely as expected. APRR growth was strong and Dulles traffic was weak. 2018 distribution guidance was lifted by 0.5c to 24c which, the broker notes, represents 20% year on year growth.

There was no update on internalisation plans but there will be by the time of the AGM. Rising bond yields will drag but the broker sees several drivers of distribution and capital growth. Add retained, target rises to $6.72 from $6.61.

Target price is $6.72 Current Price is $5.56 Difference: $1.16
If MQA meets the Morgans target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $6.48, suggesting upside of 16.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 1.0

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

UBS rates MQA as Buy (1) -

2017 results were in line with forecasts. UBS makes timing adjustments to forecasts.

This reflects quarterly interest payments on the Dulles Greenway facility, rather than capitalisation, and a full year of external management fees in 2018, to reflect a more cautious approach to internalisation timing.

The broker maintains a Buy rating and reduces the target to $6.45 from $6.65.

Target price is $6.45 Current Price is $5.56 Difference: $0.89
If MQA meets the UBS target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $6.48, suggesting upside of 16.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 1.0

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

Morgans rates MX1 as Add (1) -

Micro-X posted in line with Morgans' expectations, however the accounts are largely irrelevant, the broker notes, given the global launch of DRX Revolution Nano is now live. Initial sales therefore become the key catalyst.

A further catalyst is a fully integrated prototype of the Mobile Backscatter Imager, due at end 2018. Add and 88c target retained.

Target price is $0.88 Current Price is $0.41 Difference: $0.47
If MX1 meets the Morgans target it will return approximately 115% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 1.0

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

Morgans rates NBL as Add (1) -

Noni B posted in line with recent guidance. The highlight for Morgans was cost-outs and operating leverage on solid sales growth. Early second half sales growth is also strong, which is important given Noni's large fixed-cost base of some 640 stores.

The broker continues to be attracted to the company's strong cash generation and net cash position, capital-light rollout model and attractive yield. Add retained, target rises to $2.73 from $2.70.

Target price is $2.73 Current Price is $2.27 Difference: $0.46
If NBL meets the Morgans target it will return approximately 20% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 1.0

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

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

2017 results were in line with expectations. Morgan Stanley envisages limited risk to earnings in the near term as the company is steadily tracking ahead with growth projects.

The outlook for renewables in the US remains constructive, in the broker's view. Equal-weight retained. Industry view: Cautious. Target is reduced to $1.53 from $1.59.

Target price is $1.53 Current Price is $1.46 Difference: $0.07
If NEW meets the Morgan Stanley target it will return approximately 5% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

Morgans rates ORE as Add (1) -

In the wake of Orocobre's result, the broker has revised its valuation based on production, lithium price and cost-out assumptions. The recent capital placement has left a strong balance sheet.

Add retained, target rises to $8.44 from $8.17.

Target price is $8.44 Current Price is $6.08 Difference: $2.36
If ORE meets the Morgans target it will return approximately 39% (excluding dividends, fees and charges).

Current consensus price target is $7.40, suggesting upside of 21.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.6

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

UBS rates OSH as Neutral (3) -

Production has been shut in at the Hides gas conditioning plant in PNG after the major earthquake and the company has commenced work to assess the damage to its facilities.

Given the LNG trains are a significant distance away from the epicentre, UBS does not anticipate any damage to downstream facilities.

The broker anticipates at least a month's downtime to assess the damage. Neutral rating maintained. Target reduced to $8.10 from $8.20.

Target price is $8.10 Current Price is $7.22 Difference: $0.88
If OSH meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $8.17, suggesting upside of 13.2% (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: 0.3

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

Ord Minnett rates PAC as Buy (1) -

First half results appeared to be better than Ord Minnett had expected, due to consolidation of its Trust ownership and reductions in overhead costs.

The company retains significant balance sheet capacity for new investments which the broker estimates would be 10-28% accretive in a full year assuming $50-80m is redeployed. Underlying NPAT forecasts are down -1-2% for FY18 and FY19.

Buy rating maintained. Target is reduced to $9.40 from $9.50.

Target price is $9.40 Current Price is $6.91 Difference: $2.49
If PAC meets the Ord Minnett target it will return approximately 36% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 1.0

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

Macquarie rates PLS as Outperform (1) -

The company has signed an offtake deal with POSCO, whereby the latter will also take a 4.75% stake in Pilbara Minerals and provide funding for a potential downstream joint venture.

Macquarie considers the deal significant and believes Pilgangoora will be a long life and high-quality asset.

Outperform and $1.20 target retained.

Target price is $1.20 Current Price is $0.88 Difference: $0.32
If PLS meets the Macquarie target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $1.10, suggesting upside of 25.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

Ord Minnett rates PLS as Hold (3) -

Pilbara Minerals has secured a strategic partnership with South Korean conglomerate POSCO.

The deal includes POSCO taking an $80m equity investment in Pilbara, life of mine binding offtake for 80,000 tonnes per annum of concentrate and Pilbara having the ability to participate up to 30% in a downstream plant in South Korea.

Hold rating maintained and target raised to $1.05 from $0.85.

Target price is $1.05 Current Price is $0.88 Difference: $0.17
If PLS meets the Ord Minnett target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $1.10, suggesting upside of 25.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

Morgans rates QBE as Hold (3) -

QBE's result was in line with pre-released numbers. Underlying performance was nevertheless soft, the broker suggests, featuring deteriorating attritional claims ratios everywhere other than in Aust.

While FY guidance seems conservative to the broker, a weaker balance sheet puts further buybacks in doubt. The broker sees valuation as fair at this level. Hold retained, target falls to $10.95 from $11.10.

Target price is $10.95 Current Price is $10.14 Difference: $0.81
If QBE meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $10.91, suggesting upside of 7.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.3

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

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

Post interim report release and subsequent sell-off, Citi analysts have upgraded to Buy from Neutral, pointing out the shares have not been this "cheap" over the past five years. FY18-20 EPS forecasts have been lifted by 1%.

The analysts acknowledge growth is now happening at a slower pace than historically, but there will still be growth with an anticipated positive momentum shift in the Australian operations expected to outweigh weak offshore performance (UK and France).

Citi suggests the specific PHI affordability issues plaguing the sector is now well understood by investors, and this has been priced in accordingly. Price target moves to $78.50 from $74.50. DPS estimates have been reduced.

Target price is $78.50 Current Price is $63.34 Difference: $15.16
If RHC meets the Citi target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $69.84, suggesting upside of 10.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

Credit Suisse rates RHC as Neutral (3) -

First half results disappointed Credit Suisse. The result was low quality, in the broker's opinion. Offshore regions continue to be affected by reduced tariffs as well as poor NHS demand management in the UK.

Credit Suisse downgrades net profit estimates by -1-2% on average over the forecast period. Neutral rating maintained. Target is reduced to $68.60 from $71.60.

Target price is $68.60 Current Price is $63.34 Difference: $5.26
If RHC meets the Credit Suisse target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $69.84, suggesting upside of 10.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

Macquarie rates RHC as Outperform (1) -

Net profit was below forecasts in the first half. Macquarie expects contributions from the completed brownfield developments and acquisitions will support better growth for the Australian business in the second half.

The broker's FY18 estimates imply growth of around 8.5%. Macquarie envisages valuation appeal at current levels relative to healthcare peers and maintains an Outperform rating. Target is $74.50.

Target price is $74.50 Current Price is $63.34 Difference: $11.16
If RHC meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $69.84, suggesting upside of 10.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

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

Australian hospitals growth was slower in the first half while the company remains on track to deliver around $60m in FY18 procurement savings, Morgan Stanley observes.

The company's propensity to acquire hospital assets in growth markets keeps the broker from turning more bearish on earnings.

Morgan Stanley does not consider the valuation compelling, although acknowledges support from a scarcity of large cap growth.

Equal-weight retained. In-Line sector view. Price target is reduced to $60.00 from $67.70.

Target price is $60.00 Current Price is $63.34 Difference: minus $3.34 (current price is over target).
If RHC meets the Morgan Stanley target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $69.84, suggesting upside of 10.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

Morgans rates RHC as Hold (3) -

Ramsay's result was weaker than the broker expected. Organic strength domestically was offset by volume and price weakness abroad. Domestic admissions grew above the market trend despite declining private healthcare membership, the broker notes.

FY guidance was reaffirmed, suggesting ongoing confidence domestically as brownfield developments ramp up. Rest of world headwinds will nevertheless linger, the broker suggests. Hold retained, target falls to $69.78 from $74.51.

Target price is $69.78 Current Price is $63.34 Difference: $6.44
If RHC meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $69.84, suggesting upside of 10.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

Ord Minnett rates RHC as Downgrade to Hold from Accumulate (3) -

First half results were ahead of Ord Minnett's forecast, mainly due to lower interest and tax expenses. The 57.5c dividend was 3% above the broker's estimate.

The broker estimates the company will have to boost its second half domestic EBIT by more than 11% to deliver the bottom end of its guidance range.

Ord Minnett downgrades the stock to Hold from Accumulate. Target drops substantially to $67.50 from $80.

Target price is $67.50 Current Price is $63.34 Difference: $4.16
If RHC meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $69.84, suggesting upside of 10.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

UBS rates RHC as Neutral (3) -

First half operating earnings missed expectations although UBS notes, from a cash flow perspective, the result was solid. The growth of the Australian hospital division slowed to 4.3%.

UBS observes procurement savings are still doing the heavy lifting. The broker maintains a Neutral rating and $70 target.

Target price is $70.00 Current Price is $63.34 Difference: $6.66
If RHC meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $69.84, suggesting upside of 10.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

Citi rates SCO as Buy (1) -

First half results were better than the broker had expected. Citi notes they reinforced the company's ability to grow organically, manage risk and extract cost.

Management reiterated full year PBIT guidance for "high single digit" growth, and noted Q3 was off to a strong start.

Following the result Citi reiterates its Buy rating and raises the target to $3.94 from $3.61.

Target price is $3.94 Current Price is $3.14 Difference: $0.8
If SCO meets the Citi target it will return approximately 25% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 1.0

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

Macquarie rates SDA as Neutral (3) -

2017 results were largely in line with expectations. 2018 guidance implies strong organic growth across some segments while Macquarie notes a faster-than-forecast recovery in the offshore sector and additional large contracts provide the upside.

The broker maintains a Neutral rating and raises the target 46% to $5.31.

Target price is $5.31 Current Price is $5.58 Difference: minus $0.27 (current price is over target).
If SDA meets the Macquarie target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.05, suggesting upside of 8.3% (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: 0.5

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

Morgans rates SHJ as Add (1) -

Shine reported a solid result, Morgans suggests, featuring growth across all key measures. The broker sees Shine as well positioned to continue growing the Emerging Practice Areas division, with a focus on developing a national family law offering.

FY guidance is for a modest earnings increase over FY17. Add retained, target rises to $1.09 from $1.03.

Target price is $1.09 Current Price is $0.68 Difference: $0.41
If SHJ meets the Morgans target it will return approximately 60% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 1.0

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

Credit Suisse rates TME as Neutral (3) -

First half results were in line. Credit Suisse notes the earnings mix is different to what management anticipated back in August, although the full year expectations remain the same.

The broker finds the stock appealing for its balance sheet flexibility but notes a lack of momentum and near-term catalysts.

Neutral rating. Price target is raised to $NZ$4.42 from NZ$4.35.

Current Price is $4.09. Target price not assessed.

Current consensus price target is $5.05, suggesting upside of 23.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

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 TME as Sell (5) -

First half results were soft, albeit well flagged and Deutsche Bank makes only minor downgrades to estimates.

The broker accepts the share price makes allowance for a slower revenue growth outlook in marketplace but suggests investors remain too optimistic on margins.

Target rises to NZ$4.30 from NZ$4.25. Sell maintained.

Current Price is $4.09. Target price not assessed.

Current consensus price target is $5.05, suggesting upside of 23.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

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

Macquarie rates TME as Underperform (5) -

First half results were in line with expectations. While certain parts of the business are trading strongly, Macquarie observes the company is exposed to a slowing NZ property market and used goods volume growth remains negative.

Underperform retained. Target falls to NZ$4.25 from NZ$4.70.

Current Price is $4.09. Target price not assessed.

Current consensus price target is $5.05, suggesting upside of 23.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

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

Morgans rates TPE as Add (1) -

TPI's result was well below Morgans' forecast, leading to a sharp share price fall. Management's credibility is on the line, the broker suggests, and it is essential the second half sees a turnaround.

The broker has slashed earnings forecasts but notes there was some evidence of earnings improvement in the period. The broker is assuming the business becomes profitable as higher volumes are processed and manufacturing efficiencies are achieved.

Add retained, target falls to $2.79 from $3.53.

Target price is $2.79 Current Price is $1.45 Difference: $1.34
If TPE meets the Morgans target it will return approximately 92% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 1.0

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

Ord Minnett rates VAH as Lighten (4) -

First half results were below Ord Minnett's estimates. Market speculation that the company would be taken private has been formally quashed by the company.

The broker believes attention should now switch to operational issues as challenges ahead include relatively weak industry demand, excess capacity, rising competition and higher fuel costs.

Lighten retained. Target raised to $0.18 from $0.15.

Target price is $0.18 Current Price is $0.24 Difference: minus $0.06 (current price is over target).
If VAH meets the Ord Minnett target it will return approximately minus 25% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.20, suggesting downside of -18.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.8

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

UBS rates VAH as Sell (5) -

First half pre-tax profit was below forecasts, albeit up significantly on the prior corresponding half. UBS reduces FY18 and FY19 underlying forecasts, largely to reflect moderation in international growth.

The broker believes the valuation is still stretched and cash conversion is low. Sell rating maintained. Target rises to $0.19 from $0.18.

Target price is $0.19 Current Price is $0.24 Difference: minus $0.05 (current price is over target).
If VAH meets the UBS target it will return approximately minus 21% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.20, suggesting downside of -18.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.8

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