Australian Broker Call

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

FY17 results were in line with expectations following a recent upgrade to guidance. Morgans observes trading improved substantially into the end of the financial year and has continued into the start of FY18.

Guidance for $33-37m in EBIT for FY18 appears conservative to Morgans. The broker upgrades to Add from Hold and raises the target to $1.67 from $1.35.

Target price is $1.67 Current Price is $1.42 Difference: $0.25
If ADH meets the Morgans target it will return approximately 18% (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 ADH as Buy (1) -

Adair's poor FY17 results were in line with recent guidance, impacted by weak bed linen sales and softer gross margins.

Online penetration continues to grow and combined with increases in range and click and collect, expected in the second half FY18, UBS believes the company is well placed to handle the impending entry of Amazon to the market.

Buy retained, target rises to $1.65 from $1.45.

Target price is $1.65 Current Price is $1.42 Difference: $0.23
If ADH meets the UBS target it will return approximately 16% (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 AHG as Outperform (1) -

FY17 results were in line with Macquarie. The broker observes the company's automotive business continues to perform in tough conditions and remains strongly leveraged to an eventual rebound in Western Australia.

The valuation appears undemanding relative to peers/historical averages, in the broker's opinion. Outperform rating retained. Target is reduced to $3.64 and $3.76.

Target price is $3.64 Current Price is $3.22 Difference: $0.42
If AHG meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $3.51, suggesting upside of 10.6% (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

Credit Suisse rates ALU as Outperform (1) -

Altium's FY17 results were better than expected for the broker, driven by continued strong growth in China and a rebound in North American sales volumes.

Management reiterated its longer term target of US$200m total revenue by FY20. Credit Suisse has raised FY18 revenue forecasts by 2% and EBITDA forecast by 3%.

Outperform and $9.50 target retained.

Target price is $9.50 Current Price is $8.50 Difference: $1
If ALU meets the Credit Suisse target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $9.50, suggesting upside of 1.6% (ex-dividends)

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

Deutsche Bank rates ALU as Buy (1) -

Altium's result beat on the critical revenue line, exceeding the company's target. Sales and subscriber growth and renewals continued to improve, the broker notes, reflecting a stronger organic growth profile.

Altium has reiterated its FY20 revenue target while lowering expected contribution from acquisitions, meaning organic growth is seen as the key driver. The broker retains Buy, lifting its target to $9.50 from $9.10.

Target price is $9.50 Current Price is $8.50 Difference: $1
If ALU meets the Deutsche Bank target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $9.50, suggesting upside of 1.6% (ex-dividends)

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

Ord Minnett rates ASB as Accumulate (2) -

FY17 earnings were broadly in line with Ord Minnett. The company is guiding to FY18 revenue of $1.3-1.4bn, with increased US shipbuilding margins of 6-8%.

Ord Minnett believes the company is well-positioned to win a significant portion of the work available from tenders over the coming 18 months.

Accumulate rating retained. Target is $2.

Target price is $2.00 Current Price is $1.71 Difference: $0.295
If ASB meets the Ord Minnett target it will return approximately 17% (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

Credit Suisse rates AUB as Outperform (1) -

FY17 results were in line with the broker's estimates. The Australian broking division missed forecasts due to small premium increases in later months, but this was offset by stronger growth in NZ and Underwriting Agencies.

Credit Suisse has lowered FY18 forecasts by -2.5% and FY19 forecasts by -2.2%, largely driven by an increase in expense assumption in Australian Broking and minimal changes in revenue.

The broker remains confident that premium rate increases will be achieved across commercial lines in the next 12 months and retains the Outperform rating and $14.70 target.

Target price is $14.70 Current Price is $12.60 Difference: $2.1
If AUB meets the Credit Suisse target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $14.07, suggesting upside of 8.2% (ex-dividends)

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 AUB as Outperform (1) -

FY17 net profit was in line with Macquarie's estimates. The broker expects the stock's performance to be driven by upside risk to earnings, supported by higher premium rates.

Macquarie maintains an Outperform rating. Target is raised to $13.44 from $12.00.

Target price is $13.44 Current Price is $12.60 Difference: $0.84
If AUB meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $14.07, suggesting upside of 8.2% (ex-dividends)

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

Ord Minnett rates AWC as Accumulate (2) -

First half earnings were broadly in line with Ord Minnett forecast. The broker does not find valuation metrics stretched and considers the dividend solid.

The broker accepts the stock has had a strong run and is starting to test valuation support but believes, as the Chinese aluminium/alumina sector reforms continue to play out, the stock should trade at a premium on the expectation the price of the commodity will rise.

Accumulate rating. Target is raised to $2.50 from $2.20.

Target price is $2.50 Current Price is $2.12 Difference: $0.38
If AWC meets the Ord Minnett target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $2.04, suggesting downside of -2.8% (ex-dividends)

The company's fiscal year ends in December.

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: -0.2

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

Citi rates BDR as Neutral (3) -

And yes, another disappointment was unleashed upon investors. That sentence dates from August 1st post publication of the June quarter production report. Yesterday's interim report release, apparently, followed the all too familiar script.

Citi analysts see a better second half ahead, but they also believe Beadell Resources could struggle to achieve that elusive US$200/oz all-in cost margin until 2019. Higher costs seem to be the main culprit.

All-in costs were actually under water in H1, with production coming in below expectations, point out the analysts. Estimates have been reduced. Target price remains unchanged at 22c Neutral.

Target price is $0.22 Current Price is $0.22 Difference: $0.005
If BDR meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $0.24, suggesting upside of 9.4% (ex-dividends)

The company's fiscal year ends in December.

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

Macquarie rates BDR as Outperform (1) -

First half results were weaker than Macquarie expected. In addition, the broker believes the balance sheet is beginning to look stretched as there are $35m in debt repayments due over the next year.

Macquarie maintains an Outperform rating and expects operating conditions and performance to improve in the second half. Target is $0.30.

Target price is $0.30 Current Price is $0.22 Difference: $0.085
If BDR meets the Macquarie target it will return approximately 40% (excluding dividends, fees and charges).

Current consensus price target is $0.24, suggesting upside of 9.4% (ex-dividends)

The company's fiscal year ends in December.

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

Credit Suisse rates CAJ as Outperform (1) -

Credit Suisse has made some revisions to its future forecasts following publication of the company's formal accounts for FY17.

D&A spend was above expectations and is expected to stay elevated as the company employs capital in Victoria. Factoring this in, the broker has cut FY18 and FY19 earnings estimates by -8% and -12% respectively. 

Outperform rating retained and target is raised to $0.35 from $0.34.

Target price is $0.35 Current Price is $0.30 Difference: $0.055
If CAJ 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 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 CBA as Neutral (3) -

Credit Suisse believes precedence of banks experiencing governance crises suggest that a NPAT multiple de-rating of -10% to -20% is plausible, and that the issue can manifest itself in the share price for extended periods.

To reflect this the broker has reduced its price target to $80 from $89 and retains a Neutral rating.

Target price is $80.00 Current Price is $76.68 Difference: $3.32
If CBA meets the Credit Suisse target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $79.48, suggesting upside of 5.2% (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

Macquarie rates CLQ as Outperform (1) -

The Syerston project has moved to definitive feasibility study. Macquarie expects a step up in expenditure in FY18 but notes the company is well funded.

Securing offtake agreements presents the next near-term catalyst for the company, suggest the analysts, particularly if offtake also comes with some funding agreements.

Target is $1.10. Outperform retained.

Target price is $1.10 Current Price is $0.91 Difference: $0.195
If CLQ meets the Macquarie target it will return approximately 22% (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 CMW as Neutral (3) -

The group's FY17 results were better than the broker had expected. FY18 guidance of 8.25c was ahead of Credit Suisse's estimate, due to a greater than expected level of transactional activity as European funds wind up which the company hopes can be rotated into a Singapore REIT.

The broker has made minor revisions to earnings forecasts over FY18 to FY21, plus approx 1% on average, and upgraded its FY18 EPS forecast to 8.3c.

Neutral and $0.94 target retained.

Target price is $0.94 Current Price is $0.95 Difference: minus $0.01 (current price is over target).
If CMW 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 $0.93, suggesting downside of -3.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.6

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

Morgan Stanley rates CMW as Underweight (5) -

FY17 results were ahead of Morgan Stanley estimates. FY18 guidance for free funds from operations of 8.25c per security is ahead of the broker but still reflects a -4.7% fall from FY17.

The company has incorporated the sale of its 9.8% stake in Investa ((IOF)) as part of its FY18 guidance.

Underweight with a 90c target. Industry View: Cautious.

Target price is $0.90 Current Price is $0.95 Difference: minus $0.05 (current price is over target).
If CMW 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 $0.93, suggesting downside of -3.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.6

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

Morgans rates CMW as Hold (3) -

FY17 operating earnings per share were slightly ahead of guidance. Morgans continues to believe the company's active management style will deliver returns over the long-term.

The main near-term catalyst relates to the outcome regarding the potential divestment of Investa ((IOF)) shares, points out the broker, which would also reduce gearing below 40%.

A Hold rating is retained. Target rises to $1.02 from $1.01.

Target price is $1.02 Current Price is $0.95 Difference: $0.07
If CMW meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $0.93, suggesting downside of -3.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.6

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

Credit Suisse rates CSL as Outperform (1) -

CSL has agreed to acquire Calimmune, a US biotech company focused on haematopoietic stem cell gene therapy. CSL will pay an upfront fee of US$91m and up to US$325 in potential milestone payments over a period of 8 years.

Additional R&D expenditure is expected to be contained within previously announced guidance. FY18 group outlook remains unchanged.

Target of $133 and Outperform retained.

Target price is $133.00 Current Price is $128.20 Difference: $4.8
If CSL meets the Credit Suisse target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $134.90, suggesting upside of 6.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.8

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

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

The company has acquired US biotech, Calimmune, for US$91m plus potential milestone payments up to US$325m over 8 years. Morgan Stanley observes the business is attempting a long-term diversification from its core plasma offering.

The technology could prove to be complimentary as it is developing ex vivo hematopoietic stem cell gene therapy. The increased focus on diversity means less capital returns and a continuation of the investment phase, in the broker's view.

Equal-weight rating and In-Line industry view are retained. Target is $117.

Target price is $117.00 Current Price is $128.20 Difference: minus $11.2 (current price is over target).
If CSL meets the Morgan Stanley target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $134.90, suggesting upside of 6.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.8

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

UBS rates CSL as Buy (1) -

CSL has acquired Calimmune for US$91m, a company currently developing hematopoietic stem cell gene therapy.

The broker views the purchase as plugging a hole in CSL's capability at a reasonable price, although valuation upside is not readily apparent beyond price paid. Management noted the acquisition would have no impact on FY18 guidance.

Buy  and $141.00 target maintained.

Target price is $141.00 Current Price is $128.20 Difference: $12.8
If CSL meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $134.90, suggesting upside of 6.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.8

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

Citi rates EVT as Sell (5) -

The temptation to upgrade from Sell is there, acknowledge Citi analysts, as asset sales are on the agenda and investors are likely to start treating this stock as a potential turnaround story.

But Citi sees multiple heavy risk events on the horizon, including material risks facing the Australian cinema division, which the analysts believe are unlikely to be overcome in the short term, and the likelihood of further disruption risk from hotel refurbishments over the medium term.

Shareholders shouldn't get overly excited, with the analysts suggesting any proceeds from a potential sale of the German operations is more likely reinvested than returned to shareholders. Sell rating retained. Target price lifts to $11.30 from $11.05 on higher estimates.

Target price is $11.30 Current Price is $12.50 Difference: minus $1.2 (current price is over target).
If EVT meets the Citi 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

Deutsche Bank rates GBT as Hold (3) -

While GBST's headline result had been pre-released, the break-down showed segments demonstrated a high level of volatility, the broker notes, and cash flow conversion was weak. The broker has reduced margin assumptions to capture the risk of cost over-runs on the Evolve project.

The stock looks attractive on valuation but given poor earnings momentum, soft cash flow conversion and R&D risk the broker retains Hold. Target falls to $1.80 from $2.50.

Target price is $1.80 Current Price is $1.65 Difference: $0.15
If GBT meets the Deutsche Bank target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $2.32, suggesting upside of 34.1% (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 GBT as Neutral (3) -

FY17 results were in line with UBS forecasts. R&D spend of up to $50m over the next three years was significantly higher than the broker had expected.

Taking this into consideration, UBS has cut EPS forecasts by -35% to -48% through FY18 to FY20.

Neutral retained and target falls to $1.80 from $3.20.

Target price is $1.80 Current Price is $1.65 Difference: $0.15
If GBT meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $2.32, suggesting upside of 34.1% (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 HUB as Buy (1) -

FY17 results were in line with Ord Minnett. The results highlighted sustained revenue margins and compelling operating leverage, and the broker expects platform EBITDA margins to approach 60% towards FY20.

Ord Minnett upgrades long-term flow forecasts, having previously assumed a tailing off. Buy retained. Target is raised to $7.51 from $6.85.

Target price is $7.51 Current Price is $6.41 Difference: $1.1
If HUB meets the Ord Minnett target it will return approximately 17% (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 IFM as Buy (1) -

Infomedia's FY17 results were mainly in line with the broker's forecasts. Management expects to maintain underlying growth momentum for FY18.

UBS is a little more conservative in its forecasts, with NPAT growth of 8% expected in FY18 and 32% in FY19. EPS forecasts have been cut -1% in both FY18 and FY19.

Buy rating and 90c target are retained.

Target price is $0.90 Current Price is $0.75 Difference: $0.155
If IFM meets the UBS target it will return approximately 21% (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 JHC as Outperform (1) -

FY17 results were weaker than Macquarie expected. The broker downgrades future earnings to reflect a weaker-than-expected FY18 but believes the stock is attractive because it has the lowest earnings multiples in the Australian aged care sector.

Outperform retained. Target is reduced to $2.25 from $2.50.

Target price is $2.25 Current Price is $1.75 Difference: $0.5
If JHC meets the Macquarie target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $1.93, suggesting upside of 9.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

Morgan Stanley rates JHC as Underweight (5) -

FY17 earnings were -5.3% below the prior year after stripping out gains on sale of assets and other significant items. This was because margins fell to new lows as wage inflation accelerated. Morgan Stanley envisages risks to margins continuing.

Underweight rating retained. Target is reduced to $1.60 from $1.75. Industry view is In-Line.

Target price is $1.60 Current Price is $1.75 Difference: minus $0.15 (current price is over target).
If JHC meets the Morgan Stanley target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.93, suggesting upside of 9.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

Morgans rates JHC as Hold (3) -

FY17 results were broadly in line with guidance but Morgans is disappointed with the outlook, with investment in the pipeline resulting in higher depreciation and interest charges in FY18. The broker looks to FY19 before earnings growth resumes.

Hold rating retained. Target is reduced to $2.01 from $2.18.

Target price is $2.01 Current Price is $1.75 Difference: $0.26
If JHC meets the Morgans target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $1.93, suggesting upside of 9.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

UBS rates JHC as Neutral (3) -

Japara's FY17 results were disappointing to the broker. Guidance for FY18 was for flat to slight EBITDA growth.

The company noted that the impact of the ACFI cuts was immaterial in FY17, but is set to increase through FY18 and FY19. Updated development pipeline forecasts 319 new beds in FY18 and 467 new beds in FY19.

Neutral retained and target reduced to $1.85 from $2.15.

Target price is $1.85 Current Price is $1.75 Difference: $0.1
If JHC meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $1.93, suggesting upside of 9.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

Citi rates LLC as Neutral (3) -

Citi analysts seem in awe by the strong track record, accompanied by the strong development pipeline and construction backlog, in combination with the prospects of strongly improving cash flows in the months ahead.

The latter is due to an anticipated boost of $540m of apartment settlements, the analysts explain. Target price moves to $16.56 from $15.83. Neutral rating retained.

Target price is $16.56 Current Price is $16.55 Difference: $0.01
If LLC meets the Citi target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $17.26, suggesting upside of 7.5% (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

Credit Suisse rates LLC as Outperform (1) -

The company's solid FY17 result was no surprise to the broker, having been flagged earlier. However, higher D&A charges and net interest and tax cost were unexpected.

Credit Suisse has lifted FY18 to FY20 divisional estimates slightly, although these may be offset by a higher assumed tax rate and higher D&A charges.

Outperform maintained and target raised to $18.60 from $17.50.

Target price is $18.60 Current Price is $16.55 Difference: $2.05
If LLC meets the Credit Suisse target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $17.26, suggesting upside of 7.5% (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

Macquarie rates LLC as Outperform (1) -

Macquarie observes, following the FY17 result, that more capital is entering production and the company is carrying a construction business that is under earning. An improvement is assumed in forecasts.

Given a solid near-term earnings profile, the Outperform rating is retained. Target is raised to $17.24 from $17.18.

Target price is $17.24 Current Price is $16.55 Difference: $0.69
If LLC meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $17.26, suggesting upside of 7.5% (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

Morgan Stanley rates LLC as Overweight (1) -

FY17 results were in line with estimates. Morgan Stanley believes FY18 will rely heavily on construction in the absence of investment sales and as capital redeployment offshore accelerates.

This could limit the near-term re-rating potential. Overweight rating and $16.45 target retained. Industry view is Cautious.

Target price is $16.45 Current Price is $16.55 Difference: minus $0.1 (current price is over target).
If LLC 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 $17.26, suggesting upside of 7.5% (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

Ord Minnett rates LLC as Hold (3) -

FY17 results were in line with expectations. The company's preferred strategy is to partner for capital and originate for funds and Ord Minnett observes FY18 should allow a number of these opportunities to be monetised, providing a continuation of trading/development profits.

The broker maintains a Hold rating and $17 target.

Target price is $17.00 Current Price is $16.55 Difference: $0.45
If LLC meets the Ord Minnett target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $17.26, suggesting upside of 7.5% (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

UBS rates LLC as Buy (1) -

FY17 results were below UBS forecasts, with a disappointing return from the Australian construction division.

Apartment pre-sales remain high, with up to 2500 new units completed in FY18 and FY19. Australian construction is set to recover and improved contribution from international development construction leaves the company well placed to deliver 7% to 10% growth in FY18 and FY19.

Buy rating and $17.70 target retained.

Target price is $17.70 Current Price is $16.55 Difference: $1.15
If LLC meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $17.26, suggesting upside of 7.5% (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

Ord Minnett rates MIL as Buy (1) -

FY17 EBITDA was below Ord Minnett estimates. Management does not expect the EBITDA trend to continue in FY18 and has guided to growth of around 11%.

Nevertheless, a heavy skew to the second half is anticipated. Ord Minnett suspects investors may wait for further confirmation of contract renewals or wins in the first half before pricing in a return to sustainable growth.

Buy rating retained. Target reduced to $1.78 from $1.85.

Target price is $1.78 Current Price is $1.63 Difference: $0.15
If MIL meets the Ord Minnett target it will return approximately 9% (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 MLX as Outperform (1) -

The resource at Renison Bell has been upgraded by 22% and the company is able to replace reserves from depletion. Macquarie also notes encouraging exploration results at Nifty.

Outperform and $1.00 target retained.

Target price is $1.00 Current Price is $0.82 Difference: $0.18
If MLX meets the Macquarie target it will return approximately 22% (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 MMS as Downgrade to Neutral from Outperform (3) -

FY17 earnings were roughly in line with Macquarie. The broker notes strong organic growth in group remuneration services. The retail financial services division is unclear because of regulatory and market uncertainty.

Rating is downgraded to Neutral from Outperform on valuation grounds. Target is raised to $15.46 from $13.20.

Target price is $15.46 Current Price is $15.62 Difference: minus $0.16 (current price is over target).
If MMS meets the Macquarie target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $15.45, suggesting upside of 2.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

Deutsche Bank rates MPL as Buy (1) -

The broker has "initiated" coverage of Medibank, last having reported in September last year. A Buy rating and $3.10 target have been set compared to a prior Hold and $2.80.

The broker sees revenue tracking in line with healthcare cost inflation, which is ahead of CPI, and cost management driving earnings growth to above GDP. A strong market position, un-geared balance sheet and solid cash flow generation make Medibank more stable than the broader market, say the analysts.

Target price is $3.10 Current Price is $2.94 Difference: $0.16
If MPL meets the Deutsche Bank target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $2.85, suggesting downside of -4.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.1

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

Morgans rates MWY as Add (1) -

FY17 maiden results beat prospectus estimates because of better-than-expected dry fibre content across all businesses, improved US dollars sales and a more favourable foreign exchange position.

No FY18 guidance was provided. Morgans reduces FY18 net profit estimates by -9.7% because of the recent appreciation in the Australian dollar. The broker now assumes an exchange rate of US$0.78.

Morgans retains an Add rating and reduces the target to $2.75 from $3.00.

Target price is $2.75 Current Price is $2.31 Difference: $0.44
If MWY meets the Morgans target it will return approximately 19% (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 NSR as Hold (3) -

FY17 results were at the low end of  guidance and below Morgans. FY18 guidance comprises underlying earnings per share of 9.6-10.1c and distributions of 9.6-10c.

Morgans observes acquisitions remain on the agenda as well as organic growth options.  Hold rating retained, target rises to $1.56 from $1.54.

Target price is $1.56 Current Price is $1.52 Difference: $0.04
If NSR meets the Morgans target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $1.51, suggesting downside of -1.6% (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 ONT as Add (1) -

FY17 results were lower than Morgans expected. The broker maintains a positive view on the company's ability to stabilise and grow its gross margin in the current environment.

Morgans maintains and Add rating and reduces the target to $7.44 from $7.94.

Target price is $7.44 Current Price is $6.70 Difference: $0.74
If ONT meets the Morgans target it will return approximately 11% (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

Deutsche Bank rates QMS as Buy (1) -

QMS met the broker on earnings with a better than expected Aust performance offsetting a weaker NZ. This is a surprise, given strong underlying growth in NZ.

FY18 guidance for earnings to exceed $43m is open-ended but underscored by confidence in revenue growth and good visibility into the first half. Buy retained. The broker has increased cost assumptions, hence target falls to $1.25 from $1.30.

Target price is $1.25 Current Price is $1.10 Difference: $0.155
If QMS meets the Deutsche Bank target it will return approximately 14% (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 RCG as Neutral (3) -

Citi analysts spotted a "subdued" entrance into the new financial year and while the stock looks cheap, with a capable management team at the helm, the analysts warn investors to consider the full picture. Neutral rating retained.

Items to consider on top of the cheap looking valuation include, according to the analysts, slowing like-for-like sales growth, management turnover and the ever imminent launch of Amazon.

Also, while the company is preparing for the Amazon impact, Citi analysts suspect that the company's increasing online sales could eventually become a drag on margins as store sales are at risk of being cannibalised. Target 90c.

Target price is $0.90 Current Price is $0.84 Difference: $0.06
If RCG meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

Morgans rates RCG as Hold (3) -

FY17 results were slightly better than Morgans expected. From FY18, the company will become heavily reliant on like-for-like sales growth and any resulting operating leverage post a few years where acquisitions have dominated.

Hence, with the impending threat of increased competition, the broker finds it difficult to forecast with any conviction. Hold rating retained. Target is raised to $0.89 from $0.85.

Target price is $0.89 Current Price is $0.84 Difference: $0.05
If RCG 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: 0.0

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

Morgans rates RIC as Hold (3) -

FY17 results missed expectations. No formal earnings guidance was provided although management expects to extract further growth from its current portfolio over the coming years.

Morgans expects solid growth in FY18 from a more normal season and a contribution from growth projects. The broker considers the stock leveraged to attractive industry fundamentals and, globally, demand for protein is expected to grow strongly for many decades.

Hold rating retained. Target rises to $1.36 from $1.30.

Target price is $1.36 Current Price is $1.42 Difference: minus $0.055 (current price is over target).
If RIC 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

Deutsche Bank rates RWC as Sell (5) -

A better than expected result in the US led Reliance to a 5% beat of consensus. The broker is surprised by the tight range provided for FY18 guidance, given ten months to go.

While it was a solid result, the broker sees risk of further contract losses with Home Depot, execution risk with the Lowes ramp-up, risk of copper price pressure, and a PE some 56% above peers. Sell retained. Target rises to $3.16 from $3.06.

Target price is $3.16 Current Price is $3.66 Difference: minus $0.5 (current price is over target).
If RWC meets the Deutsche Bank target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.75, suggesting downside of -0.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.1

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

Macquarie rates RWC as Outperform (1) -

FY17 results beat estimates. A narrow FY18 guidance range of $145-150m for EBITDA suggests to Macquarie that confidence is high for this early in the year.

The acquisition of Holdrite underpins growth in FY18 and the broker believes leveraging the wholesale channel opportunity and growth in the retail channel remain the bedrock of the business.

Macquarie retains a Outperform rating and raises the target to $4.25 from $3.70.

Target price is $4.25 Current Price is $3.66 Difference: $0.59
If RWC meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $3.75, suggesting downside of -0.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.1

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

Morgans rates RWC as Hold (3) -

FY17 results were ahead of Morgans expectations. The Americas were a key driver of the result, EBITDA up 28%, while Asia-Pacific grew 21%. Europe and the Middle East EBITDA was down -87%.

Morgans remains attracted to the company's market dominance in brass PTC plumbing fittings and the strong growth opportunities. These attributes are considered to be largely reflected in the current share price. Hold rating retained. Target rises to $3.60 from $3.32.

Target price is $3.60 Current Price is $3.66 Difference: minus $0.06 (current price is over target).
If RWC meets the Morgans target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.75, suggesting downside of -0.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.1

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

Ord Minnett rates RWC as Accumulate (2) -

FY17 results were above Ord Minnett forecasts. The broker believes the company offers an attractive investment proposition, with high-quality earnings growth that is underpinned by the penetration of its PTC fittings and expansion of product ranges into new markets.

The main risk is that Home Depot could choose to further de-stock the PTC range beyond the Pacific Northwest. Accumulate retained. Target is raised to $4.00 from $3.70.

Target price is $4.00 Current Price is $3.66 Difference: $0.34
If RWC meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $3.75, suggesting downside of -0.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.1

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

Ord Minnett rates S32 as Buy (1) -

FY17 results were in line with Ord Minnett. The broker continues to find the investment case compelling based on the significant net cash and high cash generation.

While disappointed with the operating issues that have weighed on the stock, the broker does not believe them significant enough to change its view. Buy retained. Target rises to $3.30 from $3.00.

Target price is $3.30 Current Price is $2.88 Difference: $0.42
If S32 meets the Ord Minnett target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $3.07, suggesting upside of 5.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.6

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

UBS rates SHV as Neutral (3) -

The company's poor FY17 results were in line with recent guidance, but of worse quality given poor cash flow and increased development fees.

There is cautious optimism over a recovery in domestic yields in 2018, but the company's earnings are more significantly impacted by international almond prices, especially California. Following weak production guidance, UBS has reduced medium term earnings forecasts by -13% to -21%.

Neutral rating maintained and target reduced to $4.24 from $4.56.

Target price is $4.24 Current Price is $4.10 Difference: $0.14
If SHV meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

Macquarie rates SIV as Neutral (3) -

FY17 results were weaker than Macquarie expected. The quality of the GoGetta book continues to be an issue for the company and the broker suspects this is the basis for lower-than-expected FY18 guidance.

Previous concerns around funding should be alleviated with the completion of the $200m securitisation facility in late September.

Nevertheless, Macquarie does not believe the fall in the share price is a buying opportunity, as company continues to work through its issues.

Neutral retained. Target is raised to $7.17 from $6.68.

Target price is $7.17 Current Price is $7.35 Difference: minus $0.18 (current price is over target).
If SIV meets the Macquarie target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.5

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

Morgans rates SIV as Add (1) -

FY17 net profit was below guidance, affected by a fraud event in the first half. Morgans observes, while FY18 expectations are reasonable, this includes a large work-out of underperforming GoGetta contracts.

This also comes with elevated impairment and bad debt risk in the broker's opinion. Add rating retained, despite the heightened risk for the near-term. Target is reduced to $8.00 from $8.70.

Target price is $8.00 Current Price is $7.35 Difference: $0.65
If SIV meets the Morgans target it will return approximately 9% (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

Citi rates SKI as Neutral (3) -

The what Citi calls "look-through cash flow" turned out a heavy miss. Higher regulated depreciation is to blame, with the analysts explaining CPI inflation came in below the regulator's expectation, reflecting an expectation of lower maintenance capex.

As Transgrid is funding capex from equity cash flows, Citi analysts are anticipating less cash flows into Spark Infra's pocket, but this shouldn't threaten the 16c dividend guidance for FY18 (Citi is estimating 120% cover).

All in all, Spark Infra remains Citi's most favoured regulated utility name with the analysts stating it has the best quality regulated assets in Australia. Neutral rating retained. Target lifts to $2.60 from $2.41.

Target price is $2.60 Current Price is $2.63 Difference: minus $0.03 (current price is over target).
If SKI meets the Citi target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.56, suggesting downside of -2.1% (ex-dividends)

The company's fiscal year ends in December.

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

Credit Suisse rates SKI as Underperform (5) -

First half results were slightly ahead of estimates. SAPN stood out. The main disappointment for Credit Suisse was a deterioration in distribution coverage, yet this is expected to be temporary.

The broker decreases growth expectations for FY18-19 to 3%, with risk considered to the downside. Underperform retained. Target is $2.40.

Target price is $2.40 Current Price is $2.63 Difference: minus $0.23 (current price is over target).
If SKI meets the Credit Suisse target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.56, suggesting downside of -2.1% (ex-dividends)

The company's fiscal year ends in December.

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

Deutsche Bank rates SKI as Downgrade to Hold from Buy (3) -

Spark Infra's result missed Deutsche Bank on lower regulated revenue than regulation suggested, and increased costs. The dividend remains solid but cash coverage has now reduced upside risk to future dividends, the broker notes.

Given the share price run of late, the stock is trading in line with Deutsche's valuation. Downgrade to Hold. Target rises to $2.60 from $2.55.

Target price is $2.60 Current Price is $2.63 Difference: minus $0.03 (current price is over target).
If SKI meets the Deutsche Bank target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.56, suggesting downside of -2.1% (ex-dividends)

The company's fiscal year ends in December.

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

Macquarie rates SKI as Outperform (1) -

First half earnings were ahead of Macquarie. nevertheless, operating cash flow was well below expectations, as SAPN showed a weaker working capital performance.

The broker observes Transgrid is in a sweet spot for the next 2-3 years as grid connections for renewables are required. Meanwhile VPN and SAPN are running well below regulated capital expenditure budgets.

Outperform rating. Target is reduced to $2.69 from $2.82.

Target price is $2.67 Current Price is $2.63 Difference: $0.039
If SKI meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $2.56, suggesting downside of -2.1% (ex-dividends)

The company's fiscal year ends in December.

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 SKI as Equal-weight (3) -

First half results were slightly below Morgan Stanley. This was primarily because of the timing of receipts. The broker envisages reduced prospect for increases to distributions in the near term amidst an elevated policy risk environment.

Equal-weight. Target is $2.40. Industry view is Cautious.

Target price is $2.40 Current Price is $2.63 Difference: minus $0.23 (current price is over target).
If SKI meets the Morgan Stanley target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.56, suggesting downside of -2.1% (ex-dividends)

The company's fiscal year ends in December.

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 SKI as Hold (3) -

First half results were mixed. EBITDA declines from VPN and Transgrid missed and beat Morgans forecasts, respectively.

Morgans observes lower capital expenditure improves free cash flow and reduces debt, although when it is substantially below the regulatory allowance it also results in a lower rolling forward of the Regulated Asset Base.

This issue, accentuated by current low inflation, ultimately leads to lower regulated revenues in the next cycle. Morgans retains an Add rating and raises the target to $2.72 from $2.62.

Target price is $2.72 Current Price is $2.63 Difference: $0.09
If SKI meets the Morgans target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $2.56, suggesting downside of -2.1% (ex-dividends)

The company's fiscal year ends in December.

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

Ord Minnett rates SKI as Hold (3) -

First half results were in line with Ord Minnett. The broker observes the interim distribution was not covered by standard-alone operating cash flow although management expects second half portfolio sources will fully cover 2017 distributions.

Ord Minnett considers the stock fully valued on several multiples. Hold rating and $2.50 target retained.

Target price is $2.50 Current Price is $2.63 Difference: minus $0.13 (current price is over target).
If SKI 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 $2.56, suggesting downside of -2.1% (ex-dividends)

The company's fiscal year ends in December.

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 SLC as Hold (3) -

FY17 headline results revealed a material increase in all metrics, as a six-month contribution from Big Air was recognised. Singapore and Hong Kong performed better than Morgans expected.

Nevertheless, higher-than-expected revenue also came with higher-than-expected costs and the broker reduces FY18 forecasts for EBITDA by -10%. Hold rating retained. Target is reduced to $2.15 from $2.57.

Target price is $2.15 Current Price is $2.34 Difference: minus $0.19 (current price is over target).
If SLC meets the Morgans target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for 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 SRX as Add (1) -

FY17 results were below expectations. Morgans observes the slate has been wiped clean with a new CEO, capitalised R&D written off, and sales and marketing re-organised in the Americas.

Guidance calls for similar market conditions in FY18. Morgans reduces FY18-20 net profit estimates  by up to -6% on lower sales and higher operating expenditure.  Add retained on valuation grounds. Target is reduced to $16.53 from $17.63.

Target price is $16.53 Current Price is $14.72 Difference: $1.81
If SRX meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $19.78, suggesting upside of 33.2% (ex-dividends)

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 SWM as Neutral (3) -

UBS's FY18 EBIT forecasts are around -7% to -8% below Seven West Media's FY18 guidance for a fall of -5% yoy to $248m.

This is based on SWM achieving 40.2% market share and continued cost-out. UBS also factors in moderation in metro TV market declines to -1.5% yoy in FY18.

UBS retains a Neutral rating and reduces its target price to 70c from 75c.

Target price is $0.70 Current Price is $0.74 Difference: minus $0.035 (current price is over target).
If SWM meets the UBS target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.74, suggesting upside of 5.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.4

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

Citi rates VRL as Sell (5) -

Sell rating retained as the shares are, simply, deemed too expensive. Citi analysts cannot get past the "significant headwinds" for the cinema exhibition operations, that are believed to be unlikely to be overcome in the short term.

In addition, the balance sheet still shows elevated gearing levels, point out the analysts. Citi is also cautious vis-a-vis domestic tourism to the Gold Coast. Estimates have been raised. Target price lifts by 1% to $3.50.

Target price is $3.50 Current Price is $3.69 Difference: minus $0.19 (current price is over target).
If VRL meets the Citi target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.77, suggesting upside of 2.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.3

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