Australian Broker Call

Citi rates A2M as Sell (5) -

At first glance, it appears FY18 results slightly beat Citi's forecasts, even though they are talking "broadly in line". They are disappointment with lower than anticipated margins in China, but in particular because of the absence of any update on recent trading.

Citi analysts remain concerned about excess inventory in daigou channels and expect to see more news about this at the AGM update. Sell. Target price $9.50.

Target price is $9.50 Current Price is $10.74 Difference: minus $1.24 (current price is over target).
If A2M meets the Citi target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.25, suggesting upside of 4.7% (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: 0.3

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

Macquarie rates A2M as Outperform (1) -

In an initial response to a2 Milk's FY18 result, Macquarie points out the numbers released are either in line with the company's own guidance, or marginally above it. Alas, limited "colour" was provided on the FY19 outlook. Outperform. Target $12.40.

Target price is $12.40 Current Price is $10.74 Difference: $1.66
If A2M meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $11.25, suggesting upside of 4.7% (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: 0.3

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

Citi rates ABC as Sell (5) -

On initial assessment, Citi analysts find reported interim financials met expectations, but guidance for FY19 seems rather weak, while a special dividend came as a surprise.

Target price is $5.20 Current Price is $6.28 Difference: minus $1.08 (current price is over target).
If ABC meets the Citi target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.11, suggesting downside of -2.7% (ex-dividends)

The company's fiscal year ends in December.

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 AGL as Neutral (3) -

Macquarie reviews its investment thesis on AGL noting lack of federal government policy is creating uncertainty for investors. Consideration of a change in government creates downside earnings risk of up to -$250m pre-tax medium term.

State governments are also proposing policies with potential supply consequences, which also challenge returns. The broker lowers FY20 earnings estimates by -6% and FY21 by -5% reflecting lower sales volumes.

Risks for AGL remain on the downside for investors. Neutral and $22.10 target maintained.

Target price is $22.10 Current Price is $20.58 Difference: $1.52
If AGL meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $21.54, suggesting upside of 4.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.1

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

Citi rates AHY as Sell (5) -

The company reported a -24% fall in first half EBITDA. Citi expects ongoing declines in earnings in the second half and FY19, given higher pulp prices and a need to restore market share.

The broker retains a Sell rating and lowers the target to $0.65 from $0.70, given lower long-term margins. Without any support from a dividend yield the broker envisages further downside.

Target price is $0.65 Current Price is $0.89 Difference: minus $0.24 (current price is over target).
If AHY meets the Citi target it will return approximately minus 27% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.73, suggesting downside of -18.0% (ex-dividends)

The company's fiscal year ends in December.

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 AHY as Upgrade to Neutral from Underperform (3) -

Asaleo Care pre-released its weak result in July, cutting guidance by -35%. Yesterday's report was in line with new guidance although one-offs were higher than expected, Credit Suisse notes, and no dividend was declared.

No dividend will improve the debt balance and interest expense burden, the broker notes. Credit Suisse has a 2019 forecast well below consensus, expecting pulp prices to continue rising. However the broker believes the stock may have found a bottom, and upgrades to Neutral. Target unchanged at 78c.

Target price is $0.78 Current Price is $0.89 Difference: minus $0.11 (current price is over target).
If AHY meets the Credit Suisse target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.73, suggesting downside of -18.0% (ex-dividends)

The company's fiscal year ends in December.

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 AHY as Neutral (3) -

Underlying first half results were in line with recently downgraded guidance and the full year outlook unchanged from the July trading update.

Free cash flow was only $1.8m so no dividend was declared but cash flow should improve in the second half as excess stock is cleared. The broker raises 2018 earnings per share forecasts by 0.4% and 2019 by 1.3%.

Neutral maintained and target reduced to 76c from 84c.

Target price is $0.76 Current Price is $0.89 Difference: minus $0.13 (current price is over target).
If AHY meets the Macquarie target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.73, suggesting downside of -18.0% (ex-dividends)

The company's fiscal year ends in December.

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 ALU as Upgrade to Buy from Hold (1) -

Deutsche Bank notes another strong result in FY18, with operating metrics comfortably moving towards FY20 guidance. The broker believes the effort that has gone into product development should continue to yield results for years to come.

The broker forecasts a three-year EBIT growth rate of 22%. Rating is upgraded to Buy from Hold. Target is $24.90.

Target price is $24.90 Current Price is $27.74 Difference: minus $2.84 (current price is over target).
If ALU meets the Deutsche Bank target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.78, suggesting downside of -32.3% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.3

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

Ord Minnett rates ALU as Sell (5) -

FY18 results were ahead of expectations. The company has reiterated an FY20 target for revenue of $200m and an EBITDA margin over 35%. Ord Minnett believes management is executing well but the main issue is with the valuation and the risk/reward that this implies.

The broker maintains an Sell rating, awaiting a more attractive entry point. Target is raised to $17.70 from $16.54.

Target price is $17.70 Current Price is $27.74 Difference: minus $10.04 (current price is over target).
If ALU meets the Ord Minnett target it will return approximately minus 36% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.78, suggesting downside of -32.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.3

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

Citi rates AMC as Neutral (3) -

FY18 results disappointed Citi. The broker expects downgrades to consensus estimates in the near term and the key catalyst is progress on the Bemis merger offer.

The broker also believes a stronger US dollar will soften the FY19 outlook. Neutral rating and $14.85 target.

Target price is $14.85 Current Price is $13.99 Difference: $0.86
If AMC meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $15.23, suggesting upside of 8.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.5

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

Credit Suisse rates AMC as Neutral (3) -

The broker has cut earnings forecasts and lowered its target on Amcor to $14.80 from $15.20 suggesting the result fell short of expectation. Neutral retained.

A lower tax rate only partially offset lower earnings in rigids & flexibles. Input price movements appear to be driving sentiment but the broker believes prices for resin, aluminium and inks may have peaked. The stock is trading in line with peers but at a discount to the industrials, despite solid forecast growth in FY20, albeit acquisition related.

The broker thus believes Amcor is fair value to inexpensive and suggests looking for an entry point.

Target price is $14.80 Current Price is $13.99 Difference: $0.81
If AMC meets the Credit Suisse target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $15.23, suggesting upside of 8.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.5

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

Deutsche Bank rates AMC as Buy (1) -

FY18 results were in line with expectations but low quality. Deutsche Bank retains a Buy rating, believing the FY18 headwinds are easing. The company should benefit from a lower effective tax rate in FY19.

The company has noted encouraging trends in the first quarter and a modest improvement in North American beverage volumes, while raw material costs are stabilising. Target is $16.65.

Target price is $16.65 Current Price is $13.99 Difference: $2.66
If AMC meets the Deutsche Bank target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $15.23, suggesting upside of 8.9% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.5

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

Macquarie rates AMC as Outperform (1) -

FY18 results were in line with the broker's estimates but driven by lower tax. EBIT was a -3% miss due to a larger then expected margin hit from weaker Rigids demand and higher raw materials costs.

Macquarie believes headwinds are abating and forecasts 8% and 9% EPS CAGR over the next two and three years. The broker reduces FY19 & FY20 EPS by -3.4% and -4% respectively with EBIT reductions only partly offset by lower tax.

The broker maintains an Outperform rating and raises the target to $16.27 from $16.10.

Target price is $16.27 Current Price is $13.99 Difference: $2.28
If AMC meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $15.23, suggesting upside of 8.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.5

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

Morgan Stanley rates AMC as Overweight (1) -

FY18 results disappointed Morgan Stanley but the current discount to versus the market is considered overdone. The broker envisages value will accrue from the Bemis proposal.

Morgan Stanley now forecasts around 5% constant currency growth in operating earnings, down from 8%, because of delays in the recovery of raw material costs.

Overweight. Target is reduced to $15.20 from $15.80. Cautious industry view.

Target price is $15.20 Current Price is $13.99 Difference: $1.21
If AMC meets the Morgan Stanley target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $15.23, suggesting upside of 8.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.5

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

Morgans rates AMC as Hold (3) -

FY18 results were below expectations in the main disappointment was in rigid plastics. Morgans reduces FY19 estimates for operating earnings by -8%.

Short-term headwinds may be abating but the broker considers the operating environment in both developed and emerging markets remains subdued. The broker is also concerns about the dilutive nature of the proposed Bemis acquisition.

Hold rating maintained. Target is reduced to $13.34 from $13.54.

Target price is $13.34 Current Price is $13.99 Difference: minus $0.65 (current price is over target).
If AMC meets the Morgans target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $15.23, suggesting upside of 8.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.5

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

Ord Minnett rates AMC as Accumulate (2) -

FY18 underlying earnings were below Ord Minnett's forecasts. Weaker margin performance in rigid packaging accounted for the miss but flexible packaging also fell short of expectations.

The broker notes a particular challenging year was had and the earnings profile suggests solid growth in the base business will be bolstered by a benefit from Bemis-related cost savings.

The outlook, therefore, appears attractive to Ord Minnett and an Accumulate rating is maintained. Target is reduced to $15.50 from $15.80.

Target price is $15.50 Current Price is $13.99 Difference: $1.51
If AMC meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $15.23, suggesting upside of 8.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.5

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

Macquarie rates ANN as Neutral (3) -

Ansell's FY18 results were mainly in line with Macquarie's estimates. The outlook commentary was weaker at EPS of US100-112cps against the broker's forecast of US114cps.

The transformation program appears on track with US$10m in savings achieved in FY18 and US$30m expected by FY20. The broker has lowered FY19 estimates by -6% and FY20 by -8% reflecting slightly lower revenue growth assumptions and higher costs.

Neutral retained. Target falls to $28 from $30.50.

Target price is $28.00 Current Price is $26.06 Difference: $1.94
If ANN meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $26.08, suggesting upside of 0.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.0

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

Macquarie rates ARF as Outperform (1) -

Arena REIT's FY18 result and FY19 DPS outlook were both in line with Macquarie's expectations. Management guided to FY19 DPS growth of 5.5%.

The broker's thesis remains intact with strong underlying growth expected and ample balance sheet capacity underpinning an attractive valuation. Macquarie raises FY19 EPS forecasts by 1.3%, FY20 by 2.3% and FY21 by 2.9% due to the development pipeline.

Outperform retained and target raised to $2.44 from $2.32.

Target price is $2.44 Current Price is $2.25 Difference: $0.19
If ARF meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Morgan Stanley rates ARF as Overweight (1) -

FY18 results were in line with Morgan Stanley's estimates. The company expects distribution growth of 5.5% in FY19, supported by higher levels of contracted market rent reviews and the full impact of development completions. There are five development projects underway.

The broker highlights the improving track record and believes there is upside to distribution guidance. Overweight. Target is $2.50. Industry view: Cautious.

Target price is $2.50 Current Price is $2.25 Difference: $0.25
If ARF meets the Morgan Stanley target it will return approximately 11% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Macquarie rates BAP as Outperform (1) -

On initial assessment, Macquarie finds Bapcor's FY18 performance is largely in line with expectations, but actually marginally weaker. The fresh financial year has apparently started in line with management's expectations. Macquarie finds the valuation remains attractive in light of the growth profile. Outperform. Target $6.60.

Target price is $6.60 Current Price is $6.93 Difference: minus $0.33 (current price is over target).
If BAP 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 $6.77, suggesting downside of -2.4% (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

Citi rates BHP as Buy (1) -

Results were largely in line with Citi's estimates. The broker makes modest downgrades to FY19 estimates because of higher costs at Queensland coal and Escondida. Buy rating maintained. Target is steady at $36.

The analysts note capex is expected to increase to near the hard ceiling of US$8b in FY19 despite the divestment of US Shale assets. Citi is anticipating capital management initiatives at the next release of interim results.

Target price is $36.00 Current Price is $32.21 Difference: $3.79
If BHP meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $35.54, suggesting upside of 10.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.8

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

Credit Suisse rates BHP as Neutral (3) -

BHP's result was in line with the broker, who suggests a lack of dividend increase is likely behind yesterday's share price fall. Given BHP wants to keep net debt in the US$10-15bn range, the broker asumes that when cash flow and the proceeds of the sale of shale reduce this level below US$10bn, then the hand-outs will come.

BHP boasts organic growth capacity and value-unlocking options envied by peers, but as cost increases impact across the industry caution is required, the broker believes. Neutral and $31 target retained.

Target price is $31.00 Current Price is $32.21 Difference: minus $1.21 (current price is over target).
If BHP meets the Credit Suisse target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $35.54, suggesting upside of 10.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.8

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

Macquarie rates BHP as Outperform (1) -

BHP's headline earnings were slightly lower than Macquarie had expected but cash generation was strong, driving net debt down to US$10.9bn.

Cash cost guidance was mixed with higher near-term costs for coal and Escondida offset by lower medium term cost targets for iron ore. The broker has cut FY19 EPS by -6% due to higher cost guidance for Escondida and Conventional Petroleum.

Outperform retained and target reduced to $40 from $41.

Target price is $40.00 Current Price is $32.21 Difference: $7.79
If BHP meets the Macquarie target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $35.54, suggesting upside of 10.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.8

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

Morgans rates BHP as Add (1) -

The highlight for Morgans in the FY18 result was substantial cash flow of US$12.5bn. The broker acknowledges it underestimated this, as BHP successfully achieved efficiency gains which more than offset cost pressures.

Morgans expects further upside can be unlocked, given the high quality of earnings post the sale of the shale business and a positive net exposure to energy prices. The broker maintains an Add rating and raises the target to $37.55 from $37.09.

Target price is $37.55 Current Price is $32.21 Difference: $5.34
If BHP meets the Morgans target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $35.54, suggesting upside of 10.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.8

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

Ord Minnett rates BHP as Accumulate (2) -

FY18 underlying earnings were broadly in line with Ord Minnett's forecasts. The broker assesses the stock is trading on attractive valuation metrics and there is significant capital management to come following the receipt of the proceeds from the disposal of US onshore business.

The broker maintains an Accumulate rating and reduces the target to $38 from $39.

Target price is $38.00 Current Price is $32.21 Difference: $5.79
If BHP meets the Ord Minnett target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $35.54, suggesting upside of 10.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.8

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

UBS rates BHP as Buy (1) -

FY18 results were in line with expectations. UBS notes no further details were provided regarding the returns from shale and when these will take place. The company plans for US$1bn in productivity gains in FY19.

Realised prices for all commodities, excluding natural gas, copper and thermal coal were up in the second half and nickel, oil and coking coal stood out in terms of volume growth. UBS maintains a Buy rating and reduces the target to $35.50 from $37.00.

Target price is $35.50 Current Price is $32.21 Difference: $3.29
If BHP meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $35.54, suggesting upside of 10.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.8

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

UBS rates BIN as Buy (1) -

FY18 results were in line with expectations. The company has acquired Dial A Dump for $578m, funded partly by a $425m entitlement offer. FY19 operating earnings guidance is for growth of 15-20%.

Margins are likely to be affected by higher costs temporarily, as a result of closures during the capacity expansion, but are expected to recover in FY20. Buy rating maintained. Target rises to $3.45 from $3.20.

Target price is $3.45 Current Price is $2.87 Difference: $0.58
If BIN meets the UBS target it will return approximately 20% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Macquarie rates BPT as Underperform (5) -

FY18 results were in line with Macquarie's forecasts but a miss on NPAT due to DD&A. The company guided to materially higher capex than the broker expected but a flat production outlook.

The broker has cut EPS forecasts across FY19 to FY21 by -18%, -19% and -16% respectively due to changes in opex, capex, DD&A and the production profile.

Underperform maintained and target reduced to $1.75 from $1.90.

Target price is $1.75 Current Price is $1.79 Difference: minus $0.04 (current price is over target).
If BPT meets the Macquarie target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.63, suggesting downside of -9.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.2

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

Citi rates CAR as Sell (5) -

On Citi's initial assessment, Carsales' FY18 beat on revenues because of better Tyre sales, but this is a low margin business, point out the analysts, which is why teh net profit was in-line. The analysts continue to see a solid outlook ahead.

Target price is $12.50 Current Price is $16.02 Difference: minus $3.52 (current price is over target).
If CAR 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 $14.38, suggesting downside of -10.3% (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 CAR as Neutral (3) -

At first glance, it appears Carsales' FY18 release didn't quite meet expectations on most metrics, but Macquarie still believes it is a "solid" result overall. Thed company has a legacy of issuing rather vague outlook statements, and Macquarie analysts continue to see ongoing "solid" growth. Neutral. Target $14.

Target price is $14.00 Current Price is $16.02 Difference: minus $2.02 (current price is over target).
If CAR meets the Macquarie target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.38, suggesting downside of -10.3% (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 CCL as Underperform (5) -

On initial assessment, Macquarie finds reported interim results were better-than-expected, even though they represent a slide of -4.9% from last year's interim. The analysts highlight Aussie Beverages have been benefitting from a $10m credit due to the lower redemption in the Container Deposit Scheme.

The interim dividend of 21c equally surprised to the upside. On the other hand, things are still not going smoothly in Indonesia and Macquarie continues to see headwinds for the Australian operations. Underperform. Target $8.87.

Target price is $8.87 Current Price is $9.90 Difference: minus $1.03 (current price is over target).
If CCL meets the Macquarie target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.79, suggesting downside of -11.3% (ex-dividends)

The company's fiscal year ends in December.

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 CDP as Downgrade to Lighten from Hold (4) -

FY18 results were slightly below Ord Minnett's forecasts. The main issue arising in the results was the David Jones tenancy, which expires in 2019, and the decision by the department store to hand back around 50% of its base. The trust has guided to FY19 earnings per security of 36.2c, down -10% on FY18.

Ord Minnett downgrades to Lighten from Hold and reduces the target to $7.80 from $8.10.

Target price is $7.80 Current Price is $8.18 Difference: minus $0.38 (current price is over target).
If CDP meets the Ord Minnett target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -1.0

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

Macquarie rates CHC as Outperform (1) -

At first glance, Macquarie finds Charter Hall's FY18 is slightly better than expected, with management in an unusual move providing guidance for FY19. Macquarie sees upside potential, including from the announced scheme of implementation to acquire Folkestone Education Trust ((FET)) for $205m or $1.39ps from available cash. Outperform. Target $7.

Target price is $7.00 Current Price is $6.98 Difference: $0.02
If CHC meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $6.45, suggesting downside of -7.6% (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

Morgans rates CIP as Hold (3) -

FY18 results were in line with guidance. A highlight for Morgans was the good leasing outcome in Victoria. The company has reiterated FY19 guidance for earnings per share of 18.5-19c.

Despite some near-term challenges, the broker backs management's in-house leasing capabilities to deliver improved occupancy over the medium term. Hold rating maintained. Target is raised to $2.64 from $2.63.

Target price is $2.64 Current Price is $2.69 Difference: minus $0.05 (current price is over target).
If CIP meets the Morgans 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 FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Morgans rates CL1 as Add (1) -

FY18 results were slightly ahead of expectations. The company plans a further increase in investment in FY19, restraining the rate of profit growth and Morgans downgrades forecasts.

Morgans believes political risk is becoming the biggest threat to earnings and investor sentiment in FY19. The election of a Labor government would likely reduce the attractiveness of SMSF relative to other superannuation savings vehicles, the broker suggests.

Add rating maintained. Target is reduced to $2.65 from $2.73.

Target price is $2.65 Current Price is $2.18 Difference: $0.47
If CL1 meets the Morgans target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $2.92, suggesting upside of 34.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Ord Minnett rates CL1 as Buy (1) -

FY18 revenue and earnings were in line with expectations. Cash flow beat Ord Minnett's forecasts by 9%. The broker continues to believe in the value proposition and that, given low churn, the focus should be on the growing portfolio and lifetime value, not near-term earnings.

Buy rating reiterated. Target is reduced to $3.17 from $3.50, because of revised assumptions.

Target price is $3.17 Current Price is $2.18 Difference: $0.99
If CL1 meets the Ord Minnett target it will return approximately 45% (excluding dividends, fees and charges).

Current consensus price target is $2.92, suggesting upside of 34.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

UBS rates CL1 as Buy (1) -

FY18 results, considered reasonable, revealed a continued increase in the uptake of the cloud-based SMSF software. However, UBS notes continued margin compression as a result of lower realised revenue per account, higher customer acquisition costs and lost accounts from the AMP migration.

The broker expects market share to increase to around 40% over the next five years, from 27%, and suspects cloud conversions could accelerate. Buy rating and $2.95 target maintained.

Target price is $2.95 Current Price is $2.18 Difference: $0.77
If CL1 meets the UBS target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $2.92, suggesting upside of 34.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Morgans rates CMA as Add (1) -

FY18 results were in line with guidance. The company has announced plans to divest the balance of the industrial assets during FY19, transforming into a pure metropolitan office A-REIT. FY19 guidance comprises distributable earnings of 18.3-18.5c.

Morgans likes the attractive distribution yield of 7.3% in FY19, underpinned by contracted rental income. Add maintained. Target is $2.59.

Target price is $2.59 Current Price is $2.50 Difference: $0.09
If CMA meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

UBS rates CMA as Buy (1) -

FY18 results were in line with expectations. The company expects to complete its goal of becoming a pure metropolitan office A-REIT, disposing of its remaining industrial assets in FY19.  FY19 distributable earnings guidance is 18.3-18.5c per share.

UBS maintains a Buy rating and believes the fundamentals for suburban office markets remains solid. Target is $2.60.

Target price is $2.60 Current Price is $2.50 Difference: $0.1
If CMA meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Morgans rates CRR as Add (1) -

FY18 results were in line with guidance. FY19 guidance for free funds from operations has been upgraded to 21.3-21.7c, implying growth of 5.4-7.4%. This is driven by new acquisitions, Morgans observes, and further acquisitions are in the pipeline.

The company has also announced a potential buyback for up to 5% of securities. Morgans maintains an Add rating and reduces the target to $3.14 from $3.16.

Target price is $3.14 Current Price is $2.77 Difference: $0.37
If CRR meets the Morgans target it will return approximately 13% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

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

FY18 results were in line with guidance. Negative operating cash flow was a result of $7.4m in one-off items. The company expects inventory improvement in FY19. A non-renounceable rights issue has been announced to raise $17m at 18.5c per share.

Target is $0.26. Equal-weight rating. In-Line view retained.

Target price is $0.26 Current Price is $0.25 Difference: $0.01
If CSV meets the Morgan Stanley target it will return approximately 4% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Macquarie rates CWY as Outperform (1) -

At first glance, it seems FY18 results have slightly beat expectations. Macquarie seems happy with ongoing integration of TOX as well as with management's guidance for FY19. Outperform. Target $2.

Target price is $2.00 Current Price is $1.92 Difference: $0.08
If CWY meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $1.74, suggesting downside of -9.3% (ex-dividends)

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 DOW as Lighten (4) -

Ord Minnett updates its numbers in response to recent comments from management. On the positive side, earnings are expected to grow and an announcement regarding Royal Adelaide may be closer than previously thought.

However, the broker expects cash flow conversion and free cash flow to decline in FY19. Lighten maintained. Target is reduced to $6.01 from $6.07.

Target price is $6.01 Current Price is $7.63 Difference: minus $1.62 (current price is over target).
If DOW meets the Ord Minnett target it will return approximately minus 21% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.95, suggesting upside of 4.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.7

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

UBS rates ECX as No Rating (-1) -

The company has rejected the SG Fleet ((SGF)) indicative proposal on the basis it was inadequate. UBS revises FY18-20 net profit estimates down by -11-18%.

Nevertheless, the broker believes the core fleet business remains stable and medium-term growth remains achievable. The broker is advising EclipX on the SG Fleet proposal and is restricted from providing a target and rating at present.

Current Price is $2.50. Target price not assessed.

Current consensus price target is $2.45, suggesting downside of -2.2% (ex-dividends)

The company's fiscal year ends in September.

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 EHL as Outperform (1) -

Emeco's FY18 operating NPAT of $20.1m was the company's first positive NPAT result since 2013. Macquarie observes strong activity levels early in FY19, with multiple levers for growth.

The Force acquisition continues to deliver and rental revenue margin expanded to 47% from 33% in the previous corresponding period. Macquarie has raised EPS estimates for FY19 and FY20 by 12% and 26% respectively driven by lower tax.

Outperform retained and target raised to 45c from 43c.

Target price is $0.45 Current Price is $0.37 Difference: $0.08
If EHL meets the Macquarie target it will return approximately 22% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Morgans rates EHL as Add (1) -

The business met guidance in FY18 but Morgans was surprised by the strength of free cash flow. A $29m benefit from a working capital release will not be replicated in FY19. The broker models further upside to utilisation and ongoing de-gearing.

An Add rating is maintained. Target is raised to $0.41 from $0.39.

Target price is $0.41 Current Price is $0.37 Difference: $0.04
If EHL meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Macquarie rates FBU as No Rating (-1) -

The broker remains restricted from making a recommendation. In initial response to today's FY18 release, Macquarie analysts find there is a lot of "noise" in the report, but they seem "reasonably" happy with FY19 guidance provided.

Current Price is $6.06. Target price not assessed.

Current consensus price target is $6.60, suggesting upside of 8.9% (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: -0.2

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

Citi rates FXL as Buy (1) -

Buy rating retained as Citi analysts continue to believe the risk remains to the upside, with FY18 release cementing their confidence what we are witnessing at FlexiGroup might be a successful turnaround.

Cash profit estimates have been reduced slightly, but price target makes a jump of 26% to $2.70. Whereas Certegy outperformed expectations, there remains plenty to worry about too, with Citi pointing at collections in Australian cards and the consumer leasing brand transition.

Target price is $2.70 Current Price is $2.20 Difference: $0.5
If FXL meets the Citi target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $2.43, suggesting upside of 10.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

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

Credit Suisse rates FXL as Outperform (1) -

FlexiGroup's FY18 result came in at the top end of guidance and FY19 guidance is some 5% above consensus. When the CEO announced his retirement earlier in the month, the stock was trashed. Hence even though the broker found the result unspectacular, the stock was primed for a sharp rebound.

Volumes are growing but there are still some areas of disappointment, the broker notes. If confidence continues to improve that the downgrade cycle is over, the stock should continue to re-rate, hence Outperform retained. Target rises to $2.70 from $2.45.

Target price is $2.70 Current Price is $2.20 Difference: $0.5
If FXL meets the Credit Suisse target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $2.43, suggesting upside of 10.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

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

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

Deutsche Bank notes a resumption of volume growth across previously stagnant businesses but the FY18 results benefited from a high level of cost capitalisation. Australian Cards remain the key area of concern, with strong volumes associated with diminishing earnings.

The easy gains have been achieved and Deutsche Bank downgrades to Hold from Buy. Target is $2.25.

Target price is $2.25 Current Price is $2.20 Difference: $0.05
If FXL meets the Deutsche Bank target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $2.43, suggesting upside of 10.4% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

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

Macquarie rates FXL as Neutral (3) -

FY18 cash NPAT of $88.2m was at the higher end of guidance but slightly below Macquarie's forecast. The FY19 cash NPAT guidance of $95-100m is impacted by accounting changes.

The broker raises FY19 and FY20 EPS forecasts by 7.3% and 6.1% respectively leading to a rise in the target price to $2.42 from $1.95.

The broker notes regulation remains a potential headwind and retains a Neutral rating.

Target price is $2.42 Current Price is $2.20 Difference: $0.22
If FXL meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $2.43, suggesting upside of 10.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

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

Morgans rates FXL as Add (1) -

FY18 results were in line with guidance. Morgans envisages several areas of opportunity over the next three years and believes the new Skye Card is positive and receivables growth to date supports management's target. There is also traction in the new managed services offering.

Add rating maintained. Target rises to $2.65 from $2.25.

Target price is $2.65 Current Price is $2.20 Difference: $0.45
If FXL meets the Morgans target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $2.43, suggesting upside of 10.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

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

Deutsche Bank rates GEM as Hold (3) -

Deutsche Bank transfers coverage to another analyst ahead of the company's first half results on August 27. The broker maintains a Hold rating on balance-sheet concerns. Target is $2.38.

Target price is $2.38 Current Price is $2.37 Difference: $0.01
If GEM meets the Deutsche Bank target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $2.88, suggesting upside of 21.7% (ex-dividends)

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 GXL as Neutral (3) -

The FY18 results were in line with guidance although Vet was weaker driven by standalone clinics. Macquarie sees positive current trading momentum but incremental cost savings are behind the broker's expectations.

The broker estimates 7% EBITDA growth to $104m but reduces FY19 and FY20 EPS estimates by -13% and -12% on the lower incremental cost savings and higher interest and D&A.

Target cut to $4.25 from $4.35. With the strategic refocus now priced in the broker sees limited near-term catalysts to drive a re-rating and retains Neutral.

Target price is $4.25 Current Price is $3.96 Difference: $0.29
If GXL meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $4.23, suggesting upside of 6.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.3

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

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

FY18 results were slightly below Morgans' forecasts, although a large part of the miss can be explained by the inclusion of one-off acquisition-related costs. Guidance is for strong earnings growth in FY19. FY19 EBITDA guidance is $76-80m, up 16.5-22.7%. Guidance assumes international airfare prices are flat.

Morgans upgrades to Add from Hold, given the material discount to the broader travel sector. Target is raised to $5.75 from $5.00.

Target price is $5.75 Current Price is $5.13 Difference: $0.62
If HLO meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Ord Minnett rates HLO as Buy (1) -

FY18 results were slightly lower than expected, adversely affected by lower international airfares. Ord Minnett suggests conditions have improved considerably in the early weeks of FY19. The company has guided to FY19 EBITDA in the range of $76-80m.

Ord Minnett updates estimates to reflect this guidance and the positive outlook, maintaining a Buy rating. Target is raised $5.88 from $5.51.

Target price is $5.88 Current Price is $5.13 Difference: $0.75
If HLO meets the Ord Minnett target it will return approximately 15% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Citi rates HSO as Neutral (3) -

FY18 results were in line with expectations. Citi observes several challenges for the Australian private hospital sector including declining membership of private health insurance, an increase in private patients being treated in public hospitals as well as higher out-of-pocket costs.

Around 55% of all procedures in Australia are conducted in the private system and the broker believes governments, both state and federal, cannot afford for this to be materially lower. Neutral rating and $2.20 target maintained.

Target price is $2.20 Current Price is $2.21 Difference: minus $0.01 (current price is over target).
If HSO meets the Citi target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.25, suggesting upside of 1.9% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.1

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

Credit Suisse rates HSO as Neutral (3) -

Healthscope reported FY18 earnings at the top en of the revised guidance range, and FY19 guidance was reiterated. The company has proposed a sale and lease-back of its property assets to an unlisted fund of which it would own 51%. If so, Healthscope could use the proceeds to reduce debt and/or initiate a buyback and/or fund brownfield opportunities, the broker suggests.

The broker values the stock on a balance of probabilities that the property sale proceeds and a buyback ensues, that a takeover offer is made, and that nothing happens. On that balance, the broker sees the stock as fairly valued. Neutral retained, target falls to $2.15 from $2.36.

Target price is $2.36 Current Price is $2.21 Difference: $0.15
If HSO meets the Credit Suisse target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $2.25, suggesting upside of 1.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.1

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

Deutsche Bank rates HSO as Hold (3) -

Healthscope considers FY18 a transition year in which it divested non-core businesses and commenced efficiency initiatives. Deutsche Bank believes there are considerable execution risks.

The company achieved 4% revenue growth in FY18 and the top end of its revised EBITDA guidance. Hold rating and $2.26 target maintained.

Target price is $2.26 Current Price is $2.21 Difference: $0.05
If HSO meets the Deutsche Bank target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $2.25, suggesting upside of 1.9% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.1

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

Macquarie rates HSO as No Rating (-1) -

Healthscope's FY18 results were in line with guidance. FY19 guidance for at least 10% Hospital EBITDA growth was reaffirmed.

The company has proposed the establishment of a property trust to hold the majority of its freehold property assets, which will be leased back by Healthscope. The company will retain a 51% interest in the trust with the remaining 49% open to investors.

Earnings forecasts have been updated to incorporate the FY18, FY19 Hospital guidance and the divestment of Asian Pathology resulting in negative EPS revisions of -12-13% over the forecast period.

Macquarie is on research restriction and cannot provide a rating or target at this time.

Current Price is $2.21. Target price not assessed.

Current consensus price target is $2.25, suggesting upside of 1.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.1

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

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

FY18 results were ahead of expectations, with a better performance from the Australian hospital segment. Hospital EBITDA growth of at least 10% is expected in FY19.

The company will establish a new unlisted property trust to hold assets with book value of around $1bn and hold a majority interest in the trust.

Equal-weight rating. Target is $2.15. Industry view is In-Line.

Target price is $2.15 Current Price is $2.21 Difference: minus $0.06 (current price is over target).
If HSO meets the Morgan Stanley target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.25, suggesting upside of 1.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.1

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

Morgans rates HSO as Hold (3) -

FY18 results were below expectations. Morgans lowers FY19-21 earnings forecasts by up to -9.8%. The company plans to establish an unlisted A-REIT for its freehold hospital properties and is starting a process to select a co-investor. The vehicle is expected to produce $80-90m in rental income in the first year.

Morgans considers the operating environment challenging and maintains a Hold rating. Target is reduced to $2.20 from $2.30.

Target price is $2.20 Current Price is $2.21 Difference: minus $0.01 (current price is over target).
If HSO meets the Morgans target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.25, suggesting upside of 1.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.1

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

Ord Minnett rates HSO as Hold (3) -

FY18 results were in line with forecasts. Ord Minnett believes the potential for corporate activity should support the stock but remains cautious about the outlook.

The broker suggests extensive media coverage of rising out-of-pocket costs and the value of health cover have had a dampening effect on demand, exacerbating weak conditions. Hold rating maintained. Target is reduced to $2.10 from $2.50.

Target price is $2.10 Current Price is $2.21 Difference: minus $0.11 (current price is over target).
If HSO 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 $2.25, suggesting upside of 1.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.1

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

Morgans rates INA as Hold (3) -

FY18 results slightly beat guidance. FY19 guidance is for EBIT growth of 10-15%. This is supported by more than 350 settlements for new homes, which Morgans observes is less reliant on immature villages.

Morgans believes valuation upside has been realised over the past month and recommends investors hold positions, given the corporate activity playing out in the sector. Hold rating and target reduced to $3.25 from $3.28.

Target price is $3.25 Current Price is $3.03 Difference: $0.22
If INA meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Macquarie rates ING as Neutral (3) -

On initial assessment, Macquarie finds most financial metrics in the released FY18 report slightly missed expectations, but the 11.6c dividend is a clear "beat".

In addition, the analysts note the company announced a capital return of $125m, translating to 33.0 cps, of surplus capital to shareholders. On top of this follows an on-market buy back of up to 5% post the completion of the sale of Mitavite expected in Q4 2018.

Neutral. Target $4.

Target price is $4.00 Current Price is $3.84 Difference: $0.16
If ING meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $3.83, suggesting downside of -0.2% (ex-dividends)

The company's fiscal year ends in June.

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

Citi rates LLC as Buy (1) -

On initial assessment, Citi analysts believe FY18 performance represents a clear beat of market expectations, even with the larger than anticipated loss reported for the engineering division.

Citi suggests the disappointment from Engineering is more than offset by better than expected Funds Management and Development Profits plus a swelling backlog of Urban Redevelopment Construction Activity.

Target price is $22.36 Current Price is $20.49 Difference: $1.87
If LLC meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $21.30, suggesting upside of 4.0% (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

Macquarie rates LLC as Outperform (1) -

In initial response to today's released FY18 numbers, Macquarie sees a performance that has beaten expectations by some 3%. No specific guidance has been forthcoming. The analysts retain a supportive view of market context and outlook. Outperform. Target $22.

Target price is $22.00 Current Price is $20.49 Difference: $1.51
If LLC meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $21.30, suggesting upside of 4.0% (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

Citi rates LOV as Buy (1) -

On initial assessment, Citi analysts find the trading update represents a disappointment with implied growth below the company's log-term target range. The FY18 report is in-line and the company has officially announced Lovisa.com. Share price weakness expected on the back of the disappointing trading update.

Target price is $12.30 Current Price is $11.07 Difference: $1.23
If LOV meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $9.68, suggesting downside of -12.6% (ex-dividends)

The company's fiscal year ends in July.

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 LOV as Outperform (1) -

On initial assessment, Macquarie believed reported FY18 proved marginally ahead of expectations but the company is also investing heavily ahead of the curve, which translated into a 30% increase in the cost of doing business, otherwise known as CODB.

Momentum behind same stor sales remains strong, point out the analysts. While the trading update looks rather mixed, the accelerated store roll-out means management is very confident, point out the analysts. Outperform. Target $8.80.

Target price is $8.80 Current Price is $11.07 Difference: minus $2.27 (current price is over target).
If LOV meets the Macquarie target it will return approximately minus 21% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.68, suggesting downside of -12.6% (ex-dividends)

The company's fiscal year ends in July.

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 MMS as Neutral (3) -

On initial assessment, it appears FY18 performance was in line with Macquarie's expectations, but the final dividend of 40c was higher than the 35c the analysts had penciled in.

They do note management has suggested an increase in costs as the company needs to make additional investments in opex and capex. Neutral. Target $16.94.

Target price is $16.94 Current Price is $15.24 Difference: $1.7
If MMS meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $16.99, suggesting upside of 11.5% (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

Citi rates MND as Sell (5) -

Citi lowers FY19 and FY20 net profit estimates by -11% and -3% respectively, to reflect weaker construction revenue and softer margins.

The broker acknowledges the share price could be supported by potential project wins but maintains a Sell rating as the stock is trading at a 32% premium to the market on FY20 estimates. Target is reduced by -4% to $12.70.

Target price is $12.70 Current Price is $14.52 Difference: minus $1.82 (current price is over target).
If MND meets the Citi target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.16, suggesting downside of -2.5% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.3

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

Deutsche Bank rates MND as Downgrade to Sell from Hold (5) -

Deutsche Bank was disappointed with the FY18 results, noting a severe earnings hole is emerging in FY19. While the company exceeded FY18 revenue guidance, the broker believes the expectation for construction revenue to decline in FY19 implies double-digit declines in earnings.

The broker believes the stock is expensive and downgrades to Sell from Hold. Target is $11.60.

Target price is $11.60 Current Price is $14.52 Difference: minus $2.92 (current price is over target).
If MND meets the Deutsche Bank target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.16, suggesting downside of -2.5% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.3

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

Macquarie rates MND as Neutral (3) -

FY18 NPAT was bang in line with Macquarie's forecasts but the composition was different with much higher revenues but much weaker margins.

The broker forecasts a -30% decline in FY19 construction revenue, Ichthys, which represented 60% of FY18 construction revenue, now being largely completed. The company remains well positioned to secure new contracts, but their effect will likely be felt in FY20 rather than FY19, suggests Macquarie.

The broker has reduced FY19 and FY20 EPS forecasts by -13%. Neutral. Target reduced to $15.02 from $15.87.

Target price is $15.02 Current Price is $14.52 Difference: $0.5
If MND meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $14.16, suggesting downside of -2.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.3

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

Ord Minnett rates MND as Downgrade to Lighten from Hold (4) -

FY18 net profit was below forecasts. Ord Minnett lowers net profit estimates by -13% for FY19 and -15% for FY20. The broker believes the stock is trading on a premium valuation and downgrades its rating to Lighten from Hold. Target is reduced to $13.02 from $18.82.

The broker forecasts wins in iron ore of more than $200-300m per annum but these do not take effect until FY20. Hence, FY19 will be exposed to significant headwinds that the broker believes are not captured by consensus estimates.

Target price is $13.02 Current Price is $14.52 Difference: minus $1.5 (current price is over target).
If MND meets the Ord Minnett target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.16, suggesting downside of -2.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.3

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

UBS rates MND as Buy (1) -

FY18 results were solid and in line with UBS estimates. The company expects growth in maintenance revenue in FY19 but lower construction revenue, as LNG volumes roll off before iron ore activity picks up. This is consistent with the broker's thesis.

UBS maintains a Buy rating, believing the stock offers significant leverage to the WA iron ore capital expenditure cycle. Target is raised to $17.50 from $16.50.

Target price is $17.50 Current Price is $14.52 Difference: $2.98
If MND meets the UBS target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $14.16, suggesting downside of -2.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.3

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

Citi rates OSH as Sell (5) -

While more capital is needed, or the company needs to reduce discretionary expenditure, Citi believes this does not necessarily mean a requirement for new equity capital. New debt capital would suffice.

The broker maintains a Sell rating and $7.06 target, premised on a US$55/bbl long-term oil price.

Target price is $7.06 Current Price is $8.94 Difference: minus $1.88 (current price is over target).
If OSH meets the Citi target it will return approximately minus 21% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.80, suggesting downside of -1.6% (ex-dividends)

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

Macquarie rates OSH as Outperform (1) -

First half results were slightly above Macquarie's forecasts driven by lower D&A. The company raised production guidance and narrowed the cost forecast for 2018.

The company is looking to move 250mmbbl of 3C to 2C in Alaska, adding to the existing 500mmbbl, with exploration potential in Horseshoe potentially adding a further 300mmbbl.

Macquarie raises EPS estimates across 2018 to 2021 by 3%/1%/1%/1% due to lower DD&A. Outperform. Target $9.65.

Target price is $9.65 Current Price is $8.94 Difference: $0.71
If OSH meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $8.80, suggesting downside of -1.6% (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

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

First half results were in line with expectations. The LNG expansion timeline is dependent on a gas agreement with the PNG government and this is the main catalyst, in Morgan Stanley's view. Alaska is also looking incremental in more positive.

The broker retains an Equal-weight rating. Target is $8.70. Industry view is Attractive.

Target price is $8.70 Current Price is $8.94 Difference: minus $0.24 (current price is over target).
If OSH meets the Morgan Stanley target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.80, suggesting downside of -1.6% (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

Morgans rates OSH as Add (1) -

First half results were in line with expectations. The company has upgraded 2018 production guidance to 24-26 mmboe. Morgans observes considerable work needs to be done before the PNG government can sign off on the expansion and the next few months will be critical.

The broker maintains an Add rating and raises the target to $10.32 from $10.31.

Target price is $10.32 Current Price is $8.94 Difference: $1.38
If OSH meets the Morgans target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $8.80, suggesting downside of -1.6% (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

Ord Minnett rates OSH as Hold (3) -

First half underlying net profit was ahead of Ord Minnett's estimates. While the first half was dominated by the earthquake that affected production and earnings the current half-year is expected to be driven by further development on the expansion project.

Despite a positive outlook, Ord Minnett maintains a Hold rating on valuation grounds. Target is steady at $8.80.

Target price is $8.80 Current Price is $8.94 Difference: minus $0.14 (current price is over target).
If OSH meets the Ord Minnett target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.80, suggesting downside of -1.6% (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

UBS rates OSH as Neutral (3) -

First half net profit was ahead of UBS estimates because of non-cash items. Guidance for 2018 remains broadly unchanged. 2018 capital expenditure guidance has increased by $10m.

UBS increases its risk weighting for PNG expansion to 75% from 50% to reflect increased confidence in the development timetable. Neutral maintained. Target is raised to $9.45 from $8.70.

Target price is $9.45 Current Price is $8.94 Difference: $0.51
If OSH meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $8.80, suggesting downside of -1.6% (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

Macquarie rates PRY as Underperform (5) -

FY18 results were slightly below Macquaries expectations. The company has announced a $250m capital raising.

Proceeds will be used to improve medical centre/pathology performace together with potential acquisitions. The broker reduces EPS forecasts by -18% over the forecast period reflecting the capital raising and revised operational assumptions.

Macquarie maintains an Underperform rating as it sees a degree of uncertainty in both the magnitude and timing of expected benefits. Target is reduced to $3.10 from $3.75.

Target price is $3.10 Current Price is $2.78 Difference: $0.32
If PRY meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $3.06, suggesting upside of 10.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.6

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

Macquarie rates SAR as Outperform (1) -

On initial assessment, Macquarie found the record performance as visible in the FY18 release, as merely in-line, but strong organic growth is expected to remain on the menu. Outperform. Target $2.20.

Target price is $2.20 Current Price is $1.98 Difference: $0.22
If SAR meets the Macquarie 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: 0.0

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

Macquarie rates SBM as Neutral (3) -

On initial assessment, Macquarie analysts note the reported FY18 net profit was ahead of expectations while the declared dividend was slightly below. All in all, the analysts believe this has been a remarkable turnaround, and the outlook remains positive, both organic and inorganic. Neutral. Target $5.

Target price is $5.00 Current Price is $4.24 Difference: $0.76
If SBM meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $4.29, suggesting upside of 1.2% (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

Citi rates SCG as Sell (5) -

First half results were below expectations and Citi notes operating conditions continue to weaken. The broker suspects pressure on leasing spreads is ongoing. Sell rating reiterated. Target is $4.11.

Target price is $4.11 Current Price is $4.13 Difference: minus $0.02 (current price is over target).
If SCG meets the Citi target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.54, suggesting upside of 10.0% (ex-dividends)

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

Deutsche Bank rates SCG as Hold (3) -

First half results were slightly below expectations because of deteriorating leasing spreads. Deutsche Bank suspects, despite management stating that leasing spreads should be analysed on a full year basis, that the company may be experiencing some leasing difficulties.

Hold rating and $4.27 target maintained.

Target price is $4.27 Current Price is $4.13 Difference: $0.14
If SCG meets the Deutsche Bank target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $4.54, suggesting upside of 10.0% (ex-dividends)

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 SCG as Neutral (3) -

First half results were in line, although lower quality, and full year guidance was retained. With the group committed to credit ratings Macquarie believes there is limited capacity to complete the current buyback without degearing via asset sales.

Retail condition remain difficult and a more limited FY19-20 development pipeline will hinder earnings, in the broker's view. Macquarie cuts FY18-20 FFO by -1-2%, reflecting higher net interest and EPS forecasts by -2-3% reflecting higher amortisation.

Neutral. Target reduced to $.45 from $4.46.

Target price is $4.45 Current Price is $4.13 Difference: $0.32
If SCG meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $4.54, suggesting upside of 10.0% (ex-dividends)

The company's fiscal year ends in December.

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

Morgan Stanley rates SCG as Underweight (5) -

First half results were in line with Morgan Stanley's estimates, reflecting 3% growth. The broker notes developments are on track with around $1.1bn in completions due during 2018.

2018 guidance is maintained for both of around 4% in free funds from operations and 2% growth in distributions. Morgan Stanley notes re-leasing spreads are similar to those reported by Vicinity Centres ((VCX)), at -4.5%, which could disappoint some given the perceived qualitative advantage of Scentre Group over its retail peers.

Target is $4.40. Industry view is Cautious. Underweight maintained.

Target price is $4.40 Current Price is $4.13 Difference: $0.27
If SCG meets the Morgan Stanley target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $4.54, suggesting upside of 10.0% (ex-dividends)

The company's fiscal year ends in December.

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 SCG as Accumulate (2) -

First half results were slightly lower than forecast although Ord Minnett highlights strong revaluations, with net tangible asset value up 4%. Operating trends showed steady retail sales and a step down in re-leasing spreads.

Ord Minnett maintains an Accumulate rating and reduces the target to $4.70 from $4.90.

Target price is $4.70 Current Price is $4.13 Difference: $0.57
If SCG meets the Ord Minnett target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $4.54, suggesting upside of 10.0% (ex-dividends)

The company's fiscal year ends in December.

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

UBS rates SCG as Buy (1) -

First half results were below UBS estimates and imply 5% growth for the second half to meet guidance.

UBS expects a recovery in the second half and maintains steady assumptions. The broker expects a pick up in specialty sales, envisaging growth of 1.5%. Buy rating and $4.58 target maintained.

Target price is $4.58 Current Price is $4.13 Difference: $0.45
If SCG meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $4.54, suggesting upside of 10.0% (ex-dividends)

The company's fiscal year ends in December.

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

Citi rates SUL as Buy (1) -

Citi estimates Macpac operating earnings grew 19% in the fourth quarter of FY18 while Amart conversions drove elevated promotional investment and clearance activity in the second half.

The broker upgrades earnings estimates by 4-5% and retains a Buy rating, raising the target to $10.90 from $9.00.

Target price is $10.90 Current Price is $10.09 Difference: $0.81
If SUL meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $9.78, suggesting downside of -3.1% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.1

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

Credit Suisse rates SUL as Downgrade to Underperform from Neutral (5) -

Super Retail's result outperformed low expectations, Credit Suisse notes, but it required outperformance from Auto and Macpac to offset ongoing weakness in BCF and Sport. Guidance to 11 new Auto stores was a surprise.

The broker is perplexed as to why inventory levels for BCF and Auto were so high at year-end. The broker is also uneasy about a management reward structure based on normalised profit, which encourages risk taking without an offset for weakness accountability.

Credit Suisse lifts its target to $8.39 from $8.36 and downgrades to Underperform.

Target price is $8.39 Current Price is $10.09 Difference: minus $1.7 (current price is over target).
If SUL meets the Credit Suisse target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.78, suggesting downside of -3.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.1

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

Deutsche Bank rates SUL as Hold (3) -

Deutsche Bank liked the results, particularly the recently acquired Macpac business. The broker believes that the robust cash flow is a reflection of the significant investment undertaken in the supply chain over the last 2-3 years. The main area of concern is BCF.

Hold rating maintained. Target is $10.20.

Target price is $10.20 Current Price is $10.09 Difference: $0.11
If SUL meets the Deutsche Bank target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $9.78, suggesting downside of -3.1% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.1

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

Macquarie rates SUL as Outperform (1) -

The FY18 result was solid in the broker's opinion, slightly outpacing expectations. Macquarie notes improved exit momentum and current trading strengthening across all businesses.

The broker remains positive on Macpac, with five new stores and nine Ray's conversions targeted by 4Q19. BCF competition is stabilising in the key QLD market, the broker notes.

Macquarie has raised FY19 EPS forecast by 2% and lifted the target to $10.50 from $9.20. Outperform.

Target price is $10.50 Current Price is $10.09 Difference: $0.41
If SUL meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $9.78, suggesting downside of -3.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.1

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

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

The company has repositioned its retail portfolio and Macpac delivered growth in FY18. The two main divisions, automotive and sports, delivered earnings growth of 4.9% and 2.0% respectively. Morgan Stanley estimates that online, ex Macpac, represents 6.3% of sales and contributed 80% of the FY18 sales growth.

Morgan Stanley finds the valuation fair and maintains a Equal-weight rating. Target is raised to $9.60 from $7.50. Industry View: Cautious.

Target price is $9.60 Current Price is $10.09 Difference: minus $0.49 (current price is over target).
If SUL 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 $9.78, suggesting downside of -3.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.1

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

Morgans rates SUL as Hold (3) -

FY18 results were in line with forecasts. Morgans forecasts 11.2% EBIT growth in FY19. The broker welcomes the improved margin momentum in the second half which should bode well for a further recovery. The broker also notes a strong maiden contribution from Macpac.

Hold rating maintained. Target is raised to $9.86 from $8.21.

Target price is $9.86 Current Price is $10.09 Difference: minus $0.23 (current price is over target).
If SUL 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 $9.78, suggesting downside of -3.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.1

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

Ord Minnett rates SUL as Hold (3) -

FY18 results were ahead of estimates because a higher contribution from Macpac and lower corporate costs. Ord Minnett notes the company is anchored by a strong automotive business that is continuing to deliver, while the sports division is being assisted by cost savings. BCF remains challenged.

Despite improvements, the broker remains cautious about the medium-term outlook because of competition concerns, particularly in outdoor and sports. Hold maintained. Target rises to $9.50 from $9.00.

Target price is $9.50 Current Price is $10.09 Difference: minus $0.59 (current price is over target).
If SUL meets the Ord Minnett target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.78, suggesting downside of -3.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.1

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

UBS rates SUL as Neutral (3) -

FY18 results were ahead of expectations because of lower corporate costs. UBS lifts FY19-21 estimates for earnings per share by 2-5%. The broker continues to believe the company is investing for the long-term and considers the valuation fair. Neutral maintained.

To become more positive UBS would need to assume FY21 targets are met and the catalyst could be a strong Christmas season. Target is raised to $9.30 from $8.70.

Target price is $9.30 Current Price is $10.09 Difference: minus $0.79 (current price is over target).
If SUL meets the UBS target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.78, suggesting downside of -3.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.1

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

Deutsche Bank rates SUN as Hold (3) -

Deutsche Bank observes FY18 results were affected by upfront accelerated investment in marketplace offset by top-line growth.

The broker maintains a Hold rating and $15.10 target.

Target price is $15.10 Current Price is $15.21 Difference: minus $0.11 (current price is over target).
If SUN 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 $15.31, suggesting upside of 0.6% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.1

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

Macquarie rates SVW as Outperform (1) -

On initial assessment, Macquarie analysts believe reported FY18 numbers imply a beat of market consensus forecasts by 3-4%. The outlook remains for strong growth and the valuation remains attractive, in their view. Outperform. Target $22.

Target price is $22.08 Current Price is $22.29 Difference: minus $0.21 (current price is over target).
If SVW 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 $21.80, suggesting downside of -2.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.9

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

Citi rates SWM as Sell (5) -

FY18 results were in line with expectations. Citi expects a renewed focus on cost reductions, rising market share and affiliate fee increases should mean revenue growth in FY19.

The broker retains a Sell rating and is not confident that the momentum will continue in the long-term. Target is increased by 30% to $0.70.

Target price is $0.70 Current Price is $1.07 Difference: minus $0.37 (current price is over target).
If SWM meets the Citi target it will return approximately minus 35% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.81, suggesting downside of -24.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.5

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

Credit Suisse rates SWM as Neutral (3) -

Seven West's result was slightly ahead of the broker and towards the top end of guidance. Earnings fell -12% in FY18 due to lost market share in an otherwise improved market, offsetting cost-outs, the broker notes.

The broker has increased its FY19 forecast to account for the sale of tennis rights to Nine Entertainment ((NEC)) and a positive outlook from management with regard the TV market, albeit on a lower market share. Long term assumptions for the digital business are favourable, but the broker remains cautious on gradually declining TV audiences. 

Target rises to $1.00 from 65c, Neutral retained.

Target price is $1.00 Current Price is $1.07 Difference: minus $0.07 (current price is over target).
If SWM meets the Credit Suisse target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.81, suggesting downside of -24.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.5

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

Macquarie rates SWM as Neutral (3) -

The FY18 EBIT decline of -9.9% was in line with Macquarie's expectations and at the upper end of guidance.

The FY19 outlook is a positive for the broker as the company has been working hard to reposition its cost base and offset increases in sports rights costs and publishing declines. Macquarie has raised FY19, FY20 and FY21 EPS expectations by 3.3%, 7.1% and 7.7% respectively.

Neutral rating maintained and target raised to $1.00 from $0.65.

Target price is $1.00 Current Price is $1.07 Difference: minus $0.07 (current price is over target).
If SWM meets the Macquarie target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.81, suggesting downside of -24.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20: