Australian Broker Call

Deutsche Bank rates 3PL as Buy (1) -

FY18 results were mixed, with Deutsche Bank noting solid margins and cost control were countered by poor revenue growth.

The company continues to improve products and sales and should sustain growth later in FY19, the broker asserts. Buy rating and $1.65 target.

Target price is $1.65 Current Price is $1.23 Difference: $0.42
If 3PL meets the Deutsche Bank target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $1.78, suggesting upside of 45.0% (ex-dividends)

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 3PL as Outperform (1) -

3PL's FY18 result fell shy but FY19 revenue guidance outpaced by 10%. Management advised foundations were nearing completion and it was transitioning to growth.

Softer revenue trends were recorded across the board, offset by strong cost control which drove a 380 basis point margin expansion to 34.2%. The balance sheet is strong, boasting $23m net cash.

Macquarie cuts FY19/FY20 EPS estimates by -4% and -5% respectively. Target price falls to $1.70 from $1.79. Outperform rating retained.

Target price is $1.70 Current Price is $1.23 Difference: $0.47
If 3PL meets the Macquarie target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $1.78, suggesting upside of 45.0% (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

Morgan Stanley rates 3PL as Overweight (1) -

Revenue per unit growth and cost discipline featured in the second half, Morgan Stanley observes. The broker considers the valuation undemanding if the company can deliver on subscriber and revenue acceleration.

Cash flow was soft in FY18 and the broker was surprised by the uplift of $6.5m in working capital. No specific earnings guidance was offered.

Target is reduced to $2.00 from $2.30. Overweight rating. Industry view is In-Line.

Target price is $2.00 Current Price is $1.23 Difference: $0.77
If 3PL meets the Morgan Stanley target it will return approximately 63% (excluding dividends, fees and charges).

Current consensus price target is $1.78, suggesting upside of 45.0% (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

Citi rates ABP as Neutral (3) -

In initial response to the FY18 results release, Citi analysts point out the result had been largely pre-released, so no surprises here. FY19 guidance sits near the top of longer term guidance for 2-3% growth per annum and management is focused on finding more recurring revenues. Citi thinks investors will respond positively.

Target price is $3.80 Current Price is $3.68 Difference: $0.12
If ABP meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

UBS rates ASL as Buy (1) -

The acquisition of Barminco, combined with FY19 guidance for net profit growth of 20-30% ex Barminco, means UBS reduces FY19 EPS estimates by -2% and raises FY20 by 13%.

In FY20, the first full year of Barminco ownership, the broker envisages Ausdrill trading on an attractive free cash flow yield of 19%. The broker maintains a Buy rating and raises the target to $2.80 from $2.65.

Target price is $2.80 Current Price is $1.91 Difference: $0.89
If ASL meets the UBS target it will return approximately 47% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Citi rates ASX as Sell (5) -

Citi lowers EPS forecasts by -4% and the target price to $58 from $58.40, reflecting the 9% higher cost guidance and the new revenue accounting standard.

Sell rating retained, the broker believing the price-earnings multiple is maxed out.

Target price is $58.00 Current Price is $68.33 Difference: minus $10.33 (current price is over target).
If ASX meets the Citi target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $57.16, suggesting downside of -16.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.8

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

Credit Suisse rates ASX as Underperform (5) -

ASX delivered a result that was "clean" and in line, the broker notes, reflecting earnings certainty as expected. Cost growth guidance of 9% is a little high but "digestible" for the low cost-to-income business.

ASX has spent recent years investing in new initiatives, which offer upside but will take years to come to fruition, the broker notes. Before that time the business delivers low, steady growth, although not enough to justify the company's "peak" valuation at a 65% premium to market, in the broker's view.

Underperform and $55 target retained.

Target price is $55.00 Current Price is $68.33 Difference: minus $13.33 (current price is over target).
If ASX meets the Credit Suisse target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $57.16, suggesting downside of -16.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.8

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

Deutsche Bank rates ASX as Sell (5) -

Results were in line with expectations. Expense growth of 8%, while in line, remains elevated given the company's position as a virtual monopoly, Deutsche Bank observes.

The broker retains a Sell rating because of the relative valuation gap between the company and global exchange peers. Target is $58.50.

Target price is $58.50 Current Price is $68.33 Difference: minus $9.83 (current price is over target).
If ASX meets the Deutsche Bank target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $57.16, suggesting downside of -16.3% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.8

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

Macquarie rates ASX as Underperform (5) -

ASX's FY18 full-year result met consensus and fell 1% shy of the broker. FY19 cost guidance jumped 9%.

Macquarie notes ASX is trading at 27.6x - 36% above its five-year average - and views this as pricey given earnings uncertainty.

Underperform maintained. Target $53.50.

Target price is $53.50 Current Price is $68.33 Difference: minus $14.83 (current price is over target).
If ASX meets the Macquarie target it will return approximately minus 22% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $57.16, suggesting downside of -16.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.8

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

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

FY18 underlying EPS was in line with Morgan Stanley's estimates. Net profit slightly missed forecast because of the impairment of Yieldbroker. Dividend was in line.

FY19 operating expenditure guidance of 9% appears higher to the broker and equates to around 1% of pre-tax earnings. Equal-weight retained. Target is $61. Industry view: In-Line.

Target price is $61.00 Current Price is $68.33 Difference: minus $7.33 (current price is over target).
If ASX meets the Morgan Stanley target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $57.16, suggesting downside of -16.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.8

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

Ord Minnett rates ASX as Hold (3) -

FY18 underlying net profit was slightly below Ord Minnett's forecasts. The broker likes the highly predictable and defensive earnings stream but considers the stock fully priced.

ASX is guiding to $70-75m in capital expenditure in FY19, heavily investing in technology, automation and data analytics. The broker maintains a Hold rating and reduces the target to $61.97 from $62.28.

Target price is $61.97 Current Price is $68.33 Difference: minus $6.36 (current price is over target).
If ASX meets the Ord Minnett target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $57.16, suggesting downside of -16.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.8

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

UBS rates ASX as Sell (5) -

UBS found few surprises in the FY18 result. As anticipated, earnings growth slowed considerably over the second half. Current dynamics are expected to persist into FY19, partly reflecting accounting revenue recognition changes in listings.

In FY19 UBS envisages EPS growth slowing to 2.2%. Sell rating maintained. Target is raised to $56.50 from $54.25.

Target price is $56.50 Current Price is $68.33 Difference: minus $11.83 (current price is over target).
If ASX meets the UBS target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $57.16, suggesting downside of -16.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.8

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

Citi rates BLX as Buy (1) -

Beacon Lighting's FY18 result met consensus and the broker. The company is guiding to record sales and profits in FY19.

Citi perceives promising margins but doubts the company will reach its upgraded store target. Earnings estimates are largely steady.

Target price falls to $1.85 from $1.95 to account for lower retail peer multiples and a roll forward of Cit's discounted cash flow valuation. Buy retained.

Target price is $1.85 Current Price is $1.59 Difference: $0.26
If BLX meets the Citi target it will return approximately 16% (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 BLX as Add (1) -

FY18 results were in line with expectations. Morgans envisages most of the gross margin drivers persisting into FY19. The company is expected to benefit from the maturing of the 14 new stores that were opened in recent years.

The broker acknowledges a softening housing market but believes the company's product development and exposure to renovations will provide a buffer. Add rating maintained. Target is reduced to $1.76 from $1.84.

Target price is $1.76 Current Price is $1.59 Difference: $0.17
If BLX 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

Credit Suisse rates BRG as Neutral (3) -

The broker calls Breville's result "pleasing", noting it reflects a successful recycling of prior strong numbers on the back of new product releases here and in North America. It appears the group benefited from a strong UK performance and the relationship with Nespresso.

Breville is now well-positioned to expand its European footprint, the broker notes. Concerns over US tariffs have abated and what impact there will be can be passed on to prices, management suggests. Target raised to $12.58 from $11.60, Neutral retained.

Target price is $12.58 Current Price is $12.85 Difference: minus $0.27 (current price is over target).
If BRG meets the Credit Suisse target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $13.81, suggesting upside of 7.5% (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

Macquarie rates BRG as Neutral (3) -

Breville Group's FY18 result fell shy of consensus but Macquarie notes strong execution on its Acceleration Program.

Revenue growth of 7.7% was achieved despite a 100 basis point rise in marketing and R&D. Group margins rose 30 basis points to 13.3% but working capital fell -$8.5m, mainly due to the North American Nespresso partnership inventory build.

Price target rises to $13.80 from $12.40. Neutral rating retained.

Target price is $13.80 Current Price is $12.85 Difference: $0.95
If BRG meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $13.81, suggesting upside of 7.5% (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 BRG as Buy (1) -

FY18 net profit was marginally below Ord Minnett's forecasts. The broker believes Breville is making genuine improvements with respect to its sales base and reducing risk by decreasing distribution exposure. The company is also investing in innovative products and rationalising the supply chain.

While it may be tempting to take profits, as the shares have risen 23% since the beginning of August, Ord Minnett envisages there is more upside for those willing to take a longer-term view. Buy rating maintained. Target is reduced to $15.16 from $15.60.

Target price is $15.16 Current Price is $12.85 Difference: $2.31
If BRG meets the Ord Minnett target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $13.81, suggesting upside of 7.5% (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 BRG as Neutral (3) -

FY18 results were firmer than expected. Cash generation stood out as new supply chain benefits materialised. With a new operating model largely in place, UBS expects geographic expansion to become the focus.

UBS believes the tariff impacts in the US are immaterial to Breville at this point in time, although the risks need to be monitored. Neutral maintained. Target rises to $13.70 from $12.75.

Target price is $13.70 Current Price is $12.85 Difference: $0.85
If BRG meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $13.81, suggesting upside of 7.5% (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 CQR as Sell (5) -

Charter Hall Retail's FY18 result was in the middle of upgraded guidance. FY19 guidance was 1.3% ahead of consensus and slightly ahead of Citi's estimate.

Citi raises the target to $3.79 from $3.77 to account for the Salamander Bay JV, better near-term rent growth, and higher floating rates. 

Despite signs of an improved portfolio Citi cites structural and cyclical headwinds and retains a Sell rating.

Target price is $3.79 Current Price is $4.30 Difference: minus $0.51 (current price is over target).
If CQR 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 $4.06, suggesting downside of -5.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.4

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

Credit Suisse rates CQR as Neutral (3) -

Charter Hall Retail's numbers met the broker but fell short of consensus. Net property income growth improved now the higher quality asset base has reached the comparable stage.

The REIT disposed of 15 lower growth assets in the year and cycled into higher growth retail and redevelopment opportunities. Low gearing provides the capacity to pursue further investment opportunities.

Target rises to $4.16 from $4.03. Neutral retained.

Target price is $4.16 Current Price is $4.30 Difference: minus $0.14 (current price is over target).
If CQR meets the Credit Suisse target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.06, suggesting downside of -5.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.4

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

Ord Minnett rates CQR as Hold (3) -

FY18 results were in line with Ord Minnett's forecasts. The company has guided to FY19 operating earnings growth of 2%, an improvement on essentially flat growth in the past two years.

As the stock is trading broadly in line with valuation, the broker maintains a Hold rating and $4.20 target.

Target price is $4.20 Current Price is $4.30 Difference: minus $0.1 (current price is over target).
If CQR 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 $4.06, suggesting downside of -5.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.4

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

UBS rates CQR as Neutral (3) -

FY18 results were in line with expectations and FY19 guidance is slightly ahead of UBS estimates. The broker suggests the portfolio has turned the corner but remains concerned about the balance sheet.

Limited prospect of a material buyback or acquisitions and low development margins are expected to inhibit a re-rating of the stock. UBS maintains a Neutral rating and raises the target to $4.21 from $4.15.

Target price is $4.21 Current Price is $4.30 Difference: minus $0.09 (current price is over target).
If CQR meets the UBS target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.06, suggesting downside of -5.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.4

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

Citi rates DOW as Buy (1) -

Downer EDI's FY18 result was slightly above guidance and 1% ahead of Citi's estimates. FY19 NPAT forecasts fall -1% in line with guidance.

The broker raises FY20 NPAT forecasts by 5%, expecting strong revenue, and lower interest costs and tax rate. The broker expects a dividend payout ratio of 65% in FY19 and beyond.

Target price rises to $8.45 from $8.25. Buy rating retained.

Target price is $8.45 Current Price is $7.73 Difference: $0.72
If DOW meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $7.96, suggesting upside of 3.0% (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

Credit Suisse rates DOW as Upgrade to Outperform from Neutral (1) -

Downer delivered a full-year result in line with guidance for the seventh year in a row. Management provided a very confident FY19 outlook, Credit Suisse notes, underpinned by expected significant improvement from Spotless.

Ongoing state government investment in infrastructure and a strong resources sector translate to attractive growth opportunities for Downer. The risk profile is thus improving, leading Credit Suisse to upgrade to Outperform from Neutral. Target rises to $8.25 from $7.00.

Target price is $8.25 Current Price is $7.73 Difference: $0.52
If DOW meets the Credit Suisse target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $7.96, suggesting upside of 3.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.7

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

Deutsche Bank rates DOW as Buy (1) -

FY18 results were mixed and EBITA missed expectations. FY19 guidance exceeds Deutsche Bank's forecasts, with continued growth in work in hand and reasonable cash conversion expected.

Buy rating. Target is $8.78.

Target price is $8.78 Current Price is $7.73 Difference: $1.05
If DOW meets the Deutsche Bank target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $7.96, suggesting upside of 3.0% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.7

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

Macquarie rates DOW as Outperform (1) -

Downer EDI delivered an FY18 result just shy of the broker, but issued strong guidance. Macquarie's forecasts slightly outpace the guidance, expecting the Royal Adelaide Hospital situation to be resolved by September.

EPS estimates rise 2.7%, 2.9% and 3.6% for FY19-21. Outperform retained as the stock is trading below peers at 14.7x for FY19e. Target price rises to $8.01 from $7.60.

Target price is $8.01 Current Price is $7.73 Difference: $0.28
If DOW meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $7.96, suggesting upside of 3.0% (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

Ord Minnett rates DOW as Lighten (4) -

FY18 net profit was in line with forecasts. However, EBIT was -7% below forecasts and Ord Minnett lowers FY19 and FY20 EBIT estimates by -4% and -5% respectively. The broker acknowledges some investors may find the valuation attractive but does not subscribe to this view.

Underlying organic growth is relatively slow and cash flow conversion is depressed because of the inclusion of Spotless profits. Lighten rating maintained. Target is lowered to $6.07 from $6.15.

Target price is $6.07 Current Price is $7.73 Difference: minus $1.66 (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 $7.96, suggesting upside of 3.0% (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 DOW as Buy (1) -

FY18 results were in line with UBS estimates. Initial FY19 underlying net profit guidance is also broadly in line. Mining margins improved in the second half, with the broker noting restructuring benefits delivered improved profitability.

The broker reduces FY19-21 EPS estimates by -2-3%, mainly because of higher corporate costs. Buy rating reiterated. Target is raised to $8.21 from $8.16.

Target price is $8.21 Current Price is $7.73 Difference: $0.48
If DOW meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $7.96, suggesting upside of 3.0% (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

Macquarie rates EHE as Outperform (1) -

Estia Health's FY18 result met guidance. Macquarie notes a huge improvement in operating cash flow thanks to lower net interest cash costs and lower tax.

EPS estimates fall -1.8% in FY19 and -0.9% in FY20. Target price steady at $3.60. Outperform rating retained.

Target price is $3.60 Current Price is $3.00 Difference: $0.6
If EHE meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $3.51, suggesting upside of 17.1% (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

Ord Minnett rates EHE as Hold (3) -

FY18 net profit was slightly below Ord Minnett's forecasts. The broker commends the result, nonetheless, as earnings rose modestly despite a funding freeze and ongoing cost pressures.

This is attributed to progress being made on improving operating efficiencies and maintaining high occupancy. Hold rating retained. Target is reduced to $3.35 from $3.55.

Target price is $3.35 Current Price is $3.00 Difference: $0.35
If EHE meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $3.51, suggesting upside of 17.1% (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

UBS rates EHE as Buy (1) -

FY18 results were slightly weaker than UBS expected, driven by higher-than-expected staffing costs and higher depreciation.

The company has guided for mid single-digit earnings growth again in FY19. Twin Waters is expected to provide an incremental benefit of around $2.6m in FY19.

UBS maintains a Buy rating and reduces the target to $3.65 from $4.00.

Target price is $3.65 Current Price is $3.00 Difference: $0.65
If EHE meets the UBS target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $3.51, suggesting upside of 17.1% (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

Citi rates EVN as Buy (1) -

In initial response to the FY18 results release, Citi analysts find it was all in-line, with no negative surprises leading them to conclude boring is beautiful, and this is as boring as one can get as a resources company.

Target price is $3.50 Current Price is $2.74 Difference: $0.76
If EVN meets the Citi target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $3.04, suggesting upside of 11.1% (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

Credit Suisse rates FXJ as Neutral (3) -

Fairfax reported in line with recent guidance provided at the announcement of the Nine Entertainment ((NEC)) merger, which the broker had not adjusted for, hence for the broker the result was a "miss". The broker has downgraded forecasts on higher than expected costs, while noting the printing deal with News Corp ((NWS)) will provide an offset.

The broker remains upbeat on the longer term prospects for Stan but in the meantime has lifted its target to 85c from 80c, a little below the implied merger price, to reflect the risk of Fairfax shareholders voting No.

Target price is $0.85 Current Price is $0.87 Difference: minus $0.02 (current price is over target).
If FXJ meets the Credit Suisse target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.89, suggesting upside of 2.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.4

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

Citi rates GMG as Buy (1) -

In initial response, Citi analysts comment expectations were high beforehand and it seems Goodman Group has once again delivered. Also, management calling out improving property fundamental as rents and land prices move higher should be taken as yet another positive, the analysts suggest.

Target price is $10.96 Current Price is $10.33 Difference: $0.63
If GMG meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $9.08, suggesting downside of -12.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

Macquarie rates GOZ as Underperform (5) -

Growthpoint's FY18 result outpaced the broker by 1% but guidance was weak thanks to portfolio repositioning.

The company reported gearing of 33.9%, compared with a target of 35%-45%, but the broker expects this to rise on execution of acquisitions. Macquarie views the net debt ratio of 5.7x as a positive.

The broker makes minor adjustments to earnings forecasts, lowering FY19 by -0.3% and raising FY20 and FY21 by 1.2% and 1% respectively.

Target price rises to $3.36 from $3.31 on net asset valuation but the broker expects dilutive assets sales and relatively high gearing to remain an issue and retains an Underperform rating.

Target price is $3.36 Current Price is $3.73 Difference: minus $0.37 (current price is over target).
If GOZ 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 $3.32, suggesting downside of -11.0% (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 GOZ as Sell (5) -

While FY18 free funds from operations (FFO) were ahead of UBS estimates, per-share growth declined by -2%. This reflects a spike in earnings in FY17. This outcome suggests another year of no growth and, on the broker's estimates, the distribution is not being covered by free cash flow.

The portfolio is in a good position and allows an increased focus on developments, nonetheless. UBS maintains a Sell rating and the target is raised to $3.20 from $2.94.

Target price is $3.20 Current Price is $3.73 Difference: minus $0.53 (current price is over target).
If GOZ meets the UBS target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.32, suggesting downside of -11.0% (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

Credit Suisse rates GWA as Outperform (1) -

GWA's result was in line with the broker but above consensus, with Bathrooms & Kitchens beating forecasts for the third year in a row. A better than expected price on the sale of Doors & Access and a cost-out program means GWA is now flush with cash.

The broker sees GWA at the beginning of a "virtuous cycle" of brand and product reinvestment, supplemented by acquisitions. The latter might send a shiver through investor spines given the company's M&A track record, but the broker is confident GWA can expand its range and target adjacencies.

Outperform retained, target rises to $3.75 from $3.40.

Target price is $3.75 Current Price is $3.60 Difference: $0.15
If GWA meets the Credit Suisse target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $3.61, suggesting upside of 0.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Deutsche Bank rates GWA as Sell (5) -

FY18 earnings were broadly in line with Deutsche Bank's expectations, albeit FX gains from hedging were a large contributor.

Management suggests renovations activity should remain robust while the commercial book is solid and supporting demand for the company's products in FY19.

Hold rating retained. Target is $3.40.

Target price is $3.40 Current Price is $3.60 Difference: minus $0.2 (current price is over target).
If GWA meets the Deutsche Bank target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.61, suggesting upside of 0.3% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Morgans rates GWA as Hold (3) -

FY18 earnings were slightly ahead of Morgans' forecasts. Underlying EBIT rose 5%. Morgans increases FY19 EBIT estimates by 7%.

The broker believes the sole focus on bathrooms & kitchens should bring longer term benefits but considers the stock fully valued given the growth outlook. Hold maintained. Target is raised to $3.60 from $3.30.

Target price is $3.60 Current Price is $3.60 Difference: $0
If GWA meets the Morgans target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $3.61, suggesting upside of 0.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Citi rates ILU as Buy (1) -

Iluka Resources' half-year result missed the broker by -4%. The company guided to increased capital expenditure for SRL of between 40-60%. On the bright side, cash flow and dividends strengthened.

Citi downgrades earnings estimates by -4% for 2018 and -19% for 2019. The broker's NPV calculation falls to $11.20 per share from $11.80.

Buy rating retained with the stock trading at a discount to net present value. Target falls to $12.10 from $14.

Target price is $12.10 Current Price is $9.50 Difference: $2.6
If ILU meets the Citi target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $11.04, suggesting upside of 16.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.4

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

Credit Suisse rates ILU as Outperform (1) -

Iluka's first half result missed the broker due to higher inventory costs and "corporate & other" costs. Free cash flow was strong but capex is weighted to the second half. To this end, the broker notes management had seriously underestimated the volume of earthworks required at Sembehun, leading to a 40-60% increase in capex guidance.

On the flipside, pricing remains favourable in both the zircon and titanium markets and the broker expects the company to navigate through the Sembehun issues. Outperform retained, target falls to $12.00 from $12.30.

Target price is $12.00 Current Price is $9.50 Difference: $2.5
If ILU meets the Credit Suisse target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $11.04, suggesting upside of 16.2% (ex-dividends)

The company's fiscal year ends in December.

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 ILU as Neutral (3) -

Iluka Resources half-year result outpaced the broker by 9%, and the miner surprised with a 67% jump in dividend, thanks to stronger cash flow. Net debt fell to $34m.

Sierra Leone disappointed and preliminary results from Sembehun were also unfavourable, pointing to a rise in capital expenditure. Macquarie raises full year earnings estimates by 2%, expecting the 10% forecast rise in zircon production will be largely offset by higher costs at Sierra Leone. 

Sierra and Sembehun are expected to continue to drain cash in outer years, the broker cutting EPS estimates by -3% to -8% across 2019/20. Target price falls to $11.10 from $12.30. Neutral rating retained.

Target price is $11.10 Current Price is $9.50 Difference: $1.6
If ILU meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $11.04, suggesting upside of 16.2% (ex-dividends)

The company's fiscal year ends in December.

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

Morgan Stanley rates ILU as Overweight (1) -

Morgan Stanley found the surprise increase in capital expenditure for Sierra Rutile unwelcome but believes the market has over-reacted to the first half results. Upside created through higher grades and expanded production at Jacinth Ambrosia is being overlooked.

While cumulative cash flow estimates for 2018-20 have fallen they remains positive, the broker notes. The broker maintains an Overweight rating and In-Line sector view. Target is reduced to $12.10 from $13.55.

Target price is $12.10 Current Price is $9.50 Difference: $2.6
If ILU meets the Morgan Stanley target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $11.04, suggesting upside of 16.2% (ex-dividends)

The company's fiscal year ends in December.

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

UBS rates ILU as Buy (1) -

Operating earnings in the first half were below UBS estimates. Because of higher costs at Sierra Rutile the company has increased its 2018 cash cost estimates to $625/t from $575/t.

The broker observes weakness in spot zircon pricing and a possible slowing in pigments could signal a peak is approaching for Iluka's prices. UBS maintains a Buy rating and reduces the target to $11.75 from $12.50.

Target price is $11.75 Current Price is $9.50 Difference: $2.25
If ILU meets the UBS target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $11.04, suggesting upside of 16.2% (ex-dividends)

The company's fiscal year ends in December.

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

Deutsche Bank rates IPH as Hold (3) -

Second half performance was much improved, in Deutsche Bank's view. The recently-acquired AJ Park has exceeded expectations and the broker believes the company is well placed to leverage its dominant position in an attractive market.

Hold maintained. Target is $5.30.

Target price is $5.30 Current Price is $5.54 Difference: minus $0.24 (current price is over target).
If IPH meets the Deutsche Bank target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.02, suggesting downside of -9.3% (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

Morgans rates IPH as Add (1) -

FY18 results were ahead of forecasts. Morgans believes this should restore investor confidence in the outlook. The company's 23.8% share of Australian patents filing was in line with analysis.

Morgans raises earnings forecasts for FY19-21 by 3.1%. Add rating maintained. Target rises to $5.92 from $5.13.

Target price is $5.92 Current Price is $5.54 Difference: $0.38
If IPH meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $5.02, suggesting downside of -9.3% (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

Deutsche Bank rates IVC as Sell (5) -

First half case volumes declined sharply, explained partly by the closure of sites for refurbishment. Deutsche Bank also notes a worrying fall in core volumes as a result of a weaker market and share losses. Average price per case has also fallen, reflecting strong competition and some shift in mix towards lower-value cremations.

The earnings decline is also exacerbated by increased costs and expenditure as part of the Grow and Protect strategy. Sell rating and $10.80 target maintained.

Target price is $10.80 Current Price is $12.73 Difference: minus $1.93 (current price is over target).
If IVC meets the Deutsche Bank target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $12.53, suggesting downside of -1.6% (ex-dividends)

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 IVC as Neutral (3) -

Invocare's half-year result was broadly in line with the broker but Macquarie downgrades for the full-year expecting tough market conditions to erode margins.

Non-recurring project costs hit operating cash flow and cash conversion and net debt rose 35% to $320m leading the broker to surmise capital management was in the wings. Regional acquisitions are expected to continue.

EPS forecasts fall -6% in FY18 and -3% in FY19 and FY20. Target price falls -6% to $13. Neutral rating retained.

Target price is $13.00 Current Price is $12.73 Difference: $0.27
If IVC meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $12.53, suggesting downside of -1.6% (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

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

Morgan Stanley believes the adoption of AASB15 has clouded the first half performance and made earnings revisions more complex to interpret. The broker reduces underlying EBITDA by -7%.

The company has reported, for the first time in several years, that its domestic market share has increased. The broker believes the optimising of network and brand should provide a further tailwind. The downgrade to guidance was always considered a high probability and Morgan Stanley still envisages risks.

Target is $12.60. Rating is Equal-weight. In-Line industry view.

Target price is $12.60 Current Price is $12.73 Difference: minus $0.13 (current price is over target).
If IVC meets the Morgan Stanley target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $12.53, suggesting downside of -1.6% (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

Morgans rates IVC as Hold (3) -

First half results were below Morgans' estimates and updated 2018 guidance is disappointing. The broker increases 2018 EBITDA forecasts by 1%.

Given ongoing disruptions with the Protect and Grow plan and an uncertain earnings outlook the broker considers the stock fully valued.

Hold maintained. Target is reduced to $12.85 from $13.00.

Target price is $12.85 Current Price is $12.73 Difference: $0.12
If IVC meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $12.53, suggesting downside of -1.6% (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

UBS rates IVC as Neutral (3) -

UBS found the first half result messy and suspects 2018 will shape up to be another challenging year. The broker believes investors should look through the AASB accounting changes. These masked the challenges in the underlying performance in the first half.

Neutral maintained. Target increases to $12.70 from $12.65.

Target price is $12.70 Current Price is $12.73 Difference: minus $0.03 (current price is over target).
If IVC meets the UBS target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $12.53, suggesting downside of -1.6% (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

Citi rates LNK as Buy (1) -

On initial assessment, Citi analysts conclude Link's FY18 report beat market expectations, though slightly missed Citi's. The dividend is a lot higher than what was expected.

Target price is $8.50 Current Price is $8.00 Difference: $0.5
If LNK meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $8.19, suggesting upside of 2.4% (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

Deutsche Bank rates MIN as Hold (3) -

FY18 earnings were better than Deutsche Bank expected. Operating cash flow was stronger, largely because of lower payments from operations, which has resulted in a build up of payables and the broker expects this to revert over FY19.

No FY19 guidance was provided. Target is reduced 9% to $15.50. Hold rating maintained.

Target price is $15.50 Current Price is $14.08 Difference: $1.42
If MIN meets the Deutsche Bank target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $17.87, suggesting upside of 26.9% (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

Citi rates NCK as Neutral (3) -

Nick Scali's FY18 results were in line with the broker, consensus and top-end of guidance. Citi notes a strong FY19 first-quarter.

While the broker perceives upside on execution of the purchase of Steinhoff's ANZ furniture business, the process in on hold. Citi notes mounting headwinds from the housing market and likely margin pressure.

FY19 earnings-per-share forecasts jump 6% to account for the strong first-quarter, cost control and lower than expected depreciation. Target price eases to $6.75 from $7. Neutral rating retained.

Target price is $6.75 Current Price is $7.00 Difference: minus $0.25 (current price is over target).
If NCK meets the Citi target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for 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 NCK as Outperform (1) -

Nick Scali delivered an FY18 result at the top end of guidance, the broker noting positive momentum in a tough trading environment.

Store network expansion drove strong revenue and gross margins rose 20 basis points thanks to supplier efficiencies and scale. The balance sheet was solid with $3m in net cash.

No guidance was provided and Macquarie expects store expansion may help soften, but not fully absorb, tougher market conditions, exposure to the housing market the main risk. EPS forecasts fall -2% for FY19 and -1% for FY20.

Target price $7.50 and Outperform rating retained.

Target price is $7.50 Current Price is $7.00 Difference: $0.5
If NCK meets the Macquarie 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: 0.5

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

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

Origin's result missed Credit Suisse and consensus and FY19 energy markets guidance is well below the broker's forecast. The impact of competition and concessionary measures is greater than expected implying retail margins are lower, as the broker found with peer AGL Energy ((AGL)).

The good news is dividends should be reinstated in FY19 as deleveraging continues, supported by strong oil prices, but the deleveraging story is no longer enough, Credit Suisse contends. Downgrade to Neutral from Outperform. Target falls to $9.70 from $10.50.

Target price is $9.70 Current Price is $8.79 Difference: $0.91
If ORG meets the Credit Suisse target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $9.80, suggesting upside of 11.4% (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

Macquarie rates ORG as Outperform (1) -

Origin Energy's FY18 result fell well short of the broker. Despite the miss the broker describes the result as strong, noting impressive debt reduction and improvements in cash flow.

The accounting changes were a surprise and prompted EPS forecasts falls of -7% in FY19 and -17% in FY20 from Macquarie.

The broker expects cash-flow improvements will translate to the restoration of dividends and retains an Outperform rating. Target price reduced to $9.51 from $10.90.

Target price is $9.51 Current Price is $8.79 Difference: $0.72
If ORG meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $9.80, suggesting upside of 11.4% (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

Morgan Stanley rates ORG as Overweight (1) -

Morgan Stanley remains positive on the outlook for the cash flow at APLNG but reduces valuation on re-based energy market earnings. The company's "short energy" strategy has more running costs than previously thought and the broker has fully reflected this impact in the price target.

Overweight rating and Cautious industry view maintained. Target is reduced to $10.08 from $11.18.

Target price is $10.08 Current Price is $8.79 Difference: $1.29
If ORG meets the Morgan Stanley target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $9.80, suggesting upside of 11.4% (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 ORG as Hold (3) -

FY18 results disappointed Morgans. The highlight was the escalating competitive pressure on the retail energy market while regulatory risks and record high customer churn have affected the company's non-oil linked earnings. Origin Energy intends to reinstate dividends in FY19.

Meanwhile, the APLNG JV has succeeded in pulling down its break-even costs to US$39/boe, although Morgans notes it is considerably late coming to the party versus its peers. Hold rating maintained. Target is raised to $9.31 from $8.52.

Target price is $9.31 Current Price is $8.79 Difference: $0.52
If ORG meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $9.80, suggesting upside of 11.4% (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

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

FY18 net profit was -14% below Ord Minnett's estimates. The contribution from energy markets was above expectations but the performance of the APLNG business fell short.

Ord Minnett finds it difficult to remain positive, given the scale of the downgrades to its estimates, these being -32% for FY19 and -21% for FY20. Rating is downgraded to Hold from Accumulate. Target is reduced to $9.40 from $10.30.

Target price is $9.40 Current Price is $8.79 Difference: $0.61
If ORG meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $9.80, suggesting upside of 11.4% (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

UBS rates ORG as Buy (1) -

FY18 underlying net profit was less than UBS expected because of the impact of $70m in remediation costs related to legacy gas sites as well as higher depreciation.

FY19 operating earnings guidance for energy markets points to a -6% decline from FY18 as ongoing competition and margin compression in electricity offset growth in gas.

UBS maintains a Buy rating, expecting cash from APLNG will enable the dividend to be reinstated in FY19. Target is reduced to $10.00 from $11.10.

Target price is $10.00 Current Price is $8.79 Difference: $1.21
If ORG meets the UBS target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $9.80, suggesting upside of 11.4% (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

Citi rates OZL as Buy (1) -

Oz Minerals half-year result outpaced the broker, aided by a 19% beat on net profit after tax. The dividend was below Citi's forecast, the company clearly setting its sights to growth, in the brokers opinion.

Citi believes the miner has flagged borrowing by setting maximum levels for future gearing at 920%. Citi revises EPS forecasts upwards to account for its overestimation of tax. Target price rises to $11.50 from $11.10. Buy rating retained.

Target price is $11.50 Current Price is $9.07 Difference: $2.43
If OZL meets the Citi target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $10.61, suggesting upside of 17.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.7

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

Credit Suisse rates OZL as Neutral (3) -

OZ Minerals' result beat the broker, as did the dividend. The company has now abandoned its policy of low dividends to provide balance sheet capacity to one of providing a sustainable dividend subject to balance sheet needs.

The broker notes the new policy is flexible and therefore "unforecastable". Otherwise, FY production guidance is unchanged and the broker retains Neutral and a $9.50 target.

Target price is $9.50 Current Price is $9.07 Difference: $0.43
If OZL meets the Credit Suisse target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $10.61, suggesting upside of 17.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.7

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

Deutsche Bank rates OZL as Buy (1) -

First half net profit was lower than expected. The company has updated its dividend policy and can maitain 22c per share for the next four years, Deutsche Bank asserts.

The broker notes the business is underpinned by production at Prominent Hill and Antas with growth projects in Carrapateena and Pedra Branca. Buy retained on valuation. Target is $10.25.

Target price is $10.25 Current Price is $9.07 Difference: $1.18
If OZL meets the Deutsche Bank target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $10.61, suggesting upside of 17.0% (ex-dividends)

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.7

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

Morgans rates OZL as Add (1) -

First half results were head of expectations although Morgans was disappointed in the dividend. The modified dividend strategy reflects the company's upcoming capital commitments and a need to add debt to the funding mix.

Trade concerns, a weaker copper price and a stronger US dollar are working against the company in the near term, the broker suggests. Morgans maintains an Add rating, believing macro fears are overdone and the stock is a compelling buy. Target is reduced to $10.63 from $10.65.

Target price is $10.63 Current Price is $9.07 Difference: $1.56
If OZL meets the Morgans target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $10.61, suggesting upside of 17.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.7

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

Ord Minnett rates OZL as Hold (3) -

First half results were in line with forecasts. Ord Minnett remains attracted to the growth profile and envisages further upside to the scope of Avanco projects in Brazil, although there is now considerable development risk in the investment case.

Additionally, given the recent downward move in the copper price the broker is concerned about potential downgrades to consensus estimates weighing on the share price. Hold maintained. Target is raised to $10.10 from $10.00.

Target price is $10.10 Current Price is $9.07 Difference: $1.03
If OZL meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $10.61, suggesting upside of 17.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.7

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

UBS rates OZL as Upgrade to Buy from Neutral (1) -

UBS believes the share price has fallen too deeply, probably on the back of a weakening copper price. Hence the decision was made to upgrade to Buy from Neutral. Target price has lifted to $11.00 from $10.50.

About the FY18 result, the analysts suggest it came out ahead of expectations, with Carrapateena on schedule and on budget.

Target price is $11.00 Current Price is $9.07 Difference: $1.93
If OZL meets the UBS target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $10.61, suggesting upside of 17.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.7

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

Ord Minnett rates PTM as Downgrade to Sell from Buy (5) -

Ord Minnett observes the relative and absolute performance has waned over the last six months. Flows remain reasonable but the broker envisages deterioration leading into FY19. Having upgraded in May on the back of flow momentum, Ord Minnett now downgrades on new evidence including a negative -2.2% absolute performance for the international fund for August.

Ord Minnett suspects a softer FY18 result will be forthcoming and several factors combine, leading to a downgrade to Sell from Buy. Target is reduced to $4.77 from $6.50.

Target price is $4.77 Current Price is $5.25 Difference: minus $0.48 (current price is over target).
If PTM meets the Ord Minnett target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.54, suggesting upside of 5.6% (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

Citi rates QBE as Buy (1) -

QBE's half-year results pleased the broker. Citi maintains its view that the bad days are over, noting rates increased in the first half and retentions were holding.

The broker increases EPS estimates by 10% for 2018, 0.4% for 2019 and 0.2% for 2020. Target price rises to $12 from $11.20. Buy rating retained.

Target price is $12.00 Current Price is $11.14 Difference: $0.86
If QBE meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $11.67, suggesting upside of 4.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.6

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

Credit Suisse rates QBE as Neutral (3) -

QBE's profit result missed the broker despite a lower tax rate although the dividend was better than expected. But while it was not apparent in earnings numbers, management presented a story of improving loss ratio trends across all divisions and improving premium rates going into the second half.

Management also announced it will not renew its reinsuance structure in FY19 and thus will have to increase its allowance, and that improving its combined operating ratio from here will require cost-outs. QBE is expensive versus global peers, the broker notes, but cheap domestically. But it does not have the momentum of other local players.

Neutral retained, target rises to $11.00 from $10.20.

Target price is $11.00 Current Price is $11.14 Difference: minus $0.14 (current price is over target).
If QBE meets the Credit Suisse target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.67, suggesting upside of 4.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.6

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

Macquarie rates QBE as Outperform (1) -

QBE's first-half results managed to beat low expectations. On the upside, the broker points to an improved Combined Ratio guidance, the sale of major assets, above-market pricing and lower gearing. On the downside, lower investment income guidance will weigh on forecasts.

EPS forecasts rise 0.1% for 2018 and 0.3% for 2019. Price target rise to $11.90 from $11.80. Outperform rating retained. The broker notes the stock has been trading at a -15% discount to international peers.

Target price is $11.90 Current Price is $11.14 Difference: $0.76
If QBE meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $11.67, suggesting upside of 4.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.6

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

Morgan Stanley rates QBE as Overweight (1) -

First half results were solid and Morgan Stanley suggests fears of an underwhelming result were dispelled with a quality set of underlying numbers. The company appears on track to meet 2018 expectations.

The broker is more comfortable about guidance and the trajectory of improving margins. Overweight rating. Target is $12.00. Industry view is In-Line.

Target price is $12.00 Current Price is $11.14 Difference: $0.86
If QBE meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $11.67, suggesting upside of 4.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.6

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

Morgans rates QBE as Hold (3) -

First half results were broadly in line. Morgans lifts 2018 and 2019 EPS estimates by 8-10% on higher top line and insurance margin forecasts.

The broker is encouraged by the result but believes there is still significant work to do and the operating environment remains challenging.

Hold rating maintained. Target rises to $12.01 from $11.30.

Target price is $12.01 Current Price is $11.14 Difference: $0.87
If QBE meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $11.67, suggesting upside of 4.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.6

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

Ord Minnett rates QBE as Accumulate (2) -

First half net profit was well ahead of Ord Minnett forecasts. Several factors are now aligning to suggest to the broker a significant recovery in earnings is underway.

EPS estimates are increased by 6% in the outer years to reflect the first half trends and increasing confidence regarding a restoration of margins. Ord Minnett maintains an Accumulate rating and raises the target to $12.25 from $11.50.

Target price is $12.25 Current Price is $11.14 Difference: $1.11
If QBE meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $11.67, suggesting upside of 4.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.6

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

UBS rates QBE as Buy (1) -

Insurance profits were 18% ahead of UBS estimates in the first half. The broker observes it has been a while since QBE delivered a result with no material new negatives or low-quality items.

The broker retains some concerns about reinsurance renewals in 2019 and suspects the cost program, with more details expected in the second half, may initially be a drag on profitability. Nevertheless, the broker retains a Buy rating and lifts 2018 EPS estimates by 10.3%. Target is raised to $12.20 from $11.70.

Target price is $12.20 Current Price is $11.14 Difference: $1.06
If QBE meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $11.67, suggesting upside of 4.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.6

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

UBS rates RFF as Buy (1) -

FY18 results and FY19 guidance were pre-announced at the July entitlement offer presentation. The main focus is how the company plans to deploy its balance sheet and the potential impact from the drought. Management believes there is minimal impact from the latter on tenant operations.

UBS believes the current share price provides an attractive entry point. Buy rating and $2.39 target maintained.

Target price is $2.39 Current Price is $2.07 Difference: $0.32
If RFF meets the UBS 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

Credit Suisse rates SEK as Underperform (5) -

Seek's result was in line with recent guidance. A&NZ remained the standout performer while costs were higher elsewhere, particularly in China given aggressive revenue growth investment, the broker notes.

The broker has adjusted forecasts to reflect near term investment costs and longer term benefits. The local business is high-quality and China offers upside but the stock is too expensive as far as the broker is concerned, particularly as an abatement in investment cost growth is not yet visible.

Underperform retained, target rises to $17.50 from $16.50.

Target price is $17.50 Current Price is $22.31 Difference: minus $4.81 (current price is over target).
If SEK meets the Credit Suisse target it will return approximately minus 22% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $19.89, suggesting downside of -10.9% (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 SHL as Neutral (3) -

Sonic Healthcare's full-year result failed to impress the broker, FY19 guidance falling -3% short of consensus.

Citi notes Sonic's is a low-growth industry, but expects the stock should be able to surmount growing regulatory challenges, thanks to currency tailwinds and reasonable growth in select markets.

Target price raised to $26.25 from $26. Neutral rating retained.

Target price is $26.25 Current Price is $25.62 Difference: $0.63
If SHL meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $26.46, suggesting upside of 3.3% (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

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

Sonic Healthcare's result was in line with Credit Suisse and guidance. The broker is forecasting no earnings growth in FY19, as higher pathology volume growth is offset by German and US fee cuts and the rising cost of consumables.

Despite a stable regulatory environment for local pathology, the broker sees limited margin expansion in Australia, and sees ongoing risks in Germany. The stock's premium valuation to the sector is overstretched, Credit Suisse believes. Downgrade to Underperform from Neutral. Target falls to $23.50 from $24.00.

Target price is $23.50 Current Price is $25.62 Difference: minus $2.12 (current price is over target).
If SHL meets the Credit Suisse target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $26.46, suggesting upside of 3.3% (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

Deutsche Bank rates SHL as Buy (1) -

Deutsche Bank found a lot to like in the FY18 result, including reasonable growth across most markets, yet FY19 guidance was weaker than anticipated.

Current reductions to fees in Germany and the US may constrain short-term growth but could also accelerate opportunities for acquisitions. Buy rating and $28.10 target retained.

Target price is $28.10 Current Price is $25.62 Difference: $2.48
If SHL meets the Deutsche Bank target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $26.46, suggesting upside of 3.3% (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

Macquarie rates SHL as Neutral (3) -

Sonic Healthcare's FY18 result and FY19 guidance were in line with Macquarie's estimates. The broker believes fee cuts and regulatory changes will create headwinds in the US and Germany but also acquisition opportunities.

The broker makes modest adjustments to EPS forecasts and raises the target price to $26.90 from $26.30. Neutral rating retained.

Target price is $26.90 Current Price is $25.62 Difference: $1.28
If SHL meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $26.46, suggesting upside of 3.3% (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

Morgan Stanley rates SHL as Overweight (1) -

Results were in line with Morgan Stanley's expectations. The broker continues to envisage high single-digit EPS growth, strong cash flow and the potential for further growth through acquisitions.

FY19 EBITDA is expected to grow 3-5% at FY18 FX rates, or 5-7% at current FX. Overweight reiterated. Target is reduced to $27.70 from $29.00. Industry view is In-Line.

Target price is $27.70 Current Price is $25.62 Difference: $2.08
If SHL meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $26.46, suggesting upside of 3.3% (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

Morgans rates SHL as Add (1) -

FY18 results were slightly ahead of expectations. Morgans continues to expect a stable earnings profile, with strong laboratory growth amid a fairly benign regulatory environment. FY19-21 earnings estimates increase modestly.

Add rating is maintained. Target is raised to $28.70 from $26.04.

Target price is $28.70 Current Price is $25.62 Difference: $3.08
If SHL meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $26.46, suggesting upside of 3.3% (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

Ord Minnett rates SHL as Hold (3) -

FY18 results were slightly below Ord Minnett's forecasts. Weaker volumes in Germany in the final months of FY18 explain the miss. The broker highlights the increased uncertainty in the year ahead.

Ord Minnett expects continued funding pressure across most markets will offset economies of scale and consolidation benefits. Hold rating maintained. Target is lowered to $24.50 from $25.30.

Target price is $24.50 Current Price is $25.62 Difference: minus $1.12 (current price is over target).
If SHL meets the Ord Minnett target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $26.46, suggesting upside of 3.3% (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

UBS rates SHL as Neutral (3) -

FY18 net profit was in line with UBS estimates. The broker considers revenue growth reasonably robust although offset by growth in costs. The broker is not forecasting a recovery in group operating margins over the short term.

While noting Australian collection centre numbers have started to decline, of more consequence for earnings is the potential for rent reform, in the broker's opinion. It remains unclear to UBS as to when or how many rental agreements will be deemed as outliers, and what reforms will be enacted by the government to reduce the cost impost.

Neutral rating maintained. Target is raised to $26 from $24.

Target price is $26.00 Current Price is $25.62 Difference: $0.38
If SHL meets the UBS target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $26.46, suggesting upside of 3.3% (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 TLS as Sell (5) -

Telstra's FY18 result met pre-announced guidance and the broker, which was celebrating the stock's first result in two years without a downgrade. Core net profit after tax recorded a 9% beat.

Citi notes growing costs, and raises concern about a widening value gap in the mobile postpaid market, which could accelerate churn and hurt revenue. Sell rating retained. Target price steady at $2.30.

Target price is $2.30 Current Price is $3.08 Difference: minus $0.78 (current price is over target).
If TLS meets the Citi target it will return approximately minus 25% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.19, suggesting upside of 3.7% (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

Macquarie rates TLS as Downgrade to Underperform from Neutral (5) -

Telstra's FY18 result was at the low end of consensus with unchanged guidance. The broker expects intensifying competition, particularly in the mobile market where earnings fell -11.6%, will outweigh positives going forward.

Macquarie raises EPS forecasts by 1.6% in FY19 but reduces FY20 and FY21 forecasts by -1.9% and -1.1% respectively.

The target price rises to $2.80 from $2.75 and given the recent run in the share price the broker downgrades to Underperform from Neutral.

Target price is $2.80 Current Price is $3.08 Difference: minus $0.28 (current price is over target).
If TLS meets the Macquarie target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.19, suggesting upside of 3.7% (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

Morgan Stanley rates TLS as Underweight (5) -

FY18 results were as expected, although Morgan Stanley had hoped the company might take the opportunity to provide distribution guidance for FY19 but it chose to defer. Instead this will be provided with the first half results. FY19 free cash flow guidance has been reiterated at $3.1-3.6bn.

Morgan Stanley maintains an Underweight rating based on intensifying competition that is putting pressure on earnings and returns. Target is $2.60. Industry view: In-Line.

Target price is $2.60 Current Price is $3.08 Difference: minus $0.48 (current price is over target).
If TLS meets the Morgan Stanley target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.19, suggesting upside of 3.7% (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

Morgans rates TLS as Add (1) -

FY18 results were in line with revised guidance and Morgans finds, while the market is tough, it is not getting worse. Network quality and content resulted in strong post-paid mobile additions.

The broker believes the upside risks relate to a share price re-rating once the market is comfortable regarding sustainable EBITDA. The broker suggests this is around $8.5bn. Add maintained. Target is raised to $3.50 from $3.47.

Target price is $3.50 Current Price is $3.08 Difference: $0.42
If TLS meets the Morgans target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $3.19, suggesting upside of 3.7% (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

Ord Minnett rates TLS as Accumulate (2) -

Revenue and earnings were in line with Ord Minnett's estimates. The broker notes net post-paid subscriber additions were the best in five years and margins in both mobile and fixed line businesses were encouraging.

Ord Minnett continues to forecast a dividend of 18cps in FY19 but suspects the company could generate 22cps in earnings if results come in at the high-end of the current guidance and pay a higher dividend accordingly. Accumulate retained. Target is raised to $3.50 from $3.30.

Target price is $3.50 Current Price is $3.08 Difference: $0.42
If TLS meets the Ord Minnett target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $3.19, suggesting upside of 3.7% (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

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

FY18 results and FY19 guidance were both pre-announced. UBS downgrades to Neutral from Buy, given the recent re-rating of the stock. The broker still envisages some short-term earnings upside but finds it difficult to bridge revenue in FY18 to the mid point of FY19 guidance.

The broker envisages upside to the unchanged target of $3.00 from a more rational industry, 5G and the potential for TPG Telecom ((TPM)) to have a lesser impact than currently anticipated. Equally, the broker envisages downside to a $2.50 target if Telstra fails to execute on its plans and long-term EPS falls to around $0.14 per share.

Target price is $3.00 Current Price is $3.08 Difference: minus $0.08 (current price is over target).
If TLS meets the UBS target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.19, suggesting upside of 3.7% (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 TWE as Sell (5) -

Treasury Wine Estates' FY18 profit outpaced guidance slightly, Asia and Australasia being the stand-outs.

Asia posted strong pricing on weaker volumes due to the reduction in Rawson's and Blossom Hill sales. Citi estimates Asia earnings will rise 26% in FY19 but does not expect a rebound in the US.

Free cash flow fell -23% after accounting for elevated capex but Citi attributes this to one-offs and expects a rebound in FY19.

Sell rating and $14.50 target maintained.

Target price is $14.50 Current Price is $19.04 Difference: minus $4.54 (current price is over target).
If TWE meets the Citi target it will return approximately minus 24% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.32, suggesting downside of -3.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

Credit Suisse rates TWE as Underperform (5) -

What has surprised the broker is a more effective conversion of scarce A&B grade grapes into luxury wine more effectively than prior years, leading to a "great" local 2018 vintage. Add in a high quality 2017 California vintage, and the broker has upgraded its Asian sales expectations for FY20-21.

The balance sheet is under-geared but Treasury Wine has indicated the asking price for possible M&A targets is too high. The broker is not yet observing enough signs to suggest the company's change in North American distribution is delivering results and remains cautious on FY20.

Target rises to $16.45 from $15.65, Underperform retained.

Target price is $16.45 Current Price is $19.04 Difference: minus $2.59 (current price is over target).
If TWE meets the Credit Suisse target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.32, suggesting downside of -3.8% (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 TWE as Hold (3) -

Deutsche Bank believes the FY18 result was reasonable, particularly given the disruptions from US distribution changes and delays at Chinese ports.

The broker expects efforts to optimise the use of fruit will enhance margins while recent FX movements have been favourable and could provide room for improved guidance.

Hold rating and $18 target maintained.

Target price is $18.00 Current Price is $19.04 Difference: minus $1.04 (current price is over target).
If TWE meets the Deutsche Bank target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.32, suggesting downside of -3.8% (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 TWE as Neutral (3) -

Treasury Wines Estates' FY18 result was in line with the broker, thanks to strong margin growth in Asia. Management has reiterated FY19 earnings growth of 25%.

Macquarie questions the capacity for Asian growth to continue and notes continued weak performances in North America.

Having upgraded Asian margin estimates and included the buyback, the broker's EPS forecasts rise 3.2% and 3.9% in FY19 and FY20. Target rises to $17.16 from $16.66. Neutral rating retained.

Target price is $17.16 Current Price is $19.04 Difference: minus $1.88 (current price is over target).
If TWE 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 $18.32, suggesting downside of -3.8% (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 TWE as Downgrade to Equal-weight from Overweight (3) -

FY18 earnings were in line with expectations. However, Morgan Stanley notes operating cash flow conversion the quality of earnings deteriorated badly in the second half.

A higher Penfolds allocation, annualisation of the French portfolio and new Italian launches should drive revenue and earnings acceleration for Asia in FY19.

Despite very strong growth prospects the broker believes better buying opportunities will emerge and downgrades to Equal-weight from Overweight. $20 target retained. Industry view: Cautious.

Target price is $20.00 Current Price is $19.04 Difference: $0.96
If TWE meets the Morgan Stanley target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $18.32, suggesting downside of -3.8% (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 TWE as Accumulate (2) -

FY18 net profit was ahead of Ord Minnett's forecasts. The broker notes Asia continues to deliver and the risks from customers are moderating. The US route to market is also starting to show positive signs including a broader shift in mix towards higher-margin luxury segments.

Ord Minnett maintains an Accumulate rating and raises the target to $20.50 from $20.00.

Target price is $20.50 Current Price is $19.04 Difference: $1.46
If TWE meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $18.32, suggesting downside of -3.8% (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 TWE as Buy (1) -

FY18 results were in line with expectations. The weakness in cash flow was explained by the buying back of stock in the US as well as Chinese export issues which are now resolved. FY19 guidance for 25% growth in earnings (EBITS) was reiterated.

UBS expects further outperformance, underpinned by execution on the US distribution strategy and Asian demand. Buy rating maintained. Target is raised to $21.60 from $19.10.

Target price is $21.60 Current Price is $19.04 Difference: $2.56
If TWE meets the UBS target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $18.32, suggesting downside of -3.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

Credit Suisse rates VCX as Outperform (1) -

Vicinity's result was broadly in line and operational metrics have improved, the broker notes, but challenges remain. A successful execution of the full asset disposal program will provide for pursuit of a more productive portfolio and provide capital management options, the broker suggests.

The key word here is "successful". Management is yet to deliver on a number of milestones but at an -8% discount to NTA, the risk is priced in, the broker believes. Outperform retained. Target rises to $2.99 from $2.79.

Target price is $2.99 Current Price is $2.78 Difference: $0.21
If VCX meets the Credit Suisse target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $2.90, 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