Australian Broker Call

UBS rates AAD as Upgrade to Neutral from Sell (3) -

Ardent's result was weak but well-flagged. Losses in theme parks were ongoing, UBS notes, and likely will be at least until the coronial inquiry wraps up in November. Impairments were taken on five Main Event sites in challenging locations and only one new site is flagged for FY19.

Restructuring is ongoing hence risks remain but UBS notes an improved outlook for Main Event margins given greater confidence in revenues. Upgrade to Neutral from Sell. Target rises to $2.00 from $1.75.

Target price is $2.00 Current Price is $1.82 Difference: $0.18
If AAD meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $1.99, suggesting upside of 9.4% (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

Macquarie rates AHG as Neutral (3) -

In initial assessment of today's FY18 release, Macquarie analysts believe the numbers are in-line with the profit warning issued in early July, but management has refrained from providing FY19 guidance, illustrating general uncertainty that is currently dominating the sector.

Target price is $3.00 Current Price is $2.32 Difference: $0.68
If AHG meets the Macquarie target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $2.87, suggesting upside of 23.9% (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

Credit Suisse rates AIZ as Underperform (5) -

Operating earnings in FY18 were in line with forecasts. Credit Suisse acknowledges the strengths in the domestic franchise but believes a combination of weakening long-haul price momentum, higher fuel prices and softening NZ consumer sentiment mean an increased risk of a negative earnings revision.

Underperform maintained. Target is reduced to NZ$2.85 from NZ$2.90.

Current Price is $2.93. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: -0.3

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

Macquarie rates AIZ as Outperform (1) -

Air New Zealand's FY18 results were broadly in line with Macquarie's estimates and up 2.5% on the pcp despite disruption from engine issues, weather events and rising fuel costs.

FY19 guidance looks soft and there is a one-off impact from engine issues. The company expects strong domestic capacity growth in the medium term through redeployment of existing airplanes and new airplane orders.

Macquarie lowers FY19 earnings estimates by -12% reflecting the fuel and engine impact. Outperform maintained and target reduced to NZ3.65 from NZ$3.80.

Current Price is $2.93. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: -0.3

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

UBS rates AIZ as Neutral (3) -

Air NZ's FY18 result revealed mixed operating trends, the broker notes, with lower passenger revenue and higher fuel costs offset by higher cargo and contract revenue and lower labour costs. FY19 will see lower earnings on higher fuel costs, but free cash flow will jump from FY20 as the fleet modernisation program is completed.

It is this free cash flow that makes up the bulk of the stock's valuation. The broker retains Neutral for now. Target falls to NZ$3.00 from NZ$3.05.

Current Price is $2.93. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: -0.3

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

Deutsche Bank rates AMP as Hold (3) -

AMP reported a significant decline in first half net profit, largely because of advice remediation and related costs. Deutsche Bank expects further modest capitalised losses and a reduction in profit margins in the second half. Hold rating maintained. Target is $3.70.

Target price is $3.70 Current Price is $3.32 Difference: $0.38
If AMP meets the Deutsche Bank target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $3.84, suggesting upside of 15.5% (ex-dividends)

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.2

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

Credit Suisse rates APA as Outperform (1) -

FY18 results were ahead of guidance and Credit Suisse notes at least $6m can be attributed to second half customer contributions that are value neutral, as well as short-term services. FY19 guidance implies no organic growth.

The broker continues to believe that ACCC and FIRB reviews will conclude that the change of ownership to CKI confers no change in market power and that foreign ownership concerns can be mitigated. Outperform rating and $11 target maintained.

Target price is $11.00 Current Price is $9.66 Difference: $1.34
If APA meets the Credit Suisse target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $10.10, suggesting upside of 4.5% (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

Morgans rates APA as Downgrade to Hold from Add (3) -

APA Group's full-year result outpaced the broker and consensus thanks to a strong second-half performance, but guidance points to a slower FY19.

A lot depends on the success of the CK bid, which comes with a penalty if not completed by end of CY18, and the broker notes political barriers for the Chinese bid, particularly given Liberal Party leadership uncertainty.

Broker downgrades to Hold from Add. Target price falls to $9.36 from $11. The broker says based on FY19 dividend guidance, a fall in the share price to $8.27 (a possibility should the CK bid be blocked) would effect a 10% total return for purchasers at that level.

Target price is $9.36 Current Price is $9.66 Difference: minus $0.3 (current price is over target).
If APA meets the Morgans target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.10, suggesting upside of 4.5% (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

Morgans rates APE as Hold (3) -

AP Eagers' first-half result met guidance and Morgans estimates, struck on a solid performance from Auto in tough trading conditions.

Target price falls to $8.67 from $8.92. The broker's view of the stock has improved but Hold rating maintained ahead of further clarity on second-half dividends, perceiving modest downside risk should the company cut the dividend.

Target price is $8.67 Current Price is $7.94 Difference: $0.73
If APE meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $8.53, suggesting upside of 7.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

Citi rates APO as Upgrade to Neutral from Sell (3) -

First half result were broadly in line with expectations and the commentary on the second half appears positive to Citi.

The broker increases the target to the JC Decaux offer price - $6.70 - and upgrades to Neutral from Sell, given the ACCC has approved the deal. The company will hold a shareholder vote in October.

Target price is $6.70 Current Price is $6.63 Difference: $0.07
If APO meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $6.35, suggesting downside of -4.2% (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

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

Afterpay Touch's FY18 result met fourth-quarter guidance, buoyed by strong US expansion, triggering an upgrade to Add from Hold.

The company also announced plans to expand into the UK, a move the broker says will add to its potentially strong growth profile over several years. Morgans notes US sales nearly doubled in July, as did the number of US merchants transacting on the platform.

The broker upgrades EPS forecasts 8% and 34% for FY19 and FY20. Target price jumps to $21.65.

Target price is $21.65 Current Price is $15.85 Difference: $5.8
If APT meets the Morgans target it will return approximately 37% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Ord Minnett rates APT as Buy (1) -

Hot on the heels of a better-than-expected FY18 release, Afterpay Touch has taken the analysts by surprise with the announcement it is moving into the UK, with an accompanying capital raising of $128m.

Even though the financial result had been pre-guided, the analysts find the key underlying metrics were generally ahead of expectations.

Ord Minnett sees it as a positive, with management clearly understanding the importance of having first mover's advantage. Target price jumps to $23 from $18.50. Buy.

Target price is $23.00 Current Price is $15.85 Difference: $7.15
If APT meets the Ord Minnett target it will return approximately 45% (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 ARB as Neutral (3) -

FY18 results were ahead of Citi's estimates. The broker is expecting double-digit EPS growth across FY19-21, believing the company will further distance itself from competitors and gain scale domestically.

The company has suggested that the outlook is positive despite some adverse impact because of the severe drought in the eastern states. Neutral rating and target reduced to $22.35 from $22.43.

Target price is $22.35 Current Price is $19.83 Difference: $2.52
If ARB meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $20.31, suggesting upside of 2.4% (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

Macquarie rates ARB as Outperform (1) -

FY18 results were slightly below Macquarie's estimates. However, the broker viewed it as a strong performance with revenue up 11% and growth achieved in all states.

Export markets are expected to benefit from expanded distribution while the weakening AUD should be a positive demand driver. The broker lowers FY19/20 EPS estimates by -3.7% and -2.6% respectively.

The broker believes this is a high-quality business with a track record of delivering continued earnings growth and maintains an Outperform rating. Target falls to $23.50 from $24.50.

Target price is $23.50 Current Price is $19.83 Difference: $3.67
If ARB meets the Macquarie target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $20.31, suggesting upside of 2.4% (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 AWC as Buy (1) -

First half results were below Citi's estimates. Ongoing strength in alumina prices has driven earnings upgrades and increased the target to $3.40 from $3.20.

The broker believes the risk is to the upside and maintains a Buy rating because of supply disruptions in the short term and capacity constraints over the long term.

Target price is $3.40 Current Price is $2.76 Difference: $0.64
If AWC meets the Citi target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $2.96, suggesting upside of 7.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.6

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

Credit Suisse rates AWC as Outperform (1) -

The interim 2018 result was driven by buoyant market conditions although earnings were below Credit Suisse estimates. The broker expects firm refiner margins will continue.

Average realised alumina prices have risen, amid continued outage of 50% capacity at Alunorte and re-stocking in China ahead of the winter curtailment.

The broker maintains an Outperform rating and $3.10 target.

Target price is $3.10 Current Price is $2.76 Difference: $0.34
If AWC meets the Credit Suisse target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $2.96, suggesting upside of 7.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.6

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

Macquarie rates AWC as Outperform (1) -

Alumina's cash flow and dividend result for the first half was soft relative to Macquarie's estimates, with the variance attributable to a larger working capital build.

2018 production guidance has been downgraded by 0.3mt to 12.4mt, with the broker noting forecasts had already factored in a weaker production result given the softer start to the first half and ongoing labour disputes in WA refineries.

Macquarie cuts 2018-20 EPS forecasts by -7-8%. Target is lowered to $3.00 from $3.20 and Outperform retained.

Target price is $3.00 Current Price is $2.76 Difference: $0.24
If AWC meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $2.96, suggesting upside of 7.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.6

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

Ord Minnett rates AWC as Accumulate (2) -

First half net profit was broadly in line with Ord Minnett's estimates. The broker raises the alumina price forecasts for the second half to US$500/t, representing an increase of 21%.

The broker reiterates an Accumulate rating and raises the target to $3.30 from $3.20. Ord Minnett notes the alumina market remains tight.

Target price is $3.30 Current Price is $2.76 Difference: $0.54
If AWC meets the Ord Minnett target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $2.96, suggesting upside of 7.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.6

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

UBS rates AWC as Upgrade to Neutral from Sell (3) -

Alumina's result and dividend appear to have fallen slightly short of UBS, albeit a 77% increase in earnings reflects strong alumina prices and the best margins since before the GFC, according to the CEO. Rising caustic soda prices remain an issue but should be offset by persistently strong alumina prices.

The company's capital management policy implies double-digit dividend yields that should support the share price, UBS suggests. Upgrade to Neutral from Sell. Target rises to $2.70 from $2.45.

Target price is $2.70 Current Price is $2.76 Difference: minus $0.06 (current price is over target).
If AWC 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 $2.96, suggesting upside of 7.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.6

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

Morgan Stanley rates BAP as Overweight (1) -

While the FY19 outlook disappointed investors Morgan Stanley emphasises management's track record of being conservative on guidance. The broker rolls forward valuation metrics.

Overweight rating reiterated. Target is raised to $8.00 from $7.00. Industry view: In-line.

Target price is $8.00 Current Price is $7.25 Difference: $0.75
If BAP meets the Morgan Stanley target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $7.45, suggesting upside of 2.8% (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 BXB as Neutral (3) -

On initial assessment, it appears Brambles' FY18 proved better than what the market had been expecting, including Citi, but the analysts nevertheless label the report as in-line with consensus. They do concede top line growth looks much better as does price realisation.

Offsetting the positives is apparent margin pressure as higher lumber and transport costs are clearly having an impact, suggest the analysts. What might have investors excited is the announcement the company is considering a de-merger of IFCO and will investigate a trade sale for the business.

Target price is $10.10 Current Price is $10.94 Difference: minus $0.84 (current price is over target).
If BXB meets the Citi target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.82, suggesting downside of -1.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.1

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

Macquarie rates BXB as Neutral (3) -

In initial response to released the FY18 results, Macquarie finds the underlying result in line with expectations, while the 14.5c final dividend is a little lower than the 15c it had penciled in.

Management has also announced the intention to split off IFCO, note the analysts. To achieve a sustainable re-rating for the shares, Macquarie believes Brambles will need to demonstrate momentum to gain investor confidence that margins can improve from here.

Target price is $10.20 Current Price is $10.94 Difference: minus $0.74 (current price is over target).
If BXB meets the Macquarie target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.82, suggesting downside of -1.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.1

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

Macquarie rates CGC as Outperform (1) -

In initial response to today's FY18 release, Macquarie analysts note profit missed by -6% due to unfavourable weather impact in Morocco. Final dividend of 8.5c compares with 10c expected.

Sales came in below expectations also. Guidance for the year ahead looks well below market consensus, and below Macquarie's forecasts. The analysts use today's disappointment to highlight there are weather risks associated with the Costa Group business.

Target price is $7.60 Current Price is $6.69 Difference: $0.91
If CGC meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $7.70, suggesting upside of 15.1% (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

Morgans rates CGR as Add (1) -

CML Group's FY18 result was slightly above recently upgraded guidance, revealing a 34% jump in earnings.

The company upgrades guidance by 5% to a range of 15%-20%. The broker expects strong growth in volume, driven by the TDF acquisition, market share gains and lower funding costs to feature over FY19.

Add rating retained. Target price rises to 71c from 69c.

Target price is $0.71 Current Price is $0.52 Difference: $0.19
If CGR meets the Morgans target it will return approximately 37% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Macquarie rates CMW as Underperform (5) -

FY18 results were in line with Macquarie's estimates although operating earnings of 8.36cps was down -3.7% versus FY17.

FY19 outlook was soft with management guiding to DPS of around 7.25cps which represents a -13% decline versus FY18. Macquarie cuts FFO for FY19/20/21 by -3%, -8.6% and -4.5% respectively.

The risk to the broker's thesis would be a more rapid step change in the growth of the wholesale FM business, particularly in Europe. Underperform rating and target raised to $1 from 99c.

Target price is $1.00 Current Price is $1.12 Difference: minus $0.12 (current price is over target).
If CMW meets the Macquarie target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.05, suggesting downside of -6.5% (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 CMW as Downgrade to Lighten from Hold (4) -

Cromwell's FY18 result slightly missed expectations at Ord Minnett, with management also guiding towards lower EPS and a lower payout ratio for FY19. The analysts believe this is a longer term positive as it puts the company on a sustainable footing.

Shorter term, however, new guidance might see some investors abandoning the ship as implied yield falls to 6.5% instead of the previously implied 7.4%, suggest the analysts. Price target loses 1c to $1.05.

With the share price still at a premium to the revised price target, Ord Minnett downgrades to Lighten from Hold.

Target price is $1.05 Current Price is $1.12 Difference: minus $0.07 (current price is over target).
If CMW meets the Ord Minnett target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.05, suggesting downside of -6.5% (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

Morgan Stanley rates CTD as Overweight (1) -

Morgan Stanley expects traction of internally developed software to have a material impact in FY19-20 in Asia and the US, the regions with the most long-term upside for the business.

Morgan Stanley reiterates an Overweight rating, In-Line industry view and raises the target to $35 from $31.

Target price is $35.00 Current Price is $32.64 Difference: $2.36
If CTD meets the Morgan Stanley target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $31.90, suggesting downside of -2.3% (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

Macquarie rates CVW as Outperform (1) -

FY18 results were broadly in line with Macquarie's forecasts. Sony and Crescent have committed to the DRP, the broker notes.

While the Wealth Management business outperformed against expectations this only off-set weakness in the Life business unit. The broker reduces FY19/20/21 EPS estimates by -5.1%, -4.4% and -3.3% respectively.

The stock is attractive relative to fundamental valuation and Macquarie maintains an Outperform rating. Target falls to $1.33 from $1.40.

Target price is $1.33 Current Price is $1.05 Difference: $0.28
If CVW meets the Macquarie target it will return approximately 27% (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 CWY as Neutral (3) -

FY18 results were ahead of expectations. Management is guiding for improved earnings from each of the operating segments in FY19.

Credit Suisse retains a Neutral rating and raises the target to $1.90 from $1.45.

Target price is $1.90 Current Price is $1.86 Difference: $0.04
If CWY meets the Credit Suisse target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $1.98, suggesting upside of 6.3% (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 DCG as Buy (1) -

Citi is disappointed with the lack of new contracts to accompany the company's $50m equity raising. The broker considers the equity raising a function of the growing order book and tender pipeline.

Buy rating maintained. Target is reduced to $1.12 from $1.38.

Target price is $1.12 Current Price is $0.80 Difference: $0.32
If DCG meets the Citi target it will return approximately 40% (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 EBO as Neutral (3) -

Credit Suisse finds the FY18 performance in-line, noting it was a busy year for Ebos Group, including the successful tender for Chemist Warehouse. Net profit beat the broker by 1%.

Estimates for the years ahead have been pushed higher by some 1-2%. The analysts note FY19 guidance will be provided at the October AGM. This is the best-in-class wholesaler, argues Credit Suisse, but the built-in quality is already reflected in the share price, hence the Neutral rating stays. Target price improves to NZ$18.90 from NZ$18.72.

Current Price is $19.50. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.0

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

Morgans rates EBO as Downgrade to Hold from Add (3) -

Ebos Group's FY18 result outpaced the broker, enjoying a sharp improvement in operating cash flow.

Morgans says the result was struck on a strong earnings and cost performance from all division and the outlook for FY19 looks solid. 

Morgans downgrades to Hold from Add to reflect recent share price strength. Target price rises to NZ$20.43 from NZ$20.25.

Current Price is $19.50. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.0

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

UBS rates EBO as Neutral (3) -

Ebos delivered solid earnings growth of 10% in FY18 as expected. FY19 guidance will have to wait until the AGM. The broker has left FY19 forecasts largely unchanged but sees upside risk given management has flagged two potential acquisitions.

Profit growth is expected to accelerate in FY20 when the Chemist Warehouse contract kicks in. Neutral and NZ$20.50 target retained.

Current Price is $19.50. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.0

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

Macquarie rates EPW as Upgrade to Outperform from Neutral (1) -

ERM's FY18 loss of -$80.3m was not as great as Macquarie had expected. The 7.5cps dividend was above minimum guidance of 7cps.

The company has recognised that its US business lacked scale and has decided to exit, and has also sold part of the Australian single-site SME operations. FY19 EBITDA guidance is $88-90m. 

As the business is simpler without the US operations the broker upgrades to Outperform from Neutral. Target rises to $1.71 from $1.44.

Target price is $1.71 Current Price is $1.61 Difference: $0.1
If EPW meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $1.75, suggesting upside of 8.9% (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 EPW as Hold (3) -

FY18 profit was well ahead of estimates. Ord Minnett flags the sale of the underperforming US retail business, which largely overshadowed a solid performance from the Australian assets.

FY19 guidance for Australia is a sales load of around 19TWh. The broker expects a large-scale generation certificate strategy should deliver around $35-45m in FY19-20 with the value weighted to FY20. Hold rating maintained. Target is reduced to $1.60 from $1.69.

Target price is $1.60 Current Price is $1.61 Difference: minus $0.01 (current price is over target).
If EPW meets the Ord Minnett target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.75, suggesting upside of 8.9% (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

Citi rates EVT as Neutral (3) -

FY18 net profit was in line with forecasts. Citi found the result reflected a weak Australian cinema division. The positive aspect is the potential sale of the German business. Event Hospitality indicated Germany brings no economies of scale and it is looking at the options.

Citi previously estimated the German business could be worth $160-270m. Neutral rating maintained.

Current Price is $14.86. Target price not assessed.

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 EVT as Buy (1) -

FY18 results were ahead of Ord Minnett estimates. The star performer was the hotels & resorts division, with strong revenue growth across the portfolio. The broker remains confident in the division, suggesting the company has high-quality management capabilities.

A potential sale of the German cinema business has been flagged and the broker also believes this is a positive development. Earnings estimates are upgraded by 4% for FY19 and FY20. A Buy rating is reiterated. Target is raised to $16.83 from $16.01.

Target price is $16.83 Current Price is $14.86 Difference: $1.97
If EVT meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

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

Credit Suisse rates FBU as Underperform (5) -

NZ earnings were in line with forecasts, outside of the additional write-downs that affected significant items. The immediate challenges, Credit Suisse envisages, include the cash losses over FY19 and FY20 included within current provisioning, a successful sale outcome for Formica and a major turnaround in Australia.

Underperform rating maintained. Target is reduced to NZ$6.01 from NZ$6.08.

Current Price is $5.72. Target price not assessed.

Current consensus price target is $6.36, suggesting upside of 11.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: -0.2

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

Citi rates FLT as Sell (5) -

Citi observes the FY19 PE ratio factors in an optimistic outlook and as a result maintains a Sell rating. The broker envisages continued risk in Australia and downgrades estimates by -4% in FY19 and -3% in FY20.

The broker notes the Australian sales force has not been re-stocked, as expected, and 90 stores have been closed. Target is reduced to $57.60 from $59.00.

Target price is $57.60 Current Price is $58.42 Difference: minus $0.82 (current price is over target).
If FLT meets the Citi target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $57.58, suggesting downside of -1.4% (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 FLT as Underperform (5) -

FY18 profit was at the top of guidance and Credit Suisse increases forecasts marginally. The broker suspects there might be some stabilisation in Australia in FY19. In FY18 the company completed a phase of restructuring and closing unprofitable leisure businesses.

The company appears intent on building consultant numbers into a lower fixed-cost home network and achieving some cost efficiencies from re-branding and shop consolidation. The broker suggests FY19 profit will be dependent on success in this endeavour.

Underperform rating maintained. Target rises to $44.17 from $42.61.

Target price is $44.17 Current Price is $58.42 Difference: minus $14.25 (current price is over target).
If FLT meets the Credit Suisse target it will return approximately minus 24% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $57.58, suggesting downside of -1.4% (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 FLT as Hold (3) -

FY18 results were strong and Deutsche Bank expects 10% growth in profit over the next four years. Nevertheless, weakness in Australasia is expected to be evident in the first half of FY19 and put considerable pressure on earnings.

While the broker likes the direction the company is taking the multiple provides little room for error. Hence, Deutsche Bank stays on the sidelines with a Hold rating and $56 target.

Target price is $56.00 Current Price is $58.42 Difference: minus $2.42 (current price is over target).
If FLT 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 $57.58, suggesting downside of -1.4% (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 FLT as Underperform (5) -

FY18 results were at the top end of guidance and slightly above Macquarie's forecasts. Global divisions performed well but ANZ second half was weak with earnings decline.

The broker has lifted FY19 EPS forecast by 1.3% but reduced FY20/21 forecasts by -0.9% and -1.7% respectively.

Macquarie believes the elevated P/E multiple of 21x FY19 EPS requires earning upgrades that are unlikely. Underperform retained and target raised to $48.80 from $47.50.

Target price is $48.80 Current Price is $58.42 Difference: minus $9.62 (current price is over target).
If FLT meets the Macquarie target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $57.58, suggesting downside of -1.4% (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 FLT as Equal-weight (3) -

FY18 results were ahead of expectations although a softer second half in Australasia took some gloss from the result for Morgan Stanley. The broker suspects this decline was because of profit being pulled forward to the first half and greater disruption from the transformation program.

The broker considers the company's prospects in the Americas bright, given a relatively low market share within the US.

Valuation appears reasonable and an Equal-weight rating is maintained. Target is reduced to $63 from $68. Industry view: Cautious.

Target price is $63.00 Current Price is $58.42 Difference: $4.58
If FLT meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $57.58, suggesting downside of -1.4% (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 FLT as Hold (3) -

Flight Centre's FY18 result was at the top end of guidance but short of consensus and Morgans' estimates.

The broker notes Flight Centre delivered on its strategy of improving net-profit-before-tax margins and slowing cost inflation, and continues to benefit from industry tailwinds and its transformation program.

The broker expects a rise in net profit before tax in FY19 but cuts EPS forecasts slightly across FY19-FY21 to reflect the missed beat.

Target price falls to $59 from $61.70. Hold rating retained, reflecting the forecast FY19 price-earnings multiple of 20x.

Target price is $59.00 Current Price is $58.42 Difference: $0.58
If FLT meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $57.58, suggesting downside of -1.4% (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 FLT as Buy (1) -

The main issue in FY18 for Ord Minnett was the weak performance in the Australian business. Australian operating earnings were -11% below estimates. Nevertheless, the investment thesis that has underpinned the broker's positive view on the stock over the last 12-18 months is unchanged.

The broker upgrades revenue assumptions, particularly in relation to the offshore businesses. Buy rating maintained. Target is raised to $65.08 from $62.20.

Target price is $65.08 Current Price is $58.42 Difference: $6.66
If FLT meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $57.58, suggesting downside of -1.4% (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 FLT as Buy (1) -

Flight Centre's underlying FY18 result was strong, at the top end of guidance, but compositionally weak, the broker notes. A slowdown in A&NZ in the second half had to be offset by better than expected numbers offshore. Weakness in domestic leisure travel is to blame.

The broker sees another weak half for leisure ahead but does not see the issue as structural, but rather a function of the new global distribution system and store re-brand. The broker retains Buy, expecting earnings upside. Target falls to $67.00 from $69.00.

Target price is $67.00 Current Price is $58.42 Difference: $8.58
If FLT meets the UBS target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $57.58, suggesting downside of -1.4% (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 FPH as Sell (5) -

At the AGM, the company has upgraded guidance and now expects FY19 net profit of NZ$215m and revenue of NZ$1.07bn. Citi's estimates are slightly ahead of guidance.

Sell rating and NZ$12.50 target.

Current Price is $13.67. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in March.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: -0.8

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

UBS rates FPH as Sell (5) -

At its AGM, Fisher & Paykel raised its FY19 profit growth guidance due to currency moves. The broker nevertheless noted underlying revenue growth guidance is implicitly lower than previously forecast, potentially reflecting slower mask sales and a normalisation in flu season benefits in the hospital division.

The broker also notes ResMed's ((RMD)) recent disclosures point to a significant pick-up in litigation in the next 12 months. Sell retained on valuation, target unchanged at NZ$11.75.

Current Price is $13.67. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in March.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: -0.8

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

Morgans rates FTT as Add (1) -

Factor Therapeutics posted a first-half loss of -$4.8m, reflecting clinical trial costs and employee expenses. The cash position was $6.4m.

Morgans expects trial costs to fall and administration costs to rise, and the Phase 2B VLU trial to be completed in the December quarter. The desired outcome is a percentage decrease in the ulcer area. The risk is for a negative read.

Broker retains an Add recommendation. Target price rises to 7.3c from 6.8c, accounting for a pre-emptive capital raising in 2019.

Target price is $0.07 Current Price is $0.05 Difference: $0.023
If FTT meets the Morgans target it will return approximately 46% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 1.0

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

Morgans rates GDF as Add (1) -

GARDA Diversified Property Trust's FY18 results broadly met Morgans' expectations and the dividend met guidance.

Morgans notes the attractive quarterly distribution yield. Target price rises to $1.31 from $1.30 to reflect valuation. Add rating retained.

Target price is $1.31 Current Price is $1.30 Difference: $0.01
If GDF meets the Morgans target it will return approximately 1% (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 GDG as Add (1) -

FY18 results fell -12% shy of Morgan's forecast due to higher than expected expenses. The broker was pleased with the strong growth trends in sales, numbers of active advisers, and funds under management.

Management guided to further growth and product launches in the retirement income market.

The broker reduces FY19 EPS estimates by -9%, reflecting expense growth, but lifts FY20 estimates by 2% to reflect FUM growth. Add rating retained. Target price steady at $1.44.

Target price is $1.44 Current Price is $1.14 Difference: $0.3
If GDG meets the Morgans target it will return approximately 26% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

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

FY18 distributable profit of $29m missed by -$0.5m and lower-than-forecast net property income was apparently to blame. Distribution, however, was in-line pulling the full year dividend to 19.6cps.

Post the release, Ord Minnett has reduced estimates and this has pushed back the price target by -10c to $3.20. On current expectations, FY20 should see a return to growth of 4%.

Target price is $3.20 Current Price is $3.15 Difference: $0.05
If HPI meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Credit Suisse rates IDX as Outperform (1) -

FY18 operating earnings were in line with Credit Suisse estimates. The broker forecasts further margin expansion in FY19.

The company is also considered well-placed for further bolt-on acquisitions. Outperform rating maintained. Target is raised to $3.15 from $3.10.

Target price is $3.15 Current Price is $2.64 Difference: $0.51
If IDX meets the Credit Suisse target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $3.11, suggesting upside of 17.9% (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

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

FY18 results were in line with expectations. Morgan Stanley retains an Equal-weight rating until clarity is obtained on the earnings trajectory. The broker notes new acquisitions are yet to be tested. Meanwhile, long-term industry dynamics remain favourable.

Target is raised to $3.07 from $3.05. Industry view: In-Line.

Target price is $3.07 Current Price is $2.64 Difference: $0.43
If IDX meets the Morgan Stanley target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $3.11, suggesting upside of 17.9% (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 IDX as Buy (1) -

FY18 operating earnings were in line with recently reiterated guidance. Ord Minnett observes the company has had a good year, growing revenue above market and successfully driving cost efficiencies.

Several quality acquisitions have also been executed, particularly the high-margin NZ clinics, which will begin contributing in FY19. The broker maintains a Buy rating and raises the target to $3.12 from $2.89.

Target price is $3.12 Current Price is $2.64 Difference: $0.48
If IDX meets the Ord Minnett target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $3.11, suggesting upside of 17.9% (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 IEL as Outperform (1) -

The strong FY18 result was broadly in line with Macquarie's expectations, reflecting the benefits of the company's market diversification strategy.

The outlook is incrementally positive, with the key drivers being completion of the ANZ digital roll-out and the global roll-out on track. Improving market growth and channel stabilisation should benefit China/Aust volumes.

FY19/20 EPS forecasts are raised by 2% and 7% respectively. Outperform retained and target raised to $10.70 from $9.75.

Target price is $10.70 Current Price is $10.59 Difference: $0.11
If IEL meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $9.26, suggesting downside of -12.5% (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

Morgan Stanley rates IEL as Overweight (1) -

FY18 results slightly beat estimates but the highlight for Morgan Stanley was the composition. The broker is increasingly convinced the company can maintain and achieve attractive incremental returns on its aggressive reinvestment.

The broker believes the market fundamentally misunderstands the company's trajectory and expects stronger sales growth and less margin expansion.

Target is raised to $11.00 from $9.65. Overweight rating. Industry view is In-Line.

Target price is $11.00 Current Price is $10.59 Difference: $0.41
If IEL meets the Morgan Stanley target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $9.26, suggesting downside of -12.5% (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

Morgans rates IEL as Hold (3) -

IDP Education's FY18 result met Morgans estimates, buoyed by 24% growth in revenue, 30% growth in earnings and surprise beats from multi-destination student placement growth and International English Language Test System revenue.

The broker notes digitilisation is on track along with strong growth profiles in most geographies for the next few years.

With the stock trading on a price-earnings multiple of 43x FY19 estimates the broker retains the Hold rating. Target price rises to $10.70 from $10.46.

Target price is $10.70 Current Price is $10.59 Difference: $0.11
If IEL meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $9.26, suggesting downside of -12.5% (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

Ord Minnett rates IEL as Hold (3) -

FY18 earnings were in line with estimates. Student placement revenue was up 18.7%. Ord Minnett considers the Australian segment mildly soft.  The broker believes FY19 will be significant as the digital platform is completed.

In the meantime, there is little room for disappointment given the stock's multiples and Ord Minnett maintains a Hold rating. Target is raised to $8.41 from $7.81.

Target price is $8.41 Current Price is $10.59 Difference: minus $2.18 (current price is over target).
If IEL 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 $9.26, suggesting downside of -12.5% (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

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

Regardless of the softer-than-expected FY18 result, the market has focused on the capital management announcement. Morgan Stanley also considers the on-market buyback positive.

Nevertheless, the broker flags the fact that cash flow was boosted by $40m in factoring of trade payables and a $23m inventory finance benefit. Asset sales remain an ongoing feature, and while beneficial to cash in the near term, are largely in the form of a sale and lease back. The broker warns this will eventually be brought back to the balance sheet in the form of debt.

Rating is downgraded to Underweight from Equal-weight. Target is reduced to $3.40 from $3.60. Industry view: Cautious.

Target price is $3.40 Current Price is $3.71 Difference: minus $0.31 (current price is over target).
If ING meets the Morgan Stanley target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.70, suggesting downside of -0.3% (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 IRE as Neutral (3) -

Credit Suisse found the first half results solid, albeit not spectacular. Results were modestly ahead of estimates. The broker finds the environment and trends for the UK division positive and expects it to grow strongly.

Guidance for constant currency segment profit growth of 3-7% is unchanged. Neutral rating maintained. Target is raised to $13.50 from $11.00.

Target price is $13.50 Current Price is $13.13 Difference: $0.37
If IRE meets the Credit Suisse target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $13.45, suggesting upside of 2.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

Deutsche Bank rates IRE as Hold (3) -

First half earnings were ahead of Deutsche Bank's estimates. The broker notes wealth, South Africa and lending were strong and a continuation of momentum is expected in the second half.

Management has reaffirmed 2018 guidance, which signals some cost inflation in the second half. Deutsche Bank maintains a Hold rating. Target is $13.20, up from $10.70.

Target price is $13.20 Current Price is $13.13 Difference: $0.07
If IRE meets the Deutsche Bank target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $13.45, suggesting upside of 2.4% (ex-dividends)

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

Macquarie rates IRE as Neutral (3) -

First half results were in line with Macquarie's estimates. The flat segment profit compares favourably with guidance for a decline versus the second half of 2017.

Despite positive commentary on pipeline across all core markets, particularly the UK, guidance was unchanged from 3-7% segment profit growth.

Coverage is moved to another analyst who upgrades 2018/19 EPS forecasts by 0.2% and 1.3% respectively. The Neutral rating is maintained and target rises to $13.65 from $11.22.

Target price is $13.65 Current Price is $13.13 Difference: $0.52
If IRE meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $13.45, suggesting upside of 2.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

Ord Minnett rates IRE as Hold (3) -

First half results were ahead of guidance. UK revenue growth is expected to accelerate in the second half. 2018 guidance is unchanged with 3-7% segment profit growth expected.

Ord Minnett suspects investor confidence has improved. The broker maintains a Hold rating, already assuming improving growth in the UK, and raises the target to $12.36 from $11.24.

Target price is $12.36 Current Price is $13.13 Difference: minus $0.77 (current price is over target).
If IRE meets the Ord Minnett target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $13.45, suggesting upside of 2.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

Deutsche Bank rates ISD as Hold (3) -

FY18 results highlight the ongoing pressure and Deutsche Bank notes high customer churn is still evident. Cost growth also remains higher despite initiatives.

The broker suggests the business is under competitive and structural pressure and stabilisation is unlikely in the short term. Hold rating maintained. Target drops to $0.42.

Target price is $0.42 Current Price is $0.32 Difference: $0.1
If ISD meets the Deutsche Bank target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $0.44, suggesting upside of 38.5% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.3

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

Macquarie rates ISD as Underperform (5) -

The FY18 result seemed to disappoint Macquarie as the ANZ SaaS revenue declines accelerated from client churn, traditional media volumes fell and prices deflated.

The company's FY19 EBITDA guidance of low-mid $20m has led to a -35.8% revision in the broker's EBITDA forecast to $22.6m from $35.2m. Management has announced a transformation program to manage costs, targeting automation processes and outsourcing manual processes.

Macquarie sees guidance risk for FY19 pending the new CEO's operational review. EPS forecasts are reduced by -53% for FY19 and -46% for FY20.

Underperform retained and target reduced to 46c from 88c.

Target price is $0.46 Current Price is $0.32 Difference: $0.14
If ISD meets the Macquarie target it will return approximately 44% (excluding dividends, fees and charges).

Current consensus price target is $0.44, suggesting upside of 38.5% (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

Morgans rates LAU as Add (1) -

Linday Australia's FY18 result outpaced guidance and Morgans. The transport division's earnings grew 13% in a tough environment and margins rose 30 basis points to 11.3%.

The company plans a greenfield cold storage project in Perth. The dividend rose 12.5% year on year to 1.8cps. 

Morgans expects guidance may be conservative and predicts strong FY19/20 earnings growth, solid pricing, market share gains and network expansion.

Add recommendation retained, reflecting the earnings growth and quality profile and the P/E multiple of 13x FY19 earnings estimates. Target price eases to 49c from 50c.

Target price is $0.49 Current Price is $0.38 Difference: $0.11
If LAU meets the Morgans target it will return approximately 29% (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 MMS as Buy (1) -

FY18 results were pre-announced and characterised by strong organic growth. In light of the increased expenditure Citi reduces FY19 forecasts by -4%.

Target rises to $19.39 from $17.26, as the benefits of the growth expenditure are realised from FY21. Buy rating maintained.

Target price is $19.39 Current Price is $18.17 Difference: $1.22
If MMS meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $17.73, suggesting downside of -2.4% (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 MPL as Neutral (3) -

In an initial response to the released FY18 report, Citi finds the numbers in-line and with little to complain about. But given the share price rallied into the result, this might be perceived as a disappointment, suggest the analysts. Management has guided to higher costs, but Citi has already incorporated this in its modeling.

Target price is $3.20 Current Price is $2.92 Difference: $0.28
If MPL meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $2.96, suggesting upside of 1.2% (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 MPL as Neutral (3) -

On initial assessment, Macquarie analysts find the released FY18 report rather mixed. Group operating profit has slightly beaten market consensus, but net profit missed, reserve releases increased by 78% and investment income missed by -4.7%.

Not to be forgotten, the analysts remind investors the potential of capped pricing creates significant margin risks for the Health Insurance industry in general.

Target price is $2.90 Current Price is $2.92 Difference: minus $0.02 (current price is over target).
If MPL meets the Macquarie target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.96, suggesting upside of 1.2% (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 MQG as Overweight (1) -

Macquarie Capital has sold its 22% stake in Quadrant and Morgan Stanley estimates a $250m gain on the sale. This is almost half of the gains on sale the broker has factored into the first half. Morgan Stanley is more confident that first half profit can hit forecasts.

Overweight. Industry view is In-Line and the target is $130.

Target price is $130.00 Current Price is $124.69 Difference: $5.31
If MQG meets the Morgan Stanley target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $118.54, suggesting downside of -4.9% (ex-dividends)

The company's fiscal year ends in March.

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

Macquarie rates MYO as Neutral (3) -

On first assessment, it appears MYOB's interim report has disappointed, including the 5.75c dividend. Guidance for the year ahead, as well as for 2019-22 is unchanged, Macquarie notes.

Target price is $3.94 Current Price is $2.95 Difference: $0.99
If MYO meets the Macquarie target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $3.18, suggesting upside of 7.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

Credit Suisse rates NCM as Neutral (3) -

FY18 net profit was ahead of Credit Suisse estimates. FY19 guidance is for a 2.35-2.6m ounces at costs of US$772/oz. Credit Suisse believes cost ranges at Lihir are sustainable while those for Cadia are not.

Impairments at Telfer, while non-cash, reflect value destruction from prior expenditure and are indicative of the deteriorating outlook, in the broker's view. 

Neutral and $20.30 target retained.

Target price is $20.30 Current Price is $18.80 Difference: $1.5
If NCM meets the Credit Suisse target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $20.76, suggesting upside of 10.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.1

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

Morgans rates NCM as Hold (3) -

Newcrest Mining's FY18 result outpaced Morgans, largely because of accounting adjustments. A $200m beat on free cash flow proved the big surprise, aided by a 31% fall in net debt, and a rise in cash receipts and working capital.

The company delivered a summary of its Cadia expansion pre-feasibility study - something for the analysts to chew over.

The broker cuts the target price to $21.06 from $22.31 to reflect higher guidance for capital and operating expenditures.  Hold rating retained, the broker believing the stock to be trading near fair value.

Target price is $21.06 Current Price is $18.80 Difference: $2.26
If NCM meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $20.76, suggesting upside of 10.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.1

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

UBS rates NCM as Sell (5) -

Newcrest's FY18 result met UBS but earnings forecasts are reduced on FY19 guidance of lower production and higher costs, although the broker does suggest production guidance for Cadia looks conservative.

The pre-feasibility study released for the Cadia expansion also leads to a drop in life-of-mine valuation, albeit the broker's confidence in assumptions is now higher. Sell retained. Target falls to $14.30 from $15.50.

Target price is $14.30 Current Price is $18.80 Difference: minus $4.5 (current price is over target).
If NCM meets the UBS target it will return approximately minus 24% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $20.76, suggesting upside of 10.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.1

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

Morgan Stanley rates NEA as Overweight (1) -

FY19 guidance is for break-even in free cash flow and Morgan Stanley envisages scope to either extract meaningful leverage or significantly expand the offer. The broker lifts assumptions and rolls forward its multiples.

Overweight reiterated. Target is lifted to $2.00 from $1.80. Industry view: In-Line.

Target price is $2.00 Current Price is $1.80 Difference: $0.2
If NEA meets the Morgan Stanley target it will return approximately 11% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Citi rates NEC as Sell (5) -

FY18 results were in line with expectations. In the longer term, Citi remains more sceptical about growth in the TV advertising markets and emphasises the need for earnings to diversify via the merger with Fairfax ((FXJ)).

The broker increases estimates for EPS by 22-29% in FY19-20. Target rises to $2.10 from $1.90. The broker continues to expect earnings to decline from FY20 onwards and retains a Sell rating.

Target price is $2.10 Current Price is $2.29 Difference: minus $0.19 (current price is over target).
If NEC meets the Citi target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.22, suggesting downside of -3.1% (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 NEC as Outperform (1) -

FY18 results were marginally weaker than expected. Guidance is for growth in the free to air television market of 1% and for market share to grow. The company finished FY18 with 38.6% commercial FTA market share.

Credit Suisse reduces FY19 operating earnings estimates by -6%. The broker remains cautious about the long-term outlook for the FTA market. The broker considers there is a sound strategic rationale to merging with Fairfax and acquiring 100% of Stan.

The broker maintains an Outperform rating and the target is reduced to $2.50 from $2.60.

Target price is $2.50 Current Price is $2.29 Difference: $0.21
If NEC meets the Credit Suisse target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $2.22, suggesting downside of -3.1% (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

Macquarie rates NEC as No Rating (-1) -

Nine's strong FY18 results were in line with Macquarie's estimates. EBITDA grew by 25.1%, driven by free to air ad market growth, higher market share and cost reductions.

The broker expects many of the FY18 drivers will carry forward into FY19. Stan continues to grow, having surpassed 1.1m active subscribers. Nine is expecting FY19 EBITDA in the range of $280-300m. Macquarie makes modest earnings changes.

Due to research restrictions the broker is unable to offer any recommendation.

Current Price is $2.29. Target price not assessed.

Current consensus price target is $2.22, suggesting downside of -3.1% (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

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

FY18 numbers provided no surprises as they were pre-announced. First time FY19 guidance is broadly in line with expectations. Morgan Stanley considers the main driver of the share price now is convincing the market of the value that will be created from the takeover of Fairfax.

Target is $2.00. Equal-weight retained. Industry view: Attractive.

Target price is $2.00 Current Price is $2.29 Difference: minus $0.29 (current price is over target).
If NEC meets the Morgan Stanley target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.22, suggesting downside of -3.1% (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 NEC as Upgrade to Buy from Neutral (1) -

Nine's result was in line with guidance but slightly below UBS. The broker believes management's assumptions are undemanding, with 1% metro TV market growth and -2-3% in TV cost reductions, implying 39% market share.

But before long the market's focus will switch to the merger with Fairfax. UBS has not yet factored this in but expects upside from synergies, Stan consolidation and asset sales. On the question of whether Nine is a cheap entry point to Domain ((DHG)), the broker believes the market is unfairly discounting Nine's TV business to Seven West's ((SWM)).

UBS upgrades to Buy from Neutral. Target rises to $2.60 from $2.40.

Target price is $2.60 Current Price is $2.29 Difference: $0.31
If NEC meets the UBS target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $2.22, suggesting downside of -3.1% (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 NST as Neutral (3) -

FY18 earnings missed Citi's estimates. An increase in the reserve base in FY19 is required in order to sustain production growth. The final dividend was better than the broker expected and cash has lifted 10%.

FY19 guidance has been reiterated. Target is reduced to $7.15 from $7.20. Neutral maintained.

Target price is $7.15 Current Price is $8.06 Difference: minus $0.91 (current price is over target).
If NST meets the Citi target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.91, suggesting downside of -14.2% (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 NST as Underperform (5) -

FY18 results were weaker than Credit Suisse expected. FY19 guidance is unchanged with 600-640,000 ounces expected. The company intends to maintain its dividends while keeping a minimum $300m cash balance for growth.

Underperform rating maintained. Target is raised to $5.45 from $5.20.

Target price is $5.45 Current Price is $8.06 Difference: minus $2.61 (current price is over target).
If NST meets the Credit Suisse target it will return approximately minus 32% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.91, suggesting downside of -14.2% (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 NST as Neutral (3) -

Northern Star reported a record earnings result but fell short of Macquarie's estimates due to higher costs and non-cash items.

The broker expects the growth agenda will continue in FY19 with another aggressive exploration program and milling optimisation, or expansions to consider. The company has been exploring mill expansions at Kalgoorlie, noting that toll milling will still be required in FY19 despite the acquisition of the Jubilee mill.

No changes to the broker's forecasts, $7.50 target and Neutral rating.

Target price is $7.50 Current Price is $8.06 Difference: minus $0.56 (current price is over target).
If NST meets the Macquarie target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.91, suggesting downside of -14.2% (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 NST as Lighten (4) -

FY18 earnings were -4% below Ord Minnett's estimates. The broker observes Northern Star trails domestic mid-cap peers based on the dividend yield of 1.9% in FY18 versus 2.8% for the peer group.

The broker believes the desire to hold onto cash signals a focus on growth but has no issues with this strategy, given strong cash flow from current assets and the company's superior underground mining practices. Lighten rating maintained. Target rises to $6.40 from $6.30.

Target price is $6.40 Current Price is $8.06 Difference: minus $1.66 (current price is over target).
If NST 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 $6.91, suggesting downside of -14.2% (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 NUF as Overweight (1) -

Morgan Stanley notes news reports indicating a Brazilian court has lifted an injunction that suspended registrations of products containing glyphosate. This suggests limited, if any, disruption to Nufarm's business in Brazil.

Overweight rating. Price target $10.65. Industry view Cautious.

Target price is $10.65 Current Price is $6.87 Difference: $3.78
If NUF meets the Morgan Stanley target it will return approximately 55% (excluding dividends, fees and charges).

Current consensus price target is $8.96, suggesting upside of 30.4% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.7

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

Citi rates NWH as Buy (1) -

Citi forecasts around $1.1bn in resource construction revenue over FY19-21. Upside is also envisaged from conversion of the resources pipeline and wins in east coast infrastructure.

Citi maintains a Buy rating and raises the target to $2.10 from $1.95 to reflect earnings upgrades for FY20-21.

Target price is $2.10 Current Price is $2.00 Difference: $0.1
If NWH meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

UBS rates NWH as Buy (1) -

NRW delivered a strong underlying result, 5% ahead of UBS, thanks to an inaugural contribution form the Forrestfield JV. FY19 guidance for 40% revenue growth remains unchanged, with 86% covered by work in hand.

Civil awards across major iron ore projects will be the next catalyst, with the broker factoring in a 21% win rate but suggesting potential upside. Buy retained. Target rises to $2.15 from $1.90.

Target price is $2.15 Current Price is $2.00 Difference: $0.15
If NWH meets the UBS 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: 1.0

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

Credit Suisse rates PLS as Outperform (1) -

FY18 financials were broadly in line with Credit Suisse estimates and considered of little importance, capturing revenues of $10m from DSO while first spodumene concentrate sales are due in the September quarter.

The focus is on commissioning the final plant components to achieve specifications. Outperform and $1.15 target retained.

Target price is $1.15 Current Price is $0.74 Difference: $0.41
If PLS meets the Credit Suisse target it will return approximately 55% (excluding dividends, fees and charges).

Current consensus price target is $1.13, suggesting upside of 53.2% (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 PPC as Hold (3) -

FY18 results were marginally ahead of expectations because of strong growth in prices across Victorian projects. Operating cash flow was strong.

Deutsche Bank notes no quantitative guidance was provided but management has suggested that key markets remains supportive. Hold rating and $1.35 target.

Target price is $1.35 Current Price is $1.21 Difference: $0.14
If PPC meets the Deutsche Bank target it will return approximately 12% (excluding dividends, fees and charges).

Market Sentiment: 0.5

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

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

FY18 results were broadly in line with Morgan Stanley's estimates. The broker observes the quality of the results was better, with base fee margins around three basis points ahead of forecasts.

The company plans to launch a range of investment vehicles targeting institutional investors in the US and Canada which Morgan Stanley expects to support flows. Equal-weight retained. Industry view: In-Line. Target is $6.

Target price is $6.00 Current Price is $5.27 Difference: $0.73
If PTM meets the Morgan Stanley target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $5.33, suggesting upside of 1.1% (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 PTM as Sell (5) -

FY18 results were in line with forecasts. Ord Minnett observes performance fees featured, thanks to the absolute return fund fees that were booked in the first half.

The broker suggests the flow outlook will become tougher as the international fund is down -3% in absolute terms over July and August and more than -5% under the benchmark. This suggests forecasts will need to be lowered.

The broker maintains a Sell rating and $4.77 target.

Target price is $4.77 Current Price is $5.27 Difference: minus $0.5 (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 $5.33, suggesting upside of 1.1% (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 QAN as Buy (1) -

Pre-tax profit in FY18 was in line with the top end of guidance. The company has announced a $0.10 final dividend alongside an on-market share buyback of $332m.

The outlook is clouded by rising fuel costs but Citi remains confident the airline can withstand the headwinds. Additionally, transformation benefits can offset non-fuel cost inflation. The broker maintains a Buy rating and lowers the target to $7.80 from $7.90.

Target price is $7.80 Current Price is $6.19 Difference: $1.61
If QAN meets the Citi target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $6.80, suggesting upside of 9.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Credit Suisse rates QAN as Outperform (1) -

FY18 results were broadly in line with estimates. Despite higher fuel costs and cash tax becoming payable in the second half of FY19, Credit Suisse forecasts high free cash flow to continue because of the avourable domestic market position and a repositioning of the international business.

An additional $332m buyback is forecast for the second half and there is potential for further buybacks at the FY19 results, funded by the sale of terminal leases in Melbourne and Perth. Credit Suisse maintains an Outperform rating and raises the target to $7.40 from $7.15.

Target price is $7.40 Current Price is $6.19 Difference: $1.21
If QAN meets the Credit Suisse target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $6.80, suggesting upside of 9.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Deutsche Bank rates QAN as Hold (3) -

FY18 results were ahead of Deutsche Bank's expectations. Revenue growth and transformation benefits are expected to somewhat offset further cost increases.

The broker expects cash flow should underpin further capital management and keep a floor under the share price. Hold maintained. Target is $6.60.

Target price is $6.60 Current Price is $6.19 Difference: $0.41
If QAN meets the Deutsche Bank target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $6.80, suggesting upside of 9.9% (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

Macquarie rates QAN as Outperform (1) -

FY18 results were in line with Macquarie's estimates and at the top end of guidance. The 10cps dividend was higher than the broker's expected 7cps. The company announced a further buyback, this time of $332m.

Higher fuel costs mean the broker reduces underlying EPS forecasts for FY19/20 by -7% and -6% respectively.

With Qantas trading on a 4.1x one-year forward EV/EBITDAR, a -25% discount to peers, Macquarie maintains an Outperform rating. Target is raised to $7.50 from $7.42.

Target price is $7.50 Current Price is $6.19 Difference: $1.31
If QAN meets the Macquarie target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $6.80, suggesting upside of 9.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Ord Minnett rates QAN as Sell (5) -

FY18 results were slightly ahead of forecasts. Ord Minnett is now focused on the future and is concerned about higher fuel costs, a material slowing in revenue per available seat kilometres and a weakening in domestic demand.

The broker also envisages the company will pay tax in FY19 and experience a step change in capital expenditure from FY20. The broker maintains a Sell rating with a $5.00 target.

Target price is $5.00 Current Price is $6.19 Difference: minus $1.19 (current price is over target).
If QAN meets the Ord Minnett target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.80, suggesting upside of 9.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

UBS rates QAN as Neutral (3) -

Qantas was able to produce another strong result, at the top end of guidance, through unit revenue growth and prudent capacity growth in the face of higher fuel costs and wage inflation. Hence, UBS notes, shareholders were again rewarded with capital returns.

Management suggests FY19 fuel cost pressure can be "substantially" offset by revenue growth. The broker is dubious, wondering how much more the "lemon can be squeezed". Looking ahead, fuel costs, increased capex and a resumption of cash tax payments provide headwinds.

Neutral and $6.50 target retained.

Target price is $6.50 Current Price is $6.19 Difference: $0.31
If QAN meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $6.80, suggesting upside of 9.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Macquarie rates QUB as Neutral (3) -

Qube's FY18 results were in line with Macquarie's expectations. A 2cps dividend was also announced, underpinned by Patrick.

Volumes are expected to normalise through FY19, but the broker remains cautious on the outlook for grain and new vehicles volumes in particular. Management is confident of solid underlying NPATA growth in FY19 but did not quantify expectations.

Macquarie lowers EPS forecasts for FY19 by -6%, taking into account lower volumes across some commodities. Target raised to $2.75 from $2.60. Neutral maintained.

Target price is $2.75 Current Price is $2.73 Difference: $0.02
If QUB meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $2.74, suggesting upside of 0.2% (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

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

FY18 results were in line with estimates and Morgan Stanley now estimates 15-20% growth in EPS in FY19 because of operating leverage, market share gains and discipline on execution.

The broker observes the long-term strategic intermodal play continues to make progress, although the company has lifted FY19-21 capital expenditure forecasts to $445m in order to automate the IMEX rail terminal.

Target is raised to $2.77 from $2.43. Equal-weight rating, Cautious industry view retained.

Target price is $2.77 Current Price is $2.73 Difference: $0.04
If QUB meets the Morgan Stanley target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $2.74, suggesting upside of 0.2% (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

Morgans rates QUB as Hold (3) -

Qube reported a mixed FY18 result, surprising Morgans on some metrics and disappointing on others. Volumes were strong and the company guides to strong FY19 earnings growth but higher capital investment.

The broker cuts the target price to $2.59 from $2.68. Hold rating retained.

Target price is $2.59 Current Price is $2.73 Difference: minus $0.14 (current price is over target).
If QUB meets the Morgans target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.74, suggesting upside of 0.2% (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

Ord Minnett rates QUB as Buy (1) -

FY18 net profit was slightly below forecasts. The result reflected the benefits of the diversification strategy and Ord Minnett retains a preference for the stock in the transport sector.