Australian Broker Call

Deutsche Bank rates 3PL as Buy (1) -

First half results were broadly in line with Deutsche Bank's estimates. The broker notes solid cost control and new distribution agreements that will expand the product portfolio and accelerate growth.

The broker considers the company well capitalised and retains a Buy rating. Target is reduced to $1.60 from $1.65.

Target price is $1.60 Current Price is $1.09 Difference: $0.51
If 3PL meets the Deutsche Bank target it will return approximately 47% (excluding dividends, fees and charges).

Current consensus price target is $1.70, suggesting upside of 56.0% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Macquarie rates 3PL as Outperform (1) -

3PL's interim result missed Macquarie's expectations, again, and EMEA revenue decline of -9% is pointed at as the key reason. Macquarie analysts see enough positives, plus they note management's three year strategic plan is in the final stages.

Combine all of the above and Macquarie thinks there is sufficient optimism available to retain the Outperform rating. The emergence of "greenshoots" is mentioned in the report. Target falls to $1.50 from $1.70.

Target price is $1.50 Current Price is $1.09 Difference: $0.41
If 3PL meets the Macquarie target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $1.70, suggesting upside of 56.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Morgan Stanley rates 3PL as Overweight (1) -

First half results were mixed versus Morgan Stanley's estimates. The company has flagged a change in revenue recognition across the half-years in FY19, with a greater skew towards renewals at the start of the school year (second half).

Morgan Stanley believes delivery on the second half sales performance will be the next catalyst. Target is $2.00. Overweight rating. Industry view is In-Line.

Target price is $2.00 Current Price is $1.09 Difference: $0.91
If 3PL meets the Morgan Stanley target it will return approximately 83% (excluding dividends, fees and charges).

Current consensus price target is $1.70, suggesting upside of 56.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Deutsche Bank rates ALL as Buy (1) -

The trading update at the AGM was well received, Deutsche Bank observes, and results for the year to date are tracking in line with the company's expectations. Earnings will be skewed to the second half because of the digital game releases.

The broker notes land-based gaming had a stronger start to the year while digital is in line with expectations. Buy rating and $39.75 target maintained.

Target price is $39.75 Current Price is $25.93 Difference: $13.82
If ALL meets the Deutsche Bank target it will return approximately 53% (excluding dividends, fees and charges).

Current consensus price target is $31.68, suggesting upside of 22.2% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.9

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

Ord Minnett rates ALL as Buy (1) -

The company has reiterated its outlook for FY19 at the AGM, indicating further expansion in the installed machine base and incremental growth in adjacencies in North America.

Moderately higher corporate costs are expected along with higher user acquisition expenditure (advertising, incentives).

Ord Minnett finds the risk/reward attractive and retains a Buy rating. Target is lowered to $31.25 from $32.45 as margin estimates for America are reduced to 52% from 54% and FY19-20 net profit estimates are reduced by -5.3% and -3.1% respectively.

Target price is $31.25 Current Price is $25.93 Difference: $5.32
If ALL meets the Ord Minnett target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $31.68, suggesting upside of 22.2% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.9

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

Citi rates ARB as Downgrade to Neutral from Buy (3) -

ARB Corp's first-half result disappointed, the broker citing weak passenger vehicle sales and potential headwinds from the Hayne Royal Commission.

Earnings-per-share forecasts fall -5% to -6% across FY20-FY21 and target price eases -2% to $18.38 from $18.66.

Citi downgrades to Neutral from Buy.

Target price is $18.38 Current Price is $16.81 Difference: $1.57
If ARB meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $17.82, suggesting upside of 6.0% (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 ARB as Hold (3) -

Ord Minnett analysts observe ARB Corp's underlying H1 result slightly missed, as did the 18.5c in declared dividends. Given the resilient business model, the shares continue trading on a relatively high multiple, and thus the broker does not see material upside in the near term.

Not making the outlook any easier, the analysts highlight the company is cycling tough comparables for the second half. Hold rating and $15.70 price target retained. Slight reductions have been implemented to forecasts.

Target price is $15.70 Current Price is $16.81 Difference: minus $1.11 (current price is over target).
If ARB meets the Ord Minnett target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $17.82, suggesting upside of 6.0% (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 ASL as Buy (1) -

First half earnings (EBIT) were slightly ahead of Deutsche Bank's forecasts.

Buy rating maintained. Target is $2.

Target price is $2.00 Current Price is $1.69 Difference: $0.31
If ASL meets the Deutsche Bank target it will return approximately 18% (excluding dividends, fees and charges).

Market Sentiment: 1.0

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

UBS rates ASL as Buy (1) -

Strictly Ausdrill's result fell slightly short but composition was positive, the broker suggests, with underground mining outperforming and surface mining underperforming only because of the weather. The broker believes FY19 guidance appears highly achievable and FY20 risks are now skewed to the upside.

Adjusting for compositional earnings performance sees the target fall to $2.35 from $2.55, Buy retained.

Target price is $2.35 Current Price is $1.69 Difference: $0.66
If ASL meets the UBS target it will return approximately 39% (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 AWC as Buy (1) -

Alumina's 2018 result met the broker, the dividend outpacing the broker and consensus. Citi notes that costs rose but expects them to moderate.

The broker downgrades 2019 earnings forecasts by -4% and 2020 by -3% to reflect lower alumina production forecasts.

Target price increases to $2.80 from $2.70 to reflect FX movements. Buy rating retained given the stock is trading at a price-earnings multiple of 7.9x 2020 estimates.

Target price is $2.80 Current Price is $2.69 Difference: $0.11
If AWC meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $2.68, suggesting downside of -0.4% (ex-dividends)

The company's fiscal year ends in December.

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: 0.4

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

Credit Suisse rates AWC as Outperform (1) -

2018 numbers were broadly in line with Credit Suisse estimates while net profit was ahead. Improvements are expected across the suite of assets with AWAC alumina production guidance of 12.6mt in 2019.

The company is expecting a balanced alumina market after Alunorte is re-started at the end of the March quarter.

Credit Suisse maintains an Outperform rating and $3.10 target for Alumina Ltd.

Target price is $3.10 Current Price is $2.69 Difference: $0.41
If AWC meets the Credit Suisse target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $2.68, suggesting downside of -0.4% (ex-dividends)

The company's fiscal year ends in December.

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: 0.4

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

Macquarie rates AWC as Outperform (1) -

Macquarie found the 2018 result was strong with in line underlying earnings facilitating a record final dividend of US$0.141, and supported by buoyant alumina pricing. Macquarie analysts note uncertainty builds around the ramp-up of Alunorte, but there remains potential valuation upside at current spot prices.

While alumina prices are expected to fall, the same should apply to caustic soda prices, point out the analysts, which means costs should be materially lower in 2019. Estimates have been lifted by some 4%. Target price remains $2.70. Outperform.

Target price is $2.70 Current Price is $2.69 Difference: $0.01
If AWC meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $2.68, suggesting downside of -0.4% (ex-dividends)

The company's fiscal year ends in December.

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: 0.4

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

Ord Minnett rates AWC as Hold (3) -

2018 underlying earnings were in line with Ord Minnett forecasts, albeit at a record. Production guidance for 2019 is 12.6mt, slightly below the broker's expectations.

Capital expenditure for 2019 is well above Ord Minnett's estimates and is principally for studies to examine ways to reduce the bottlenecks at the Western Australian refining assets.

Hold rating and $2.60 target maintained.

Target price is $2.60 Current Price is $2.69 Difference: minus $0.09 (current price is over target).
If AWC meets the Ord Minnett target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.68, suggesting downside of -0.4% (ex-dividends)

The company's fiscal year ends in December.

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: 0.4

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

UBS rates AWC as Downgrade to Sell from Neutral (5) -

Alumina's result met expectations, driven by a 33% increase in alumina prices offset by only a 14% increase in costs. AWAC earnings nevertheless fell short of UBS' estimate on higher costs.

Ahead are a number of significant costs for site closures and Point Comfort holding costs that will continue for the next few years, the broker notes, reducing earnings and cash flow. On a premium to net present value, UBS downgrades to Sell from Neutral while retaining a $2.20 target.

Target price is $2.20 Current Price is $2.69 Difference: minus $0.49 (current price is over target).
If AWC meets the UBS target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.68, suggesting downside of -0.4% (ex-dividends)

The company's fiscal year ends in December.

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: 0.4

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

Citi rates AX1 as Buy (1) -

Accent Group's first-half result pleased the broker, thanks to solid margin expansion.

Like-for-like sales were good and Citi notes the stock has a lower housing exposure than peers such as Beacon Lighting ((BLX)) and Nick Scali ((NCK)).

The broker believes the franchise buyback of the Athlete's Foot network presages a substantial uptick for FY20 earnings, which has not been incorporated into forecasts given timing uncertainty.

Target price rises to $1.75 from $1.65 to reflect earnings revisions. Buy rating retained.

Target price is $1.75 Current Price is $1.52 Difference: $0.23
If AX1 meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

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

Morgans rates AX1 as Hold (3) -

Accent Group turned in a first-half result ahead of guidance. Like for like sales growth continued and the company has upgraded earnings guidance to at least 10% from the middle single digits.

The company was kicking goals on several fronts: vertical brand penetration, windfalls from higher margin businesses, accelerating franchise buybacks.

Earnings-per-share forecasts rise 3.1%, 3.8% and 7.9% across FY19 to FY21. Target price rises to $1.51 from $1.46 to reflect this. Hold rating retained, the broker concerned about weakening consumer sentiment, competition and foreign-exchange risk.

Target price is $1.51 Current Price is $1.52 Difference: minus $0.01 (current price is over target).
If AX1 meets the Morgans target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

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

Citi rates CCL as Sell (5) -

Coca-Cola Amatil's 2018 result disappointed, the stock reporting falling volumes despite price investment in Australia, where costs also rose. Margin pressure also surfaced in Indonesia and PNG.

Citi predicts a -9% fall in earnings for 2019 and cuts earnings-per-share forecasts -3% in 2019 and less than -1% in 2020.

Sell rating retained. Target price steady at $8.15.

Target price is $8.15 Current Price is $8.23 Difference: minus $0.08 (current price is over target).
If CCL 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 $8.37, suggesting upside of 1.7% (ex-dividends)

The company's fiscal year ends in December.

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 CCL as Neutral (3) -

The second half of 2018 was a little weaker than Credit Suisse forecast. There is no change to guidance and 2019 remains a transition year as the company invests in Australian selling capacity and increases marketing expenditure in Indonesia.

The second half weakness appears to relate to still beverages, as the company's business was put on EDLP with key supermarkets. Credit Suisse maintains a Neutral rating and $8.90 target.

Target price is $8.90 Current Price is $8.23 Difference: $0.67
If CCL meets the Credit Suisse target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $8.37, suggesting upside of 1.7% (ex-dividends)

The company's fiscal year ends in December.

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 CCL as Hold (3) -

Deutsche Bank observes volume trends deteriorated in the second half, driven by unfavourable weather as well as the loss of the Domino's Pizza ((DMP)) contract.

The broker found some positive signs, as investment in brand Coke is starting to provide benefits. The broker notes alcohol and coffee are well-positioned but Indonesian markets are tough.

Earnings are expected to decline again in 2019 in Indonesia. Hold rating and $8 target maintained.

Target price is $8.00 Current Price is $8.23 Difference: minus $0.23 (current price is over target).
If CCL meets the Deutsche Bank target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.37, suggesting upside of 1.7% (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 CCL as Neutral (3) -

Underlying, explains Macquarie, the rather dismal looking 2018 performance was in line with expectations. Though the analysts acknowledge, the accelerated investment in Australian Beverages stands out as a key negative in the released financial report.

Near-term pressures are here to stay, and 2019 will just be another transformational year, suggest the analysts without any hint of irony or sarcasm. Also observed: Indonesia and PNG are (still) not improving. Macquarie thinks management's long term targets are simply "unattainable".

Neutral rating retained. Price target drops to $8.15 from $8.28.

Target price is $8.15 Current Price is $8.23 Difference: minus $0.08 (current price is over target).
If CCL 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 $8.37, suggesting upside of 1.7% (ex-dividends)

The company's fiscal year ends in December.

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 CCL as Hold (3) -

2018 net profit was slightly ahead of Ord Minnett's forecasts. The broker finds some early positives emerging in Australian beverages, with volume growth evident in the second half.

2019 is expected to be another year of transition amid more investment in Australasian beverages and Indonesia.

Hold rating and $8.50 target maintained.

Target price is $8.50 Current Price is $8.23 Difference: $0.27
If CCL meets the Ord Minnett target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $8.37, suggesting upside of 1.7% (ex-dividends)

The company's fiscal year ends in December.

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 CCL as Sell (5) -

Coca-Cola Amatil delivered an in-line result, featuring improvement in Australia but further disappointment in Indonesia/PNG. Incremental investment made 2018 a transition year, the broker notes, and FY19 will be another year of transition ahead of what management forecasts as mid single-digit growth in FY20.

The broker is not so confident, believing further investment will be required in FY20, with earnings risk to the downside. There is little sign of return on investment to date. Sell retained, target falls to $7.70 from $7.85.

Target price is $7.70 Current Price is $8.23 Difference: minus $0.53 (current price is over target).
If CCL meets the UBS target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.37, suggesting upside of 1.7% (ex-dividends)

The company's fiscal year ends in December.

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 CDP as Hold (3) -

Marginally higher net property income helped Carindale Property achieve a slightly better-than-expected interim performance. Hold rating retained, alongside a target price of $6.90 (down from $7.50 previously).

Ord Minnett points outs the trust’s sole asset is a 50% stake in the Carindale shopping centre in Brisbane, while noting the fit-out of the latest format David Jones store inside the centre has commenced and is on track to open in December quarter of 2019.

The broker suggests the centre is not located in a competitive catchment area and it is not producing enough income growth to sustain the valuation. This explains the cut in price target.

Target price is $6.90 Current Price is $7.10 Difference: minus $0.2 (current price is over target).
If CDP meets the Ord Minnett target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Morgans rates CGR as Add (1) -

CML Group's first-half result met the broker, the stock posting solid performances on most fronts. 

Management reiterates guidance so the target price is steady at 71c.

Morgans retains an Add rating, expecting strong growth in the core business and operational leverage to flow through in FY20/FY21.

Target price is $0.71 Current Price is $0.53 Difference: $0.18
If CGR meets the Morgans target it will return approximately 34% (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 CQR as Underperform (5) -

As reported yesterday, first half earnings were slightly ahead of Macquarie's expectations. FY19 guidance is reaffirmed.

While acknowledging the more defensive segment of retail assets is performing better than larger retail assets, the 8% premium to net tangible assets is seen as too large to ignore. Hence, the broker retains an Underperform rating. Target was raised to $4.07 from $4.02, and remains unchanged in today's follow-up report.

Target price is $4.07 Current Price is $4.55 Difference: minus $0.48 (current price is over target).
If CQR 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 $4.11, suggesting downside of -9.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.6

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

Ord Minnett rates CQR as Lighten (4) -

The analysts spotted an interim performance slight ahead of expectations, with Charter Hall Retail reiterating guidance for growth in funds from operations (FFO) for the full year of 2%.

Ord Minnett remains on the lookout for any negative signals from retail assets changing hands over the next 12-18 months. Lighten rating retained (the report, confusingly, mentions both Hold and Lighten). Target $4.30.

On balance, most estimates have been reduced.

Target price is $4.30 Current Price is $4.55 Difference: minus $0.25 (current price is over target).
If CQR meets the Ord Minnett target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.11, suggesting downside of -9.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.6

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

Credit Suisse rates CWN as Neutral (3) -

Credit Suisse downgrades estimates by -5-13% after noting weak revenue and strong costs growth in the first half. The company does not have a significant cost reduction program in place.

Perth VIP appeared very weak to the broker, with a mere $2.6bn in turnover. The broker assumes VIP returns to low growth in FY20 but is not that confident.

Neutral rating maintained. Target is lowered to $11.20 from $12.45.

Target price is $11.20 Current Price is $11.50 Difference: minus $0.3 (current price is over target).
If CWN meets the Credit Suisse target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $12.11, suggesting upside of 5.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Morgans rates DUB as Initiation of coverage with Hold (3) -

Dubber Corp seems to have developed technology that turns voice into data and stockbroker Morgans believes the company is nearing an inflection point. This implies, if everything goes according to plan, substantial shareholder value should be on the horizon.

Morgans has initiated coverage with a Hold recommendation and an initial price target of $0.46. The analysts do issue a warning to investors: Dubber is not yet a self-funding business, so execution and access to capital remain key risks.

Target price is $0.46 Current Price is $0.65 Difference: minus $0.19 (current price is over target).
If DUB meets the Morgans target it will return approximately minus 29% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Market Sentiment: 0.0

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

Credit Suisse rates EBO as Neutral (3) -

First half net profit was marginally ahead of expectations while operations were largely in line. The broker believes the company has distinguished itself as a best-in-class wholesaler that continues to grow despite the competition and regulatory headwinds.

The question is whether its scale, diversity and opportunity can support a materially higher valuation. Credit Suisse maintains a Neutral rating and raises the target to NZ$20.75 from NZ$20.05.

Current Price is $21.18. Target price not assessed.

Current consensus price target is $20.43, suggesting downside of -3.5% (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 EHL as Add (1) -

Emeco has announced a post first-half result update to clarify and confirm that the $90m fleet spend in FY19 is growth capital expenditure designed to optimise fleet configuration. 

The broker retains its conviction that the stock is oversold and revises the target price upward to $3.22 from $3 and retains an Add rating.

Target price is $3.22 Current Price is $2.39 Difference: $0.83
If EHL meets the Morgans target it will return approximately 35% (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 EPW as Add (1) -

ERM Power's first-half result met the broker. The company released a revised capital management framework that allows for higher dividends, continued buyback activity and a larger capital reserve to fund growth.

Management guided to higher gross margins and sales in FY20. A special dividend of 3c was also declared.

Target price falls to $1.81 from $2.01, the broker saying the market will expect ERM's dividend to outpace peers but the new framework provides for a lower than expected dividend (which the broker downgrades).

Add rating retained, Morgans noting the stock is trading at a significant discount to valuation.

Target price is $1.81 Current Price is $1.62 Difference: $0.19
If EPW meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $1.81, suggesting upside of 11.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.8

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

Citi rates EVT as Sell (5) -

Event Hospitality's first half result met the broker, hotels performing well but cinemas, cash flow and cost control disappointing. No guidance was provided.

Target price is steady at $12.25, the broker suspecting the property portfolio could cushion a challenging period in the second half. Sell rating retained.

Target price is $12.25 Current Price is $12.99 Difference: minus $0.74 (current price is over target).
If EVT meets the Citi target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Ord Minnett rates EVT as Buy (1) -

The interim result was marginally below Ord Minnett's estimates. The broker highlights the fact the company is exposed to market volatility from existing assets as it seeks to ramp up developments.

Still, a number of projects are expected to create significant shareholder value, although the timing is highly uncertain.

Ord Minnett suspects value will be forthcoming for patient investors and maintains a Buy rating. Target is reduced to $15.20 from $15.96.

Target price is $15.20 Current Price is $12.99 Difference: $2.21
If EVT meets the Ord Minnett target it will return approximately 17% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for 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 FBU as Neutral (3) -

First half results were slightly better than guidance. Credit Suisse was still disappointed as earnings (EBIT) in the core NZ business were down -6.8% and Australian earnings were down -37.7%.

The broker downgrades its FY19 estimates to the low end of the guidance range of $650-700m. Credit Suisse is happy that capital management appears to have been taken off the table, noting several large cash outflows across FY19 and FY20 are in the wind.

Target is reduced to NZ$5.28 from NZ$5.43. Neutral maintained.

Current Price is $4.78. Target price not assessed.

Current consensus price target is $4.81, suggesting upside of 0.6% (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: 0.0

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

Macquarie rates FBU as No Rating (-1) -

Pre-significant items, the interim report bettered management's guidance, but missed Macquarie's projection by some -4%. The problem, it appears, remains in the Australian operations. Luckily, NZ operations performed better-than-expected.

No additional capital management is being considered, now that the dividend for shareholders has been reinstated. Estimates have lifted post FY19 (but -3% for this year). Macquarie remains restricted.

Current Price is $4.78. Target price not assessed.

Current consensus price target is $4.81, suggesting upside of 0.6% (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: 0.0

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

Citi rates FLT as Neutral (3) -

Flight Centre's first-half result disappointed but the announcement of a special dividend of $1.49 put quite a bit of polish on it.

Management updated FY19 guidance to the lower end of previous guidance, which Citi expects will drive consensus downgrades of -4%.

Neutral rating retained and target price falls to $47.50 from $51.00.

Target price is $47.50 Current Price is $44.90 Difference: $2.6
If FLT meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $49.43, suggesting upside of 10.1% (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 FLT as Neutral (3) -

While there is significant uncertainty with respect to the likely stabilisation of the Australian leisure business, Credit Suisse believes the risk also needs to be balanced by the significant improvement in offshore business.

Hence, the broker maintains a Neutral rating despite some additional risk observed in the second half.

The broker also suspects the market reaction was driven more by the capital management than the poor trading result. Target is reduced to $43.40 from $43.67.

Target price is $43.40 Current Price is $44.90 Difference: minus $1.5 (current price is over target).
If FLT meets the Credit Suisse target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $49.43, suggesting upside of 10.1% (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

Deutsche Bank rates FLT as Hold (3) -

First half results disappointed Deutsche Bank, with pre-tax profit in the bottom end of the guidance range. Full year guidance has been reiterated.

Offshore and corporate businesses are performing well but Australian leisure disappointed. The company appears to be progressing with productivity targets as cost margins are improving.

While the special dividend may please some, the broker believes this will be overshadowed by the challenges.

Deutsche Bank maintains a Hold rating and reduces the target to $46 from $53.

Target price is $46.00 Current Price is $44.90 Difference: $1.1
If FLT meets the Deutsche Bank target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $49.43, suggesting upside of 10.1% (ex-dividends)

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 FLT as Neutral (3) -

The interim result narrowly scraped in at the lower end of management's guidance and the analysts observe full year guidance has also been revised towards the lower end of the range. Global divisions are performing well, offsetting some of the weakness in A&NZ.

Management did announce a special dividend of $1.49, seen as a good move by the analysts. Macquarie suggests this stock needs a stabilisation in Leisure. Neutral. Target price has declined to $43.50 from $47.

Target price is $43.50 Current Price is $44.90 Difference: minus $1.4 (current price is over target).
If FLT meets the Macquarie target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $49.43, suggesting upside of 10.1% (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 FLT as Overweight (1) -

While the performance of the Australian leisure division grabbed the market's attention Morgan Stanley believes this will shift to the corporate business in the Americas, where there is a strong growth opportunity.

The broker assesses investors are getting the entire leisure business for free at the current valuation. First half earnings did disappoint Morgan Stanley, as Australian leisure profits appear to have fallen -48% while Australian corporate profits were up 5%.

Overweight rating. Target is reduced to $51 from $59. Industry view: Cautious.

Target price is $51.00 Current Price is $44.90 Difference: $6.1
If FLT meets the Morgan Stanley target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $49.43, suggesting upside of 10.1% (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

Morgans rates FLT as Hold (3) -

Flight Centre's first-half result missed the broker, thanks to a poor performance from the Australian leisure market, and guided to the lower end of its previous range.

The company did, however, announce a special dividend of $1.49 a share.

While Australian and New Zealand operations proved a miss, the broker notes strength in international operations so the company's diversification has paid off. But a fall in group margins places a question mark over the business transformation FY22 targets.

Hold rating retained despite the stock trading at a discount to valuation, due to uncertainty in the leisure market. Target price falls to $47.37 from $47.75.

Target price is $47.37 Current Price is $44.90 Difference: $2.47
If FLT meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $49.43, suggesting upside of 10.1% (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

Ord Minnett rates FLT as Buy (1) -

While mindful of the factors that are leading to a period of negative earnings momentum, Ord Minnett elects to remain positive, and expects the Australian leisure business will rebound.

The broker cites evidence that holiday travel holds up well in periods where the economy is slowing down, as opposed to a recession.

While downgrading revenue and margin assumptions for the Australian business the broker upgrades assumptions for the US business.

Buy rating maintained. Target is reduced to $55.47 from $64.12.

Target price is $55.47 Current Price is $44.90 Difference: $10.57
If FLT meets the Ord Minnett target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $49.43, suggesting upside of 10.1% (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 FLT as Buy (1) -

Flight Centre's result fell short of the broker but the special dividend was a nice surprise. The result featured material outperformance in the Americas and material underperformance domestically against the broker's forecasts. While local headwinds of staff disruptions, cost pressures and weak revenues should ease in the second half, the broker sees general weakness continuing.

Historically the company has been highly leveraged to the Australian consumer visiting an actual travel office, but increased presence in online and regions (US) means Oz leisure now makes up just 12% of valuation, the broker notes. The broker sees the stock as undervalued and retains Buy, while cutting its target to $61.20 from $67.00.

Target price is $61.20 Current Price is $44.90 Difference: $16.3
If FLT meets the UBS target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $49.43, suggesting upside of 10.1% (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 FPH as Neutral (3) -

Fisher and Paykel and Resmed ((RMD)) have announced the end of all infringement cases globally.

A settlement was reached and the terms are confidential but involves no payment or admission of liability by either side. The company says the outcome will have no impact on guidance.

Earnings forecasts are unchanged for 2019, and rise 6% and 2% in FY20 and FY21 to reflect lower litigation costs. Target price rises to NZ$12.25 from NZ$12.

Citi notes the stock is trading on a 33x multiple for FY20 and maintains a Neutral rating.

Current Price is $13.80. 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: -0.6

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

Deutsche Bank rates FPH as Hold (3) -

The company has settled its legal dispute with ResMed ((RMD)). While FY19 guidance is affirmed, Deutsche Bank takes the opportunity to upgrade FY20 estimates by 10%.

While the outlook has certainly improved, the broker assesses the jump in the share price implies only modest upside to its target of NZ$15.60, which anchors a Hold rating.

Current Price is $13.80. Target price not assessed.

Current consensus price target is N/A

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: -0.6

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

UBS rates FPH as Sell (5) -

F&P Healthcare and ResMed ((RMD)) have both agreed to walk away from their legal dispute without any settlement payment or admission of liability on either side. They will each pay their own legal costs, which might be a clue as to why they both caved. The broker lifts forecast earnings by 6% after removing assumed future litigation costs.

Otherwise the company's revenue growth backdrop appears challenging, the broker suggests, given it looks like being a mild US flu season and OSA mask market share is under pressure. Target rises to NZ$12.60 from NZ$12.30, Sell retained.

Current Price is $13.80. 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: -0.6

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

Macquarie rates GOZ as Underperform (5) -

Growthpoint did not quite meet Macquarie's expectations with its interim performance, but the analysts point out management kept FY19 guidance intact for both funds from operations (FFO) and DPS. Estimates have been reduced.

Balance sheet gearing at 35% is limiting options for acquisitions, unless capital raisings are considered, point out the analysts. They don't seem too enthusiastic about immediate prospects, hence the Underperform rating and a price target of $3.54 (up from $3.38).

Target price is $3.54 Current Price is $4.14 Difference: minus $0.6 (current price is over target).
If GOZ meets the Macquarie target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.67, suggesting downside of -11.4% (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 GOZ as Hold (3) -

First half funds from operations were in line with estimates. The main issue in the result was a renewal of the Woolworths ((WOW)) lease in Adelaide at Gepps Cross, where the company progressed a new 15-year agreement on favourable terms.

The broker also expects the company will achieve higher rents at its Richmond development in Melbourne, where the office market is strengthening. Hold rating maintained. Target rises to $4.00 from $3.55.

Target price is $4.00 Current Price is $4.14 Difference: minus $0.14 (current price is over target).
If GOZ meets the Ord Minnett target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.67, suggesting downside of -11.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.7

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

UBS rates GOZ as Sell (5) -

Growthpoint reported flat growth in funds from operations, which is slightly better than the broker expected, on a balance of income growth and acquisitions offset by divestments and a new David Jones lease. FY guidance was reaffirmed.

Target rises to $3.46 from $3.20. Sell retained given a 19% premium to net tangible asset valuation and a 5.7% yield compared to the brokers's preferred Centuria Metro REIT ((CMA)) at a -3% discount to NTA with a 7.4% yield.

Target price is $3.46 Current Price is $4.14 Difference: minus $0.68 (current price is over target).
If GOZ meets the UBS target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.67, suggesting downside of -11.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.7

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

Credit Suisse rates IDX as Outperform (1) -

Credit Suisse found revenue in the first half in line with expectations, which represents above-market organic growth. The NZ acquisition also met expectations.

The broker reduces FY19-21 forecasts for earnings per share by -8-12%, with increased non-operating items playing a material role.

Outperform rating maintained. Target is reduced to $3.10 from $3.20.

Target price is $3.10 Current Price is $2.70 Difference: $0.4
If IDX meets the Credit Suisse target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $3.10, suggesting upside of 14.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

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

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

First half net profit was well above Morgan Stanley's expectations although operating earnings (EBITDA) were slightly below.

The broker observes the long-term industry dynamics remain favourable and estimates 4-5% diagnostic intervention volume growth in FY19.

Equal-weight rating maintained. Target is raised to $3.22 from $3.07. Industry view: In-Line.

Target price is $3.22 Current Price is $2.70 Difference: $0.52
If IDX meets the Morgan Stanley target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $3.10, suggesting upside of 14.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

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

Ord Minnett rates IDX as Downgrade to Accumulate from Buy (2) -

First half operating earnings (EBITDA) were below Ord Minnett estimates, despite revenue being slightly ahead. Earnings were undermined by an unexpected lift in costs.

This is expected to constrain margin expansion over the short term. While envisaging multiple avenues for growth, Ord Minnett recognises a shifting environment and downgrades to Accumulate from Buy. Target is reduced to $2.99 from $3.00.

Target price is $2.99 Current Price is $2.70 Difference: $0.29
If IDX meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $3.10, suggesting upside of 14.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

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

Macquarie rates IFN as Outperform (1) -

Infigen's operational performance at the halfway point of FY19 was better-than-expected by Macquarie. The analysts do note cash flow was "weak", but this is explained by timing issues.

Keeping costs contained was one of the stand-out factors in the report, suggest the analysts. Capital management should still be on the agenda. Estimates have increased, but DPS forecasts went down. Price target remains unchanged at 78c. Outperform.

Target price is $0.78 Current Price is $0.50 Difference: $0.28
If IFN meets the Macquarie target it will return approximately 56% (excluding dividends, fees and charges).

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 IGO as Accumulate (2) -

Independence Group has updated resource and reserves for its portfolio of assets and Ord Minnett considers the update as a positive, albeit not unexpected. Accumulate rating retained, alongside a $4.90 price target.

The analysts are keeping their focus on the next six months with significant drilling underway in the Fraser Range, the Nova downstream study due by the end of March and further productivity and cost out targets at Nova. Plus management should have news about upcoming offtake negotiations.

Target price is $4.90 Current Price is $4.87 Difference: $0.03
If IGO meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $4.47, suggesting downside of -8.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.2

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

Citi rates ILU as Downgrade to Neutral from Buy (3) -

Iluka management has guided to weaker production in 2019. 2018 results were largely in line.

Citi envisages downside risks to production forecasts, downgrading 2019 earnings estimates by -4% to reflect lower JA rutile production and increasing 2020 earnings estimates by 2% to reflect a higher iron ore price (BHP royalties).

Target price falls to $10.40 from $12.40. Rating is downgraded to Neutral from Buy.

Target price is $10.40 Current Price is $9.44 Difference: $0.96
If ILU meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $10.43, suggesting upside of 10.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.6

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

Credit Suisse rates ILU as Outperform (1) -

2018 results were solid but Credit Suisse is disappointed by the 2019 guidance from a production/sales standpoint as this is almost entirely driven by projections for Sierra Rutile.

A potential sell down of that business signals to the broker that relationships on the ground are still less than ideal. Meanwhile, Australian operations continue to deliver.

The broker maintains an Outperform rating and reduces the target to $10.40 from $11.60.

Target price is $10.40 Current Price is $9.44 Difference: $0.96
If ILU meets the Credit Suisse target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $10.43, suggesting upside of 10.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.6

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

Macquarie rates ILU as Downgrade to Neutral from Outperform (3) -

As reported yesterday already, Iluka's update missed Macquarie's projections. Because the share price has performed well to date, and management has guided towards lower production volumes for 2019, Macquarie has downgraded to Neutral from Outperform.

Medium term, the analysts see upside risk from rutile prices. The broker has increased rutile prices forecast to US$1250/t from 2HCY20 onwards. Target price $9.10. Estimates reduced for 2019, but lifted for 2020. DPS forecasts have gone up.

Target price is $9.10 Current Price is $9.44 Difference: minus $0.34 (current price is over target).
If ILU meets the Macquarie target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.43, suggesting upside of 10.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.6

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

Morgan Stanley rates ILU as Overweight (1) -

2018 results were strong and largely in line with Morgan Stanley's estimates. 2019 production guidance is slightly lower than the broker expected.

Capital expenditure guidance for 2019 is significantly better than the broker estimated, and likely driven by the timing of investments in Sierra Rutile.

The broker maintains an Overweight rating and Attractive sector view. Target is reduced to $11.20 from $11.65.

Target price is $11.20 Current Price is $9.44 Difference: $1.76
If ILU meets the Morgan Stanley target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $10.43, suggesting upside of 10.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.6

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

Ord Minnett rates ILU as Accumulate (2) -

2018 operating earnings were 8% ahead of Ord Minnett's forecasts. The company provided 2019 production, cost and capital expenditure guidance, indicating the zircon reference price would remain unchanged for the next six months.

Ord Minnett maintains an Accumulate rating, awaiting more news regarding a potential sell down of Sierra Rutile, and raises the target to $10.00 from $9.50.

Target price is $10.00 Current Price is $9.44 Difference: $0.56
If ILU meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $10.43, suggesting upside of 10.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.6

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

Morgans rates IPD as Add (1) -

ImpediMed's first-half loss was expected by the broker. Morgans expects acceleration on the PREVENT trial front should a positive response be received from private payors in the second half.

Target price is steady at 79c. Add rating retained.

Target price is $0.79 Current Price is $0.24 Difference: $0.55
If IPD meets the Morgans target it will return approximately 229% (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 IRE as Neutral (3) -

2018 profit grew 8% and was at the top end of guidance. The second half performance was in line with Credit Suisse forecasts, with a direct contribution to growth of 20% from the UK business.

The broker found the APAC financial markets produced a decent result, given the environment, although this segment was a drag on overall growth.

The broker maintains a Neutral rating and reduces the target to $13.30 from $13.50.

Target price is $13.30 Current Price is $13.06 Difference: $0.24
If IRE meets the Credit Suisse target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $13.38, suggesting upside of 2.4% (ex-dividends)

The company's fiscal year ends in December.

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 IRE as Hold (3) -

2018 operating earnings (EBITDA) were in line with Deutsche Bank's estimates. Earnings were driven by strong results from the UK and APAC financial markets.

Similar growth rates are expected in both divisions over 2019. Deutsche Bank maintains a Hold rating and reduces the target to $12.80 from $13.20.

Target price is $12.80 Current Price is $13.06 Difference: minus $0.26 (current price is over target).
If IRE meets the Deutsche Bank target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $13.38, suggesting upside of 2.4% (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 IRE as Neutral (3) -

Iress beat its own guidance in constant currency terms but Macquarie analysts had expected even better numbers. They do acknowledge the company is likely to achieve the top end of management's guidance range for 2019.

All in all, Macquarie believes 2018 marks a "strong" performance. Minor reductions have followed for estimates, predominantly because of AASB16 accountancy adjustment and higher D&A. Target price loses -3% to $13.18. Neutral.

Target price is $13.18 Current Price is $13.06 Difference: $0.12
If IRE meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $13.38, suggesting upside of 2.4% (ex-dividends)

The company's fiscal year ends in December.

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 IRE as Add (1) -

IRESS's result outpaced the broker, the company defying pundits who believed the Hayne Royal Commission would slash demand for finance technology.

The company also forecast strong growth for 2019.

The broker notes the stock is trading at a discount to valuation and retains an Add rating. Target price is steady at $14.52.

Target price is $14.52 Current Price is $13.06 Difference: $1.46
If IRE meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $13.38, suggesting upside of 2.4% (ex-dividends)

The company's fiscal year ends in December.

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 IRE as Downgrade to Accumulate from Buy (2) -

While the company's growth story is complex, Ord Minnett was pleased that both top-line growth and margin expansion occurred in 2018. The result beat guidance, with the UK demonstrating a robust result.

The broker looks forward to further operating leverage over coming years but, given the target now indicates a 6% total shareholder return, lowers the rating to Accumulate from Buy. Target is raised to $13.09 from $11.73.

Target price is $13.09 Current Price is $13.06 Difference: $0.03
If IRE meets the Ord Minnett target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $13.38, suggesting upside of 2.4% (ex-dividends)

The company's fiscal year ends in December.

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 KLL as Outperform (1) -

Kalium Lakes has secured $74m in debt funding, report the analysts, adding this will allow the prospective potash miner to realise cost savings from owner operation of the power plant.

Macquarie suggests this debt package will strengthen the company's position as it goes about securing the remaining debt funding, with multiple "strong" catalysts on the horizon for the share price.

Outperform. Target 65c.

Target price is $0.65 Current Price is $0.43 Difference: $0.22
If KLL meets the Macquarie target it will return approximately 51% (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 MIN as No Rating (-1) -

Macquarie found the interim report rather "soft", coming in below expectations. The analysts note their own forecast for FY19 sits above management's guidance range as Macquarie uses a more optimistic price forecast for iron ore.

Also, the analysts highlight materially higher capex spend in 1HFY19 has resulted in the company lifting capex guidance by 50% to $751m. Only modest adjustments have been made to forecasts.

Macquarie remains under research restriction.

Current Price is $16.77. Target price not assessed.

Current consensus price target is $18.97, suggesting upside of 13.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.8

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

Morgan Stanley rates MIN as Overweight (1) -

Morgan Stanley believes the stock is under appreciated for the potential upside to its FY19 earnings outlook through its iron ore exposure.

First half EBITDA was short of estimates but the broker calculates FY19 guidance of $280-320m remains on track.

Overweight. Target reduced to $20.40 from $21.30. Industry view: Attractive.

Target price is $20.40 Current Price is $16.77 Difference: $3.63
If MIN meets the Morgan Stanley target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $18.97, suggesting upside of 13.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.8

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

Ord Minnett rates MIN as Accumulate (2) -

Ord Minnett was disappointed with the first half result. The broker suspects the share price fell as a result of the market expecting that an upgrade to guidance might materialise because of higher iron ore prices.

However the company held EBITDA guidance at $280-320m. Mineral Resources also flagged a major restatement of capital expenditure, guiding to $751m, well above the prior guidance of $490m.

Ord Minnett maintains an Accumulate rating and lowers the target to $18.50 from $20.00.

Target price is $18.50 Current Price is $16.77 Difference: $1.73
If MIN meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $18.97, suggesting upside of 13.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.8

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

Ord Minnett rates MWY as Buy (1) -

The interim result, which was in line, demonstrated the combined impact of rising woodchip prices and a beneficial exchange rate, Ord Minnett observes. Additional upside is expected at the full year result.

The company announced in December that an 11% price increase for woodchips exported to China had been secured. Buy rating maintained. Target is raised to $4.37 from $4.27.

Target price is $4.37 Current Price is $3.58 Difference: $0.79
If MWY meets the Ord Minnett target it will return approximately 22% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Credit Suisse rates MYO as No Rating (-1) -

2018 results were in line with the pre-released numbers, Credit Suisse observes. Guidance for 2019 is for 6-8% organic revenue growth and an underlying operating earnings (EBITDA) margin of over 38%.

Credit Suisse is restricted on a rating and target at present.

Current Price is $3.37. Target price not assessed.

Current consensus price target is $3.12, suggesting downside of -7.5% (ex-dividends)

The company's fiscal year ends in December.

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 MYO as No Rating (-1) -

Underlying interim performance was better on some metrics and below expectations on other metrics. Macquarie explains key variance came in lower subscriber growth, higher D&A, and interest expense.

The analysts believe FY19 revenue guidance softened but adds that medium term targets remain unchanged. ARPU growth of 3.5% is labelled "encouraging". Estimates have been reduced. Macquarie remains under research restriction.

Current Price is $3.37. Target price not assessed.

Current consensus price target is $3.12, suggesting downside of -7.5% (ex-dividends)

The company's fiscal year ends in December.

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 MYO as Underweight (5) -

2018 results were broadly in line with consensus but the cloud user base was below Morgan Stanley's expectations. 2019 guidance is for organic revenue growth of 6-8%.

Underweight rating retained. Price target is $2.80. Industry View is Attractive.

Target price is $2.80 Current Price is $3.37 Difference: minus $0.57 (current price is over target).
If MYO meets the Morgan Stanley target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.12, suggesting downside of -7.5% (ex-dividends)

The company's fiscal year ends in December.

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 MYO as Hold (3) -

2018 results reflected an investment phase and revenue is yet to see the benefit, Ord Minnett observes.

The broker continues to suspect the first half will be the low point in free cash flow for MYOB and a 15% per annum growth path, or more, should be possible for a number of years.

The broker retains a Hold rating while the KKR bid runs its course. Target is raised to $3.40, to the level of the bid, from $3.16.

Target price is $3.40 Current Price is $3.37 Difference: $0.03
If MYO meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $3.12, suggesting downside of -7.5% (ex-dividends)

The company's fiscal year ends in December.

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 NBL as Add (1) -

Noni B's first-half result met the broker and its recent trading update, 2019 guidance was reiterated.

Earnings-per-share forecasts rise 5.6%, 1.5% and 0% across FY19/FY20/FY21. Target price inches up 2c to $4.04.

Morgans notes the stock is trading on a 7.8x multiple of the FY20 forecast and is offering an 8% dividend yield and maintains an Add rating.

Target price is $4.04 Current Price is $3.00 Difference: $1.04
If NBL meets the Morgans target it will return approximately 35% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Morgan Stanley rates NEA as Overweight (1) -

Morgan Stanley suspects the seasonal skew in sales efficiency was largely overlooked by the market and the second half will improve, implying stronger momentum into FY20.

The broker believes most of the cash flow benefit will be reinvested in FY19 and FY20, allowing for sustainable growth at a greater scale.

Overweight. Industry view is In-Line. Price target is raised to $3.00 from $2.25.

Target price is $3.00 Current Price is $2.55 Difference: $0.45
If NEA meets the Morgan Stanley target it will return approximately 18% (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 Buy (1) -

Nine Entertainment Co's first-half result pleased the broker.

Earnings-per-share forecasts rise 7% to 13% to reflect merger synergies with Fairfax.

Citi notes lower earnings transparency due to the merger but upgrades the target price by 9% to reflect a stronger TV audience share, bigger and faster merger synergies and lower depreciation and amortisation. It also expects growth from Stan.

Gearing is low and is expected to stay low despite the 6.3% dividend yield. 

Broker remains negative on the long-term outlook but retains a Buy rating for now.

Target price is $1.75 Current Price is $1.68 Difference: $0.07
If NEC meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $2.02, suggesting upside of 20.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Credit Suisse rates NEC as Outperform (1) -

First half earnings were lower than expected. This was primarily because of the loss at Stan. Management has reiterated expectations of a positive EBITDA contribution from Stan in both the fourth quarter and FY20.

Updated full-year guidance of EBITDA of $420m excludes assets held for sale, although Credit Suisse still takes the contribution from these assets into account below the line.

Outperform rating maintained. Target is steady at $2.10.

Target price is $2.10 Current Price is $1.68 Difference: $0.42
If NEC meets the Credit Suisse target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $2.02, suggesting upside of 20.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Macquarie rates NEC as Outperform (1) -

Yesterday's initial response seemed to indicate released interim financials marked a minor "miss". Today, that conclusion is more obscure. Macquarie analysts have reduced estimates, but their price target has lifted to $2 from $1.95.

Clearly, the analysts see sufficient positives inside the details, arguing Nine Entertainment remains well placed to drive earnings growth medium term from key segments of its operations. Valuation is considered attractive, and the company should be looking towards a multi-year period of earnings growth, suggests the broker. Outperform.

Target price is $2.00 Current Price is $1.68 Difference: $0.32
If NEC meets the Macquarie target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $2.02, suggesting upside of 20.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

UBS rates NEC as Buy (1) -

Nine's share price has been sinking on concerns over the death of TV advertising and the broker sees these as partly warranted, but the offset is Fairfax merger synergies, increasing digital earnings and increasing Stan profitability. To that end, even taking weak TV into account, there was no guidance downgrade forthcoming as feared.

The broker now assumes Nine will sell NZ, Australian Community Media and Events, which reduces earnings forecasts offset by proceeds from sale. Further TV weakness and declining real estate listings remain key risks but in valuation the broker retains Buy and a $2.15 target.

Target price is $2.15 Current Price is $1.68 Difference: $0.47
If NEC meets the UBS target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $2.02, suggesting upside of 20.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Citi rates NWH as Buy (1) -

NRW Holding's 2019 first-half result pleased the broker, despite a possible peak in margins. 

News that NRW's exposure to the Forrestfield Airport Link is capped causes the broker to remove the High Risk rating previously applied to the stock.

Target price rises to $2.52 from $2.25 to reflect earnings upgrades, which it describes as conservative.

Citi sees considerable upside risk to forecasts and retains a Buy rating. 

Target price is $2.52 Current Price is $2.26 Difference: $0.26
If NWH meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $2.46, suggesting upside of 8.8% (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 OGC as Accumulate (2) -

OceanaGold's 2018 operating result is described as very much in line with expectations at Ord Minnett, though the finer details reveal the broker's expectations were actually a tad higher, including the final dividend declared: US1c versus US2c.

Management's guidance for 2019 implies higher capital expenditure, leading to lowered forecasts. Ord Minnett is forecasting a 20% increase in total production over the next three years. Accumulate rating retained. Target price falls to $5 from $5.50.

Target price is $5.00 Current Price is $4.67 Difference: $0.33
If OGC meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $4.82, suggesting upside of 3.1% (ex-dividends)

The company's fiscal year ends in December.

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

Citi rates ORG as Buy (1) -

The broker suggests Origin's result was largely in line, albeit retail margin compression and lower earnings from renewables certificates provided greater-than-forecast headwinds, leading to a cut in second half forecasts.

Retail margins should start to normalise as competitors ease off on discounting.

The broker considers no bad news to be good news and believes the board is being conservative in not setting a dividend policy in the face of regulatory pricing decisions, elections and volatile oil prices. Buy retained, target rises to $8.62 from $8.40.

Target price is $8.62 Current Price is $7.63 Difference: $0.99
If ORG meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $8.38, suggesting upside of 9.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.8

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

Credit Suisse rates ORG as Neutral (3) -

First half net profit was ahead of Credit Suisse forecasts. The broker increases FY19 APLNG revenue estimates by 6% because of higher realised prices and a lower Australian dollar.

The broker expects the gas gross margin to be 12% higher in FY19. Neutral rating maintained. Target is raised to $7.30 from $6.90.

Target price is $7.30 Current Price is $7.63 Difference: minus $0.33 (current price is over target).
If ORG meets the Credit Suisse target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.38, suggesting upside of 9.8% (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

Macquarie rates ORG as Outperform (1) -

First half operating earnings (EBITDA) were in line with Macquarie's estimates while net profit was ahead of expectations. The company has announced the refinancing of APLNG will deliver $100m in additional cash flow in FY20.

Macquarie assesses the balance sheet is on the verge of being restored and this will allow capital management and incremental growth opportunities. The broker maintains an Outperform rating and raises the target to $8.67 from $8.53.

Target price is $8.67 Current Price is $7.63 Difference: $1.04
If ORG meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $8.38, suggesting upside of 9.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.8

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

Morgan Stanley rates ORG as Overweight (1) -

First half results were broadly in line with estimates. The company has tweaked guidance, reflecting higher nominations from an APLNG offtake partner, exchange rate moves and ongoing efficiency initiatives.

The company will advise on its new distribution policy at the FY19 results. Morgan Stanley considers the valuation undemanding and an Overweight rating is maintained. Target is raised to $8.43 from $8.11. Industry view is Cautious.

Target price is $8.43 Current Price is $7.63 Difference: $0.8
If ORG meets the Morgan Stanley target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $8.38, suggesting upside of 9.8% (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

Morgans rates ORG as Add (1) -

Origin's first-half result beat the broker and consensus, thanks to stronger gas sales resulting from a higher oil price. Morgans believes the second half will likely be weaker as the oil price falls flow through.

The broker expects Origin to announce a significant rise in future dividends at the full-year result to reflect higher expected cash flows from gas, and forecasts a yield of 7.5% for FY20.

The broker increases the target price to $8.51 from $8.15 noting the stock is trading at a discount to valuation. Add rating retained.

Target price is $8.51 Current Price is $7.63 Difference: $0.88
If ORG meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $8.38, suggesting upside of 9.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.8

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

Ord Minnett rates ORG as Buy (1) -

First half underlying net profit was in line with Ord Minnett's forecasts and up 38% on a year ago. Energy market operating earnings were driven by better contributions from gas, partially offset by weaker margins in electricity.

The broker maintains a Buy rating and $8.75 target. Given volatility in oil-generated earnings, the broker expects future dividend policy will incorporate a free cash flow pay-out ratio rather than be progressive.

Target price is $8.75 Current Price is $7.63 Difference: $1.12
If ORG meets the Ord Minnett target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $8.38, suggesting upside of 9.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.8

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

UBS rates ORG as Buy (1) -

Origin's 53% profit increase fell short of the broker by -10%. Underlying earnings also missed due to lower margins in electricity, offset by gas which has increased market share. Higher realised prices boosted APLNG.

The broker forecasts a return to dividends given debt reduction is on track and distributions from APLNG are ramping up, and no new generation investments are likely until some sort of energy policy becomes clear. Target falls to $9.05 from $9.45 on energy market headwinds, Buy retained.

Target price is $9.05 Current Price is $7.63 Difference: $1.42
If ORG meets the UBS target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $8.38, suggesting upside of 9.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.8

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

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

When management stated it was considering capital options and did not declare a dividend Credit Suisse suspects this led investors to believe a capital raising was imminent, driving the share price down a further -17%.

The broker does not believe a capital raising is in the offing because the company has some time yet to determine whether earnings will meet its guidance range and support debt levels.

The broker upgrades to Outperform from Neutral and upgrades estimates for earnings per share by 2-4%, amid improved confidence in cost savings and the price versus raw material cost spreads. Target is steady at $3.85.

Target price is $3.85 Current Price is $2.86 Difference: $0.99
If PGH meets the Credit Suisse target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $3.24, suggesting upside of 13.1% (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 PLS as Outperform (1) -

First half results were in line with expectations. However, this is considered of little consequence as Pilgangoora is in ramp up and sales/costs were capitalised ahead of commercial production being declared in the current quarter.

The stock remains the top pick in the lithium sector for Credit Suisse, given asset quality and the growth outlook.

Outperform rating and $1.15 target maintained.

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 $1.10, suggesting upside of 48.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.8

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

Credit Suisse rates PPT as Neutral (3) -

First half earnings missed Credit Suisse estimates, largely because of volatile items. The broker believes the stock has value appeal as it is trading at a -15% discount to the market.

However, fund performance is weak and net outflows are likely to remain a headwind. Neutral rating maintained. Target is raised to $35 from $33.

Target price is $35.00 Current Price is $39.37 Difference: minus $4.37 (current price is over target).
If PPT meets the Credit Suisse target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $36.17, suggesting downside of -8.1% (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

Macquarie rates PPT as Neutral (3) -

First half results missed Macquarie's estimates. Much of the miss was because of unrealised losses through the P&L, which is non-recurring.

Given recent trends in the investments division, the broker understands the company's desire to expand beyond value investing but believes it may take some time before a meaningful uplift in growth and returns is achieved.

Neutral rating maintained. Target is raised to $36 from $33.

Target price is $36.00 Current Price is $39.37 Difference: minus $3.37 (current price is over target).
If PPT meets the Macquarie target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $36.17, suggesting downside of -8.1% (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

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

The company has outlined broader aspirations for growth, with M&A an option, but Morgan Stanley found no clarity on the timing. A lack of offshore brand awareness and distribution presence may require additional investments, the broker suspects.

Equal-weight rating. Target is raised to $38 from $36. Industry view: In-line.

Target price is $38.00 Current Price is $39.37 Difference: minus $1.37 (current price is over target).
If PPT meets the Morgan Stanley target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $36.17, suggesting downside of -8.1% (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

Ord Minnett rates PPT as Hold (3) -

First half net profit was below forecasts. It is clear to Ord Minnett that the focus is on expanding across all divisions, while acquisitions are on the table. However, at this early stage, the broker finds it difficult to assess the strategy.

Hold rating maintained. Target rises to $37.50 from $36.00.

Target price is $37.50 Current Price is $39.37 Difference: minus $1.87 (current price is over target).
If PPT meets the Ord Minnett target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $36.17, suggesting downside of -8.1% (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

UBS rates PPT as Neutral (3) -

Perpetual reported in line. Earnings are back at FY15 levels, the broker notes, and the fund manager's once dominant investment division now contributes less than 50%. Management's plan is to diversify through organic expansion and acquisitions and while the broker applauds this "bolder" approach, leveraging off the balance sheet, timing and scale remain unclear and such a strategy is not without execution risk.

In the meantime, Perpetual's funds continue to underperform hence further outflows offer downside risk. The broker cannot see near term value upside hence Neutral retained. Target rises to $36.00 from $32.85 on higher market PE.

Target price is $36.00 Current Price is $39.37 Difference: minus $3.37 (current price is over target).
If PPT meets the UBS target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $36.17, suggesting downside of -8.1% (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

Morgan Stanley rates PSQ as Overweight (1) -

First half operating earnings (EBITDA) were up 2.5% while the margin decreased to 12.2% from 13.5%, affected by lower fees per appointment and higher IT and telco costs.

Overweight rating, In-Line industry view and target is $1.90.

Target price is $1.90 Current Price is $1.27 Difference: $0.63
If PSQ meets the Morgan Stanley target it will return approximately 50% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Morgan Stanley rates PTM as Underweight (5) -

First half net profit missed Morgan Stanley's estimates. Base fee margins dropped -3 basis points but it is unclear if discounting or change in mix drove this move. The distribution was 8% better than Morgan Stanley estimated.

The broker maintains an Underweight rating, $3.50 target and In-Line industry view.

Target price is $3.50 Current Price is $5.09 Difference: minus $1.59 (current price is over target).
If PTM meets the Morgan Stanley target it will return approximately minus 31% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.23, suggesting downside of -16.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -1.0

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

Ord Minnett rates PTM as Sell (5) -

Management fees were ahead of Ord Minnett's forecasts in the first half, thanks to a strong retail mix and higher monthly average funds balance. Performance fees were almost nothing.

The broker expects net outflows to persist and retains a Sell rating. Target is raised to $4.72 from $4.66.

Target price is $4.72 Current Price is $5.09 Difference: minus $0.37 (current price is over target).
If PTM meets the Ord Minnett target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.23, suggesting downside of -16.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -1.0

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

Citi rates QAN as Buy (1) -

Qantas delivered a strong result, the broker suggests, given fuel price headwinds, along with a solid dividend and buyback. The broker believes a move to fully hedge fuel costs in FY20 could lead to revenue savings.

The broker believes the market is still too bearish on the stock given demonstrated earnings and pricing power in the face of high fuel costs, ongoing rationality in the domestic market and the potential for further capital management.

Buy and $7.30 target retained.

Target price is $7.30 Current Price is $5.76 Difference: $1.54
If QAN meets the Citi target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $6.13, suggesting upside of 6.5% (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

Deutsche Bank rates QAN as Buy (1) -

Interim results were weaker than Deutsche Bank expected, with higher operating and fuel costs. Forward bookings appears solid while net debt is at the bottom of the company's target range.

An interim dividend of $0.12 per share was announced along with a further $305m buyback. Deutsche Bank maintains a Buy rating with a $6.50 target.

Target price is $6.50 Current Price is $5.76 Difference: $0.74
If QAN meets the Deutsche Bank target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $6.13, suggesting upside of 6.5% (ex-dividends)

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 QAN as No Rating (-1) -

Underlying pre-tax profit in the first half was slightly ahead of Macquarie's estimates. A new $305m share buyback was announced.

The broker reduces underlying estimates for pre-tax profit by -1% and -7% for FY19 and FY20 respectively. Macquarie is currently restricted on providing a rating and target.

Current Price is $5.76. Target price not assessed.

Current consensus price target is $6.13, suggesting upside of 6.5% (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 QAN as Equal-weight (3) -

First half results were broadly in line with expectations, with pre-tax profit below and EBIT in line. Unit costs growth was better than expected.

Morgan Stanley believes the market has priced in the emerging risks, although the next 12 months represents a period of significant uncertainty as a deteriorating consumer environment is likely to test the industry.

Equal-weight rating maintained. Target is $5.70. Industry view is Cautious.

Target price is $5.70 Current Price is $5.76 Difference: minus $0.06 (current price is over target).
If QAN meets the Morgan Stanley target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.13, suggesting upside of 6.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19: