Australian Broker Call

Macquarie rates A2B as Neutral (3) -

First half net profit was ahead of Macquarie's estimates. Operating metrics continue to show improvement on the back of investment in brand and marketing.

The broker retains a Neutral rating and raises the target to $2.02 from $1.84.

Target price is $2.02 Current Price is $2.06 Difference: minus $0.04 (current price is over target).
If A2B meets the Macquarie target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.06, suggesting upside of 0.0% (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 A2B as Neutral (3) -

A2B (nee Cabcharge) posted an in-line result but the composition was weak, UBS notes, and the outlook is for deterioration in the second half. Taxi payment turnover and network fleet numbers were down.

The broker nevertheless believes the company is making good progress with its technology rollout and the acquisition of MT1 will help. The business is faring well against strong competition from ride-share and there are multiple opportunities for vertical or horizontal expansion. This balances out against caution on a softening market into FY20.

Neutral and $2.10 target retained.

Target price is $2.10 Current Price is $2.06 Difference: $0.04
If A2B meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $2.06, suggesting upside of 0.0% (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 AGI as Underperform (5) -

The company has stepped away from expecting 75% sequential growth in the second half and now just expects an improvement. Macquarie reduces FY19 estimates for pre-tax profit by -13%.

The broker remains cautious about outright sales in all markets given moderating new game performance.  Underperform. Target is 75c.

Target price is $0.75 Current Price is $0.78 Difference: minus $0.03 (current price is over target).
If AGI meets the Macquarie target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -1.0

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

UBS rates AGI as Sell (5) -

Ainsworth's -45% drop in profit was slightly better than UBS forecast but in line with the material guidance downgrade delivered at the AGM. The broker notes the company's ship share in Australia was a mere 5% in the period.

LatAm is now Ainsworth's biggest sales region and with North America, international now makes up some 83% of sales. The broker suggests maybe the stock might be seen as an international play and negative earnings revisions will cease but product cycle initiatives are yet to show any material improvement and the broker prefers Aristocrat Leisure ((ALL)) in the sector.

Sell retained. Target falls to 65c from 66c.

Target price is $0.65 Current Price is $0.78 Difference: minus $0.13 (current price is over target).
If AGI meets the UBS target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -1.0

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

Morgans rates APT as Add (1) -

First half net profit was below expectations. While the result showed some earnings pressure from growth initiatives, Morgans believes this is secondary to the company seizing a market opportunity.

US growth metrics have further improved and Urban Outfitters has been confirmed as the company's launch partner in the UK.

Morgans is taking a more conservative outlook for margins and lowers cash estimates for earnings per share by -60% and -20% for FY19 and FY20, respectively.

Add rating maintained. Target is raised to $20.47 from $18.88.

Target price is $20.47 Current Price is $17.66 Difference: $2.81
If APT meets the Morgans target it will return approximately 16% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

UBS rates ASG as Buy (1) -

Autosports' well-flagged result was weak thanks to a very soft new car market. It was a tough half, the broker notes, impacted by delayed vehicle deliveries due to new European emissions testing, quarantine delays due to stink bugs, and the big hail storm in Sydney in December. No formal guidance was provided other than to suggest similar to the first half.

UBS forecasts sits well below FY18 given the weak car market but value is evident in the current price. Buy retained, target falls to $1.30 from $1.35.

Target price is $1.30 Current Price is $1.15 Difference: $0.15
If ASG meets the UBS target it will return approximately 13% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

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

Macquarie rates AYS as No Rating (-1) -

First half underlying operating earnings (EBITDA) were up 11.3%. Guidance for operating earnings of $33-37m is well below Macquarie's pre-result estimates. FY19 estimates are reduced by -53.7% and FY20 by -50.9%.

The company has announced an underwritten 1-for-2.5 accelerated non-renounceable pro rata entitlement offer worth $50.6m. Funds are earmarked for debt reduction and strategic initiatives. Macquarie is restricted on rating and target at present.

Current Price is $0.95. Target price not assessed.

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Citi rates BAL as Buy (1) -

Initial assessment leads Citi analysts to the observation that Bellamy's interim performance is well below expectations. Both bottom line and top line disappointed.

All in all, the analysts think it's too early to give up on Bellamy's in reference to old product versus new product, but they do point out the result points towards weaker than anticipated momentum. Maybe the new formulation, launched in February 2019, gives Bellamy’s a chance to restore operating momentum?

Target price is $10.65 Current Price is $8.08 Difference: $2.57
If BAL meets the Citi target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $10.13, suggesting upside of 25.4% (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

Macquarie rates BIN as Outperform (1) -

First half results were ahead of Macquarie's expectations, although while the top line was strong, margins were weak. The outcome of the ACCC ruling on the DADI deal has become important for the investment thesis, the broker suggests.

Macquarie upgrades estimates for earnings per share by 2.0% in FY19 and by 0.2% in FY20. Outperform rating maintained. Target is $1.50.

Target price is $1.50 Current Price is $1.45 Difference: $0.05
If BIN meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $1.97, suggesting upside of 35.6% (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 BIN as Buy (1) -

Bingo posted an operational miss, with margin compression greater than expected. But the focus was on recently downgraded FY guidance, UBS notes. Management remains confident increasing infrastructure spend will offset weakness in housing construction but the broker is more conservative on housing and thus has lowered forecasts.

That said, value is undemanding at the price. Buy and $2.55 target retained.

Target price is $2.55 Current Price is $1.45 Difference: $1.1
If BIN meets the UBS target it will return approximately 76% (excluding dividends, fees and charges).

Current consensus price target is $1.97, suggesting upside of 35.6% (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 BKL as Underweight (5) -

The CEO, Richard Henfrey, has resigned, although will remain with the company until a replacement is found. Morgan Stanley believes this increases near-term earnings risks after what were disappointing first half results.

The broker believes Blackmores has inadequate control processes over inventory levels, particularly in China. Hence, the new CEO will have to have some exposure to China, as this accounts for 40% of the company's end consumption, on the broker's estimates.

Underweight rating and $75 target maintained. Industry view is: Cautious.

Target price is $75.00 Current Price is $94.17 Difference: minus $19.17 (current price is over target).
If BKL meets the Morgan Stanley target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $90.92, suggesting downside of -3.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.3

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

Morgans rates BXB as Hold (3) -

Morgans believes the sale of IFCO is a good outcome, as it was well above valuation. The company plans to return US$1.95bn to shareholders through a special dividend and an on-market buyback.

Morgans continues to forecasts FY19 constant currency earnings (EBIT) growth of around 1.5%. The broker maintains a Hold rating and raises the target to $11.27 from $10.49.

Target price is $11.27 Current Price is $11.70 Difference: minus $0.43 (current price is over target).
If BXB meets the Morgans target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.76, suggesting upside of 0.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.5

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

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

Morgan Stanley believes Coca-Cola Amatil is a value trap, given anaemic growth is likely over the next three years. While trading multiples are not onerous the broker envisages little prospect of a re-rating.

The container deposit scheme has proven to be a headwind for the company, exaggerating the shift to supermarket private labels across 2018.

On the positive side, after a difficult first quarter, Indonesia produced positive volume growth over 2018. The company's star division is now alcohol and coffee, the broker observes.

2019-21 estimates for earnings per share increase by 3-4%. Equal-weight. Target is $9.00. Cautious industry view.

Target price is $9.00 Current Price is $7.99 Difference: $1.01
If CCL meets the Morgan Stanley target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $8.36, suggesting upside of 4.6% (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 CGC as Outperform (1) -

Upon early read, it appears Costa Group's result release (for the 6 months to December for a shortened financial reporting period) has met Macquarie's expectations.

It appears domestic conditions have stabilised, suggest the analysts. Guidance for at least 30% growth compares with 29% penciled in by the analysts.

Target price is $5.55 Current Price is $5.43 Difference: $0.12
If CGC meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $5.64, suggesting upside of 3.9% (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

Citi rates CSR as Neutral (3) -

Getting rid of long troubled Viridian Glass, and using the proceeds to announce a share buyback should support the share price, state Citi analysts. It probably will, but uncertainty about CEO succession and alumina contract renewal are likely capping potential upside, they add.

Neutral rating and $3.60 price target retained while the removal of Viridian Glass shaves off -3% from forecasts, with the analysts calculating the buyback will effectively compensate for this impact.

Target price is $3.60 Current Price is $3.42 Difference: $0.18
If CSR meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $3.36, suggesting downside of -1.8% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Citi rates CTX as Buy (1) -

Caltex's 2018 report release has triggered reduced forecasts at Citi. The analysts are talking "temporary headwinds" in reference to lower retail fuel margins on the back of increased competition and lower Lytton refining volumes.

The updated modeling also accounts for some execution risk in the roll out of the company's convenience strategy. Citi analysts are confident growth will resume in 2020 and the market is not yet comfortable enough to price this in. Buy maintained.

Company guidance for relatively flat outlook for operational profits (EBIT) in 2019 is in line with Citi's forecast. Price target lifts to $31.94 from $29.58.

Target price is $31.94 Current Price is $28.85 Difference: $3.09
If CTX meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $29.94, suggesting upside of 3.8% (ex-dividends)

The company's fiscal year ends in December.

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 CTX as Outperform (1) -

Credit Suisse observes refiner margins, a significant near-term headwind, hid what was otherwise a robust fuels and infrastructure result in 2018.

A $260m off-market buyback and higher dividend pay-out ratio has sweetened shareholder returns, the broker adds.

Nevertheless, the market is expected to downgrade on the basis of the refiner margin.

Credit Suisse maintains an Outperform rating and reduces the target to $31.12 from $32.39.

Target price is $31.12 Current Price is $28.85 Difference: $2.27
If CTX meets the Credit Suisse target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $29.94, suggesting upside of 3.8% (ex-dividends)

The company's fiscal year ends in December.

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 CTX as Downgrade to Hold from Buy (3) -

Deutsche Bank observes convenience store targets are looking tougher to attain. The broker expects the current low fuel price will support retail fuel margins and refining margins will eventually revert.

However, the departure of the general manager of convenience makes the broker less confident about the uplift target from the transformation. The broker believes Viva Energy ((VEA)) is a better way to play the thematic as it has market share opportunity.

Rating is downgraded to Hold from Buy. Target is reduced to $27.50 from $28.00.

Target price is $27.50 Current Price is $28.85 Difference: minus $1.35 (current price is over target).
If CTX meets the Deutsche Bank target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $29.94, suggesting upside of 3.8% (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

Morgan Stanley rates CTX as Underweight (5) -

2018 results included a $260m share buyback, a welcome surprise to Morgan Stanley. The broker had suspected an uncertain refining outlook and the company's leverage might inhibit a buyback decision.

The issue for 2019 is whether refining conditions improve and whether retail fuel conditions deteriorate, given the new pricing strategies by competitors.

The broker decreases estimates for earnings per share because of lower refining assumptions. Target is raised to $25 from $23. Underweight. Industry view: Attractive.

Target price is $25.00 Current Price is $28.85 Difference: minus $3.85 (current price is over target).
If CTX meets the Morgan Stanley target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $29.94, suggesting upside of 3.8% (ex-dividends)

The company's fiscal year ends in December.

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 CTX as Hold (3) -

2018 net profit was ahead of Ord Minnett's forecasts. The broker observes the new alliance between Coles ((COL)) and Viva Energy ((VEA)) makes gross margin expansion more difficult.

Moreover, market share losses are likely to be endured by the company's customer, Woolworths ((WOW)).

The broker has also less confidence in execution of the convenience retail strategy, as earnings targets are being pushed back and not reiterated. Hold rating and $27.50 target maintained.

Target price is $27.50 Current Price is $28.85 Difference: minus $1.35 (current price is over target).
If CTX 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 $29.94, suggesting upside of 3.8% (ex-dividends)

The company's fiscal year ends in December.

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 CTX as Buy (1) -

Caltex's result was impacted by lower refiner margins but in line with the broker's forecast. FY guidance is lower than forecast. The good news was an announced off-market buyback and suggestion of further capital management to come.

Target falls to $32.50 from $33.15. Buy retained, with the broker suggesting the market is not fully appreciating the company's convenience business.

Target price is $32.50 Current Price is $28.85 Difference: $3.65
If CTX meets the UBS target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $29.94, suggesting upside of 3.8% (ex-dividends)

The company's fiscal year ends in December.

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 CWP as Hold (3) -

First half profit was ahead of expectations. An interim dividend of 18c per security was up 50%. The company expects a strong uplift in earnings over the full year. The outlook is supported by pre-sales of $358m and ongoing commercial developments.

Morgans remains positive on the medium-term prospects and earnings delivery against weaker sector conditions. The broker retains a Hold rating, as negative investor sentiment on the sector is likely to cap outperformance. Target is reduced to $6.05 from $6.60.

Target price is $6.05 Current Price is $5.39 Difference: $0.66
If CWP meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Macquarie rates EHE as Neutral (3) -

First half underlying net profit was weaker than Macquarie expected. Guidance has been revised to operating earnings (EBITDA) growth in the low-mid single digits.

Macquarie notes the company has not included the recently-announced subsidy from the government in its guidance and this provides some buffer for further declines in occupancy.

Challenging conditions are expected to persist and the broker maintains a Neutral rating. Target is reduced to $2.47 from $2.70.

Target price is $2.47 Current Price is $2.30 Difference: $0.17
If EHE meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $2.65, suggesting upside of 15.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

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

First half operating earnings (EBITDA) were slightly behind Morgan Stanley's estimates. FY19 guidance has been reduced to low-mid single digit growth.

Morgan Stanley marks down estimates for earnings per share and retains some short-term concerns about occupancy, given the unknown factor of the Royal Commission.

Target is $2.63. Equal-weight retained. In-Line industry view.

Target price is $2.63 Current Price is $2.30 Difference: $0.33
If EHE meets the Morgan Stanley target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $2.65, suggesting upside of 15.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Ord Minnett rates EHE as Hold (3) -

First half net profit was slightly ahead of Ord Minnett's forecasts. The broker observes an improvement in underlying operating earnings (EBITDA) was well ahead of Estia Health's two listed competitors, although acknowledges direct comparisons are complicated by the differing maturity rates of development sites.

The refundable accommodation deposit inflow was poor, and the broker suggests this has been driven by unusual movements in probate. Hold rating and $2.50 target maintained.

Target price is $2.50 Current Price is $2.30 Difference: $0.2
If EHE meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $2.65, suggesting upside of 15.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

UBS rates EHE as Buy (1) -

It was a mixed result from Estia, the broker suggests, but the highlight was stronger occupancy then peers Regis Healthcare ((REG)) and Japara Healthcare ((JHC)), both of which blamed industry-wide weak occupancy for their respective misses.

Unlike peers, Estia has chosen not to include an assumed government funding boost in FY guidance.

The broker nevertheless lowers occupancy expectations, but valuation is offset by a higher multiple assumed for the sector given further government support is likely to flow from the RC. Target falls to $3.00 from $3.30. Buy retained.

Target price is $3.00 Current Price is $2.30 Difference: $0.7
If EHE meets the UBS target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $2.65, suggesting upside of 15.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Ord Minnett rates EXP as Buy (1) -

The interim net profit was ahead of Ord Minnett estimates. The broker is encouraged by the change that is taking place in the business and retains a Buy rating with more confidence.

Skydiving earnings are upgraded, which more than offsets downgrades to adventure earnings. At the same time the broker decreases depreciation & amortisation estimates, given lower numbers in the first half.

Estimates for earnings per share are upgraded by 5% for FY19 and 2% for FY20. Target is raised to $0.41 from $0.40.

Target price is $0.41 Current Price is $0.33 Difference: $0.08
If EXP meets the Ord Minnett target it will return approximately 24% (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 FXL as Buy (1) -

Buy rating retained while forecasts have been lowered -5% following release of an interim report that came out below Citi's expectations. Now that management has announced a new "Four Steps of Transformation" strategy, Citi analysts state the future is all about execution.

Target price falls by -8.6% to $1.80. The analysts acknowledge the share price valuation has looked "undemanding" for quite a while now, but they "feel" the balance is now shifting, albeit slowly, to more positive scenarios.

Target price is $1.80 Current Price is $1.58 Difference: $0.22
If FXL meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $1.65, suggesting upside of 4.6% (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 FXL as Outperform (1) -

There were few surprises for Credit Suisse in the first half result as it was pre-announced. The company has maintained FY19 cash net profit guidance of $76-80m.

The broker believes the company has a lot to do to prove it can deliver growth, let alone sustainable growth. Outperform rating and $1.80 target maintained.

Target price is $1.80 Current Price is $1.58 Difference: $0.22
If FXL meets the Credit Suisse target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $1.65, suggesting upside of 4.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.7

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

Deutsche Bank rates FXL as Upgrade to Buy from Hold (1) -

Cash net profit fell sharply in the first half, largely because of an impairment in the vendor finance book. Certegy was a highlight while cards continue to be a drag, Deutsche Bank observes.

Still, despite profit declines, the company appears to be entrenched in consumer finance and should generate more cash than listed finance peers that are valued on significantly higher multiples, in the broker's view.

Given strong valuation support and the upside risk from new initiatives the broker upgrades to Buy from Hold. Target is $1.80.

Target price is $1.80 Current Price is $1.58 Difference: $0.22
If FXL meets the Deutsche Bank target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $1.65, suggesting upside of 4.6% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.7

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

Macquarie rates FXL as Neutral (3) -

First half net profit was down -22% and in line with downgraded guidance. FY19 guidance is unchanged.

The company has outlined a program to simplify its complex products and systems. Macquarie notes the large but competitive market also faces regulatory scrutiny.

The broker maintains a Neutral rating and raises the target to $1.34 from $1.14.

Target price is $1.34 Current Price is $1.58 Difference: minus $0.24 (current price is over target).
If FXL meets the Macquarie target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.65, suggesting upside of 4.6% (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

Morgans rates FXL as Add (1) -

First half cash net profit was down -22%, affected by a -$10m impairment with Equipment Finance, which was pre-announced.

Morgans observes there is high variability in potential earnings outcomes in FY20, but believes the business can grow earnings from the current FY19 base, while the risk/reward looks favourable.

The broker maintains an Add rating and raises the target to $1.83 from $1.80.

Target price is $1.83 Current Price is $1.58 Difference: $0.25
If FXL meets the Morgans target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $1.65, suggesting upside of 4.6% (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 FXL as Neutral (3) -

FlexiGroup's result was in line with recently downgraded guidance. Cash profit ex-provisions fell -3% in the period but second half guidance implies 5-15% growth. The broker suggests management's new strategy looks positive on initial impression but more detail is required. Neutral thus retained for now.

UBS has cut forecasts in line with the prior guidance downgrade and on higher operating expense assumptions. Target falls to $1.35 from $1.45.

Target price is $1.35 Current Price is $1.58 Difference: minus $0.23 (current price is over target).
If FXL meets the UBS target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.65, suggesting upside of 4.6% (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

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

2018 results were in line with guidance. Morgans observes occupancy in the year to date is up around 2% but excess supply continues to make for a challenging market.

The company has reiterated a medium-term occupancy target of 81%. Morgans downgrades to Hold from Add as the total shareholder returns are under 10%. Target is raised to $3.16 from $3.04.

Target price is $3.16 Current Price is $3.13 Difference: $0.03
If GEM meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $3.46, suggesting upside of 10.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.7

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

Citi rates HUB as Neutral (3) -

Higher costs and lower cash flow caused the interim report to miss expectations. Citi analysts counter by predicting platform margins will increase over the medium term, supporting their forecast of 3-year EPS CAGR of 65% for Hub24.

Citi remains convinced Hub24 is one major beneficiary from the structural shift towards specialist platform providers. Offsetting this, is a downtrend in prices commanded by the industry in the years ahead.

Estimates have been lowered -5%-25% to account for lower margins due to higher costs. Target price falls by -6% to $13.40. Neutral rating retained.

Target price is $13.40 Current Price is $11.98 Difference: $1.42
If HUB meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $12.70, suggesting upside of 6.0% (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

Credit Suisse rates HUB as Neutral (3) -

First half underlying net profit missed Credit Suisse estimates. The miss was driven by costs and, while disappointed, the broker acknowledges this sets the business up to deliver in coming years.

Importantly, revenues beat expectations, particularly on margin. The broker continues to believe the company will attract significant flows in coming years.

However, the stock price is considered fair and the broker maintains a Neutral rating. Target is reduced to $13.30 from $13.80.

Target price is $13.30 Current Price is $11.98 Difference: $1.32
If HUB meets the Credit Suisse target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $12.70, suggesting upside of 6.0% (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 HUB as Underperform (5) -

First half net profit was well below Macquarie's estimates. A lack of transparency on revenue generation and step changes in expenses and capital expenditure makes it difficult for the broker to become comfortable with the outlook.

The broker assumes the stock will be de-rated on earnings downgrades and envisages material downside given the step up in costs and weaker cash earnings.

Underperform rating reaffirmed. Target is reduced to $9.90 from $10.00.

Target price is $9.90 Current Price is $11.98 Difference: minus $2.08 (current price is over target).
If HUB meets the Macquarie target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $12.70, suggesting upside of 6.0% (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 IFM as Neutral (3) -

Infomedia's result implies overall revenue momentum remains solid and the broker sees the outlook as encouraging. Following a period of investing in the cost base, and cycling the lost Jaguar Land Rover contract, the company is now well placed to grow revenue and achieve material operating leverage.

The short term should benefit from increased investment in sales force and delivery capability, the broker suggests, while the move into data & insights provides an opportunity to create a significant new business. The broker retains Neutral on valuation. Target rises to $1.55 from $1.30.

Target price is $1.55 Current Price is $1.55 Difference: $0
If IFM meets the UBS target it will return approximately 0% (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

Citi rates IPL as Neutral (3) -

Yesterday's Broker Call report showed Citi analysts had been taken by surprise by the magnitude of the company's profit warning caused by floods in north Queensland.

While the cause is likely a one-off, Citi analysts point towards further uncertainty remaining because of East coast explosives contract renewals and Gibson Island's future.

The analysts prefer to sit on the sideline (Neutral) with a $3.65 price target (unchanged).

Target price is $3.65 Current Price is $3.40 Difference: $0.25
If IPL meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $3.90, suggesting upside of 14.6% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

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

Credit Suisse rates IPL as Outperform (1) -

The company has announced a -$120m negative impact from the disruption in the Mount Isa rail line due to flooding in North Queensland.

Credit Suisse believes investors should take comfort from a balance sheet which has the ability to accommodate this impact.

The broker also suspects the closure of Gibson Island will be announced within the next month, conceding this is unlikely to encourage the market.

Credit Suisse maintains an Outperform rating and raises the target to $4.33 from $4.29.

Target price is $4.33 Current Price is $3.40 Difference: $0.93
If IPL meets the Credit Suisse target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $3.90, suggesting upside of 14.6% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

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

Deutsche Bank rates IPL as Buy (1) -

The estimate from the company to account for the flood impact on the Mount Isa rail line comprises a reduction in earnings of -$100-120m, in line with Deutsche Bank's calculations.

The company has made arrangements to source imported product, but the broker notes domestic fertiliser demand remains soft and international DAP prices have also eased.

On the positive side, explosives demand is strong and will benefit from a lower Australian dollar. Buy rating and $4.70 target maintained.

Target price is $4.70 Current Price is $3.40 Difference: $1.3
If IPL meets the Deutsche Bank target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $3.90, suggesting upside of 14.6% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

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

Macquarie rates IPL as Outperform (1) -

The company expects a three-month rail outage in Queensland, affecting earnings (EBIT) by -$100-120m. This represents a one-off event.

Meanwhile, Macquarie notes global fertiliser prices are weak but there should be a seasonal rebound in prices in the first half of 2019, reflecting solid North American demand.

Outperform rating maintained. Target is reduced to $3.96 from $4.05.

Target price is $3.96 Current Price is $3.40 Difference: $0.56
If IPL meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $3.90, suggesting upside of 14.6% (ex-dividends)

The company's fiscal year ends in September.

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 IPL as Equal-weight (3) -

The company has quantified the impact of recent flooding that affected the rail line between Phosphate Hill and Townsville. The rail line is expected to reopen from late April.

The negative earnings (EBIT) impact is expected to be -$100-120m. Morgan Stanley calculates this implies a -17-20% downgrade to consensus forecasts.

Equal-weight rating, Cautious industry view. Target is $3.60.

Target price is $3.60 Current Price is $3.40 Difference: $0.2
If IPL meets the Morgan Stanley target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $3.90, suggesting upside of 14.6% (ex-dividends)

The company's fiscal year ends in September.

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 IPL as Hold (3) -

The company has quantified the expected impact from the flooding of the rail line between Townsville and Phosphate Hill. Lost earnings (EBIT) are expected to be between $100-120m and production has been revised down by -26-31%.

Morgans reduces forecasts for FY19 net profit by -26%. Because of slightly more conservative diammonium phosphate and urea price assumptions the broker's FY20 estimates fall -3.3%.

Hold rating maintained. Target is reduced to $3.48 from $3.50.

Target price is $3.48 Current Price is $3.40 Difference: $0.08
If IPL meets the Morgans target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $3.90, suggesting upside of 14.6% (ex-dividends)

The company's fiscal year ends in September.

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 IPL as Buy (1) -

Ord Minnett updates to allow for the repair of the Queensland rail line between the company's Phosphate Hill plant and Townsville. The broker lowers FY19 net profit estimates by -20%. Target is reduced to $4.00 from $4.10 and a Buy rating is retained.

Target price is $4.00 Current Price is $3.40 Difference: $0.6
If IPL meets the Ord Minnett target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $3.90, suggesting upside of 14.6% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

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

UBS rates IPL as Neutral (3) -

UBS has cut Incitec Pivot's forecast earnings by -20% in FY19 due to damage caused in the floods to the rail line linking the company's Phosphate Hill ammonia plant in Mt Isa to the port at Townsville.

The plant itself was not damaged and the line is expected to re-open by mid-May. The broker's downgrade is consistent with management's update.

The broker retains Neutral, balancing an improving outlook for explosive demand from the mining sector against the impact on fertiliser demand the floods will likely affect. Target falls to $3.46 from $3.50.

Target price is $3.46 Current Price is $3.40 Difference: $0.06
If IPL meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $3.90, suggesting upside of 14.6% (ex-dividends)

The company's fiscal year ends in September.

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 LVH as Add (1) -

First half results were solid, Morgans believes, with higher average yields from new enterprise customers providing most of the revenue growth. Average revenue per customer grew 38%.

The broker reduces forecasts to reflect a worst-case scenario for R&D tax refunds.

Morgans maintains an Add rating as the stock is trading well below valuation and target. Target is reduced to $0.85 from $0.93.

Target price is $0.85 Current Price is $0.56 Difference: $0.29
If LVH meets the Morgans target it will return approximately 52% (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 MNF as Overweight (1) -

First half results were softer than expected and FY19 guidance has been lowered to EBITDA of $27-28m.

Morgan Stanley observes the contribution to the downgrade remains ambiguous but the company has clearly suffered from increased pressure on the transaction side of the global wholesale business.

Nevertheless, key operating metrics appear healthy. The $6.30 target is unchanged. Overweight. Industry view: In-Line.

Target price is $6.30 Current Price is $3.85 Difference: $2.45
If MNF meets the Morgan Stanley target it will return approximately 64% (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 MTO as Hold (3) -

First half results were in line with the recent trading update and reflect challenging conditions in the base business, which Morgans notes was offset by an incremental contribution from the Cassons acquisition.

The broker awaits confirmation of improved industry conditions and, therefore, maintains a Hold rating. Target is reduced to $1.63 from $1.71.

Target price is $1.63 Current Price is $1.43 Difference: $0.2
If MTO meets the Morgans target it will return approximately 14% (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

UBS rates MYO as Neutral (3) -

MYOB's 2018 result was in line with forecasts but FY19 guidance of 6-8% organic revenue growth represents a downgrade, the broker notes. The broker has trimmed forecasts accordingly while leaving later years unchanged.

It's all a bit academic as the board intends to accept private equity's offer. The broker lifts its target to $3.40 from $2.95 to match that offer, Neutral retained.

Target price is $3.40 Current Price is $3.38 Difference: $0.02
If MYO meets the UBS target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $3.23, suggesting downside of -4.4% (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 NSR as Underperform (5) -

At face value, it appears the interim report is in line, but Macquarie detects a miss at the underlying level of performance. The analysts conclusion is that growth trends are under pressure.

Balance sheet looks okay, and management has stuck by its FY19 guidance, the analysts observe.

Target price is $1.29 Current Price is $1.88 Difference: minus $0.59 (current price is over target).
If NSR meets the Macquarie target it will return approximately minus 31% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.61, suggesting downside of -14.2% (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

Morgans rates ORG as Add (1) -

Morgans believes free cash flow will strengthen in the next few years as the company reaches its gearing target. The broker expects capital expenditure will be at or around $500m in the absence of any large commitments.

The broker has eased back expectations regarding the pay-out ratio but still expects the company could manage a dividend yield of around 7%.

The broker notes recent speculation the LNG industry in Queensland may have to mothball one third of its capacity by 2025. Even so, APLNG is the best placed of the three LNG exporters to meet contractual demands, in the broker's view.

Add rating maintained. Target is reduced to $8.46 from $8.51.

Target price is $8.46 Current Price is $7.36 Difference: $1.1
If ORG meets the Morgans target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $8.39, suggesting upside of 13.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.8

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

Deutsche Bank rates PPC as Hold (3) -

First half net profit was below Deutsche Bank's expectations. Revenue was also weaker, affected by an englobo land settlement.

The broker notes management has removed guidance for FY19 that targeted "growth on FY18 earnings" from its commentary.

Hold rating maintained. Target is reduced to $1.05 from $1.35.

Target price is $1.05 Current Price is $0.97 Difference: $0.08
If PPC meets the Deutsche Bank target it will return approximately 8% (excluding dividends, fees and charges).

Market Sentiment: 0.0

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

Macquarie rates PPC as Neutral (3) -

First half earnings were below Macquarie's estimates. The broker detects a change in tone for the FY19 outlook, as the company has stepped away from targeting growth.

The value of contracts on hand declined -26% versus the prior half. Macquarie maintains a Neutral rating and reduces the target -4% to $1.02.

Target price is $1.02 Current Price is $0.97 Difference: $0.05
If PPC meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Morgan Stanley rates PRT as Underweight (5) -

First half results were in line with expectations. Prime Media has benefited from strong ratings for cricket but this was offset at the bottom line by higher affiliate fees.

The company's revenue over summer was strong, up 4.7%. FY19 guidance is for core net profit of $16-18m. To achieve this, the company needs to reach $6-8m in second half net profit, Morgan Stanley calculates.

Underweight and 20c target retained. Industry view: Attractive.

Target price is $0.20 Current Price is $0.25 Difference: minus $0.05 (current price is over target).
If PRT meets the Morgan Stanley target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -1.0

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

Deutsche Bank rates QBE as Hold (3) -

2018 cash net profit was ahead of Deutsche Bank's forecasts. The broker notes the financial performance improved in 2018, reflecting actions by management to simplify the business as well as improved pricing conditions.

Attritional claims improved and catastrophe claims were reduced. This was partly offset by lower net investment yields. The broker maintains a Hold rating and $12.20 target.

Target price is $12.20 Current Price is $12.12 Difference: $0.08
If QBE meets the Deutsche Bank target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $12.96, suggesting upside of 6.9% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.8

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

Morgans rates RCW as Add (1) -

First half results revealed strong revenue growth, up 66%. Morgans suspects that, given the strong result and implications for the second half, guidance for revenue growth of over 40% could be beaten.

The broker maintains an Add rating and $0.38 target.

Target price is $0.38 Current Price is $0.32 Difference: $0.06
If RCW meets the Morgans target it will return approximately 19% (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

Macquarie rates RSG as Outperform (1) -

The company recorded a modest loss for the first half, while Macquarie expected a profit. The main cause of the difference was a negative move in treasury.

The broker expects earnings to accelerate in 2019 as the company winds back expenditure at Syama and the sub- level cave ramps up to full production. Outperform rating and $1.60 target maintained.

Target price is $1.60 Current Price is $1.13 Difference: $0.47
If RSG meets the Macquarie target it will return approximately 42% (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 SDA as Downgrade to Neutral from Outperform (3) -

2018 results were in line with downgraded expectations. Credit Suisse expects the company will need to deliver some organic growth in 2019 in order to obtain a re-rating.

The broker, which changes analyst coverage with this report, is also concerned about elevated gearing and downgrades to Neutral from Outperform.

The broker is pleased the company has acknowledged investor reservation and committed to de-leveraging. Target is reduced to $3.70 from $5.50.

Target price is $3.70 Current Price is $3.64 Difference: $0.06
If SDA meets the Credit Suisse target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $3.35, suggesting downside of -8.1% (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: 0.0

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

UBS rates SDA as Neutral (3) -

The key takeaway for UBS from SpeedCast's result was an upgrade to FY19 earnings guidance, implying a material lift over FY18. The projection includes an element of organic growth that the broker has not previously assumed. That said, the broker notes energy market revenues can be highly unpredictable.

Otherwise, maritime and government revenues are tracking well and revenues stabilised for the Globecomm acquisition, leading to upgraded synergy assumptions. Neutral retained, target rises to $3.75 from $3.20.

Target price is $3.75 Current Price is $3.64 Difference: $0.11
If SDA meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $3.35, suggesting downside of -8.1% (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: 0.0

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

Ord Minnett rates SEK as Accumulate (2) -

Upon initial read, it appears Seek's interim result was well above Ord Minnett's expected numbers, though the interim dividend is a firm "miss". The analysts note FY19 revenue and EBITDA guidance were reiterated but NPAT guidance has been adjusted lower due to increased investments in Early Stage Ventures (ESV).

Other negatives include higher capex and lower cash flow. Zhaopin performed better than expected.

Target price is $23.00 Current Price is $18.82 Difference: $4.18
If SEK meets the Ord Minnett target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $19.86, suggesting upside of 5.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.1

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

Citi rates SKI as Neutral (3) -

The 2018 report is labeled "largely in line" (missed by -2%). Citi analysts are worried about risk which manifests itself through potentially higher interest rates in combination with negative dividend growth. Citi analysts struggle with the investment case for Spark Infra; they prefer APA Group ((APA)) instead.

Standalone operating cash flows have increased on higher forecast gearing for Transgrid unregulated growth. Citi explains this reduces the equity required for capex and hence increases distributions to Spark Infra. Neutral. Price target $2.28.

On macro level, Citi’s rates strategists forecast rising bond yields, with 10yr yields increasing to 2.8%, from 2.1% currently.

Target price is $2.28 Current Price is $2.35 Difference: minus $0.07 (current price is over target).
If SKI meets the Citi target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.27, suggesting downside of -3.3% (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 SKI as Underperform (5) -

2018 operating earnings (EBITDA) and cash flow were in line with Credit Suisse forecasts. The broker's concern about cash flow post 2020 is reinforced by the recent adverse tax review.

Forecasts are updated to reflect the SAPN proposal for the 2020-25 period, which has a negligible earnings impact. Underperform rating and $2.10 target maintained.

Target price is $2.10 Current Price is $2.35 Difference: minus $0.25 (current price is over target).
If SKI 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 $2.27, suggesting downside of -3.3% (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 SKI as Hold (3) -

2018 results were consistent with Deutsche Bank's forecasts. Management has reaffirmed distribution guidance for 2019 of at least 15.0c per share.

The broker observes an ongoing level of uncertainty regarding a decision on whether to appeal a recent adverse tax ruling. Upcoming regulatory re-sets also add to uncertainty.

Nevertheless, a 6.3% cash yield is expected to support the share price over the short-medium term. The broker maintains a Hold rating and $2.15 target.

Target price is $2.15 Current Price is $2.35 Difference: minus $0.2 (current price is over target).
If SKI meets the Deutsche Bank target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.27, suggesting downside of -3.3% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.3

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

Macquarie rates SKI as Neutral (3) -

2018 results were in line with expectations. The company has emphasised additional regulatory tax will reduce asset revenue, by around -$20m more than anticipated.

Macquarie believes the long-term value of the regulatory assets continues, but in the near-term there is a degree of uncertainty caused by the tax situation and the ongoing draft recommendations.

This is likely to dampen the benefit from strong TransGrid growth. Neutral maintained. Target is raised to $2.41 from $2.32.

Target price is $2.41 Current Price is $2.35 Difference: $0.06
If SKI meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $2.27, suggesting downside of -3.3% (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 SKI as Downgrade to Underweight from Equal-weight (5) -

Morgan Stanley believes compressed regulatory returns and tax uncertainty have reduced the stock's relative appeal and downgrades to Underweight from Equal-weight.

The 2018 performance was in line with the broker's estimates but the risks are considered skewed to the downside going forward.

Target is reduced to $2.28 from $2.43. Industry view is Cautious.

Target price is $2.28 Current Price is $2.35 Difference: minus $0.07 (current price is over target).
If SKI meets the Morgan Stanley target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.27, suggesting downside of -3.3% (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 SKI as Hold (3) -

Second half earnings growth was stronger than Morgans expected. The company has reaffirmed 2019 distribution guidance of at least $0.15 per security and expects the effective cash tax rate will commence at 6% in 2019 and lift to 12-20% in 2020-21.

The company is moving away from using net debt:RAB as its key gearing metric to focus on the cash flow-based FFO:debt. Morgans alters forecasts to reflect this change in approach to measuring borrowing capacity.

Morgans maintains a Hold rating and raises the target to $2.28 from $2.11.

Target price is $2.28 Current Price is $2.35 Difference: minus $0.07 (current price is over target).
If SKI meets the Morgans target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.27, suggesting downside of -3.3% (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 SKI as Hold (3) -

2018 operating earnings (EBITDA) of $825.4m were slightly below Ord Minnett's forecasts. Management has reiterated a 2019 distribution of at least $0.15 per security.

The broker considers the business at an interesting juncture, with growth opportunities but also pressure on the regulated business.

The company has indicated that future distributions will be paid out as a high proportion of stand-alone operating cash flow, with franking credits to the extent possible.

The broker maintains a Hold rating and trims the target to $2.40 from $2.50.

Target price is $2.40 Current Price is $2.35 Difference: $0.05
If SKI meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $2.27, suggesting downside of -3.3% (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 SLC as Overweight (1) -

First half results appear to be re-basing earnings and Morgan Stanley notes initial FY19 operating earnings (EBITDA) guidance is below consensus expectations because of reinvestment and accounting changes.

The company has also announced a $31m equity raising to reduce net debt, which the broker considers appropriate.

Overweight rating and $2.50 target. Industry view is In-Line.

Target price is $2.50 Current Price is $1.49 Difference: $1.01
If SLC meets the Morgan Stanley target it will return approximately 68% (excluding dividends, fees and charges).

Current consensus price target is $2.21, suggesting upside of 48.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.7

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

Citi rates VOC as Neutral (3) -

Upon initial read, Citi analysts believe Vocus Group has released an interim report in line with its own guidance, while also sticking with its guidance for FY19. The analysts see this as a positive and are not expecting any significant change to consensus estimates post the release.

Target price is $3.65 Current Price is $3.88 Difference: minus $0.23 (current price is over target).
If VOC meets the Citi target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.24, suggesting downside of -16.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

Morgan Stanley rates VRT as Overweight (1) -

First half operating earnings (EBITDA) missed expectations. Morgan Stanley believes the IVF industry should grow around 3% over the long term.

Questions regarding market growth will weigh on the stock until there is more clarity, the broker suspects.

Morgan Stanley envisages value in the stock and retains an Overweight rating. Target is reduced to $5.34 from $5.97. Industry view is In-Line.

Target price is $5.34 Current Price is $4.09 Difference: $1.25
If VRT meets the Morgan Stanley target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $4.78, suggesting upside of 16.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.7

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

Credit Suisse rates WGN as Outperform (1) -

First half results were in line with guidance provided in January. Despite project delays, the company reported 3% growth in revenue from construction materials and services, 10% above Credit Suisse forecasts.

This was driven by growth in the core cement, concrete and aggregates business. While modelling strong growth, Credit Suisse expects reinvestment may limited growth in operating earnings (EBITDA).

Outperform rating maintained. Target rises to $3.80 from $3.70.

Target price is $3.80 Current Price is $3.09 Difference: $0.71
If WGN meets the Credit Suisse target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $3.06, suggesting downside of -1.0% (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

Macquarie rates WGN as Underperform (5) -

First half results beat Macquarie's estimates. Construction materials & services revealed gross revenue of $120.8m, largely driven by higher activity in lower-margin areas.

The broker notes delayed infrastructure projects are weighing on the results. Three new concrete plants aimed at improving cement pull-through remain a challenging priority for the business, in the broker's view.

Underperform rating maintained. Target is reduced to $2.00 from $2.05.

Target price is $2.00 Current Price is $3.09 Difference: minus $1.09 (current price is over target).
If WGN meets the Macquarie target it will return approximately minus 35% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.06, suggesting downside of -1.0% (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

Morgans rates WGN as Add (1) -

First half results were in line with expectations. Morgans believes the company is comfortably on track for FY19 earnings (EBIT) of $35-38m.

The broker envisages enough planned infrastructure expenditure in south-east Queensland and offshore LNG work to offer plenty of upside.

Add rating maintained. Target is reduced to $3.38 from $3.44.

Target price is $3.38 Current Price is $3.09 Difference: $0.29
If WGN meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $3.06, suggesting downside of -1.0% (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

Citi rates WTC as Upgrade to Buy from Neutral (1) -

Citi's upgrade to Buy from Neutral following a -24% fall in the share price over the past seven days. In addition, the analysts believe the latest acquisition (of Containerchain) "appears to be highly strategic" for the company.

Forecast FY19 revenue growth of $114m (51%) is split 23% organic and 28% acquisitive, the analysts explain, Target price lifts to $21.31 from $21.09.

Target price is $21.31 Current Price is $18.66 Difference: $2.65
If WTC meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $19.86, suggesting upside of 6.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

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