Australian Broker Call

Credit Suisse rates ALX as Neutral (3) -

First half results were below estimates yet Credit Suisse believes the new management team has made a solid start. Management has reaffirmed guidance for $0.30 in dividends to be paid in 2019, in line with expectations.

The broker notes at Dulles Greenway there is an upgrade of management underway, amid cost reductions and plans to address traffic congestion. The broker also envisages potential for a larger stake in APRR and a simpler ownership structure.

Neutral rating maintained. Target rises to $8.10 from $7.15.

Target price is $8.10 Current Price is $8.49 Difference: minus $0.39 (current price is over target).
If ALX meets the Credit Suisse target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.98, suggesting downside of -6.0% (ex-dividends)

The company's fiscal year ends in December.

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 ALX as Downgrade to Neutral from Outperform (3) -

Atlas Arteria reported APRR earnings ahead of forecast despite declining traffic due to lower snow clearing costs. Greenway earnings were in line.

Macquarie notes an opportunity is to simplify the structure with the MEIF2 transaction but Greenway is at risk of any weak economic environment or major weather event locking up distribution for another three years. Yield growth otherwise re-accelerates in 2021-22 with French tax cuts and Greenway dividend.

On a full valuation the broker downgrades to Neutral from Outperform. Target unchanged at $8.12.

Target price is $8.12 Current Price is $8.49 Difference: minus $0.37 (current price is over target).
If ALX 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 $7.98, suggesting downside of -6.0% (ex-dividends)

The company's fiscal year ends in December.

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 ALX as Equal-weight (3) -

There is a lot happening and Morgan Stanley is supportive, impressed and confident on various items of the ever moving feast that is Atlas Arteria. Equal-weight rating retained alongside a Cautious industry view, while the price target improves to $8.30 from $7.27.

Maybe the most important sentence out of today's research update is the following: "We think ALX can sustainably raise distributions over the forecast period by ~20% p.a., on moderate traffic growth, and a refinancing and declining tax rate tailwind, but no distributions from the DG (Dulles Greenway, currently in debt lock-up)."

Both EPS and DPS estimates have been scaled back.

Target price is $8.30 Current Price is $8.49 Difference: minus $0.19 (current price is over target).
If ALX meets the Morgan Stanley target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.98, suggesting downside of -6.0% (ex-dividends)

The company's fiscal year ends in December.

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 ALX as Hold (3) -

First half earnings were in line with expectations. Morgans observes the first-time distribution guidance for the first half of 2020 implies 6.7% growth and could underwhelm the market, although there are sources of potential upside to this guidance.

The company continues to pursue the restructuring of APRR-related agreements but no conclusion has been reached. Morgans maintains a Hold rating and raises the target to $7.53 from $7.37.

Target price is $7.53 Current Price is $8.49 Difference: minus $0.96 (current price is over target).
If ALX meets the Morgans target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.98, suggesting downside of -6.0% (ex-dividends)

The company's fiscal year ends in December.

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 ALX as Neutral (3) -

First half proportional operating earnings (EBITDA) grew by 1.6%. Cash flow from APRR grew by 18% because of the exit of high-cost funding structures, although some of this was eroded by additional costs associated with internalisation.

UBS reduces forecasts for cash flow in 2020 by -6% to reflect deferral of the French tax rate reduction and removing the early refinancing of the Eiffarie level debt. Neutral rating and $7.85 target maintained.

Target price is $7.85 Current Price is $8.49 Difference: minus $0.64 (current price is over target).
If ALX meets the UBS target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.98, suggesting downside of -6.0% (ex-dividends)

The company's fiscal year ends in December.

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 AMS as Add (1) -

The maiden FY19 result was slightly ahead of recently-upgraded guidance. Morgans expects another strong year in FY20, amid solid top-line growth.

The broker believes recent product momentum and a relatively fixed cost base provide upside to forecasts. Add rating maintained with the target reduced to $1.58 from $1.63.

Target price is $1.58 Current Price is $1.47 Difference: $0.11
If AMS meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

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

Credit Suisse rates APE as Outperform (1) -

First half results outperformed expectations. Credit Suisse believes merger synergy benefits will drive strong earnings growth over the next 12-18 months.

There is also potential for a cyclical recovery in new car sales, increased finance penetration and further acquisitions. The broker maintains an Outperform rating and raises the target to $13 from $12.

Target price is $13.00 Current Price is $12.24 Difference: $0.76
If APE meets the Credit Suisse target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $12.72, suggesting upside of 3.9% (ex-dividends)

The company's fiscal year ends in December.

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

Morgan Stanley rates APE as Overweight (1) -

Morgan Stanley labels the interim result "in-line to slightly better". Equity controlled in Automotive Holdings ((AHG)) has now risen to 71.9% and management is aiming at $13.5m synergies in the first 6mths and then a further $16.5m within 12mths.

Rating remains Overweight. Industry view: In-Line. Price target $12.80 (unchanged). It appears no changes have been made to forecasts.

Target price is $12.80 Current Price is $12.24 Difference: $0.56
If APE meets the Morgan Stanley target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $12.72, suggesting upside of 3.9% (ex-dividends)

The company's fiscal year ends in December.

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

Morgans rates APE as Add (1) -

First half pre-tax profit was well ahead of guidance, Morgans observes, despite difficult industry conditions and lower property & investment income.

The broker notes the share price is already factoring in the merger with Automotive Holdings ((AHG)).

The upside lies with any additional synergies and a cyclical upturn in industry conditions, Morgans asserts, but the combined business is likely to create a powerful growth story in years to come. Target is raised to $12.56 from $9.05.

Target price is $12.56 Current Price is $12.24 Difference: $0.32
If APE meets the Morgans target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $12.72, suggesting upside of 3.9% (ex-dividends)

The company's fiscal year ends in December.

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 APE as Accumulate (2) -

First half results were ahead of guidance. Ord Minnett believes the company is ideally positioned to participate in further industry consolidation, which should accelerate its market leadership and widen the competitive gap between scale networks and smaller operators.

The broker maintains an Accumulate rating and raises the target to $12.50 from $8.50.

Target price is $12.50 Current Price is $12.24 Difference: $0.26
If APE meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $12.72, suggesting upside of 3.9% (ex-dividends)

The company's fiscal year ends in December.

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 APX as Buy (1) -

As indicated in yesterday's Report, Citi found the interim results "strong" and "broad based". Upgraded guidance to near the top of the range meets market consensus already there and recent acquisition Figure Eight had a rocky start under the new ownership.

The Figure Eight disappointment changes nothing to Citi's view about Appen's financials, strategy or growth trajectory, the analysts assure. Forecasts have been lifted by between 6%-8% and the price target rises by 11% to $32.99. Yesterday the Buy rating was reiterated.

The analysts also believe upgraded guidance might well prove conservative.

Target price is $32.99 Current Price is $26.10 Difference: $6.89
If APX meets the Citi target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $29.00, suggesting upside of 11.1% (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

Credit Suisse rates APX as Neutral (3) -

First half results were ahead of Credit Suisse estimates. The broker remains upbeat on industry demand.

In the near-term earnings momentum appears to be to the upside although, in the longer term, Credit Suisse remains alert for any deterioration in the industry structure.

Valuation appears full and a Neutral rating is maintained. Target is raised to $24 from $23.

Target price is $24.00 Current Price is $26.10 Difference: minus $2.1 (current price is over target).
If APX meets the Credit Suisse target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $29.00, suggesting upside of 11.1% (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

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

First half results were strong, although UBS notes 2019 guidance was not upgraded. The broker believes upside risks remain and considers the valuation attractive relative to peers.

Rating is upgraded to Buy from Neutral and the target raised to $30.00 from $26.20.

UBS continues to envisage upside opportunity from Figure Eight, and artificial intelligence requirements remain a major tailwind, especially in government, where Figure Eight has operated previously.

Target price is $30.00 Current Price is $26.10 Difference: $3.9
If APX meets the UBS target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $29.00, suggesting upside of 11.1% (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

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

A weak new auto market impacted vehicle supply in the first half but improved execution by Autosports in the second half, including better inventory and cost management, led to improved trends in the second half, Macquarie notes.

After 16 months of downtrend, worse than the GFC, there are now signs of stabilisation in the car market.

Autosports is strongly positioned to capitalise on a turnaround and while the broker acknowledges illiquidity remains an issue, a deep discount to peers appears excessive. Upgrade to Outperform from Neutral, target rises to $1.76 from $1.15.

Target price is $1.15 Current Price is $1.45 Difference: minus $0.3 (current price is over target).
If ASG meets the Macquarie target it will return approximately minus 21% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

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) -

FY19 results were slightly better than expected. The company continues to be affected by emissions testing delays. UBS notes the balance sheet is back under control and cash generation is good.

The broker was pleased with the company's ability to pivot towards back-end income during a period of soft new car sales. Autosports has indicated that vendor expectations have been substantially re-set following 16 consecutive months of declines in new car sales.

The broker retains a Buy rating and raises the target to $1.75 from $1.30.

Target price is $1.75 Current Price is $1.45 Difference: $0.3
If ASG meets the UBS target it will return approximately 21% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

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) -

FY19 results beat estimates. FY20 guidance for net profit of around $140m is ahead of expectations and UBS assesses 90% of FY20 revenue is covered.

End market conditions remain favourable and there is further upside from refinancing of debt. UBS maintains a Buy rating, upgrading FY20-22 EBITDA forecasts by 11-18%. Target is raised to $2.55 from $2.35.

Target price is $2.55 Current Price is $2.00 Difference: $0.55
If ASL meets the UBS target it will return approximately 27% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

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

Morgans rates ATL as Hold (3) -

FY19 results were in line with guidance although lower than Morgans expected. The broker notes FY19 was a challenging year, affected by soft global RV sales.

No earnings guidance was provided but management has indicated trading conditions have improved and there are positive forward rental bookings in all regions.

In terms of the US, oversupply is expected to take some time to work through, although manufacturers have reduced production. Hold rating maintained. Target is reduced to $0.44 from $0.62.

Target price is $0.44 Current Price is $0.39 Difference: $0.05
If ATL meets the Morgans target it will return approximately 13% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

Ord Minnett rates ATL as Hold (3) -

FY19 net profit was ahead of Ord Minnett's forecasts. The company appears to have made a decision to scale back investment in the rental fleet, which the broker considers is a sound response, given a tough global market for the disposal of used recreational vehicles.

Estimates for earnings per share are upgraded by 10% for FY20 and 12% for FY21. Hold maintained. Target is raised to $0.38 from $0.35.

Target price is $0.38 Current Price is $0.39 Difference: minus $0.01 (current price is over target).
If ATL 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 FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

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

FY19 results were ahead of forecasts. Commentary for FY20 appears cautious, amid cost pressures from a prolonged drought and continuing uncertainty with Brexit.

Morgans observes the company has made considerable progress on its growth strategy and its core brands are performing strongly in a highly competitive industry.

The broker is also pleased with the increased disclosure. Valuation remains undemanding but the rating is downgraded to Hold from Add because of the challenging near-term operating environment. Target is reduced to $0.52 from $0.61.

Target price is $0.52 Current Price is $0.50 Difference: $0.02
If AVG meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

Macquarie rates AYS as Resume coverage with Outperform (1) -

The broker resumes coverage after participating in amaysim's raising with an Outperform rating and a 62c target.The broker has cut prior FY20-21 earnings forecasts in half to reflect dilution and reinvestment for growth.

Near term, trading looks challenging, the broker suggests, and risk is skewed to the downside. The broker's rating reflects longer term potential to extract value from a substantial subscriber base.

Target price is $0.62 Current Price is $0.48 Difference: $0.14
If AYS meets the Macquarie target it will return approximately 29% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

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

Morgans rates BGA as Hold (3) -

FY19 results, while in line with guidance, were weak, Morgans observes. The balance sheet is stretched and the season ahead is likely to be challenging, the broker suggests.

Falling milk supply and excess manufacturing capacity mean dairy manufacturers are again offering a farmgate milk price well in excess of normal. Hold maintained. Target is reduced to $3.88 from $4.10.

Target price is $3.88 Current Price is $3.99 Difference: minus $0.11 (current price is over target).
If BGA meets the Morgans 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 FY20:

Forecast for FY21:

Market Sentiment: 0.5

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

Macquarie rates CMW as Underperform (5) -

Cromwell 's funds from operations were lower year on year but above guidance and the broker's forecast, due to a one-off from Wakefield St. The big news is the establishment of a Polish Retail Fund with A$990m of assets under management.

Good news for the funds under management platform, the broker suggests, but the balance sheet gains exposure to an asset class outside the core strategy and valuation is insufficient to offset the risk. Underperform retained, target rises to $1.13 from $1.04.

Target price is $1.13 Current Price is $1.23 Difference: minus $0.1 (current price is over target).
If CMW meets the Macquarie target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.14, suggesting downside of -7.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.3

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

Ord Minnett rates CMW as Hold (3) -

FY19 operating profit was in line with forecasts. The company has reaffirmed FY20 distribution guidance of 7.5c per security.

Ord Minnett welcomes the news the company has exercised its pre-emptive right to acquire a third-party investor interest in Cromwell Polish Retail Fund, which holds around $1bn in assets under management, in order to roll this into a new vehicle.

The company is continuing to push into the retirement living segment through its LDK Healthcare joint venture. Ord Minnett maintains a Hold rating and reduces the target to $1.10 from $1.20.

Target price is $1.10 Current Price is $1.23 Difference: minus $0.13 (current price is over target).
If CMW meets the Ord Minnett target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.14, suggesting downside of -7.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.3

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

Macquarie rates CVW as Neutral (3) -

The broker does not make it clear how ClearView's result, featuring a -22% drop in underlying profit, compared to expectations but cuts to earnings forecast and target suggest a miss. Management noted extremely challenging market conditions in the period and the broker sees no let-up in the near term.

No dividend, but the buyback will recommence. The broker retains Neutral, target falls to 60c from 69c.

Target price is $0.60 Current Price is $0.61 Difference: minus $0.01 (current price is over target).
If CVW meets the Macquarie target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

Citi rates DCG as Buy (1) -

Buy rating retained with a $1.20 price target post the release of FY19 financials. The release revealed margin pressure, with the analysts pointing out the Sunraysia solar farm project is mostly responsible.

Citi analysts believe the shares are trading at a -23% valuation discount to peers and if management can get those margins moving in the right direction again, a re-rating should not be too far off.

A successful delivery of the Sunraysia solar farm project should achieve exactly that, plus the company is currently bidding on a pool of $1.5bn in new contracts.

Target price is $1.20 Current Price is $0.92 Difference: $0.28
If DCG meets the Citi target it will return approximately 30% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

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

Citi rates FNP as Buy (1) -

FY19 financials delivered a big beat to both expectations at Citi and market consensus. Citi analysts are pointing at better EBITDA plus lower interest burden and lower tax. It appears the current capex cycle has run its course and that is seen as a clear positive.

Sales growth is now accelerating with operational margin at 18.1%, a record high for the company. Disappointment sat with Cereals and Seafood which were adversely impacted respectively by a termination of contract manufacturing and currency translation. Buy. Target $5.65.

Target price is $5.65 Current Price is $5.08 Difference: $0.57
If FNP meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $6.09, suggesting upside of 19.9% (ex-dividends)

Forecast for FY20:

Forecast for FY21:

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 Hold (3) -

FY19 results were mixed, impacted by a -$12m impairment within equipment finance which Morgans calculates, if added back, results in underlying cash net profit being relatively flat.

The company has stepped away from providing earnings guidance although expects volume growth in FY20 of 15%. The broker considers the stock cheap and there is material earnings upside if management executes on its plans.

Hold maintained. Target rises to $2.00 from $1.80.

Target price is $2.00 Current Price is $1.86 Difference: $0.14
If FXL meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $1.83, suggesting downside of -1.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.6

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

UBS rates GXY as Neutral (3) -

Spodumene sales revenue was lower than UBS estimated in the first half. Underlying operating earnings (EBITDA) of US$9.4m reflected large impairments versus the broker's expectations for a loss of -US$4.9m.

Guidance is unchanged for production of 180-210,000t. Neutral rating and $1.40 target maintained.

Target price is $1.40 Current Price is $1.15 Difference: $0.25
If GXY meets the UBS target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $1.73, suggesting upside of 50.0% (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

Credit Suisse rates HUO as Neutral (3) -

Problems in the first half persisted and FY19 results missed expectations. This means Huon Aquaculture is carrying higher production costs into FY20, Credit Suisse observes.

The volume outlook is strong and should underpin earnings growth, just to a lesser extent than the broker previously envisaged.

Still, cost challenges and recent volatility in earnings are grounds for caution and Credit Suisse maintains a Neutral rating.

The balance sheet also looks stretched, although lower capital expenditure and higher cash flow should improve the outlook. Target is reduced to $4.70 from $4.90.

Target price is $4.70 Current Price is $4.51 Difference: $0.19
If HUO meets the Credit Suisse target it will return approximately 4% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

Citi rates IGO as Downgrade to Sell from Neutral (5) -

Citi found the released FY19 financials in line with the June quarter update, but it considers the share price too rich. Hence the downgrade to Sell from Neutral with an unchanged price target of $5.

The analysts consider there is potential upside from a higher nickel price or from the $66m exploration budget, while management is actively on the look out for M&A. Citi has reduced average copper price projections.

Management also indicated there are no more franking credits left, for the time being. It might decide to buy back shares instead in case of returns to shareholders, suggest Citi analysts, or pay dividends without franking.

Target price is $5.00 Current Price is $5.48 Difference: minus $0.48 (current price is over target).
If IGO meets the Citi target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.09, suggesting downside of -7.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.2

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

Credit Suisse rates IGO as Underperform (5) -

FY19 results were in line with expectations and largely pre-released. FY20 guidance is unchanged. Credit Suisse assesses the company has the right commodity mix for the current market but has neither a significant mine life or defined development opportunities.

Strong nickel and gold prices are ensuring free cash flow in the meantime. Underperform rating maintained. Target rises to $4.15 from $4.00.

Target price is $4.15 Current Price is $5.48 Difference: minus $1.33 (current price is over target).
If IGO meets the Credit Suisse target it will return approximately minus 24% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.09, suggesting downside of -7.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.2

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

Macquarie rates IGO as Outperform (1) -

Independence Group released headline numbers at its June Q production update so no surprises from the result. FY20 guidance is unchanged.

Delivering exploration success and extending the mine life of Nova could have a material impact on the broker's valuation for the project. The company has committed $66m to exploration drilling in FY20. Outperform and $5.90 target retained.

Target price is $5.90 Current Price is $5.48 Difference: $0.42
If IGO meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $5.09, suggesting downside of -7.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.2

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

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

Most financials were pre-flagged, but the declared dividend was no less than 25% above Morgan Stanley's estimate. The analysts think the move will be well-received.

Equal-weight. Industry view is: Attractive. Target is $4.60.

Target price is $4.60 Current Price is $5.48 Difference: minus $0.88 (current price is over target).
If IGO meets the Morgan Stanley target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.09, suggesting downside of -7.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.2

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

Macquarie rates IPL as Outperform (1) -

The broker has marked fertiliser prices to market leading to -6-9% forecast earnings reduction in FY20-21. Target falls to $3.65 from $3.70 and Outperform retained.

The broker awaits the company's investor day on September 4.

Target price is $3.65 Current Price is $3.22 Difference: $0.43
If IPL meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $3.58, suggesting upside of 11.3% (ex-dividends)

The company's fiscal year ends in September.

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 LNK as Upgrade to Buy from Neutral (1) -

The release of FY19 financials did not remove all threats and uncertainties (that would be unrealistic) but according to Citi's assessment it did bring home the message to investors that the share price is simply too low.

Even after yesterday's firm rally, Citi has upgraded to Buy from Neutral with an increased price target of $6.20. EPS forecasts went down -8% for FY20 and up +1% for FY21.

The risk of major cost overruns seems more contained, suggest the analysts. Lots of amendments have been made to forecasts, including new leasing standards, the share buyback and a significant rise in depreciation and amortisation. In particular the Woodford issue in the UK is seen as an ongoing overhang.

Target price is $6.20 Current Price is $5.49 Difference: $0.71
If LNK meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $6.71, suggesting upside of 22.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.8

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

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

FY19 results were in line with expectations. Guidance for operating earnings (EBITDA) in FY20 to be "broadly in line" is open to interpretation, Credit Suisse asserts.

An on-market share buyback sends a positive message and the broker estimates the company has room to buy back around 6-7% of share capital.

Rating is downgraded to Neutral from Outperform, post the recent recovery in the share price. Target is reduced to $5.75 from $5.85.

Target price is $5.75 Current Price is $5.49 Difference: $0.26
If LNK meets the Credit Suisse target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $6.71, suggesting upside of 22.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.8

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

Macquarie rates LNK as Outperform (1) -

Link Administration's result modestly beat the broker albeit landed within the guidance range updated in May. FY20 guidance contains a lot of moving parts, the broker notes, but new cost-out plans and an announced buyback of up to 10% of shares, offering 7.5% earnings accretion, offset downgrades in funds administration.

Link is currently trading at a -25% discount to its five-year average PE which the broker suggest provides a significant buffer to protect against earnings risk from a second half skew and Brexit uncertainty. Outperform retained, target rises to $7.10 from $7.00.

Target price is $7.10 Current Price is $5.49 Difference: $1.61
If LNK meets the Macquarie target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $6.71, suggesting upside of 22.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.8

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

Morgan Stanley rates LNK as Overweight (1) -

Morgan Stanley argues the FY19 release has brought more clarity in many of the issues that had been depressing the share price, though the Fund Admin outlook is weaker than expected. The analysts also believe management will be able to address rising costs.

As such, the analysts believe current share price offers an attractive entry point. The outlook beyond the earnings trough in FY20 remains attractive, on their projections and assumptions and this supports the Overweight rating. Target is $7.70, -5c. Industry view is In-Line.

The 10% buy back is seen as a sensible use of capital. Confidence in FY21 turnaround is partially based upon ramp-up at PEXA. FY19 proved slightly ahead, but guidance was below forecast, offset by the buyback and the clarity provided.

Target price is $7.70 Current Price is $5.49 Difference: $2.21
If LNK meets the Morgan Stanley target it will return approximately 40% (excluding dividends, fees and charges).

Current consensus price target is $6.71, suggesting upside of 22.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.8

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

Morgans rates LNK as Add (1) -

FY19 results were in line with guidance. The main positives in the outlook that Morgans found were the on-market share buyback and the cost reduction initiatives.

The broker assesses guidance for a flat earnings outcome in FY20 implies strong results from the company's operations in order to offset the expected decline in retirement & superannuation solutions.

Morgans maintains an Add rating and reduces the target to $6.47 from $6.78.

Target price is $6.47 Current Price is $5.49 Difference: $0.98
If LNK meets the Morgans target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $6.71, suggesting upside of 22.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.8

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

Ord Minnett rates LNK as Accumulate (2) -

FY19 results were in line with forecasts. Ord Minnett retains concerns about guidance into FY20, suspecting some targets could be missed, but anticipates some sort of rebound from the low levels experienced in FY19.

Link Administration has a new cost savings target of $50m by FY22. The broker maintains an Accumulate rating and $7 target.

Target price is $7.00 Current Price is $5.49 Difference: $1.51
If LNK meets the Ord Minnett target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $6.71, suggesting upside of 22.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.8

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

UBS rates LNK as Buy (1) -

FY19 earnings were in line with the mid point of the revised guidance range. UBS finds the FY20 outlook raises new questions such as whether the softer revenue outlook for funds administration can be offset by growth elsewhere.

The predictability of earnings remains an issue, yet the broker retains a Buy rating to reflect the significant medium-term value appeal. Target is reduced to $6.75 from $7.05.

Target price is $6.75 Current Price is $5.49 Difference: $1.26
If LNK meets the UBS target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $6.71, suggesting upside of 22.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.8

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

Ord Minnett rates LYC as Buy (1) -

FY19 results were consistent with expectations. Ord Minnett reduces FY20 estimates by -10%.

The broker notes if the current concentrate import limit is not lifted shortly, production estimates for 2019 will need to be reduced in line with the 2018 run rate.

Buy rating reiterated and $5 target maintained.

Target price is $5.00 Current Price is $2.38 Difference: $2.62
If LYC meets the Ord Minnett target it will return approximately 110% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

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

UBS rates LYC as Resume coverage with Buy (1) -

UBS considers the FY19 results to be slightly ahead of forecasts. The broker resumes coverage with a Buy rating and $3 target and includes the 2025 restructure in the valuation for the first time.

The restructure is required to be completed within four years as a condition of renewing the Malaysian operating licence.

The broker lifts assumptions for operating costs to $14.50/kg. While this may be overly conservative, UBS considers this prudent in the absence of guidance.

Target price is $3.00 Current Price is $2.38 Difference: $0.62
If LYC meets the UBS target it will return approximately 26% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

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

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

NextDC's revenue and earnings largely met Macquarie's forecast, with revenues impacted by some site-specific issues that have now been sorted. FY20 guidance is in line with the broker albeit below consensus.

The broker believes consensus numbers were too bullish regarding Generation 2 ramp-ups.

Macquarie also believes the bearish issues are not sufficient to justify the large short position in the stock. Upgrade to Outperform from Neutral, target rises to $7.75 from $6.75.

Target price is $7.75 Current Price is $6.00 Difference: $1.75
If NXT meets the Macquarie target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $7.93, suggesting upside of 32.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.8

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

Morgan Stanley rates NXT as Overweight (1) -

Morgan Stanley found the FY19 performance in-line but the outlook moderated somewhat. However, the delay in S2 overshadowed, which seems to surprise the analysts. They thought this was known and well understood by the market.

Morgan Stanley seems convinced share price weakness following the occasional bump in the road should be treated as a buying opportunity. So much of the value of this business is tied up in long-term cash generation, argue the analysts, admitting any delays are unequivocally disappointing but they do not change the longer-term thesis.

Overweight rating retained. In-Line industry view. Target has fallen to $8.40 on reduced forecasts.

Target price is $8.40 Current Price is $6.00 Difference: $2.4
If NXT meets the Morgan Stanley target it will return approximately 40% (excluding dividends, fees and charges).

Current consensus price target is $7.93, suggesting upside of 32.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.8

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

Morgans rates NXT as Hold (3) -

FY19 results were broadly in line with expectations. Morgans notes S2 has taken longer to build and therefore billing will start later than expected. As this is a timing issue it is not a major concern.

The broker believes NextDC has enough contracted megawatts to deliver around $20m per annum of incremental revenue for the next few years.

FY20 estimates are reduced by -5% and higher depreciation, amortisation and interest costs lower the broker's forecasts for earnings per share more materially. Hold maintained. Target is reduced to $6.68 from $6.94.

Target price is $6.68 Current Price is $6.00 Difference: $0.68
If NXT meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $7.93, suggesting upside of 32.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.8

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

UBS rates NXT as Buy (1) -

FY19 operating earnings (EBITDA) were in line with estimates. UBS notes the more challenging construction environment at S2 means that the 15MW already contracted will take longer to activate.

This means the next round of signings will also be delayed. The delays are disappointing but have very little impact on the value over the life of the data centre, in the broker's view.

FY20-22 estimates for operating earnings are reduced by -3-6%. Buy rating maintained. Target is reduced to $8.60 from $8.95.

Target price is $8.60 Current Price is $6.00 Difference: $2.6
If NXT meets the UBS target it will return approximately 43% (excluding dividends, fees and charges).

Current consensus price target is $7.93, suggesting upside of 32.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.8

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

Macquarie rates PGL as Outperform (1) -

Prospa's earnings came in 11% above prospectus and all metrics exceeded prospectus forecasts. The company is building the business to deliver material cash flow over the medium term, the broker notes.

The broker's Outperform rating is based on assumptions Prospa is successful in executing its growth strategy, manages credit risk, has access to funding and delivers on operating leverage. So far so good. Target $5.25. Live long.

Target price is $5.25 Current Price is $4.58 Difference: $0.67
If PGL meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

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

Macquarie rates PPC as Outperform (1) -

Macquarie does not qualify whether Peet & Co's -45% reduction in sales in FY19 was better or worse than expected. The broker forecasts FY20 earnings to fall -28%.

However this should be the bottom, the broker believes, as residential conditions begin to improve. WA remains a risk but the broker forecasts earnings increases in FY21-22. Outperform retained, target falls to $1.25 from $1.33.

Target price is $1.25 Current Price is $1.12 Difference: $0.13
If PPC meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

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

Morgans rates REH as Add (1) -

FY19 results were below expectations because of acquisition-related one-off costs. Sales revenue was slightly ahead of forecasts.

Morgans expects ongoing investment in digitisation to yield better growth versus domestic peers. Geographical diversification and ex-cycle growth opportunities are likely to create value despite the Australian market slowdown, the broker adds.

Target is reduced to $11.32 from $11.60. Add rating retained.

Target price is $11.32 Current Price is $9.89 Difference: $1.43
If REH meets the Morgans target it will return approximately 14% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.5

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

Citi rates RHC as Neutral (3) -

Citi leaves the price target and Neutral rating unchanged despite the observation that guidance for the year ahead is softer than market consensus, as well as its own forecasts. At the operational level, the analysts assure, management's guidance is in-line.

Overall, the analysts attest, this result was in-line with consensus and guidance. Released numbers imply the company is increasing market share in Australia.

The challenges for Ramsay Health Care and the private health system in Australia are well-known by now, Citi confirms, but with 55% of all procedures in Australia in private hands, governments at all levels will have to act at some stage, which is why Citi sticks with a positive view longer term.

Target price is $74.00 Current Price is $65.65 Difference: $8.35
If RHC meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $68.30, suggesting upside of 4.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.1

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

Credit Suisse rates RHC as Underperform (5) -

FY19 results were slightly ahead of Credit Suisse estimates. FY20 guidance implies subdued growth for the base business. The company has guided to 2-4% growth in earnings per share under current accounting standards.

Credit Suisse maintains an Underperform rating and $65 target. Given the company is in the process of negotiating contracts with key health insurers the broker envisages the risk continue to be skewed to the downside.

Target price is $65.00 Current Price is $65.65 Difference: minus $0.65 (current price is over target).
If RHC meets the Credit Suisse target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $68.30, suggesting upside of 4.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.1

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

Macquarie rates RHC as Neutral (3) -

Ramsay's result was in line with expectations, as is FY20 operating earnings guidance. The broker notes an improved tariff environment in France and the UK and other medium term opportunities for the company but believes these to be priced in.

Unless industry trends improve in Australia and/ore there is regulatory reform to combat the decline in private health insurance participation the broker sees few catalysts for re-rating. Neutral retained, target falls to $71.50 from $75.00.

Target price is $71.50 Current Price is $65.65 Difference: $5.85
If RHC meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $68.30, suggesting upside of 4.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.1

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

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

Including Capio, and AASB16 adoption, it appears some interpretation of the company's guidance for FY20 is necessary. While the FY19 performance was broadly in-line, Morgan Stanley believes guidance ultimately falls short of its own and market consensus forecasts.

The analysts continue to see risks for margins.While there are indeed some positive trends emerging, Morgan Stanley still thinks the low growth environment for Ramsay Health Care is likely to persist.

Equal-weight rating retained. Target is raised to $61 from $60. Industry view is In-Line.

Target price is $61.00 Current Price is $65.65 Difference: minus $4.65 (current price is over target).
If RHC meets the Morgan Stanley target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $68.30, suggesting upside of 4.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.1

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

Morgans rates RHC as Hold (3) -

FY19 results were in line with guidance and modestly above expectations. Morgans notes domestic admissions growth remains above the market, albeit below normal trends.

Capio contributed to gains above the line and the UK showed a second half turnaround. The broker is underwhelmed by the outlook, suspecting Capio will do the heavy lifting. Hold maintained. Target is raised to $64.22 from $59.69.

Target price is $64.22 Current Price is $65.65 Difference: minus $1.43 (current price is over target).
If RHC meets the Morgans target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $68.30, suggesting upside of 4.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.1

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

Ord Minnett rates RHC as Hold (3) -

FY19 net profit was broadly in line with Ord Minnett's forecasts. The company has demonstrated resilience in domestic operations in a challenging environment also the broker found guidance for FY20 underwhelming.

Overall, the company's more diversified global operations are considered likely to deliver mid single-digit earnings growth despite the pressure on funding. Hold rating maintained. Target is lowered to $74 from $75.

Target price is $74.00 Current Price is $65.65 Difference: $8.35
If RHC meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $68.30, suggesting upside of 4.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.1

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

UBS rates RHC as Neutral (3) -

FY19 results were in line with forecasts. Europe was weaker than expected with asset divestments likely contributing to the weakness.

UBS notes the company is targeting growth of 8-10% in operating earnings (EBITDAR) which translates to growth in earnings per share of 2-4%.

Neutral rating and $68.40 target maintained.

Target price is $68.40 Current Price is $65.65 Difference: $2.75
If RHC meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $68.30, suggesting upside of 4.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.1

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

UBS rates SRV as Neutral (3) -

FY19 results were mixed versus estimates with Australasia and North Asia materially below but EMEA ahead.

UBS upgrades FY20 and FY21 estimates for earnings per share by 23% and 21%, respectively, driven by an upgrade to occupancy trends and continued momentum in virtual office. Margins also improve versus prior expectations.

The broker maintains a Neutral rating and raises the target to $4.80 from $2.95.

Target price is $4.80 Current Price is $4.86 Difference: minus $0.06 (current price is over target).
If SRV meets the UBS 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 FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

Macquarie rates SXY as Outperform (1) -

Successful production testing of Gemba-1 has allowed Senex to bring the well on line, with a target of end-2019. Macquarie now includes the well in its forecasts.

The major contributor to valuation is nevertheless Project Atlas, which should see significant de-risking catalysts in FY20, the broker suggests. Outperform and 55c target retained.

Target price is $0.55 Current Price is $0.39 Difference: $0.16
If SXY meets the Macquarie target it will return approximately 41% (excluding dividends, fees and charges).

Current consensus price target is $0.43, suggesting upside of 10.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.3

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

Ord Minnett rates VOL as Buy (1) -

FY19 net profit beat prospectus forecasts, supported by strong occupancy gains across the portfolio. Ord Minnett notes growth in locations is not slowing and management has reiterated a commitment to open a further eight sites this year.

Ord Minnett maintains a Buy rating and raises the target to $2.87 from $2.53.

Target price is $2.87 Current Price is $2.30 Difference: $0.57
If VOL meets the Ord Minnett target it will return approximately 25% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

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

Citi rates VRL as Buy (1) -

The release of FY19 financials has triggered further cuts to forecasts, but Citi analysts are also more confident that growth will make a come-back with revised forecasts still implying two-year CAGR of 28%.

Part of Citi's confidence stems from the view that Village Roadshow can now look towards a favourable outlooks for its core Cinema Exhibition and Theme Parks divisions. The analysts note both Village Roadshow and competitor Dreamworld ((ALG)) are investing in new attractions.

With Star Wars and Jumanji yet to release, cinemas should benefit in H1 FY20, predict the analysts. Target price drops to $3.30 from $3.85 on lowered forecasts. Buy.

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

Current consensus price target is $3.01, suggesting upside of 9.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.3

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

Ord Minnett rates VRL as Hold (3) -

Ord Minnett notes the main driver of earnings improvement in FY19 was theme parks as material price increases were enabled. The broker acknowledges the company has successfully negotiated its way out of a precarious financial position.

This is been achieved through asset sales, cost reductions, write-downs and other initiatives. The challenge is now for sustainable earnings growth.

Ord Minnett prefers to await evidence of a levelling out in attendances before becoming more assertive in its view. Hold maintained. Target is reduced to $2.63 from $3.02.

Target price is $2.63 Current Price is $2.76 Difference: minus $0.13 (current price is over target).
If VRL 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 $3.01, suggesting upside of 9.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.3

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

Citi rates WOW as No Rating (-1) -

Citi analysts saw a "solid" FY19 performance, slightly ahead of market consensus. Underlying, the analysts calculate, EBIT grew by 2.8%. Even better: the first eight weeks into FY20 saw sales accelerate and beat competitor Coles ((COL)) by quite the margin.

Gross margins are under pressure but Citi believes management is doing a good thing by keeping a stringent focus on cost control. Big W continues to turn around, but also remains loss-making.

Citi is research restricted as it is acting as an advisor on the announced merger of Endeavour Drinks and ALH. Its prior rating was Sell.

Current Price is $37.61. Target price not assessed.

Current consensus price target is $32.08, suggesting downside of -14.7% (ex-dividends)

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.6

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

Credit Suisse rates WOW as Underperform (5) -

Credit Suisse considers the stock expensive relative to valuation, which drives an Underperform rating. A lack of operating leverage in the FY19 result and cost headwinds appear to be incrementally negative, and the result was marginally below forecasts.

The broker expects the Australian food division will continue to grow sales revenue at an above-market rate because of the investment in store renewal and digital platforms. Target is raised to $31.68 from $30.96.

Target price is $31.68 Current Price is $37.61 Difference: minus $5.93 (current price is over target).
If WOW meets the Credit Suisse target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $32.08, suggesting downside of -14.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.6

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

Morgan Stanley rates WOW as Underweight (5) -

FY19 proved broadly in-line with the analysts picking up the core message from the company is "cautious optimism". They, however, also believe the current valuation is too rich.

Forecasts have been reduced by -1% on a slew of amendments. Ultimately, that $28 price target remains in place, and this keeps the rating at Underweight. Industry view: Cautious.

Target price is $28.00 Current Price is $37.61 Difference: minus $9.61 (current price is over target).
If WOW meets the Morgan Stanley target it will return approximately minus 26% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $32.08, suggesting downside of -14.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.6

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

Morgans rates WOW as Hold (3) -

FY19 results were slightly ahead of expectations. Management has advised that the Australian food business has been strong for the first eight weeks of FY20, with like-for-like sales rising by 7.5%.

While costs remain a challenge, Morgans believes this will largely be offset by the good sales momentum and productivity benefits. The broker continues to assess the stock is fully valued and maintains a Hold rating. Target rises to $34.45 from $32.75.

Target price is $34.45 Current Price is $37.61 Difference: minus $3.16 (current price is over target).
If WOW meets the Morgans target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $32.08, suggesting downside of -14.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.6

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

Ord Minnett rates WOW as No Rating (-1) -

FY19 net profit was in line with Ord Minnett's forecasts. Food like-for-like sales growth has been very strong at the start of the first quarter and Woolworths is confident in retaining its leadership position.

Food earnings (EBIT) are expected to grow but margins tighten in FY20 as the company faces several cost imposts. Break-even remains uncertain for Big W. Ord Minnett does not provide a rating or target at present.

Current Price is $37.61. Target price not assessed.

Current consensus price target is $32.08, suggesting downside of -14.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.6

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

UBS rates WOW as Neutral (3) -

FY19 net profit was ahead of expectations. UBS was surprised by second half gross margins, which were down -52 basis points because of stock loss, fuel discounts and investment. The pressures are expected to ease in FY20.

The broker considers the outlook positive and the stock fairly valued. Neutral rating maintained. Target is raised to $36.80 from $32.90. The broker considers there is material opportunity over time through monetising data and moving into new verticals.

Target price is $36.80 Current Price is $37.61 Difference: minus $0.81 (current price is over target).
If WOW meets the UBS target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $32.08, suggesting downside of -14.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.6

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