Australian Broker Call

Credit Suisse rates AD8 as Neutral (3) -

First half results were weak and missed estimates. Management expects revenue growth in the second half to be below the historical range.

Operating expenses grew 25% in the first half and Credit Suisse expects continued high levels of growth as management reinvests.

On the medium-term view, the broker considers the outlook attractive but retains a Neutral rating and awaits further visibility on macro headwinds. Target is reduced to $6.70 from $9.00.

Target price is $6.70 Current Price is $6.65 Difference: $0.05
If AD8 meets the Credit Suisse target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $8.57, suggesting upside of 28.8% (ex-dividends)

The company's fiscal year ends in June.

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

Morgan Stanley rates AD8 as Overweight (1) -

First half results were slighly below Morgan Stanley's estimates. The FY20 outlook is downgraded to below the historical range as US tariff headwinds and the macro backdrop impact on earnings.

The broker has an Overweight rating. Target is $10.30. Industry view is In-Line.

Target price is $10.30 Current Price is $6.65 Difference: $3.65
If AD8 meets the Morgan Stanley target it will return approximately 55% (excluding dividends, fees and charges).

Current consensus price target is $8.57, suggesting upside of 28.8% (ex-dividends)

The company's fiscal year ends in June.

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

UBS rates AD8 as Buy (1) -

While Audinate Group's revenues fell -12% short, the broker sees this as short term. For example, US products are now being manufactured in Malaysia due to tariff issues. Software growth was also materially stronger than Modules. Dante growth was much stronger than forecasts, which reinforces the broker's conviction in a "moat" against competition.

Yamaha and Bolin coming on board for Dante are positive developments while the Embedded Platform and Application Library are showing positive early signs, the broker notes. Target falls to $8.70 from $9.60, Buy retained.

Target price is $8.70 Current Price is $6.65 Difference: $2.05
If AD8 meets the UBS target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $8.57, suggesting upside of 28.8% (ex-dividends)

The company's fiscal year ends in June.

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 AFG as Upgrade to Add from Hold (1) -

Morgans upgrades Australian Finance Group to Add from Hold. While the company's FY20 first-half result was slightly shy of the broker, it was 11% above consensus, and net interest margins (NIM) shot through the roof - double Morgans' forecast.

Favourable securitisation markets played a role. More than half of the NIM rise reflected the spread compression in the one-month bank bill swap rate over the one-month overnight indexed swap. The broker says the balance was attributable to strong growth in the higher margin Link product, as well as out-of-cycle repricing. 

While tipping modest NIM growth ahead, the broker perceives upside risk from growth in Link. Morgans notes NIM as a percentage of revenue is rising (given a constrained mortgage market) and says the company's overall risk profile is rising in that it is leaning towards a securitisation model rather than the more defensive wholesale mortgage broking business; and given that global events can affect the residential-mortgage-backed securitisation market.

The broker believes the company has enough cash to weather 12 months of such a disruption, which would hit the share price.

In the meantime, EPS forecasts rise 3% for FY20, 11% for FY21 and 14% for FY22. Target price rises to $3.25 from $2.50.

Target price is $3.25 Current Price is $2.87 Difference: $0.38
If AFG 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: 1.0

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

Macquarie rates AGI as Neutral (3) -

The first half broke even which Macquarie observes is better than the -$4m loss provided in guidance in November. The broker expects $5m in adjusted pre-tax profit for FY20, which would be the company's worst result in 10 years.

Valuation support continues but the timing of an earnings recovery or a "hit" with a game is difficult for the broker to ascertain. Still, the balance sheet provides scope to accelerate an earnings recovery. Neutral maintained. Target is steady at 80c.

Target price is $0.80 Current Price is $0.68 Difference: $0.12
If AGI meets the Macquarie target it will return approximately 18% (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

UBS rates AGI as Sell (5) -

Ainsworth Game Technology's loss was in line with recently downgraded guidance, impacted by an -11% decline in international sales which make up 80% of group revenues. After a number of periods of losses, domestic sales posted a small gain, the broker notes. The company is guiding to a second half profit but the broker forecasts another loss.

The cycle nature of gaming products suggests Ainsworth's sales performance will recover at some point, but the broker wants to see evidence of a turnaround before moving from a Sell rating and 46c target.

Target price is $0.46 Current Price is $0.68 Difference: minus $0.22 (current price is over target).
If AGI meets the UBS target it will return approximately minus 32% (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 AIZ as Underperform (5) -

The airline estimates an impact on pre-tax profit from the coronavirus and downgrades FY20 estimates to NZ$300-350m. Macquarie envisages FY20 capacity will be flat, with some downside potential.

The broker notes global disease events have historically had temporary effects on the sector. Sentiment may remain soft given the uncertainty but the distribution yield is supportive.

Underperform maintained. Target is lowered to NZ$2.40 from NZ$2.45.

Current Price is $2.42. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

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

Market Sentiment: 0.0

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

UBS rates ALG as Neutral (3) -

The financial impact on Ardent Leisure following the scathing coroner's report will go beyond a -$3m fine, the broker suggests, given the potential for civil lawsuits and negative media derailing Dreamworld's attendance comeback. The broker has yet to incorporate such potential in valuation.

On a -16% share price reaction, the broker retains Neutral, seeing the response as excessive. Target unchanged at $1.40.

Target price is $1.40 Current Price is $1.10 Difference: $0.3
If ALG meets the UBS target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $1.50, suggesting upside of 36.1% (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

Macquarie rates AYS as Outperform (1) -

First half underlying earnings were down -24%. Macquarie attributes the softness to recent customer losses and a re-investment in marketing. Guidance for FY20 is re-affirmed.

The broker envisages value on the assumption the company can unlock the strategic value in its subscriber base. Outperform rating and 64c target retained.

Target price is $0.64 Current Price is $0.32 Difference: $0.32
If AYS meets the Macquarie target it will return approximately 100% (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 BLX as Buy (1) -

Citi has retained its positive view post the release of interim financials, retaining the Buy rating and increasing the price target by 1% to $1.20. Earnings estimates have gained 6% in FY20, but lost between -3%-6% in subsequent years.

The broker maintains Beacon Lighting is ideally placed to gain from the housing recovery in Australia. From here onwards, Citi believes conditions will improve gradually, yet the broker has also incorporated a more cautious stance in its projections.

No qualification about how the released numbers stacked up. This is all about a gradual recovery on the back of better housing sector dynamics.

Target price is $1.20 Current Price is $1.05 Difference: $0.15
If BLX meets the Citi 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 BSL as Buy (1) -

On Citi's assessment, BlueScope Steel released a better-than-expected interim performance, but also provided soft guidance for H2. Coronavirus uncertainty rules. The analysts believe market sentiment will likely remain weak for the time being.

It is Citi's view that share price weakness is creating an attractive entry-point for investors looking beyond the short term. Buy rating retained, with a price target of $15 (unchanged).

The broker notes the company has -prudently- shrunk its share buyback. On the back of the subdued guidance, EBIT forecasts have been reduced by -8%, -5% and -2% in FY20-22.

Target price is $15.00 Current Price is $12.62 Difference: $2.38
If BSL meets the Citi target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $14.80, suggesting upside of 17.3% (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

Credit Suisse rates BSL as Outperform (1) -

First half earnings were ahead of both guidance and estimates. The company is guiding for flat earnings in the second half, implying EBIT of around $605m in FY20.

This is clearly weaker than the market was looking for, but not hugely so, and Credit Suisse finds reasons to be optimistic. Commodity and steel price assumptions look marginally conservative and there is the benefit of a lower Australian dollar.

Outperform rating and $15.30 target maintained.

Target price is $15.30 Current Price is $12.62 Difference: $2.68
If BSL meets the Credit Suisse target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $14.80, suggesting upside of 17.3% (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 BSL as Equal-weight (3) -

First half earnings exceeded expectations. Still, Morgan Stanley is underwhelmed by the second half guidance, which calls for earnings (EBIT) in line with the first half.

The broker suggests the prevailing uncertainty will weigh but value should emerge in the longer term. Equal-weight maintained. Target is reduced to $13.00 from $13.50. Industry view: Cautious.

Target price is $13.00 Current Price is $12.62 Difference: $0.38
If BSL meets the Morgan Stanley target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $14.80, suggesting upside of 17.3% (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 BSL as Accumulate (2) -

First half net profit was ahead of forecasts. Ord Minnett suspects the market has brushed this aside and focused on the guidance for a flat second half.

Earnings forecasts (EBIT) are reduced by -3% for FY20 and by -19% for FY21, with the FY21 reduction largely because of more conservative cost and depreciation assumptions.

Accumulate rating maintained. Target is reduced to $16.00 from $16.50.

Target price is $16.00 Current Price is $12.62 Difference: $3.38
If BSL meets the Ord Minnett target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $14.80, suggesting upside of 17.3% (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 BSL as Upgrade to Neutral from Sell (3) -

BlueScope Steel's result featured a solid beat for Australian steel, thanks to a recovering housing market, but underperformance in building products in Asia and North America.

Asia is impacted by the virus but despite this being a short term hit, competition is also an issue, UBS notes. The group's net result beat guidance by 10%.

The broker's prior Sell rating reflected slowing Australian housing, North Star execution risk and elevated valuation. The first and last of these have now reversed, hence UBS upgrades to Neutral. Target rises to $13.00 from $12.28.

Target price is $13.00 Current Price is $12.62 Difference: $0.38
If BSL meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $14.80, suggesting upside of 17.3% (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

Credit Suisse rates COE as Neutral (3) -

Underlying operating earnings (EBITDAX) materially missed Credit Suisse estimates. However, the broker acknowledges the numbers were always going to be messy ahead of the start up of Sole.

The broker envisages possible upside as cash flow from Sole gets underway and amid possible reductions in finance costs. Neutral maintained. Target is reduced to $0.55 from $0.58.

Target price is $0.55 Current Price is $0.51 Difference: $0.04
If COE meets the Credit Suisse target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $0.63, suggesting upside of 22.5% (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 COE as Outperform (1) -

First half results beat Macquarie's estimates. The broker lowers forecasts for capital expenditure, as guidance was reduced to $86-93m on deferral of the Elanora-1 well.

The focus is on the commissioning of the Orbost gas plant that should ramp up over March. This will be the main driver of increased production, in the broker's view.

Outperform rating and $0.65 target retained.

Target price is $0.65 Current Price is $0.51 Difference: $0.14
If COE meets the Macquarie target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $0.63, suggesting upside of 22.5% (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 COE as Add (1) -

Cooper Energy's FY20 first-half result strongly outpaced the broker. The company maintains FY20 production guidance and cut capital expenditure guidance.

Morgans notes the Annie gas discovery in the Otway Basin should be a straightforward development and prove a source of sustained value.

Add rating retained, the broker believing recent weakness in spot LNG prices has created a good opportunity for entry prior the Sole gas project coming on line in March. 

EPS estimates are adjusted to reflect lower oil prices. Target price is revised down to 66c from 69c.

Target price is $0.66 Current Price is $0.51 Difference: $0.15
If COE meets the Morgans target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $0.63, suggesting upside of 22.5% (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 COE as Upgrade to Buy from Hold (1) -

The underlying -$2m net loss in the first half was well below Ord Minnett's forecasts of a $12m profit.

Nevertheless, the broker remains positive on the stock as it is trading well below valuation and earnings and cash flow are insulated because of the fixed-price contracts.

There are a number of upcoming catalysts including a final investment decision on Minerva and the development of the Annie field. Ord Minnett upgrades to Buy from Hold and reiterates a $0.64 target.

Target price is $0.64 Current Price is $0.51 Difference: $0.13
If COE meets the Ord Minnett target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $0.63, suggesting upside of 22.5% (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 GEM as Equal-weight (3) -

2019 results were in line with Morgan Stanley's estimates. However, occupancy levels have softened in 2020 so far.

The company has blamed instability because of the bushfires and coronavirus. Equal-weight. Target is $2.20. In-Line industry view maintained.

Target price is $2.20 Current Price is $1.76 Difference: $0.44
If GEM meets the Morgan Stanley target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $2.05, suggesting upside of 16.4% (ex-dividends)

The company's fiscal year ends in December.

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 GEM as Hold (3) -

2019 results were in line with guidance. While the focus is now on the optimisation of the centre network and cost base, Ord Minnett highlights the softer start to 2020.

The broker expects a juggling act will be required between the earnings (EBIT) benefits and costs. The broker retains a Hold rating and reduces the target to $1.75 from $2.00.

Target price is $1.75 Current Price is $1.76 Difference: minus $0.01 (current price is over target).
If GEM meets the Ord Minnett target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.05, suggesting upside of 16.4% (ex-dividends)

The company's fiscal year ends in December.

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

UBS rates GEM as Neutral (3) -

G8 Education reported in line in what was a challenging half impacted by increased supply and underperforming greenfield developments and acquisitions, the broker notes. The company is deploying the right improvement strategy but upside is taking longer than hoped and the cost has increased.

Valuation is undemanding but the broker wants to see tangible momentum before moving off Neutral. Target falls to $1.75 from $2.05.

Target price is $1.75 Current Price is $1.76 Difference: minus $0.01 (current price is over target).
If GEM meets the UBS target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.05, suggesting upside of 16.4% (ex-dividends)

The company's fiscal year ends in December.

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 HLO as Hold (3) -

Helloworld's FY20 first half beat the broker on some but fell shy on others, thanks largely to one-offs not included in guidance, higher depreciation and amortisation, interest and tax. Margins improved, and retail networks expanded in Australia and New Zealand.

Management revised guidance to the lower end of the range to account for the coronavirus and bushfires. Management now expects minimal growth in the second half and will issue a trading update in April. Most of its businesses are exposed to the coronavirus, but particularly cruise ships and air tickets via Asia, particularly to China, Hong Kong, and to a lesser degree, Singapore.

EPS estimates are cut -4%, -2.2% and -2.1% across FY20, FY21 and FY22. Target price is revised down to $4.50 from $4.95. Hold rating retained.

Target price is $4.50 Current Price is $4.05 Difference: $0.45
If HLO meets the Morgans target it will return approximately 11% (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

Ord Minnett rates HLO as Buy (1) -

First half results were broadly in line with expectations. FY20 guidance has been retained, although the company expects it in the bottom end of the underlying EBITDA range of $86-90m.

The impact of coronavirus is expected to result in minimal growth, if any, in the second half. The company has responded by implementing a number of cost reduction strategies.

Buy rating maintained. Target is reduced to $5.98 from $6.24.

Target price is $5.98 Current Price is $4.05 Difference: $1.93
If HLO meets the Ord Minnett target it will return approximately 48% (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

Credit Suisse rates HT1 as Neutral (3) -

2019 earnings (EBIT) were lower than Credit Suisse expected. This was primarily driven by a lower contribution from Australian Radio Network.

Management has noted that the weakness in the radio market has continued into January. This raises the question as to whether the trends are cyclical or structural.

Credit Suisse suspects that the declines are market-wide rather than anything specific in radio. The broker retains a Neutral rating and reduces the target to $1.60 from $1.65.

Target price is $1.60 Current Price is $1.48 Difference: $0.12
If HT1 meets the Credit Suisse target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $1.55, suggesting upside of 4.7% (ex-dividends)

The company's fiscal year ends in December.

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 HT1 as Neutral (3) -

Macquarie found the results solid, noting the company is taking share in a difficult market. Additional capital management is likely and, as well, the broker notes the tax issue appears priced into the stock.

The business is expected to continue growing above system for at least the first half of 2020. Neutral maintained. Target is reduced to $1.55 from $1.65.

Target price is $1.55 Current Price is $1.48 Difference: $0.07
If HT1 meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $1.55, suggesting upside of 4.7% (ex-dividends)

The company's fiscal year ends in December.

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

Morgan Stanley rates HT1 as Underweight (5) -

2019 results were in line and Morgan Stanley found nothing to alter a conservative stance. The radio advertising market was weak at the start of 2020 and this skews risks to the downside, in the broker's view.

The business is net cash and this affords the possibility of continuing with dividends and buybacks. Underweight rating and $1.50 target maintained. Attractive industry view.

Target price is $1.50 Current Price is $1.48 Difference: $0.02
If HT1 meets the Morgan Stanley target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $1.55, suggesting upside of 4.7% (ex-dividends)

The company's fiscal year ends in December.

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

UBS rates HT1 as Neutral (3) -

In the wake of HT&E's result, the broker cuts its FY20 earnings forecast by -22% on a combination of weak radio markets and softness in the Hong Kong outdoor outlook due to the virus.

The broker suggests nevertheless that the market had already anticipated these issues and management is adamant current weakness is cyclical.

The company is considering potential divestments to weather the storm. Target falls to $1.55 from $1.70, Neutral retained.

Target price is $1.55 Current Price is $1.48 Difference: $0.07
If HT1 meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $1.55, suggesting upside of 4.7% (ex-dividends)

The company's fiscal year ends in December.

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

Credit Suisse rates HUO as Neutral (3) -

Credit Suisse observes the company is taking longer to bounce back after a very weak FY19. Operating earnings (EBITDA) in the first half were well below estimates.

The broker observes the balance sheet is stretched and this has necessitated the re-negotiation of banking covenants, while an interim dividend was not declared.

Neutral rating maintained. Target is reduced to $4.35 from $4.50.

Target price is $4.35 Current Price is $4.37 Difference: minus $0.02 (current price is over target).
If HUO meets the Credit Suisse target it will return approximately minus 0% (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 ILU as Neutral (3) -

Iluka Resources' intention to spin off its iron ore royalties into a separately listed entity has brought Citi analysts to the blackboard, making calculations and forecasts. The analysts think there should be additional one-off payments from BHP Group's ((BHP)) South Flank development in 2024/2025.

Assuming a steady state dividend yield of 5.8% throughout the years ahead, and no re-rating for it (as has happened with other relatively safe dividend vehicles), the analysts calculate a post de-merger value of $1.4bn for the royalty spin-off.

Citi thinks shares in the royalty company will not trade as a pure iron ore leverage, but more in line with its dividends/yield. For Iluka, ATO de-merger relief (still not certain) and the outlook for China's zircon market are the two key ingredients, state Citi analysts. Target price has increased to $9.70 from $9.40. Neutral.

Target price is $9.70 Current Price is $9.17 Difference: $0.53
If ILU meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $9.84, suggesting upside of 7.3% (ex-dividends)

The company's fiscal year ends in December.

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

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

The first half result was weaker than the prior corresponding half, as expected, albeit slightly ahead of Credit Suisse forecasts.

The broker was pleased with the positive momentum and assesses full year expectations are achievable.

While feed costs remain elevated, they are already factored into the base. Demand is also robust.

The broker upgrades to Outperform from Neutral, envisaging upside on a 12-month view. Target is raised to $4.00 from $3.50.

Target price is $4.00 Current Price is $3.55 Difference: $0.45
If ING meets the Credit Suisse target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $3.54, suggesting downside of -0.2% (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 ING as Neutral (3) -

First half results overall were in line with expectations while New Zealand was better than Macquarie expected.

Strong demand was in evidence in the first half but Macquarie suspects the main driver going forward will be input costs and yield, both of which have underperformed.

The company intends to deploy capital to achieve efficiency gains over the medium term. Neutral retained. Target is raised to $3.35 from $3.10.

Target price is $3.35 Current Price is $3.55 Difference: minus $0.2 (current price is over target).
If ING meets the Macquarie target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.54, suggesting downside of -0.2% (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

Morgans rates ISD as Add (1) -

iSentia's FY20 first-half result broadly met the broker and management reaffirmed FY20 guidance. The broker says the company's transformation program is on track and the earnings decline was the lowest in years.

Morgans remains of the opinion that the new board and management are stabilising earnings and returning the company to growth. Churn rates have stabilised, which, given the stabilisation in cash flow, warrants a rerate in the broker's view.

Add rating retained. Target price steady at 43c.

Target price is $0.43 Current Price is $0.23 Difference: $0.2
If ISD meets the Morgans target it will return approximately 87% (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

Morgan Stanley rates JIN as Overweight (1) -

First half results were in line with January's guidance. Morgan Stanley makes minor changes to FY20-22 estimates with the largest involving a delay to the rolling out of software. This results in a -5% reduction to FY20 earnings per share.

The broker remains concerned about customer churn but likes the monopoly market structure and online tailwinds. Target is $21. Overweight rating reiterated. Industry view is In-Line.

Target price is $21.00 Current Price is $12.07 Difference: $8.93
If JIN meets the Morgan Stanley target it will return approximately 74% (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

Morgans rates JIN as Hold (3) -

Jumbo Interactive's FY20 first-half result met recent guidance.

Morgans notes the company is investing heavily in anticipation of revenue growth, which has and will continue to hit margins.

The reseller agreement with Tabcorp ((TAH)) is also coming back into focus, but Morgans believes the companies can continue to co-exist. Morgans says the company's ability to drive customer spending in a potentially weak jackpot market will be critical.

Hold rating retained.  Target price cut to $12.54 rom $16.38. 

Target price is $12.54 Current Price is $12.07 Difference: $0.47
If JIN 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: 0.5

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

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

nib Holdings issued a profit warning in January and yesterday's H1 report still fell short of expectations. Citi analysts have included a marking-to-market in their update, which has resulted in a minor increase for FY20 estimates, but decreases of -6% and -3% for FY21 and FY22, respectively.

The analysts note management's guidance for FY20 implies a better second half. Beyond FY20, Citi projects continued pressure on gross margins as claims inflation is expected to outweigh average premium rate increases.

Citi thinks the shares have been oversold and thus upgrades to Buy from Neutral. Target price falls to $5.60 from $5.80.

Target price is $5.60 Current Price is $4.85 Difference: $0.75
If NHF meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $5.29, suggesting upside of 9.2% (ex-dividends)

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

Credit Suisse rates NHF as Underperform (5) -

First half results missed expectations. Credit Suisse decreases FY20 estimates for underlying net profit by -7%.

The broker suggests all the trends point to ongoing margin compression and a decline in earnings, although for some investors this increases the likelihood of favourable reforms and a recovery.

The broker assesses the stock is approaching fair value and, with earnings risk to the downside, and thus retains an Underperform rating. Target is reduced to $4.90 from $5.30.

Target price is $4.90 Current Price is $4.85 Difference: $0.05
If NHF meets the Credit Suisse target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $5.29, suggesting upside of 9.2% (ex-dividends)

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 NHF as Neutral (3) -

First half results revealed a 5.9% net margin. Macquarie notes first half margins have historically been stronger than the second half and continues to expect a tough year for the industry.

FY20 guidance is unchanged for underlying operating profit of at least $170m which is ahead of Macquarie's forecast of $165.1m. Target is reduced to $5.20 from $5.70. Neutral rating retained.

Target price is $5.20 Current Price is $4.85 Difference: $0.35
If NHF meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $5.29, suggesting upside of 9.2% (ex-dividends)

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

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

It appears nib Holdings' interim performance didn't quite match expectations at Morgan Stanley. The analysts are pointing in the direction of higher claims expense for the period.

The analysts note the industry remains under pressure in Australia, but also that management at the health insurer has left guidance for FY20 intact.

Target price is $5.45 Current Price is $4.85 Difference: $0.6
If NHF meets the Morgan Stanley target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $5.29, suggesting upside of 9.2% (ex-dividends)

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 NHF as Hold (3) -

nib Holdings FY20 first-half result missed the broker by -6%, NZ being the only division to improve its performance. Management reiterated January guidance.

Group revenue rose but margins fell as a result of a large reserve top up, and higher claims expenses. Claims per policyholder outpaced growth in revenue per policyholder. 

Morgans cuts EPS estimates -6% to -4% for FY20 and FY21. Target price falls to $5.35 from $6.07 to reflect a tough operating environment. Hold rating retained.

Target price is $5.35 Current Price is $4.85 Difference: $0.5
If NHF meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $5.29, suggesting upside of 9.2% (ex-dividends)

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 NHF as Hold (3) -

First half results revealed a sharp increase in claims inflation per policy in Australian resident health insurance. Ord Minnett suspects the market will struggle to get excited about the stock, even with the substantial discount to Medibank Private ((MPL)).

Guidance appears optimistic to the broker. Hold rating maintained. Target is reduced to $5.22 from $6.06.

Target price is $5.22 Current Price is $4.85 Difference: $0.37
If NHF meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $5.29, suggesting upside of 9.2% (ex-dividends)

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

UBS rates NHF as Neutral (3) -

While underlying profit fell -18% short of the broker, nib Holdings has retained FY guidance. This would require margins in the key arhi business to remain stable in the second half, the broker notes, which has never happened in the past ten years. With lower premium price rises due in April, claims inflation would need to slow considerably.

The broker thus sees downside risk to the FY20 outlook and has cut its target to $5.34 from $5.85. However, now trading at 18x forward earnings, further downside appears limited. Neutral retained.

Target price is $5.34 Current Price is $4.85 Difference: $0.49
If NHF meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $5.29, suggesting upside of 9.2% (ex-dividends)

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 OGC as Downgrade to Accumulate from Buy (2) -

Ord Minnett observes investors brushed aside the 2019 results to focus on Didipio. While the company is making progress it is taking longer than previously expected.

The broker pushes out the assumed re-start to 2021. This will come at a cost and means a slower ramp up to full production.

Still, value is envisaged in the underlying portfolio. Rating is downgraded to Accumulate from Buy. Target is reduced to $3.10 from $3.50.

Target price is $3.10 Current Price is $2.85 Difference: $0.25
If OGC meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $3.93, suggesting upside of 37.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

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

Market Sentiment: 0.7

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

Credit Suisse rates OML as Outperform (1) -

2019 operating earnings (EBITDA) were pre-guided and in line with expectations. Credit Suisse notes the gross margin decline of -70 basis points in the second half represented a material improvement from the first half.

The broker considers the business well-positioned, continuing to take share in the outdoor category. While the risks around end markets are obvious, the broker believes this is priced in and retains an Outperform rating. Target is reduced to $4.15 from $4.50.

Target price is $4.15 Current Price is $2.95 Difference: $1.2
If OML meets the Credit Suisse target it will return approximately 41% (excluding dividends, fees and charges).

Current consensus price target is $4.04, suggesting upside of 36.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.9

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

Macquarie rates OML as Outperform (1) -

2019 results were in line with Macquarie's estimates. 2020 EBITDA guidance implies growth of 1-12%.

While current conditions remain challenging, Macquarie envisages long-term structural growth for the company and scope for positive operating leverage when advertising markets recover.

This makes it an attractive asset at the current valuation. Target is reduced to $4.30 from $4.65. Outperform retained.

Target price is $4.30 Current Price is $2.95 Difference: $1.35
If OML meets the Macquarie target it will return approximately 46% (excluding dividends, fees and charges).

Current consensus price target is $4.04, suggesting upside of 36.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.9

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

Morgans rates OML as Add (1) -

oOhmedia's FY19 full-year result beat the broker, despite the worst outdoor advertising market in a decade. The company announced cautious earnings growth guidance for FY20 of between 1% and 12%.

Having emerged from the weak FY19, the company's next big hurdle is the rollover of two of its biggest contracts - Sydney Trains and Melbourne Airport.

Despite the risk of continued weakness in advertising markets; a shift in preferences away from outdoor; and contract losses, the broker holds faith with the company, noting a compound average growth rate of 9% in the past five years; leverage to a rebound in advertising spend (it's been investing heavily in capacity); and a major new contract.

Add rating retained for long-term investors given the shares are trading well below valuation. Target price inches up to $3.79 from $3.76.

Target price is $3.79 Current Price is $2.95 Difference: $0.84
If OML meets the Morgans target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $4.04, suggesting upside of 36.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.9

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

Ord Minnett rates OML as Accumulate (2) -

2019 results were mixed, Ord Minnett observes. 2020 guidance for underlying operating earnings (EBITDA) of $140-155m assumes that outdoor advertising industry expenditure is flat to slightly higher.

Ord Minnett assumes no revenue growth in the first half of 2020, with growth resuming in the second half. Accumulate rating maintained. Target is $3.90.

Target price is $3.90 Current Price is $2.95 Difference: $0.95
If OML meets the Ord Minnett target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $4.04, suggesting upside of 36.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.9

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

Ord Minnett rates PPT as Hold (3) -

First half underlying net profit was ahead of Ord Minnett's forecasts despite being down -6.7%. Perpetual management has highlighted further acquisitions.

The broker expects the funds flow outlook over the next 12 months will be the focus and could lead to re-rating if successfully executed.

Hold rating maintained. Target rises to $43.50 from $41.00.

Target price is $43.50 Current Price is $42.29 Difference: $1.21
If PPT meets the Ord Minnett target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $45.14, suggesting upside of 6.7% (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 PTM as Underperform (5) -

First half results were better than Credit Suisse expected. Estimates for FY20-22 are increased by 3%.

Fund performance remains weak and is expected to result in continued retail outflows for the remainder of FY20 and early FY21.

A turnaround in investment performance and flows will be the main catalysts for becoming more positive on the stock, suggests the broker.

Credit Suisse retains an Underperform rating and $4.05 target.

Target price is $4.05 Current Price is $4.35 Difference: minus $0.3 (current price is over target).
If PTM meets the Credit Suisse target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.86, suggesting downside of -11.4% (ex-dividends)

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 PTM as Underperform (5) -

First half results were slightly ahead of forecasts. Macquarie expects flows to remain under pressure, given the recent performance.

Ultimately, the broker believes the company needs a correction in mature markets for the downside protection strategy to drive relative outperformance.

However, the broker points out, this would coincide with a sector de-rating and downgrades before the improved performance would lead to inflows.

Underperform maintained. Target is reduced to $4.00 from $4.30.

Target price is $4.00 Current Price is $4.35 Difference: minus $0.35 (current price is over target).
If PTM 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 $3.86, suggesting downside of -11.4% (ex-dividends)

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 RWC as Downgrade to Neutral from Outperform (3) -

First half revenue was in line although operating earnings (EBITDA) were below expectations because of lower Americas volumes.

Given the company emphasised new products as a growth contributor and disappointed in this regard, Credit Suisse downgrades to Neutral from Outperform.

The broker believes, now, the current pipeline does not warrant the anticipated R&D and commercial expenditure, as first half sales have not materialised.

This points to lower growth in the future. Target is reduced to $3.75 from $4.80.

Target price is $3.75 Current Price is $3.48 Difference: $0.27
If RWC meets the Credit Suisse target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $3.95, suggesting upside of 13.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

Macquarie rates RWC as Outperform (1) -

First half results were below expectations. FY20 guidance is downgraded to operating earnings (EBITDA) of $265-280m.

Macquarie liked the improvement in cash conversion, which was aided by stability in receivables.

The broker lowers estimates for earnings per share by -8.9% and -9.5% for FY20 and FY21 respectively.

This reflects softer expectations in the Americas, partly mitigated by FX. Outperform maintained. Target is lowered to $4.50.

Target price is $4.50 Current Price is $3.48 Difference: $1.02
If RWC meets the Macquarie target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $3.95, suggesting upside of 13.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

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

First half operating earnings (EBITDA) were slightly below Morgan Stanley's estimates. The company has downgraded FY20 guidance, which represents a -9% reduction at the mid point.

Morgan Stanley is less convinced by the guidance, given the recent track record and the heightened level of macro uncertainty. Also, the broker believes investors are still coming to terms with the company's identity and growth profile.

Morgan Stanley maintains an Equal-weight rating. Target is reduced to $3.75 from $4.00. Industry view is Cautious.

Target price is $3.75 Current Price is $3.48 Difference: $0.27
If RWC meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $3.95, suggesting upside of 13.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

Morgans rates RWC as Hold (3) -

Reliance Worldwide's FY20 first-half result disappointed the broker, thanks to weak trading conditions, plus company management downgraded guidance. American earnings slumped -11% and Asia-Pacific -17%. Europe, the Middle East and Africa region grew 6%.

Margins took a -22% hit due to lower manufacturing volumes; an adverse product mix; lower than forecast sales; and rising product development and commercialisation costs. The balance sheet is solid and cash flow conversion hit 105% thanks to better management of working capital.

Looking forward, the impact of Brexit is unclear. Broker retains a Hold rating, believing the company to be solid with good long-term prospects, but downgrades the target price to $3.50 from $3.92 to reflect revised guidance, Brexit, the Coronavirus and uncertainty surrounding new housing in Australia.

Target price is $3.50 Current Price is $3.48 Difference: $0.02
If RWC meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $3.95, suggesting upside of 13.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

Ord Minnett rates RWC as Accumulate (2) -

First half net profit was behind Ord Minnett's forecasts. The main issue centres on sales volumes, which fell short of management's expectations, while the sales mix was also unfavourable.

The broker believes the reaction in the share price presents an opportunity to invest in a business with defensive characteristics. Accumulate rating retained. Target is reduced to $4.00 from $4.80.

Target price is $4.00 Current Price is $3.48 Difference: $0.52
If RWC meets the Ord Minnett target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $3.95, suggesting upside of 13.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

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

Reliance Worldwide's result missed forecasts and guidance due to soft US revenues, which in turn were largely due to de-stocking of Sharkbite products by a US wholesaler pivoting to private label, UBS notes. The market has been wary of such events, the broker suggests, but management noted cycles of customer de-stocking and re-stocking are "normal" in this game.

That said, the broker feels this result adds concern to revenue growth expectations and hence a PE de-rate is appropriate. Target falls to $4.20 from $4.45 but on yesterday's share price move, UBS upgrades to Buy.

Target price is $4.20 Current Price is $3.48 Difference: $0.72
If RWC meets the UBS target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $3.95, suggesting upside of 13.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

Morgans rates SFR as Hold (3) -

Sandfire's FY20 first-half result fell just shy of consensus but operating cash flow was strong.

The company held back some of the expected dividend and Morgans expects the funds will be used to start development at T3 and Black Butte. Production guidance remains unchanged.

A lot will depend on the speed at which the above developments are rolled out, given their affects on cash-flow will be felt within two years, and Morgans is cautious on Black Butte.

The broker adjusts earnings estimates to reflect lower copper price expectations, higher depreciation, and higher corporate overheads as the company expands offshore, and capital expenditure and higher overheads. Target price falls to $5.22 from $6.65 to reflect higher offshore development risk. Hold rating retained.

Target price is $5.22 Current Price is $4.63 Difference: $0.59
If SFR meets the Morgans target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $6.05, suggesting upside of 30.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

UBS rates SHV as Buy (1) -

Select Harvests has guided to a lower almond pricing range due to a larger than expected US crop and the virus impacting demand in China. The broker cuts earnings forecasts by -20%.

The impact is nevertheless expected to be short-lived as the company redirects its crop to alternative buyers in India, the Middle East and Europe, and Chinese demand eventually recovers.

The broker considers yesterday's share price reaction to be excessive and retains Buy. Target falls to $9.00 from $9.10.

Target price is $9.00 Current Price is $6.81 Difference: $2.19
If SHV meets the UBS target it will return approximately 32% (excluding dividends, fees and charges).

The company's fiscal year ends in September.

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 SLR as Neutral (3) -

First half net profit was softer than expected while cash flow was in line. Macquarie lifts throughput estimates at Deflector, in line with the company's commentary regarding the planned upgrade to the mill.

After a strong performance in the first half, the broker believes there is potential to beat FY20 guidance, particularly if Daisy surprises to the upside. Outperform rating maintained. Target is lifted 18% to $2.

Target price is $2.00 Current Price is $1.70 Difference: $0.3
If SLR meets the Macquarie target it will return approximately 18% (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 SPL as Outperform (1) -

First half net profit was ahead of expectations, given the timing of the AZD0466 milestone payment. VivaGel has recently been launched in both the UK and Asia and additional launches are expected in Europe over the coming months.

Macquarie awaits updates in relation to the outcomes in the US. This will be a near-term catalyst. Outperform and $2.00 target retained.

Target price is $2.00 Current Price is $1.12 Difference: $0.88
If SPL meets the Macquarie target it will return approximately 79% (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 SYD as Underperform (5) -

2019 results were in line with expectations. There was no distribution guidance for 2020, which disappointed Credit Suisse, although this is understandable given the uncertainty surrounding the duration and extent of the coronavirus.

Credit Suisse forecasts management will re-base the 2020 distribution to 37.5c, which is below the 2019 distribution. This would allow it to offer distribution growth in future years. Underperform maintained. Target is $6.90.

Target price is $6.90 Current Price is $8.13 Difference: minus $1.23 (current price is over target).
If SYD meets the Credit Suisse target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.06, suggesting downside of -0.8% (ex-dividends)

The company's fiscal year ends in December.

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 UWL as Buy (1) -

First half results were slightly below Ord Minnett's forecasts. The broker expects an FY20 operating earnings (EBITDA) outcome of $21.6m, implying a second-half run rate in line with the company's guidance.

The broker retains a Buy rating because of increased free cash flow, rising returns on capital and the high growth rate in underlying earnings. Target is reduced to $1.90 from $2.02.

Target price is $1.90 Current Price is $1.55 Difference: $0.35
If UWL meets the Ord Minnett target it will return approximately 23% (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 VEA as Neutral (3) -

2019 results were in line with expectations. Credit Suisse found some positives in the results, noting the company has been successful at re-building volume through the Coles ((COL)) alliance.

The main concern is the re-basing of commercial profits. Concerns about retail margins are somewhat eased by the circumstances surrounding Caltex Australia ((CTX)).

The broker suggests it may not be entirely coincidental that retail margins improved in January, as Caltex Australia potentially sought to maximise near-term profits in the face of M&A.

Neutral rating maintained. Target rises to $1.97 from $1.93.

Target price is $1.97 Current Price is $1.85 Difference: $0.12
If VEA meets the Credit Suisse target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $2.18, suggesting upside of 17.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

Macquarie rates VEA as Neutral (3) -

2019 results were in line with expectations. While the FY20 outlook appeared generally positive, Macquarie notes it was not quantified. The broker remains cautious on retail margins, given the price investment over the last 6-12 months.

While the company appears to be executing positively this is not enough to offset the potential headwinds in regional refining margins, in the broker's view. Neutral rating retained. Target is raised 1.4% to $2.02.

Target price is $2.02 Current Price is $1.85 Difference: $0.17
If VEA meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $2.18, suggesting upside of 17.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

Morgans rates VEA as Hold (3) -

Viva Energy Group's FY19 full-year result fell -7% short of consensus but met revised guidance. On the upside, retail posted a respectable second-half, maintaining market share in a weaker price environment.

Refining margins remain pressured and fell shy of revised guidance due to higher crude oil premiums and freight costs. Commercial contracts struggled given a third of customer contracts rolled over and the company had to cede margins to retain customers.

Morgans expects the company's buyback, announced last week and to be funded by the sale of its 36% stake in Viva Energy REIT ((VVR)), while questionable given the company's small franking balance, should be supportive. 

Hold rating retained. Target price steady at $2.15.

Target price is $2.15 Current Price is $1.85 Difference: $0.3
If VEA meets the Morgans target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $2.18, suggesting upside of 17.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

Ord Minnett rates VEA as Accumulate (2) -

2019 operating earnings (EBITDA) were ahead of estimates. Ord Minnett notes retail momentum is improving while commercial operations remain challenged.

The pace of future volume growth is expected to moderate in the second half, given a strong prior comparable half.

A shift in mix to the Coles alliance versus wholesale and better industry retail fuel margins are the main positives. Ord Minnett retains an Accumulate rating and raises the target to $2.25 from $2.15.

Target price is $2.25 Current Price is $1.85 Difference: $0.4
If VEA meets the Ord Minnett target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $2.18, suggesting upside of 17.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

UBS rates VEA as Buy (1) -

Viva Energy's result was in line with recently downgraded guidance, although overall quality was better than expected, the broker notes. An announced $680m off-market buyback is a clear positive. The broker suspects earnings may have bottomed.

Viva Energy's is by nature a volatile business, the broker points out, hence a PE discount to market, but the broker sees the 2-3 year earnings outlook as likely to improve given reinvestment in retail and weak margins being cycled in refining. Buy rating retained, target rises to $2.40 from $2.25.

Target price is $2.40 Current Price is $1.85 Difference: $0.55
If VEA meets the UBS target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $2.18, suggesting upside of 17.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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 downgrades earnings assumption to reflect the estimated impact of the coronavirus outbreak on the theme parks while reducing expectations around cinema and film distribution. The first half results were below forecasts.

The valuation remains underpinned by existing takeover bids and the broker envisages significant downside should neither proceed. Hold maintained. Target is raised to $4.00 from $3.90.

Target price is $4.00 Current Price is $3.75 Difference: $0.25
If VRL meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $3.37, suggesting downside of -10.2% (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 WGX as Outperform (1) -

Underlying operating earnings (EBITDA) were stronger than Macquarie expected in the first half. The broker expects a lift in free cash flow as Big Bell moves to production from development.

This will also support operating consistency at Cue and cause a reduction in capital expenditure, suggest the analysts. The broker maintains an Outperform rating and $3.40 target.

Target price is $3.40 Current Price is $2.46 Difference: $0.94
If WGX meets the Macquarie target it will return approximately 38% (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 WOR as Buy (1) -

After excluding numerous one-offs, Citi analysts have concluded Worley's H1 performance was better-than-expected, by about 3%. Also, the company has increased its dividend payout ratio to 65% of EPS, and Citi thinks it shows confidence and should be sustainable.

Including ECR synergies, Citi analysts forecast steady margin expansion to 8.2% by FY22 from 6.6% for the half just reported. They see limited downside risk to this scenario. All in all, minor changes have been made to forecasts.

Target price increases to $17 from $16.90. Buy rating retained.

Target price is $17.00 Current Price is $13.65 Difference: $3.35
If WOR meets the Citi target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $16.93, suggesting upside of 24.0% (ex-dividends)

The company's fiscal year ends in June.

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

Credit Suisse rates WOR as Neutral (3) -

First half results were ahead of forecasts. Credit Suisse raises FY20 revenue estimates by 7%. Management has raised its Jacobs ECR synergy target to $175m from $150m.

The broker retains a Neutral rating and $15 target.

Target price is $15.00 Current Price is $13.65 Difference: $1.35
If WOR meets the Credit Suisse target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $16.93, suggesting upside of 24.0% (ex-dividends)

The company's fiscal year ends in June.

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

Macquarie rates WOR as Outperform (1) -

First half earnings (EBIT) were ahead of Macquarie's forecasts. The broker assesses the diversified business, post the acquisition of Jacobs ECR, means Worley is well-positioned for a challenging macro backdrop.

The broker envisages a solid growth outlook for earnings per share and notes significant divergence between this and the share price. Outperform maintained. Target is raised to $19.16 from $18.99.

Target price is $19.16 Current Price is $13.65 Difference: $5.51
If WOR meets the Macquarie target it will return approximately 40% (excluding dividends, fees and charges).

Current consensus price target is $16.93, suggesting upside of 24.0% (ex-dividends)

The company's fiscal year ends in June.

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

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

Worley's first half earnings were below Morgan Stanley's forecasts. Cost synergy targets have increased but support costs globally are rising as well. Morgan Stanley suspects this may be undoing the good work, or at least partly.

The broker believes the stock is starting to look more interesting at current levels but, given the uncertainties, there is potential for projects to be delayed or slowed.

Equal-weight rating maintained. Target is lowered to $15 from $16. Industry view is In-Line.

Target price is $15.00 Current Price is $13.65 Difference: $1.35
If WOR meets the Morgan Stanley target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $16.93, suggesting upside of 24.0% (ex-dividends)

The company's fiscal year ends in June.

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

Ord Minnett rates WOR as Buy (1) -

Worley's first half net profit was below Ord Minnett's forecasts. Still there were further positive indicators, and revenue & operating earnings increased materially.

The broker takes a long-term view of the stock as an investment, noting staff utilisation levels are increasing and the backlog of business is up 4% to $18.7bn.

Synergy targets have also been raised. Buy rating maintained. Target is $17.60.

Target price is $17.60 Current Price is $13.65 Difference: $3.95
If WOR meets the Ord Minnett target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $16.93, suggesting upside of 24.0% (ex-dividends)

The company's fiscal year ends in June.

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

UBS rates WOR as Buy (1) -

Worley's result fell slightly short due to some provisions on legacy contracts. Operating cash flow performance was nevertheless a highlight, as was a better than expected dividend, the broker notes. The broker is now more confident in the FY earnings outlook and ECR synergy realisation.

The broker retains Buy, noting a -30% discount to ASX200 industrials ex-banks & healthcare, which the broker puts down to overplayed issues of low confidence in FY20 earnings, perceived Jacobs stock overhang and CEO transition. Target rises to $17.80 from $17.60.

Target price is $17.80 Current Price is $13.65 Difference: $4.15
If WOR meets the UBS target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $16.93, suggesting upside of 24.0% (ex-dividends)

The company's fiscal year ends in June.

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