Australian Broker Call

Citi rates AAD as Buy (1) -

Citi analysts have done various channel checks in the USA and their conclusion is that Main Event has likely commenced the new financial year on a softer note. No dramas are anticipated, and the appointment of a head of event sales should signal improvement ahead.

Citi analysts have sliced their forecasts. This reduces the price target by 3% to $3.05. Citi analysts remain sceptical about Ardent Leisure's plan to operate up to 200 Main Event centres. Let's concentrate on 101 first, seems to be the mantra, and see how that goes.

In addition, the analysts highlight Ardent Leisure offers exposure to a growing USD earnings stream as well as the Gold Coast tourism resurgence theme. Buy rating retained.

Target price is $3.05 Current Price is $2.53 Difference: $0.52
If AAD meets the Citi target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $2.98, suggesting upside of 19.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.3

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

Morgans - Cessation of coverage

Forecast for FY16:

Forecast for FY17:

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

Macquarie rates ABA as Neutral (3) -

FY16 results were at the lower end of guidance, with Macquarie observing increasing funding costs and mortgage competition more than offsetting re-pricing benefits and loan growth.

The broker believes the current operating environment remains challenging for regional banks but, in a relative sense, the regulatory backdrop remains more favourable compared with the majors.

Neutral rating retained. Target is reduced to $5.25 from $5.54.

Target price is $5.25 Current Price is $5.33 Difference: minus $0.08 (current price is over target).
If ABA 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 FY17:

Forecast for FY18:

Market Sentiment: 0.0

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

Citi rates ABC as Neutral (3) -

First half results missed expectations. Management expects higher pre-mixed concrete, aggregates and concrete product volumes in 2016 but lower cement and weak lime sales.

Citi expects the company, ex property, to achieve peak earnings in 2016 after which a 1% and 2% decline in EBIT in FY17 and FY18 respectively is expected.

Target lifts to $5.00 from $4.80. Neutral rating retained.

Target price is $5.00 Current Price is $5.25 Difference: minus $0.25 (current price is over target).
If ABC meets the Citi target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.04, suggesting downside of -7.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

Market Sentiment: -0.3

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

Credit Suisse rates ABC as Neutral (3) -

Credit Suisse suggests the company delivered a "respectable" interim report. Strong cash flow and an under-geared balance sheet are strong features for the company, as is plenty of cash flow with the analysts projecting special dividends through to FY17.

They believe guidance for the full year looks a bit light and there certainly seems to be room for an upside beat. In the analysts' opinion, the SA infrastructure story on top of opportunities in lime are not fully appreciated by investors.

Target remains $5.55, unchanged, as does the Neutral rating.

Target price is $5.55 Current Price is $5.25 Difference: $0.3
If ABC meets the Credit Suisse target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $5.04, suggesting downside of -7.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

Market Sentiment: -0.3

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

Deutsche Bank rates ABC as Hold (3) -

First half results were below expectations. The 4c special dividend surprised Deutsche Bank. Management has guided to 2016 profit of $190-200m.

The broker notes the outlook commentary has softened because of a weaker Western Australian economy. WA dwelling approvals have declined an annualised 27% since the peak in December 2014. WA represents 25% of revenue but 11% of that relates to lime sales so Deutsche Bank calculates its effective exposure ot WA construction is only 14%.

Target slips to $5.31 from $5.32. Hold retained.

Target price is $5.31 Current Price is $5.25 Difference: $0.06
If ABC meets the Deutsche Bank target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $5.04, suggesting downside of -7.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

Market Sentiment: -0.3

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

Macquarie rates ABC as Neutral (3) -

First half results were below expectations, with lower volumes in cement featuring. Macquarie notes the company is a little more positive on pricing dynamics in the current market. The broker suspects the regional mix, a key to ultimate outcomes, is yet to stabilise.

While the operations are solid Macquarie does not consider this alone justifies the current premium and retains a Neutral rating. Target rises to $5.50 from $5.10.

Target price is $5.50 Current Price is $5.25 Difference: $0.25
If ABC meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $5.04, suggesting downside of -7.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

Market Sentiment: -0.3

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

Morgan Stanley rates ABC as Underweight (5) -

Taking out the benefit of lower energy costs and adjusting for property sales, Adelaide Brighton's earnings fell about $1m in the first half, the broker calculates. The broker does not see the top end of 2016 guidance being hit.

Initial 2016 guidance suggested a slight increase in cement volumes, but this was downgraded to flat in May. They are now expected to be lower, which brings to question whether the company's announced price rises can stick when competition is increasing. The stock is trading at a high price for low growth, the broker suggests.

Underweight and $4.45 target retained. Industry view: In-Line

Target price is $4.45 Current Price is $5.25 Difference: minus $0.8 (current price is over target).
If ABC meets the Morgan Stanley target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.04, suggesting downside of -7.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

Market Sentiment: -0.3

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

Ord Minnett rates ABC as Lighten (4) -

First half earnings were in line with expectations. The market reaction to the moderation of volumes across key products was heavy handed in Ord Minnett's view.

The broker suspects, for the remainder of 2016, growth will continue to be affected by the unfavourable exposure to weak states with buoyant activity on the east coast unable to offset declines in WA and NT.

In the absence of top line momentum the broker expects management to continue trimming the cost base. Lighten rating retained. Target is raised to $4.60 from $4.55.

Target price is $4.60 Current Price is $5.25 Difference: minus $0.65 (current price is over target).
If ABC meets the Ord Minnett target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.04, suggesting downside of -7.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

Market Sentiment: -0.3

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

Morgan Stanley rates APO as Overweight (1) -

A week ago APN Outdoor reported a solid first half result but disappointed with FY17 guidance, prompting a 30% share price plunge. But the stock was bought up 23% running into the result, the broker notes.

The broker's positive structural view on outdoor advertising remains intact. Market share gains are expected, especially from TV post-Olympics. Since its price plunge APN is now only trading at a 10% premium to market rather than 20% prior. The broker therefore retains an Overweight rating and $6.60 target.

Industry view: Attractive

Target price is $6.60 Current Price is $5.25 Difference: $1.35
If APO meets the Morgan Stanley target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $6.17, suggesting upside of 18.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

Market Sentiment: 0.5

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

Morgan Stanley rates ARF as Overweight (1) -

The broker has had a meeting with management in the wake of Arena's result. The REIT remains one of the broker's key picks in the sector, offering solid earnings and dividend growth despite being highly defensive.

The issue for the broker post result was one of a rising cost of debt as the REIT attempts to shift its average debt maturity from 3.5 years out to 10.5 years to meet its average lease duration. But management has suggested that given bank competition, the REIT will have no trouble refinancing.

Overweight and $2.00 target retained. Industry view: Attractive

Target price is $2.00 Current Price is $2.14 Difference: minus $0.14 (current price is over target).
If ARF meets the Morgan Stanley target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 1.0

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

Morgans rates CAT as Add (1) -

FY16 results were mixed but in Morgans view a sideshow, given the recent acquisition of XOS. Revenue was slightly above forecasts while the underlying EBITDA loss was higher than expected.

Morgans retains an Add rating on the expectation that the company will be able to achieve more league-wide supply deals in 2017. Target is reduced to $4.23 from $4.29.

Target price is $4.23 Current Price is $3.88 Difference: $0.35
If CAT meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 1.0

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

UBS rates FXL as Neutral (3) -

FY16 results were in line with expectations. UBS notes the one-offs meant a considerable gap between statutory net profit and cash net profit. Guidance has been lowered for FY17 with the broker observing the company is investing to drive growth in coming years.

The broker finds it positive that the company is taking steps to address organic growth concerns, with its Flight Centre ((FLT)) deal expected to generate significant additional volumes, but deals such as this will arguably be necessary to achieve some of its targets for FY18.

Neutral retained. Target is raised to $2.25 from $2.17.

Target price is $2.25 Current Price is $2.49 Difference: minus $0.24 (current price is over target).
If FXL meets the UBS target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.55, suggesting upside of 2.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.7

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

Macquarie rates GMA as Outperform (1) -

The insurer has reported a $90m decline in the probable maximum loss at its first half result. Macquarie observes, as a result, this equates to 50c a share in the FY16 capital release.

The broker expects the capital release to accelerate in FY17 and FY18. Despite operating with levels of total capital above the target, a downturn in the housing market or increased unemployment could mean management elects to continue to operate at levels above targets, the broker warns.

Still, optimising the capital structure with a preference to return excess capital is central to the company's strategy, Macquarie acknowledges. Outperform rating and $3.98 target retained.

Target price is $3.98 Current Price is $2.92 Difference: $1.06
If GMA meets the Macquarie target it will return approximately 36% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

Market Sentiment: 0.5

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

Macquarie rates GTN as Outperform (1) -

The maiden FY16 result beat expectations. Macquarie observes Australia and Canada were behind the beat, with revenues around 4% ahead of prospectus.

The company has retained its FY17 prospectus forecasts, assuming a continuation of current conditions. This does not surprise Macquarie, despite the new affiliate win. The broker upgrades medium to long-term forecasts not to the fullest extent possible.

Outperform rating retained. Target rises to $2.71 from $2.36.

Target price is $2.71 Current Price is $2.49 Difference: $0.22
If GTN meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 1.0

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

Morgans rates HLO as Hold (3) -

FY16 results beat expectations but were messy because of numerous one-off items, Morgans maintains. The broker notes strategies are being put in place to improve performance and rationalise what was a top-heavy cost base.

Morgans  believes some of the benefits of the turnaround are already factored into the share price and retains a Hold rating. Target is raised to $4.65 from $2.40.

Target price is $4.65 Current Price is $4.30 Difference: $0.35
If HLO meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $4.29, suggesting downside of -0.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.3

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

Citi rates HVN as Sell (5) -

FY16 results were ahead of expectations and suggest to Citi the company is making hay while the sun shines. The favourable backdrop to FY17 is expected to drive Australian franchise margins to the upper end of their historical ranges.

Citi upgrades forecasts by 4-5% and raises the target to $4.60 from $4.20. A Sell rating is maintained as, while momentum is with Harvey Norman in the short term, the broker considers the risk is to the downside with respect to the outlook for housing driven demand.

Target price is $4.60 Current Price is $5.38 Difference: minus $0.78 (current price is over target).
If HVN meets the Citi target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.26, suggesting downside of -2.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.1

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

Credit Suisse rates HVN as Downgrade to Underperform from Neutral (5) -

Credit Suisse saw a strong result carried by improving profit across all divisions and property revaluations, but they still believe the shares are overvalued. Hence the downgrade to Underperform from Neutral.

Target price increases to $4.97 from $4.70. The analyst warn investors shouldn't be chasing momentum through the housing cycle. They do believe positive momentum is likely to carry through H1 FY17.

Target price is $4.97 Current Price is $5.38 Difference: minus $0.41 (current price is over target).
If HVN 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 $5.26, suggesting downside of -2.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.1

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

Deutsche Bank rates HVN as Buy (1) -

FY16 results were ahead of estimates across both local and international operations. Deutsche Bank observes there are some signs the housing market is peaking but Harvey Norman is a very late cycle play and the housing tailwind is being complemented by favourable conditions in consumer electronics.

Hence, the broker envisages considerable earnings upside and sales momentum. Buy rating retained. Target is raised to $6.00 from $5.10.

Target price is $6.00 Current Price is $5.38 Difference: $0.62
If HVN meets the Deutsche Bank target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $5.26, suggesting downside of -2.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.1

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

Macquarie rates HVN as Neutral (3) -

FY16 results were in line with expectations. Macquarie observes the Australian franchise produced a very strong result across the board while international retailing continues its momentum in most regions.

The broker expects the company to continue paying out 100% of net profit in dividends, given the strong balance sheet, cash flow and accumulated franking credits.

Macquarie suspects the shifting in market share in the sector overstates underlying growth trends but the higher dividend yield over the medium term should support Harvey Norman shares. Neutral maintained. Target rises to $5.38 from $4.65.

Target price is $5.38 Current Price is $5.38 Difference: $0
If HVN meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $5.26, suggesting downside of -2.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.1

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

Morgan Stanley rates HVN as Underweight (5) -

While it is unclear how Harvey Norman's result stacked up against the broker's forecast, it is very clear why the broker retains an Underweight rating, despite the result featuring long awaited positive numbers from international regions and an increase in dividend.

The company is approaching a peak in its cycle, the broker contends. With the local housing market set to cool over the next 12-18 months and the one-off boost from Dick Smith's demise now passed, the broker believes the peak will be hit in FY17. On that basis the broker believes the stock should be trading at a discount to market.

Target rises to $4.70 from $4.40. Sector view In-Line.

Target price is $4.70 Current Price is $5.38 Difference: minus $0.68 (current price is over target).
If HVN meets the Morgan Stanley target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.26, suggesting downside of -2.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.1

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

Ord Minnett rates HVN as Hold (3) -

FY16 results were ahead of expectations. Ord Minnett considers its recent downgrade of the stock may have been premature, given the buoyant start to FY17.

Still, a Hold rating is retained. The broker contends the key investment drivers are sales growth supported by category tailwinds. Yet, amid concerns that these tailwinds may ease, and given valuation support, the broker is inclined to stay on the sidelines. Target is raised to $5.50 from $4.75.

Target price is $5.50 Current Price is $5.38 Difference: $0.12
If HVN meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $5.26, suggesting downside of -2.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.1

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

UBS rates HVN as Buy (1) -

FY16 results were ahead of expectations. The main surprise for UBS was the 17c final dividend, up 55% year on year. The broker notes momentum has accelerated over the second half of FY16.

UBS upgrades FY17-19 forecasts by 6-8%. The broker observes FY17 has started well, the market remains rational and the company should benefit from consolidation.

Buy rating reiterated. Target rises to $5.70 from $5.10.

Target price is $5.70 Current Price is $5.38 Difference: $0.32
If HVN meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $5.26, suggesting downside of -2.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.1

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

Citi rates IGO as Sell (5) -

FY16 results revealed a tough year for Independence Group, as revenue from Long and Jaguar moved lower with falling base metal prices. Citi still expects nickel and gold prices to soften in the near term and maintains a Sell rating.

The broker expects the upcoming catalysts will be first nickel copper concentrate from Nova and attaining 7.5mtpa throughput at Tropicana. Target is steady at $3.06.

Target price is $3.06 Current Price is $3.67 Difference: minus $0.61 (current price is over target).
If IGO meets the Citi target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.63, suggesting downside of -0.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.5

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

Credit Suisse rates IGO as Upgrade to Neutral from Underperform (3) -

The company had pre-released, so no surprises. The analysts find it odd the company pays out 2c in dividend, given recent capital raising (July).

The analysts have made minor changes to estimates. Target remains at $3.70, in line with valuation. rating upgraded to Neutral from Underperform following share price weakness.

Target price is $3.70 Current Price is $3.67 Difference: $0.03
If IGO meets the Credit Suisse target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $3.63, suggesting downside of -0.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.5

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

Deutsche Bank rates IGO as Sell (5) -

FY16 results were in line with the pre-release. The company has announced a 2c final dividend which Deutsche Bank considers is a slight contradiction to its intentions, having raised $280m to improve the balance sheet five weeks ago.

The broker expects Nova will be generating free cash flow within six months and the company should have gearing at 4% by the end of FY17.

Deutsche Bank retains a Sell rating on valuation. Target is $3.20.

Target price is $3.20 Current Price is $3.67 Difference: minus $0.47 (current price is over target).
If IGO meets the Deutsche Bank target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.63, suggesting downside of -0.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.5

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

UBS rates IGO as Neutral (3) -

FY16 results were pre-reported but the 2c dividend surprised UBS. The broker notes FY17 guidance is unchanged and Nova is on track for first production in December.

Neutral rating and $4.19 target maintained.

Target price is $4.19 Current Price is $3.67 Difference: $0.52
If IGO meets the UBS target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $3.63, suggesting downside of -0.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.5

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

UBS rates MGR as Downgrade to Neutral from Buy (3) -

UBS is downgrading to Neutral from Buy on valuation terms after the stock has risen 22% in three months versus the A-REIT 200 index rise of 4%. The stock remains the broker's preferred exposure in the sector.

UBS is looking for more comfort around apartment sales in the next six months and minimal settlement defaults, along with no macro prudential surprises and the sale of the Collins office development.Target rises to $2.27 from $2.13.

Target price is $2.27 Current Price is $2.32 Difference: minus $0.05 (current price is over target).
If MGR meets the UBS target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.21, suggesting downside of -4.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.3

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

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

Credit Suisse has downgraded to Neutral from Outperform on valuation. The analysts also cite 12-18 months of confusion and multiple possible scenarios with regards the main assets Dulles-Greenway and APRR.

Target price rises to $5.90. The interim report turned out better than expected.

Target price is $5.90 Current Price is $5.54 Difference: $0.36
If MQA meets the Credit Suisse target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $5.94, suggesting upside of 6.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

Market Sentiment: 0.3

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

Morgans rates MTO as Hold (3) -

FY16 results were slightly ahead of recently upgraded guidance. Morgans observes the outlook is dependent on modest organic growth and further acquisitions in a highly fragmented industry.

Off a higher FY16 base the broker upgrades earnings per share forecasts for FY17 and FY18 by 1.9% and 1.2% respectively. Hold rating is maintained. Target rises to $3.65 from $3.54.

Target price is $3.65 Current Price is $3.76 Difference: minus $0.11 (current price is over target).
If MTO 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 July.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

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

Ord Minnett rates PAC as Buy (1) -

FY16 results missed expectations as corporate costs were higher than expected. FY17 is expected to show some growth but Ord Minnett expects the next 12 months will be challenging as the company consolidates the trust structure amid future cash obligations and contingent payments.

Still, the broker remains positive on the stock and urges patience. Buy rating is retained. Target is lowered to $7.49 from $9.50.

Target price is $7.49 Current Price is $4.20 Difference: $3.29
If PAC meets the Ord Minnett target it will return approximately 78% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 1.0

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

Morgans rates RFX as Hold (3) -

The FY16 loss was $14.1m. FY16 marks a turning point in manufacturing for the company, Morgans observes, with the battery ready for commercialisation. The first three containers of turn-key batteries have been shipped.

The broker expects FY17 sales should step up meaningfully and this is the key risk/reward for shareholders. Hold retained. Target is reduced to 40c from 60c, as the broker applies a 20% discount to valuation while awaiting confirmation of commercial sales.

Target price is $0.40 Current Price is $0.40 Difference: $0
If RFX meets the Morgans target it will return approximately 0% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

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

Citi rates RSG as Buy (1) -

FY16 results were pre-released and the year was positive for the company, Citi observes. The broker expects a further re-rating through FY17 as development milestones are reached at Syama and Ravenswood.

The company has announced a gold dividend policy whereby it will pay 2% of revenue as a dividend, deliverable either as cash or as bullion into an account at Perth Mint. Citi asserts the revenue-based dividend is a growing theme among gold miners but the bullion idea is unusual.

Buy rating is retained. Target rises to $2.04 from $1.80.

Target price is $2.04 Current Price is $1.77 Difference: $0.27
If RSG meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.5

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

Macquarie rates SEH as Outperform (1) -

The first half result was in line with Macquarie's numbers. While short-term changes to gas pricing by the Chinese government are a risk, the broker remains positive on overall gas demand rising in China and the company's ability to contribute to this growth.

Management expects production to ramp up to 25mmscf/d across both its production licences. Outperform and 25c target retained.

Target price is $0.25 Current Price is $0.11 Difference: $0.145
If SEH meets the Macquarie target it will return approximately 138% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

Market Sentiment: 1.0

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

Morgans - Cessation of coverage

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -1.0

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

Credit Suisse rates TLS as Underperform (5) -

Credit Suisse analysts highlight Telstra's $2-3bn EBITDA gap is now rapidly approaching. Ongoing NBN payments will keep EPS above 31c, which is the dividend paid out annually to shareholders, but underlying 'core recurring' EPS will likely drop significantly below 31c over the next 2-3 years.

On the analysts' projection, core EPS could fall as low as 23.2cps in FY19. Is cutting the dividend inevitable? Not necessarily, argue the analysts, but it is likely investors start worrying well in advance.

Target price cut to $5.00 from $5.10. Underperform.

Target price is $5.00 Current Price is $5.26 Difference: minus $0.26 (current price is over target).
If TLS 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 $5.37, suggesting upside of 2.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.3

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

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

FY16 results were ahead of expectations, driven by a combination of like-for-like revenue growth and store acquisitions.

Morgans considers the outlook is very strong with the potential for scale benefits in the longer term and the company has a well defined strategy.

Rating is downgraded to Hold from Add on valuatoin. Target is raised to $5.20 from $4.80.

Target price is $5.20 Current Price is $4.84 Difference: $0.36
If VTG meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

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

Deutsche Bank rates WLD as Downgrade to Hold from Buy (3) -

FY16 results highlighted the company is in breach of its working capital facility and likely to breach certain covenants, Deutsche Bank warns.

Earnings were in line with guidance, being affected by the inability to pass through the historically high cattle prices to traditional customers in Indonesia and Vietnam. While the company is increasing its source of cattle form South America, conditions are likely to persist in the short to medium term, Deutsche Bank believes.

The broker downgrades to Hold from Buy and reduces the target to 30c from 75c.

Target price is $0.30 Current Price is $0.28 Difference: $0.015
If WLD meets the Deutsche Bank target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $0.32, suggesting upside of 16.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.3

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

Morgans rates WLD as Reduce (5) -

FY16 results were in line with recent guidance. Morgans remains concerned around debt levels and the ability to re-pay or re-negotiate current loans.

Should the company be unable to re-negotiate loans the business is expected to be forced to sell assets. Given operating conditions have deteriorated further so far in FY17, Morgans has little confidence in forecasts and suspects the going will get worse before it gets better.

Reduce rating is maintained. Target falls to 25c from 35c.

Target price is $0.25 Current Price is $0.28 Difference: minus $0.035 (current price is over target).
If WLD meets the Morgans target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.32, suggesting upside of 16.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.3

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