Australian Broker Call

Macquarie rates AFG as Outperform (1) -

FY18 net profit was in line with Macquarie's estimates. The broker believes the valuation is supported by the underlying earnings growth as well as cash.

Earnings estimates are downgraded by -8.2% for FY19 and by -7.3% for FY20. Outperform rating maintained. Target reduced to $1.95 from $2.12.

Target price is $1.95 Current Price is $1.60 Difference: $0.35
If AFG meets the Macquarie target it will return approximately 22% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Morgans rates AFG as Add (1) -

FY18 results were ahead of expectations. Morgans is excited by the growth strategy and the strong cash flow, which supports an attractive dividend yield and creates potential for more special dividends and/or acquisitions.

AFG Securities settlements increased 33% in the year and the loan book now sits at $1.37bn, expected to grow to $2.2bn by the end of FY20. Add rating and $2 target maintained.

Target price is $2.00 Current Price is $1.60 Difference: $0.4
If AFG meets the Morgans target it will return approximately 25% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Deutsche Bank rates AHG as Re-instate coverage with Hold rating (3) -

FY18 results reflect a tough industry. Deutsche Bank observes new car sales have declined sharply over the last two months and the consumer environment is harder.

The company remains the largest automotive group in Australia in a segment where scale is becoming increasingly important and consolidation is expected to accelerate.

Near-term earnings risk is high, yet the broker finds valuation support. Deutsche Bank reinstates coverage with a Hold rating and $2.50 target.

Target price is $2.50 Current Price is $2.34 Difference: $0.16
If AHG meets the Deutsche Bank target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $2.87, suggesting upside of 22.8% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.2

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

Macquarie rates AHG as Neutral (3) -

FY18 results were in line with downgraded guidance. Macquarie believes the outlook is uncertain, with a softer automotive market and the risk on flex commissions. Significant structural change in the industry has affected profitability while a softer market on the east coast has magnified the impact.

The improvement in market conditions and the earnings outlook is required in order to drive a re-rating and the broker maintains a Neutral rating. Target is reduced to $2.50 from $3.00.

Target price is $2.50 Current Price is $2.34 Difference: $0.16
If AHG meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $2.87, suggesting upside of 22.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.2

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

Morgans rates AHG as Hold (3) -

FY18 results were in line with recent guidance, assisted by a one-off insurance gain. Morgans lowers forecast by -12% and -8% for FY19 and FY20, respectively.

The broker believes the headwinds will persist into FY19. Additionally, the broker believes the ability to make accretive acquisitions will be limited. Hold rating maintained. Target is reduced to $2.67 from $2.74.

Target price is $2.67 Current Price is $2.34 Difference: $0.33
If AHG meets the Morgans target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $2.87, suggesting upside of 22.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.2

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

Ord Minnett rates AHG as Accumulate (2) -

FY18 net profit was in line with Ord Minnett's forecasts. However, the result was achieved through one-off benefits that included a material sale.

The broker notes the stock has underperformed the market significantly since May and continues to envisage near-term earnings risk. Nevertheless, the stock has now de-rated to a level where the risk/reward ratio is more balanced. Accumulate rating maintained. Target is reduced to $3.00 from $3.60.

Target price is $3.00 Current Price is $2.34 Difference: $0.66
If AHG meets the Ord Minnett target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $2.87, suggesting upside of 22.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.2

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

UBS rates AHG as Neutral (3) -

Auto Holdings' soft profit result would have been substantially weaker if not for the sale of the CTP insurance book, the broker notes. Auto margins fell dramatically in the second half. Management cited a number of reasons why these should improve in FY19.

But the outlook remains very soft, the broker suggests. Falling house prices have only just started to impact on car sales. Holden dealerships will drag. The Logistics restructure was held up by the failed sale. The broker cuts forecast earnings by -15% and its target to $2.45 from $2.65. Neutral retained.

Target price is $2.45 Current Price is $2.34 Difference: $0.11
If AHG meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $2.87, suggesting upside of 22.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.2

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

UBS rates APO as Neutral (3) -

It was a solid yet unremarkable result from APN Outdoor, broadly in line with the broker's expectations, as is FY19 guidance. The real news is thus ACCC approval of the takeover by JCDecaux.

While FIRB and shareholder approval is still required, the broker lifts its target to the $6.70 bid price, from $5.30, and retains Neutral.

Target price is $6.70 Current Price is $6.69 Difference: $0.01
If APO meets the UBS target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $6.35, suggesting downside of -5.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.4

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

Citi rates BXB as Neutral (3) -

Revenue growth in FY18 was ahead of expectations. Citi notes cost inflation remains a real drag on earnings and is likely to still be a headwind in the first half. As a result the broker forecasts underlying EBIT margins to decline by -180 basis points.

 Free cash is expected to tighten in FY19. Neutral rating maintained. Target rises to $11.00 from $10.10.

Target price is $11.00 Current Price is $10.74 Difference: $0.26
If BXB meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $10.82, suggesting upside of 0.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.1

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

Deutsche Bank rates BXB as Hold (3) -

Deutsche Bank observes CHEP Americas is struggling with cost inflation. Meanwhile EMEA business made solid progress in the second half. The company intends to de-merge the IFCO RPC business, and the broker is not surprised, albeit not convinced this is the right move.

Hold rating and $10 target maintained.

Target price is $10.00 Current Price is $10.74 Difference: minus $0.74 (current price is over target).
If BXB meets the Deutsche Bank target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.82, suggesting upside of 0.8% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.1

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

Macquarie rates BXB as Neutral (3) -

Macquarie believes cost issues are impacting operating leverage and a near-term recovery is unlikely. The company has announced its intention to separate IFCO, through a de-merger or sale in 2019. This could fetch up to US$2.6bn, Macquarie calculates.

Neutral rating maintained. Target is reduced to $10.05 from $10.20. Macquarie reduces estimates for earnings per share by -5% and -9% for FY19 and FY20 respectively.

Target price is $10.05 Current Price is $10.74 Difference: minus $0.69 (current price is over target).
If BXB 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 $10.82, suggesting upside of 0.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.1

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

Morgan Stanley rates BXB as Underweight (5) -

FY18 results beat Morgan Stanley's estimates on the back of CHEP EMEA and IFCO. With a lack of operating leverage in FY19 and -7% downside to valuation Morgan Stanley maintains an Underweight rating.

The broker lowers net profit estimates by -3-4% across FY19-21. This reflects a change to the accounting treatment of revenue recognition. Target is raised to $9.90 from $9.50. Industry view is Cautious.

Target price is $9.90 Current Price is $10.74 Difference: minus $0.84 (current price is over target).
If BXB meets the Morgan Stanley target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.82, suggesting upside of 0.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.1

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

Morgans rates BXB as Hold (3) -

FY18 results were broadly in line with expectations. The main negative for Morgans was the CHEP Americas business, as cost pressures continue to have an impact.

Morgans downgrades FY19 estimates for operating earnings by -5%. The broker continues to believe the stock is fully valued given a modest growth outlook. Hold maintained. Target rises to $10.18 from $9.89.

Target price is $10.18 Current Price is $10.74 Difference: minus $0.56 (current price is over target).
If BXB meets the Morgans target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.82, suggesting upside of 0.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.1

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

Ord Minnett rates BXB as Buy (1) -

FY18 results were above Ord Minnett's expectations and up 7.3% on FY17. The 14.5cps dividend was in line with the broker's estimate.

Brambles intends to pursue a de-merger of the IFCO business in 2019 and will also evaluate the possibility of a sale. Although this may improve the short-term ROIC the broker wonders whether this ignores the longer-term growth opportunity as reusable product crates take share from cardboard packaging.

Buy rating and $12.75 target maintained.

Target price is $12.75 Current Price is $10.74 Difference: $2.01
If BXB meets the Ord Minnett target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $10.82, suggesting upside of 0.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.1

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

UBS rates BXB as Buy (1) -

Brambles' 7% increase in revenues in the second half and -3% drop in earnings was a better outcome than the broker forecast. A -15% fall in CHEP earnings was offset by 6% growth for the rest of the group. Price increases offset half the impact of cost increases.

Management appears focused on reducing capital intensity, the broker notes, and a planned de-merger of the IFCO plastic crate business will help. The broker sees the stock as undervalued and retains Buy. Target rises to $11.80 from $11.30.

Target price is $11.80 Current Price is $10.74 Difference: $1.06
If BXB meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $10.82, suggesting upside of 0.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.1

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

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

Macquarie expects low double-digit earnings growth in FY19. The company is changing its full year end to December from June, which means it will bank a large percentage of profits in its new first half to the June 30 year end.

Macquarie downgrades to Neutral from Outperform and raises the target to $8.15 from $7.90. The broker considers the valuation relatively full and forecasts first half net profit to be down -31% because of the seasonality from additional costs and 86% ownership of the Moroccan business. FY19 profit outcome will not be evident until much later in the year, the broker suggests.

Target price is $8.15 Current Price is $7.48 Difference: $0.67
If CGC meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $7.70, suggesting upside of 3.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Morgans rates CGC as Hold (3) -

While FY18 profit growth was strong it fell short of lofty expectations, Morgans notes. The miss reflected the challenges across the domestic and international berry operations because of poor seasonal conditions. FY19 guidance is for low double-digit net profit growth.

While the business is highly susceptible to adverse seasonal conditions, when isolated to individual produce categories the broker believes the risks are manageable. Hold rating maintained. Target is reduced to $7.03 from $7.57.

Target price is $7.03 Current Price is $7.48 Difference: minus $0.45 (current price is over target).
If CGC meets the Morgans target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.70, suggesting upside of 3.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Ord Minnett rates CGC as Downgrade to Hold from Accumulate (3) -

FY18 net profit was -7.6% below Ord Minnett's forecasts. On the positive side, the broker notes the earnings miss was a one-off issue - a poor harvest at the Moroccan African Blue unit. The broker lowers net profit forecasts by -9% for FY19 and by -16% for FY20.

Ord Minnett projects free cash flow to turn negative in FY19 after accounting for a large increase in capital expenditure. Rating is downgraded to Hold from Accumulate and the target is trimmed to $7.43 from $7.52.

Target price is $7.43 Current Price is $7.48 Difference: minus $0.05 (current price is over target).
If CGC 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 $7.70, suggesting upside of 3.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

UBS rates CGC as Neutral (3) -

Costa's profit rose 26% but missed the broker's expectations by -5%, mostly due to a one in forty year weather event in Morocco, which reminds the broker that Costa is still an agricultural company. FY19 should see normalisation.

FY19 guidance is for low double-digit growth, which the broker sees as conservative but prudent at the beginning of the period. The broker forecasts 17%pa compound earnings growth over the next three years but also sees the stock as well priced. Neutral retained, target falls to $8.20 from $8.40.

Target price is $8.20 Current Price is $7.48 Difference: $0.72
If CGC meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $7.70, suggesting upside of 3.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Morgans rates CLH as Hold (3) -

FY18 results were ahead of expectations. The portfolio enhancement program's gearing remains stable and Morgans expects operating cash flow to cover PDL acquisitions in FY19.

However, the longer-term impact from the sale and outsourcing of parts of the portfolio are considered uncertain at this stage. Hold rating and $1.55 target maintained.

Target price is $1.55 Current Price is $1.52 Difference: $0.03
If CLH meets the Morgans target it will return approximately 2% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.5

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

UBS rates CSL as Neutral (3) -

As expected, the USFDA has approved a product called Takhzyro made by a company called Shire for the treatment of a disease called HAE. The product should begin to have a commercial impact from the second half FY19.

The broker does not believe there will be a significant shift by patients to Takhzyro from CSL's Haegarda but suggests there will be competition. Neutral and $220 target retained.

Target price is $220.00 Current Price is $224.80 Difference: minus $4.8 (current price is over target).
If CSL 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 $213.64, suggesting downside of -5.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.3

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

Morgans rates EPW as Upgrade to Add from Hold (1) -

Morgans is pleased the sale process is underway for the US business. The broker assumes this will mean the distribution doubles from the minimum $0.07 per share. The US business produced an underlying loss of -$19.3m in FY18.

The broker suggests cash that was being used to support the US operations can now be paid to shareholders. Operating earnings in FY18 increased 25% on a continuing business basis and beat forecasts. Morgans upgrades to Add from Hold. Target is raised $1.95 from $1.64.

Target price is $1.95 Current Price is $1.68 Difference: $0.27
If EPW meets the Morgans target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $1.75, suggesting upside of 4.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.7

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

Citi rates EVT as Neutral (3) -

Citi believes the property portfolio provides multiple options for growth over the medium to longer term. In the short term the share price is expected to be driven by structural concerns in cinema and more challenges in the key hotel markets. Neutral rating maintained. Target rises to $15.40 from $13.55.

The company has indicated Germany brings no economies of scale and it is exploring options regarding the business. The broker estimates the German business could be worth $150-250m.

Target price is $15.40 Current Price is $15.10 Difference: $0.3
If EVT meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

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

Deutsche Bank rates FPH as Hold (3) -

The company has upgraded FY19 earnings guidance slightly to NZ$215m, and appears to be tracking in line with expectations. The main surprise for Deutsche Bank in the FY18 results was the intent to release the SleepStyle flow generator for OSA into the US.

This should drive faster sales growth from the second half, albeit at a modest margin. Hold maintained.Target is NZ$15.20.

Current Price is $14.58. Target price not assessed.

Current consensus price target is N/A

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: -0.8

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

Morgan Stanley rates GPT as Underweight (5) -

The company has bought 60 Station Street Parramatta for $277.6m. The acquisition is consistent with the company's intention to increase its exposure to the Metro market.

Morgan Stanley considers the price full, albeit the acquisition is positive for earnings. Target price is $5.35. Underweight rating retained. Industry view is Cautious.

Target price is $5.35 Current Price is $5.15 Difference: $0.2
If GPT meets the Morgan Stanley target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $5.33, suggesting upside of 3.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.1

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

Morgans rates HPI as Hold (3) -

FY18 results were in line with expectations. The Wickham Hotel has been divested for $14m. The sale of this asset and increased taxes leads to lower FY19 distribution forecasts.

Morgans assumes Coles ((WES)) exercises its option when the leases expire and also notes recent speculation that this business is looking at restructuring its pub operations.

Morgans maintains a Hold rating and reduces the target to $3.10 from $3.18.

Target price is $3.10 Current Price is $3.18 Difference: minus $0.08 (current price is over target).
If HPI meets the Morgans target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

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

UBS had assumed a major repricing of iSentia's A&NZ SaaS product would lead to increased customers. The company's guidance downgrade suggests either discounts have served only to keep customers, or customers are leaving anyway.

Competition is increasing, which is a major headwind as iSentia loses customers. UBS still believes a major re-basing of the product suite could enable growth beyond FY19, but prefers to wait for some indication momentum has turned. Downgrade to Neutral from Buy. Target falls to 45c from $1.00.

Target price is $0.45 Current Price is $0.42 Difference: $0.03
If ISD meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $0.44, suggesting upside of 5.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.3

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

Macquarie rates JHC as Outperform (1) -

On initial assessment, Macquarie notes it appears the FY18 result beat expectations, but there was support from one-off factors and thus the quality of the result is being questioned. In addition, the analysts point out, cash flow for the half was nearly zero.

The broker thinks market expectations will reset at a lower level and the share price should come under pressure. Macquarie itself has placed everything under review.

Target price is $1.86 Current Price is $1.74 Difference: $0.12
If JHC meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $1.76, suggesting upside of 1.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.2

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

Morgans rates KSL as Add (1) -

First half net profit was in line with expectations. Morgans downgrades 2018 and 2019 estimates by -3-6% on forecasts for higher costs and some minor revisions to modelling.

The business benefited from a property sale in the first half, offset by IFRS 9 accounting adjustments. Morgans maintains an Add rating and reduces the target to $1.30 from $1.34.

Target price is $1.30 Current Price is $1.04 Difference: $0.26
If KSL meets the Morgans target it will return approximately 25% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 1.0

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

Citi rates MPL as Neutral (3) -

Citi reduces estimates for FY19-21 by -1%. The broker expects lacklustre earnings growth, given the political headwinds. Medibank Private expects hospital utilisation growth to be subdued in the short term and ancillary claims inflation is also expected to be slightly lower.

Citi maintains a Neutral rating and $3.20 target.

Target price is $3.20 Current Price is $3.02 Difference: $0.18
If MPL meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $2.93, suggesting downside of -2.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.3

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

Credit Suisse rates MPL as Neutral (3) -

FY18 results were in line with Credit Suisse estimates although NPAT of $445.1m was a little below the broker.

The result was underpinned by the ongoing slowdown in claims inflation. With premium rate increases of 3-4% this led to 50bps of gross margin expansion in the second half. With claims likely to remain subdued in FY19 the broker expects this margin should at least hold if not expand further.

Credit Suisse raises underlying NPAT for FY19 by 0.5%. Neutral rating and $3.10 target maintained.

Target price is $3.10 Current Price is $3.02 Difference: $0.08
If MPL meets the Credit Suisse target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $2.93, suggesting downside of -2.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.3

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

Deutsche Bank rates MPL as Buy (1) -

FY18 results suggest to Deutsche Bank the core health business is on track. Operating profit grew 10% from the savings of the productivity program.

A final dividend of 7.2c was declared, bringing the total dividends to 12.7c. This represents a pay-out ratio of 80% and is in line with the target.

The broker maintains a Buy rating and $3.40 target.

Target price is $3.40 Current Price is $3.02 Difference: $0.38
If MPL meets the Deutsche Bank target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $2.93, suggesting downside of -2.9% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.3

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

Macquarie rates MPL as Neutral (3) -

Macquarie found a number of positive trends in the FY18 result but as long as regulatory uncertainty persists believes the stock will underperform. Policyholder growth in the second half reversed six consecutive halves of declines.

The broker continues to model three years of 2% average price rises. Neutral rating maintained. Target is raised to $2.95 from $2.90.

Target price is $2.95 Current Price is $3.02 Difference: minus $0.07 (current price is over target).
If MPL meets the Macquarie target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.93, suggesting downside of -2.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.3

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

Morgan Stanley rates MPL as Underweight (5) -

FY18 results were broadly in line with expectations. Morgan Stanley observes revenue growth is subdued. Margin upside from continued softening of claims trends appears unlikely. Elevated reserve releases are unlikely to be repeated, in the broker's view.

Morgan Stanley also notes the risk of heavier regulatory intervention in an election year. The broker retains an Underweight rating and the target is $2.40. Industry view: In Line.

Target price is $2.40 Current Price is $3.02 Difference: minus $0.62 (current price is over target).
If MPL meets the Morgan Stanley target it will return approximately minus 21% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.93, suggesting downside of -2.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.3

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

Morgans rates MPL as Hold (3) -

FY18 net profit was below expectations mainly because of lower investment income. Morgans remains cautious about the outlook for health insurance margins.

The broker downgrades FY19 and FY20 estimates by -1-2% on lower margin assumptions. Hold rating maintained. Target is reduced to $3.00 from $3.02.

Target price is $3.00 Current Price is $3.02 Difference: minus $0.02 (current price is over target).
If MPL meets the Morgans target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.93, suggesting downside of -2.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.3

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

Ord Minnett rates MPL as Lighten (4) -

FY18 results were broadly in line with Ord Minnett's forecasts. The broker notes the result showed weak trends in GWP but even weaker trends in claims inflation, leading to large reserve releases allowing gross margins to remain at elevated levels.

The broker expects the margins can be maintained in FY19 but will come back beyond that as government seeks to claw some of it back through caps on premium rate increases.

Trading at 18x FY19 adjusted EPS, the broker views the stock as very fully valued and retains the Lighten rating and reduces the target to $2.80 from $2.81.

Target price is $2.80 Current Price is $3.02 Difference: minus $0.22 (current price is over target).
If MPL meets the Ord Minnett target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.93, suggesting downside of -2.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.3

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

UBS rates MPL as Sell (5) -

Medibank Private's profit was broadly in line. Underlying claims rends were surprisingly weak, the broker notes, boosting margins. If this trend persists into FY19, margins will be positively underpinned.

But given insurers have been the key beneficiaries of a challenging private health care backdrop, the broker foresees a step-down in premiums in the next round of price setting in April. Sell and $2.60 target retained.

Target price is $2.60 Current Price is $3.02 Difference: minus $0.42 (current price is over target).
If MPL meets the UBS target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.93, suggesting downside of -2.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.3

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

Credit Suisse rates MYO as Neutral (3) -

MYOB's first half results were a little soft but full year guidance has been reaffirmed. The 2017 'price-led campaign' to convert non-paying users to online negatively impacted ARPU but the company says the impact will moderate in 2H.

Credit Suisse increases 2018 EBITDA by 0.7% and reduces 2H opex forecasts slightly. NPATA forecast for 2018 is reduced -1.3% due to higher D&A.

Neutral and $3 target price maintained.

Target price is $3.00 Current Price is $3.05 Difference: minus $0.05 (current price is over target).
If MYO meets the Credit Suisse target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.18, suggesting upside of 4.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

Macquarie rates MYO as Neutral (3) -

First half growth was subdued and below expectations, Macquarie observes, although guidance suggests a strong recovery in the second half. The broker believes delivery on second half expectations and ongoing growth in adjacent businesses is required before a re-rating can emerge.

Target is reduced to $3.30 from $3.94. Neutral maintained.

Target price is $3.30 Current Price is $3.05 Difference: $0.25
If MYO meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $3.18, suggesting upside of 4.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

Morgan Stanley rates MYO as Underweight (5) -

First half results were slightly better than expected. Guidance is reiterated for organic revenue growth in the high single digits. Morgan Stanley observes the ramp up of investment is just starting and the bulk is expected in FY19.

The broker needs to be convinced of the returns on investment before becoming more positive. Underweight rating. Price target is $2.80. Industry View is Attractive.

Target price is $2.80 Current Price is $3.05 Difference: minus $0.25 (current price is over target).
If MYO meets the Morgan Stanley target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.18, suggesting upside of 4.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

Ord Minnett rates MYO as Hold (3) -

MYOB's first half result reflected the investment phase currently underway, with revenue growth yet to see the benefits. Costs rose materially, in line with the investment plan.

Online net subscriber growth accelerating to 36,000 from 32,000, which was encouraging to the broker. So too was news the MYOB Platform delivery is accelerating. Ord Minnett sees the 1H19 as a free cash flow low point for the company from where 15%pa growth should be possible for a number of years.

 Hold rating maintained. Target is raised to $3.16 from $2.94.

Target price is $3.16 Current Price is $3.05 Difference: $0.11
If MYO meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $3.18, suggesting upside of 4.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

UBS rates MYO as Neutral (3) -

MYOB has reaffirmed full year guidance but on the trends apparent in the first half result, the broker sees the bottom end of the range as most likely. Revenues grew but margins contracted.

Revenue growth per user was nevertheless weak but expected to improve in the second half as prices are increased and discounts roll off. Margins will again come under pressure and likely fall in 2019 on ramped up marketing spend, the broker notes.

Neutral and $2.95 target retained.

Target price is $2.95 Current Price is $3.05 Difference: minus $0.1 (current price is over target).
If MYO meets the UBS target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.18, suggesting upside of 4.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

Credit Suisse rates MYX as Outperform (1) -

FY18 results were ahead of Credit Suisse's estimates and consensus. EBITDA rose 67% year-on-year in the second half.

No FY19 guidance was provided but a trading update at the AGM in November seems likely. The broker expects the company's largest generic drug, Dofetilide, to face stiff competition from two new generic entrants, possibly losing -40% of sales.

However, the broker believes this will be more than offset by the launch of new generic pipeline products and maintains an Outperform rating. Target is raised to $1.20 from $1.00.

Target price is $1.20 Current Price is $1.09 Difference: $0.11
If MYX meets the Credit Suisse target it will return approximately 10% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

UBS rates MYX as Buy (1) -

A much improved second half performance helped Mayne to a 9% earnings beat. Net cash flow grew strongly following a significant working capital headwind in FY17, the broker notes.

The broker forecasts 23% earnings growth in FY19, driven by generic product launches, strength in Specialty and forex tailwinds. Buy retained, target rises to $1.26 from $1.02.

Target price is $1.26 Current Price is $1.09 Difference: $0.17
If MYX meets the UBS target it will return approximately 16% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Deutsche Bank rates NST as Sell (5) -

FY18 net profit was -9% below Deutsche Bank's estimates. Underlying operating earnings were -2% below estimates. The broker incorporates higher costs and D&A, leading to a -5% fall in FY19 forecasts.

Sell rating maintained. Target is $5.90.

Target price is $5.90 Current Price is $7.03 Difference: minus $1.13 (current price is over target).
If NST meets the Deutsche Bank target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.36, suggesting downside of -9.5% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.4

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

UBS rates NST as Buy (1) -

Northern Star reported as expected, highlighting a solid track record of growing production, earnings and reserves over time. The broker expects this trend to continue, suggesting FY19 production guidance seems conservative and anticipates strong exploration results.

Buy and $7.50 target retained.

Target price is $7.50 Current Price is $7.03 Difference: $0.47
If NST meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $6.36, suggesting downside of -9.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.4

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

Morgans rates PPE as Add (1) -

FY18 results were well ahead of Morgans' expectations and the company also beat prospectus forecasts.

Approximately 50% of gross profit is now generated from non-cyclical industries and the company estimates the total industry revenue in FY19 will be $26.4bn.

Morgans maintains an Add rating. Target is raised to $2.12 from $2.00.

Target price is $2.12 Current Price is $2.04 Difference: $0.08
If PPE meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Ord Minnett rates PPE as Buy (1) -

FY18 results were ahead of estimates. Ord Minnett believes the base business is performing well with solid double-digit growth continuing.

The broker maintains a Buy rating and raises the target to $2.07 from $1.90. The broker expects growth in the disability segment to pick up as the demand for the company's services accelerates.

Target price is $2.07 Current Price is $2.04 Difference: $0.03
If PPE meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

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

FY18 results were slightly better than Credit Suisse had expected due to some lower quality supporting items.

Fund performance has deteriorated in recent months and this will impact Platinum's ability to earn performance fees in FY19, the broker observes. The broker has cut fee forecasts by -50%. The broker has made minor changes to EPS forecasts with  FY19 unchanged and FY20 upgraded by 2%.

Credit Suisse upgrades to Neutral from Underperform, believing the stock offers better value than sector peers. Target is raised to $5.25 from $5.15.

Target price is $5.25 Current Price is $5.77 Difference: minus $0.52 (current price is over target).
If PTM meets the Credit Suisse target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.33, suggesting downside of -7.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.3

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

Macquarie rates PTM as Neutral (3) -

FY18 results were in line with expectations. Macquarie was encouraged by the revenue performance, which was partly offset by higher costs. The broker points to a material improvement in FY18 flows, although momentum has slowed in the second half.

Neutral rating maintained. Target is reduced to $5.30 from $5.50.

Target price is $5.30 Current Price is $5.77 Difference: minus $0.47 (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 $5.33, suggesting downside of -7.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.3

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

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

Morgan Stanley was pleased with FY18 results as more retail flows and the better business mix meant base fee margins surprised on the upside. The broker also believes an increasing presence in the US market with AccessAlpha presents upside risk to institutional flows.

The broker believes the business is well-positioned in the event of a move to a more level playing field in the wake of the Royal Commission. Equal-weight retained. Industry view: In-Line. Target is $6.

Target price is $6.00 Current Price is $5.77 Difference: $0.23
If PTM meets the Morgan Stanley target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $5.33, suggesting downside of -7.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.3

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

Morgans rates PWH as Add (1) -

FY18 results were broadly in line with expectations. The result was supported by 7% revenue growth, primarily from motorsports and OEM.

Morgans increases FY19 underlying estimates for EBITDA by 1%. The broker considers the balance sheet healthy with plenty of capacity for further growth opportunities. Add rating maintained. Target rises to $3.60 from $3.40.

Target price is $3.60 Current Price is $3.15 Difference: $0.45
If PWH meets the Morgans target it will return approximately 14% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

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

Qube Holding's FY18 result was below Credit Suisse and consensus with soft EBIT offset by improvements at Patrick.

Guidance for FY19 was less upbeat than Credit Suisse had expected. The broker struggles to see value at the current share price and downgrades the stock to Underperform from Neutral.

Logistics and the Ports&Bulks segments are expected to see only modest growth due to weakness in grain harvest volumes. FY19 EPS estimates are cut -9% to reflect this. Target is raised to $2.40 from $2.35.

Target price is $2.40 Current Price is $2.72 Difference: minus $0.32 (current price is over target).
If QUB meets the Credit Suisse target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.74, suggesting upside of 0.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Macquarie rates RIO as Outperform (1) -

Macquarie updates earnings estimates to incorporate recent guidance on Escondida cash costs and realised prices for Iron Ore Company of Canada (IOC). The bulk of non-core assets have been sold.

The pending sale of Grasberg for US$3.5bn and the Coal & Allied sale in 2017 should lift total asset sales to US$11.2bn for the last two years. Further refinement of the asset portfolio is possible, the broker suggests, with IOC and Pacific Aluminium the most likely candidates.

Macquarie maintains an Outperform rating and $91 target.

Target price is $91.00 Current Price is $72.78 Difference: $18.22
If RIO meets the Macquarie target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $88.02, suggesting upside of 20.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Citi rates RSG as Buy (1) -

Citi believes the company is in a financial valley, and with Syama ramping up through 2019 earnings growth should accelerate. Top tier gold assets are rare and the broker believes Resolute Mining should be considered an attractive target for asset-hungry predators.

FY18 was soft but in line with expectations. The broker reduces estimates for FY19 by -5.5% and lowers the target to $1.60 from $1.75. Buy/High Risk rating maintained.

Target price is $1.60 Current Price is $1.44 Difference: $0.16
If RSG meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Macquarie rates RSG as Outperform (1) -

FY18 results were broadly in line with expectations. Macquarie notes the company has invested heavily over the year as the development of Syama SLC approaches completion. The broker expects Syama to become a significant gold producer in FY19.

There is plenty of exploration upside and opportunities for extensions. Outperform rating and $1.60 target.

Target price is $1.60 Current Price is $1.44 Difference: $0.16
If RSG meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Morgans rates RVA as Add (1) -

First half results were broadly in line with expectations. Revenue grew 72% and product shipments 16%. Sales growth remains subdued but it is moving in the right direction, Morgans believes.

The company is broadening the applications of its novel Tyrocore polymer technology. Morgans expects break-even in 2021. Add rating and $0.66 target maintained.

Target price is $0.66 Current Price is $0.22 Difference: $0.44
If RVA meets the Morgans target it will return approximately 200% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 1.0

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

Macquarie rates RWC as Outperform (1) -

On initial assessment, Macquarie finds the FY18 performance has surprised to the upside, plus management has already increased synergies to be achieved from the John Guest acquisition and integration.

Target price is $6.20 Current Price is $5.66 Difference: $0.54
If RWC meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $5.93, suggesting upside of 4.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Credit Suisse rates SDF as Outperform (1) -

The company's FY18 results were in line with Credit Suisse and slightly above consensus. Despite a -2% technology investment drag the company delivered EBITDA growth of 15.5% in the period.

Management issued FY19 guidance of 12-18% EBITDA growth and underlying NPAT growth of 10-17%. This was slightly below the broker's expectations. The broker's forecasts are at the upper end of management's FY19 guidance.

Outperform rating and $3.15 target maintained.

Target price is $3.15 Current Price is $3.04 Difference: $0.11
If SDF meets the Credit Suisse target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $3.37, suggesting upside of 10.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.8

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

Macquarie rates SDF as Outperform (1) -

FY18 net profit was in line with estimates. Macquarie calculates that underlying earnings guidance for FY19 implies 9-15% growth.

The broker believes market conditions and the balance sheet capacity are supportive of the stock. Outperform rating maintained. Target rises to $3.60 from $3.30.

Target price is $3.60 Current Price is $3.04 Difference: $0.56
If SDF meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $3.37, suggesting upside of 10.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.8

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

Ord Minnett rates SDF as Accumulate (2) -

FY18 net profit was ahead of Ord Minnett's forecasts. Guidance for FY19 suggests 8.6% growth in adjusted net profit and the broker believes the current cyclical upswing should ensure the company's target is achievable.

The broker considers it reasonable to hold onto the stock in an environment of rising premium rates, even if the share price is fuller than it has been historically. Accumulate maintained. Target rises to $3.35 from $2.95.

Target price is $3.35 Current Price is $3.04 Difference: $0.31
If SDF meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $3.37, suggesting upside of 10.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.8

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

Citi rates SGM as Neutral (3) -

Citi sticks to the Neutral rating, while reducing forecasts post FY18 release. Target price falls to $14.50 from $17. Sims' earnings are expected to peak in FY19.

The analysts do point out that, with a strong balance sheet, the company remains well placed for growth investments and/or capital management initiatives.

Target price is $14.50 Current Price is $13.17 Difference: $1.33
If SGM meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $15.01, suggesting upside of 14.0% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

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

Sims Metal Management's FY18 results were broadly in line with the broker's estimates. Guidance was limited to "on track to exceed 10% ROIC target" although management remains cautious over global trade war escalation.

Credit Suisse upgrades the stock to Neutral from Underperform on share price correction and makes modest EPS changes to reflect management's guidance for internal initiatives and macro considerations.

Target price steady at $14.80.

Target price is $14.80 Current Price is $13.17 Difference: $1.63
If SGM meets the Credit Suisse target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $15.01, suggesting upside of 14.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Deutsche Bank rates SGM as Hold (3) -

FY18 underlying net profit was weaker than expected. Deutsche Bank is not confident in the outlook as ferrous and non-ferrous prices are softer, although management asserts intake volumes are firm.

US export scrap prices have declined -12% over the latest month and there is more downside considered likely as Turkish volumes seek new markets. Hold rating maintained. Target is $12.80.

Target price is $12.80 Current Price is $13.17 Difference: minus $0.37 (current price is over target).
If SGM meets the Deutsche Bank target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $15.01, suggesting upside of 14.0% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Macquarie rates SGM as Outperform (1) -

Macquarie notes the stock has sold off aggressively in recent weeks following the turmoil in Turkey. While visibility is impaired, the broker believes the stock offers values at current levels.

Macquarie lowers FY19 and FY20 estimates for net profit by -4% and -11% respectively. The target is reduced to $17.40 from $20.75. Outperform maintained.

Target price is $17.40 Current Price is $13.17 Difference: $4.23
If SGM meets the Macquarie target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $15.01, suggesting upside of 14.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Ord Minnett rates SGM as Upgrade to Buy from Hold (1) -

FY18 results were in line with Ord Minnett's expectations but net profit was slightly below the broker's forecast. The result demonstrated to the broker that the company can adapt to an ever changing trade landscape.

The weak outlook is a material risk to the stock, in the broker's view, and while risks associated with Turkey and China are real Sims has been able to find alternative markets.

Ord Minnett believes the sell-off following the result presents a buying opportunity and upgrades to Buy from Hold. Target is reduced to $16.70 from $17.00.

Target price is $16.70 Current Price is $13.17 Difference: $3.53
If SGM meets the Ord Minnett target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $15.01, suggesting upside of 14.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

UBS rates SGM as Upgrade to Neutral from Sell (3) -

Sims reported in line with UBS. The stock has been hit hard in the past fortnight due to headwinds in the end markets of China and Turkey, the broker notes, being scrap tariffs in the former and economic collapse in the latter. The key for the company is to redirect volumes to other markets while maintaining margins.

UBS has cut earnings forecasts by -5% and warns earnings visibility is very low. But with market expectations re-based lower, the broker sees the headwinds priced in. Upgrade to Neutral from Sell. Target rises to $13.85 from $13.70.

Target price is $13.85 Current Price is $13.17 Difference: $0.68
If SGM meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $15.01, suggesting upside of 14.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

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

Stockland's FY18 result was in line with Credit Suisse and guidance. Management guided to 5-7% FFO growth in FY19 and DPS growth of 4%.

The result highlighted the challenges Stockland faces in its retail division, in the broker's view, with slowing growth and negative revaluations coming at a time when the company is trying to reduce its exposure to retail.

Although the company has flexibility to drive earnings by managing residential embedded margins, headwinds facing other parts of the business lead the broker to downgrade to Neutral from Outperform. Target is reduced to $4.35 from $4.56.

Target price is $4.35 Current Price is $4.18 Difference: $0.17
If SGP meets the Credit Suisse target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $4.45, suggesting upside of 6.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.2

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

Credit Suisse rates SGR as Outperform (1) -

Star Group's first half results were flagged in advance so no surprises for Credit Suisse. The result did help to improve the broker's confidence in its own forecasts.

The group will soon go to tender for 45% of project costs, covering the internal structure, of Queen's Wharf in Brisbane, leaving the fit-out to be costed later in hope of a more advantageous construction market.

Credit Suisse finds revenue growth difficult to predict at the new facility but Gold Coast EBITDA could grow to around $145m from $100m in FY19.

No change to Outperform and the $5.60 target.

Target price is $5.60 Current Price is $5.55 Difference: $0.05
If SGR meets the Credit Suisse target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $6.12, suggesting upside of 10.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Deutsche Bank rates SGR as Buy (1) -

FY18 results were ahead of expectations. Deutsche Bank observes the company is experiencing an improvement in domestic revenue growth trends while VIP turnover remains strong.

Deutsche Bank maintains a Buy rating as the stock is trading at a -15% discount to the valuation (target) of $6.20 a share. Buy rating maintained.

Target price is $6.20 Current Price is $5.55 Difference: $0.65
If SGR meets the Deutsche Bank target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $6.12, suggesting upside of 10.3% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Macquarie rates SGR as Outperform (1) -

Macquarie observes FY19 trading to date has shown an improvement and the Gold Coast casino is expected to deliver superior growth. Nevertheless, near-term impacts from the Sydney Sovereign Resort expansion are likely to weigh on investor views.

The broker considers the valuation attractive and maintains an Outperform rating. Target is $6.15.

Target price is $6.15 Current Price is $5.55 Difference: $0.6
If SGR meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $6.12, suggesting upside of 10.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Morgan Stanley rates SGR as Overweight (1) -

Morgan Stanley expects the better-than-expected FY18 results and a strong start to FY19 should provide more confidence in the stock. The broker believes refurbishment disruptions are over estimated as the company is reporting positive customer feedback.

Overweight and $6.00 target retained. Industry view: Cautious.

Target price is $6.00 Current Price is $5.55 Difference: $0.45
If SGR meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $6.12, suggesting upside of 10.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Morgans rates SGR as Add (1) -

FY18 results were ahead of expectations. Morgans notes the positive commentary about revenue trends, which has resulted in a rally in the stock.

The broker continues to believe the stock will reward patient investors. The broker retains an Add rating. Target is reduced to $6.01 from $6.19.

Target price is $6.01 Current Price is $5.55 Difference: $0.46
If SGR meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $6.12, suggesting upside of 10.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Ord Minnett rates SGR as Buy (1) -

FY18 results were slightly better than Ord Minnett had expected due to a strengthening VIP market. The 13c dividend was 3c better than the broker's forecast.

The broker notes VIP turnover recovery continued from 1H18 and Star remains the preferred VIP destination, with forecast FY19 growth of 11% versus 8% for Crown ((CWN)).

Star is trading on more attractive P/E multiples than Crown so the broker retains a Buy rating. Target is raised to $6.20 from $6.10.

Target price is $6.20 Current Price is $5.55 Difference: $0.65
If SGR meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $6.12, suggesting upside of 10.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

UBS rates SGR as Buy (1) -

Star Entertainment's profit result beat the broker by 8%. Revenue numbers had been pre-released so the surprise came from cost containment, the broker notes, despite wage and energy cost inflation and Gold Coast relaunch costs.

An increased dividend payment put the yield at around 5%. The broker believes the company can use dividend flexibility to support downside share price risk. Buy retained. Target rises to $6.20 from $5.90.

Target price is $6.20 Current Price is $5.55 Difference: $0.65
If SGR meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $6.12, suggesting upside of 10.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Morgans rates SIL as Add (1) -

The company met prospectus forecasts in its FY18 result. Morgans believes FY19 guidance for low-single digit growth will be readily achieved. The broker considers the practice EBITDA margin of 31% impressive, comparing favourably with listed peers.

The broker considers the current multiple undemanding and maintains an Add rating. Target is raised to $1.43 from $1.40.

Target price is $1.43 Current Price is $0.97 Difference: $0.46
If SIL meets the Morgans target it will return approximately 47% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Ord Minnett rates SIQ as Buy (1) -

First half results revealed strong organic growth from the novated lease portfolio and salary packaging additions. The company is continuing to consolidate and optimise salary packaging.

Ord Minnett maintains a Buy rating and raises the target to $13.20 from $11.55. The broker believes the business continues to have potential for accretive acquisitions as well as cross selling opportunities.

Target price is $13.20 Current Price is $12.72 Difference: $0.48
If SIQ meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $12.67, suggesting downside of -0.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.8

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

Credit Suisse rates TGR as Outperform (1) -

FY18 results were slightly below Credit Suisse and consensus, but a solid result nevertheless taking into account the NPAT increase of 19.2% on the previous corresponding period.

The company enters FY19 in a favourable position relative to its main competitor, Huon Aquaculture ((HUO)), in terms of volume outlook and market pricing, in the broker's opinion.

Credit Suisse makes modest EPS revisions, cutting FY19 by -2.6% and raising FY20 by 0.6%. The broker maintains an Outperform rating and raises the target to $4.90 from $4.40.

Target price is $4.90 Current Price is $4.50 Difference: $0.4
If TGR meets the Credit Suisse target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $4.64, suggesting upside of 3.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Morgans rates TGR as Hold (3) -

FY18 results were below forecasts, although sales and earnings grew 12% and operating profit 19%.

Morgans considers the outlook positive, as solid growth is expected from increased production, higher prices and the entry into prawn farming.

The broker likes the stock and maintains a Hold rating. Target is raised to $4.60 from $4.32.

Target price is $4.60 Current Price is $4.50 Difference: $0.1
If TGR meets the Morgans target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $4.64, suggesting upside of 3.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Ord Minnett rates TGR as Lighten (4) -

FY18 net profit was ahead of forecasts. While Ord Minnett acknowledges 7% growth in earnings per share over the next two years may be attractive , the company is essentially buying growth with its latest acquisition.

The broker accepts the diversification into another seafood category is positive, from a risk reduction perspective. Around 90% of prawns consumed in Australia are imported whereas 90% of salmon is produced locally. The broker maintains a Lighten rating and raises the target to $4.05 from $3.64.

Target price is $4.05 Current Price is $4.50 Difference: minus $0.45 (current price is over target).
If TGR meets the Ord Minnett target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.64, suggesting upside of 3.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

UBS rates TGR as Buy (1) -

Tassal posted a strong result in the face of warmer sea temperatures, the broker suggests, with a larger average fish size driving strong volume growth. Wholesale prices picked up towards the end of the period. Volume growth in FY19 is expected to be mid single digit and the pricing outlook remains robust, the broker notes.

The company has announced the acquisition of three prawn farms, but they won't be delivering a meaningful profit until FY22, the broker estimates. Buy retained, target rises to $5.00 from $4.70.

Target price is $5.00 Current Price is $4.50 Difference: $0.5
If TGR meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $4.64, suggesting upside of 3.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Citi rates VRL as Neutral (3) -

Theme parks are expected to drive 80% of FY19 earnings growth. Citi remains concerned about how the company can generate sustainable earnings from the structurally-challenged cinema exhibition and film distribution divisions.

Citi reduces FY19-20 estimates for earnings per share by -2-4% because of concerns regarding the film slate and the structural headwinds. Neutral rating maintained. Target is reduced to $2.30 from $2.40.

Target price is $2.30 Current Price is $2.24 Difference: $0.06
If VRL meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $2.28, suggesting upside of 1.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Ord Minnett rates VRL as Hold (3) -

Ord Minnett is cautiously optimistic and makes material upgrades to earnings estimates because of the expected improvement in performance in theme parks and cinema exhibition, albeit off a low base. The broker expects earnings to improve considerably in FY19.

The broker maintains a Hold rating and raises the target to $2.31 from $2.27.

Target price is $2.31 Current Price is $2.24 Difference: $0.07
If VRL meets the Ord Minnett target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $2.28, suggesting upside of 1.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Morgan Stanley rates VRT as Overweight (1) -

FY18 results were marginally better than Morgan Stanley expected. Weak Australian industry growth has tempered expectations but Morgan Stanley does not believe this will persist over the longer term.

The broker believes the industry should grow at 3-4% in the long-term. Overweight rating. Target is reduced to $7.60 from $7.70. Industry view is In-Line.

Target price is $7.60 Current Price is $5.72 Difference: $1.88
If VRT meets the Morgan Stanley target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $6.29, suggesting upside of 10.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Citi rates WBC as Neutral (3) -

At first, Citi analysts were prepared to call Westpac's quarterly trading update as "boringly in-line" (or something similar), but once their attention had been directed towards the larger than expected reduction in Net Interest Margin (NIM), their opinion quickly darkened.

The fall of -11 basis points would have come as a shock to many is the underlying suggestion. Offsetting this is the calculation that, all in all, this bank remains on course to meet market consensus for the full year. Neutral and $31 target retained.

Target price is $31.00 Current Price is $27.76 Difference: $3.24
If WBC meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $30.44, suggesting upside of 9.6% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.2

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

Credit Suisse rates WBC as Neutral (3) -

Westpac's net interest margin declined by -11 basis points to 2.06%, from 2.17% in 1H18, attributed to higher BBSW, lower treasury contribution and other factors.

To reflect the weaker margin position Credit Suisse has lowered estimates by -1% throughout the forecast period.

Key risks to the Neutral rating and $31.50 target include adverse turning of the credit cycle and adverse changes to regulation.

Target price is $31.50 Current Price is $27.76 Difference: $3.74
If WBC meets the Credit Suisse target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $30.44, suggesting upside of 9.6% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.2

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

Deutsche Bank rates WBC as Buy (1) -

Deutsche Bank was surprised by the -11 basis points decline in group margin in the third quarter. This is considered to be a material downward move, although driven in large part by industry-wide factors.

The bank was further affected by weak treasury/markets income in the quarter, likely a reversion from a very strong first half, in the broker's view. Deutsche Bank retains a Buy rating on valuation grounds. Target is $31.

Target price is $31.00 Current Price is $27.76 Difference: $3.24
If WBC meets the Deutsche Bank target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $30.44, suggesting upside of 9.6% (ex-dividends)

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.2

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

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

The outlook is clouded by margin headwinds and tighter lending standards, Morgan Stanley observes. The broker considers the valuation full.

Margin expansion from home loan re-pricing in late 2017 has proved temporary and the broker notes the -11 basis points fall in margins in the third quarter brings this back to the bottom end of its three-year range. The broker believes the bank has little room to move on costs.

Equal-weight. Target is reduced to $27.00 from $27.50. Industry view: In Line.

Target price is $27.00 Current Price is $27.76 Difference: minus $0.76 (current price is over target).
If WBC meets the Morgan Stanley target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $30.44, suggesting upside of 9.6% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.2

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

Ord Minnett rates WBC as Accumulate (2) -

Westpac's Q3 update showed its asset quality and capital levels remained strong but the bank's net interest margin fell to 2.06% at 30 June from 2.17% at March 31.

The fall of -11 basis points over the quarter was mainly driven by a rise in the bank bill swap rate and reduced contributions from treasury operations.

The outcome calls into question Westpac's ability to manage the trade-off between margins and growth, in Ord Minnett's view. Accumulate rating maintained and target reduced to $30.50 from $33.10.

Target price is $30.50 Current Price is $27.76 Difference: $2.74
If WBC meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $30.44, suggesting upside of 9.6% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.2

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

UBS rates WBC as Sell (5) -

Westpac announced its net interest margin fell -11 basis points in the quarter due to increased funding costs, a lower contribution for Treasury, ongoing switching to P&I from IO loans, competition, and less deposit repricing. UBS believes it is the biggest quarterly fall since the early 90s.

Typically, higher funding costs would be passed on to mortgage rates but given all that's been going on, the broker suggests it is shareholders who will bear the brunt. Mortgage delinquency levels remain low but are rising. Sell retained, target falls to $26.00 from $26.50.

Target price is $26.00 Current Price is $27.76 Difference: minus $1.76 (current price is over target).
If WBC meets the UBS target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $30.44, suggesting upside of 9.6% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.2

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

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

FY18 results were in line with expectations. Morgan Stanley accepts investors can extrapolate another year of strong growth but a re-stating of metrics and re-vamp of segments clouds the outlook.

The broker still envisages execution risk and a full valuation.  Equal-weight. Target is raised to $16.60 from $12.60. Industry View is In-Line.

Target price is $16.60 Current Price is $17.23 Difference: minus $0.63 (current price is over target).
If WEB meets the Morgan Stanley target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $17.41, suggesting upside of 1.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.2

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

Ord Minnett rates WES as Hold (3) -

Ord Minnett has updated its modelling to reflect the sale of Wesfarmers' 13.2% stake in Quadrant Energy. The broker increases earnings estimates by 2.4% in FY19.

Modest divisional changes are also included, with the broker's more conservative approach to Bunnings, reducing FY21 earnings.

The broker maintains a Hold rating and $50 target price.

Target price is $50.00 Current Price is $51.75 Difference: minus $1.75 (current price is over target).
If WES meets the Ord Minnett target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $47.41, suggesting downside of -8.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.3

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

Deutsche Bank rates XRO as Hold (3) -

Deutsche Bank observes the remarkable run in the stock since May has been driven almost entirely by the multiple re-rating. The stock now trades at its widest premium to its US SaaS peers in four years and appears overvalued.

The broker does not believe this is warranted. Still, there is a long pathway of quality growth so Deutsche Bank retains a Hold rating. Target is $43.

Target price is $43.00 Current Price is $50.99 Difference: minus $7.99 (current price is over target).
If XRO meets the Deutsche Bank target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $40.93, suggesting downside of -19.7% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.0

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