Australian Broker Call

Morgans rates ACK as Hold (3) -

Net profit was ahead of Morgans. The broker lifts FY18 and FY19 forecasts for earnings per share by 8% to reflect higher life net book growth and the lift to management tax benefit forecasts.

The company has significant potential in the broker's opinion and appears ready for the next stage of growth,, but the stock is trading at fair value. Hold retained. Target is raised to $0.96 from $0.59.

Target price is $0.96 Current Price is $0.91 Difference: $0.05
If ACK meets the Morgans target it will return approximately 5% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

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 AGI as Downgrade to Neutral from Outperform (3) -

FY17 results were ahead of guidance. Macquarie is encouraged by the outlook for FY18, especially with the launch of the video cabinet and accompanying games in August. North America was disappointing but forward orders imply FY18 growth.

The stock has recently re-rated to reflect the recent business improvement. Nevertheless, Macquarie is cautious to capitalise growth beyond FY18, given the company's high exposure to outright sales and poor visibility in the Latin American market.

Rating is downgraded to Neutral from Outperform. Target is raised to $2.22 from $2.04.

Target price is $2.22 Current Price is $2.40 Difference: minus $0.18 (current price is over target).
If AGI meets the Macquarie target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.04, suggesting downside of -17.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.5

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

UBS rates AGI as Sell (5) -

Ainsworth's FY17 results were in line with UBS estimates and down -18% on the pcp. Significant investment in the period failed to generate a lift in revenue.

No specific guidance was forthcoming other than the board will review reinstating the dividend in FY18. UBS has made minor changes to forecasts, raising FY18 by 3% and cutting FY20 by -5%. FY19 is expected to be flat.

Sell retained and target raised to $1.85 from $1.77.

Target price is $1.85 Current Price is $2.40 Difference: minus $0.55 (current price is over target).
If AGI meets the UBS target it will return approximately minus 23% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.04, suggesting downside of -17.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.5

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

Citi rates AGO as Neutral (3) -

Atlas Iron' result showed strong cash flow from operations but a flat cash balance, the broker notes, due to loan repayments. Corunna Downs has been deferred until key approvals are secured.

The broker has updated for forex and iron ore price assumptions, which are to the downside. Cash will remain under pressure if iron ore price falls, on top of Corunna capex requirements, but if current spot is sustained there is upside risk, the broker notes.

Neutral retained, no target price offered.

Current Price is $0.02. Target price not assessed.

The company's fiscal year ends in June.

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 ALU as Neutral (3) -

Altium's FY17 results were slightly better than the broker had expected. Management reiterated longer term FY20 revenue guidance of US$200m, together with EBITDA margins of 35% or better.

Stronger than expected revenue prompts the broker to lift FY18 to FY20 forecasts by 1% to 2%. UBS believes the company is well placed to deliver strong revenue and earnings growth and maintains a Neutral rating. Target raised to $9.10 from $8.60.

Target price is $9.10 Current Price is $9.50 Difference: minus $0.4 (current price is over target).
If ALU meets the UBS target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.37, suggesting downside of -3.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.7

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

Macquarie rates ASG as Outperform (1) -

FY17 results were ahead of Macquarie's estimates. The broker finds the acquisition of BMW Melbourne strategically compelling as it cements the company's position in the Victorian market.

The broker believes the company has made a good start to its listed life with margin performance the highlight.  Outperform retained. Target is $3.20, up from $3.11.

Target price is $3.20 Current Price is $2.18 Difference: $1.02
If ASG meets the Macquarie target it will return approximately 47% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

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

UBS rates ASG as Buy (1) -

The group's FY17 results were slightly ahead of the prospectus, aided by a 9.8% lift in used car sales and increased finance and insurance growth.

UBS does not expect the recent acquisition of BMW Melbourne to contribute to earnings in FY18, and the soft near term outlook for new car sales sees minor earnings forecast changes. The broker forecasts $20m in acquisitions each year from FY19.

Buy rating and $3 target retained.

Target price is $3.00 Current Price is $2.18 Difference: $0.82
If ASG meets the UBS target it will return approximately 38% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

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

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

FY17 net loss was in line with expectations. Sales are moving in the right direction but Morgans is frustrated by the slow growth. A new CEO took the helm in May aiming for a more clinically-focused approach which the broker suspects will pressured near-term sales.

Although clinical data and cost justification should underpin a commercial strategy, Morgans believes to build a solid foundation will take many years and be hampered by tight capital controls.

The broker no longer targets FY19 profitability and downgrades to Hold from Add. Target is reduced to 7.5c from $0.28.

Target price is $0.08 Current Price is $0.07 Difference: $0.005
If AVH meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

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 AYS as Outperform (1) -

FY17 headline numbers were in line with Macquarie. Cash conversion was weaker than expected but should improve in FY18.

Ongoing subscriber gains in mobile are expected, while the company is positioned for growth in its energy business and via cross selling.

Outperform maintained. Target is $2.35.

Target price is $2.35 Current Price is $1.76 Difference: $0.59
If AYS meets the Macquarie target it will return approximately 34% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

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 BIN as Outperform (1) -

FY17 results were slightly above Macquarie's expectations. The main positive was the announcement of three Victorian recycling and collection operations.

Macquarie observes this augments the growth potential in the medium term, while establishing a means for further bolt-on additions.

Outperform rating retained. Target rises to $2.48 from $2.33.

Target price is $2.48 Current Price is $2.05 Difference: $0.43
If BIN meets the Macquarie target it will return approximately 21% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

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

Credit Suisse rates BKL as Neutral (3) -

Credit Suisse observes FY17 results may be the trough in earnings but the outlook remains tough. The broker remains concerned not only about domestic market concentration but also about sales in China.

Neutral rating retained. Target is reduced to $95 from $100.

Target price is $95.00 Current Price is $97.99 Difference: minus $2.99 (current price is over target).
If BKL meets the Credit Suisse target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $104.17, suggesting downside of -1.0% (ex-dividends)

The company's fiscal year ends in June.

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

Morgans rates BKL as Hold (3) -

FY17 results were slightly below Morgans estimates. Trends in the fourth quarter suggest trading has stabilised and the company will cycle a weak comparable in FY18.

While the company is a strong brand that is leveraged to favourable industry dynamics, Morgans believes it is fairly valued and reiterates a Hold rating. Target is reduced to $102.50 from $103.50.

Target price is $102.50 Current Price is $97.99 Difference: $4.51
If BKL meets the Morgans target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $104.17, suggesting downside of -1.0% (ex-dividends)

The company's fiscal year ends in June.

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 BKL as Upgrade to Accumulate from Hold (2) -

FY17 results were broadly in line with Ord Minnett. The broker believes a normalisation of one-offs and investment should lead to meaningful earnings growth. This view leads the broker to upgrade to Accumulate from Hold and raise the target to $115 from $110.

Ord Minnett believes the business faces near-term challenges related to distribution channels, pricing harmonisation and customer concentration which could lead to some volatility. However, the longer-term thematic of foreign consumer demand for Australian products should continue.

Target price is $115.00 Current Price is $97.99 Difference: $17.01
If BKL meets the Ord Minnett target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $104.17, suggesting downside of -1.0% (ex-dividends)

The company's fiscal year ends in June.

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

Citi rates BLD as Neutral (3) -

The broker anticipates today's Boral result will reflect strong demand and a period of dry weather, favourable to construction. Evidence of price increases holding would be well-received, notwithstanding the impact of rising power costs. 

Incorporating the Headwaters acquisition sees the broker adjust forecasts and lift its target to $7.09 from $6.06. Citi has been on restriction due to its involvement in the deal and returns with a retained Neutral rating.

Target price is $7.09 Current Price is $6.83 Difference: $0.26
If BLD meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $7.07, suggesting upside of 5.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.6

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

Macquarie rates CAB as Neutral (3) -

FY17 profit from continuing operations was lower than Macquarie expected. Reported net profit of -$90.6m reflects the loss on the sale of CDC.

No guidance or trading update was provided for FY18. Macquarie downgrades earnings estimates for FY18 and FY19 by -19% and -11% respectively.

Neutral retained and target reduced to $2.17 from $3.54.

Target price is $2.17 Current Price is $2.11 Difference: $0.06
If CAB meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $2.11, suggesting downside of -1.6% (ex-dividends)

The company's fiscal year ends in June.

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 CAB as Neutral (3) -

FY17 results were slightly below UBS expectations, mainly due to volume and revenue declines. The second half drop in the taxi payments business was much greater than expected as competition in the market increases.

Cabcharge will spend an incremental $8m on marketing and technology in FY18 to drive medium term revenue growth through its online app and increased numbers of terminals. UBS has lowered FY18 forecasts by -29% and FY19 forecasts by -20%. 

Neutral rating retained and target falls to $2.05 from $2.35.

Target price is $2.05 Current Price is $2.11 Difference: minus $0.06 (current price is over target).
If CAB 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 $2.11, suggesting downside of -1.6% (ex-dividends)

The company's fiscal year ends in June.

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

Citi rates CTX as Buy (1) -

Caltex' result met recent guidance. Cost-outs from Quantum Leap were announced, as well as lower interest expense ahead from a bond refinancing plus acquisition synergies. All these go towards offsetting the "unmitigated "losses" from losing the Woolworths ((WOW)) contract.

The broker believes the market is now accepting the contract loss can be offset but is not assuming any earnings growth. It may take another six months for confirmation. Buy retained. Target rises to $37.66 from $36.23.

Target price is $37.66 Current Price is $33.75 Difference: $3.91
If CTX meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $34.92, suggesting upside of 2.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.4

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

Credit Suisse rates CTX as Outperform (1) -

First half net profit was a strong result, at the top end of guidance, Credit Suisse observes. Transport fuels were particularly strong.

The loss from the Woolworths ((WOW)) contract is larger than the broker expected but there is potential to supply BP in NSW and/or South Australia and cancel this out.

Outperform rating and $39.70 target maintained.

Target price is $39.70 Current Price is $33.75 Difference: $5.95
If CTX meets the Credit Suisse target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $34.92, suggesting upside of 2.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.4

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

Deutsche Bank rates CTX as Buy (1) -

First half results were driven by rebound in refiner margins and continued marketing growth; they were marginally lower than expected. Deutsche Bank believes the company's initiatives are enough to offset the impact of the volume loss from the Woolworths ((WOW)) contract.

Caltex plans to change its operating structure by establishing two separate inter-dependent divisions. These are fuels & infrastructure, which includes refining, and retail, which includes petrol stations & convenience. The main motivation is efficiency.

Deutsche Bank believes that split is also designed to attract a valuation uplift by lending the stock to a "Sum-of-the-parts" (SOTP) valuation approach. Buy retained. Target is raised to $37.80 from $35.50.

Target price is $37.80 Current Price is $33.75 Difference: $4.05
If CTX meets the Deutsche Bank target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $34.92, suggesting upside of 2.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.4

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

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

First half results were in line with expectations. Macquarie likes the growth in diesel volumes and marketing & supply earnings. The broker did not like the loss of non-fuel income affected by franchisee wage under-payment issues.

Incremental news flow around strategy underwhelmed the broker. Rating is downgraded to Neutral from Outperform. Target rises to $33.85 from $32.65.

Target price is $33.85 Current Price is $33.75 Difference: $0.1
If CTX meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $34.92, suggesting upside of 2.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.4

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

Ord Minnett rates CTX as Accumulate (2) -

First half net profit was ahead of Ord Minnett forecasts. The broker expects rising refiner margins will drive earnings growth and cash generation. The broker also maintains a view that cost efficiencies and the convenience opportunity should underpin the stock.

Ord Minnett maintains an Accumulate rating and $35 target.

Target price is $35.00 Current Price is $33.75 Difference: $1.25
If CTX meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $34.92, suggesting upside of 2.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.4

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

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

First half results were broadly in line with UBS forecasts. Caltex stated that the impact of losing the Woolworths ((WOW)) fuel volumes would be in the order of $150m, higher than previously expected.

The broker has raised CY17 EPS forecast by 9.5%, CY18 forecast by 11.5% and CY19 by 4.4%. However, UBS sees a large earnings issue ahead associated with the loss of volumes and downgrades the stock to Neutral from Buy. Target raised to $33.40 from $33.00.

Target price is $33.40 Current Price is $33.75 Difference: minus $0.35 (current price is over target).
If CTX meets the UBS target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $34.92, suggesting upside of 2.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.4

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

Credit Suisse rates DOW as Neutral (3) -

FY17 results were modestly ahead of expectations.. Earnings in the mining services and engineering & construction businesses are expected to decline further in FY18, excluding acquisitions.

Credit Suisse believes the combination of revenue mix and non-synchronous business momentum does not suggest earnings will break out to levels that the company's historically high valuation demands.

Neutral retained. Target is raised to $6.50 from $5.90.

Target price is $6.50 Current Price is $7.01 Difference: minus $0.51 (current price is over target).
If DOW meets the Credit Suisse target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.65, suggesting downside of -8.1% (ex-dividends)

The company's fiscal year ends in June.

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

Deutsche Bank rates DOW as Hold (3) -

FY17 results beat guidance. The core business is performing well, although Deutsche Bank is cautious about a potential downgrade to guidance for Spotless and acquisition integration risks.

The broker increases revenue forecasts for the transport, utilities, mining and rail divisions. Spotless cost synergies are reduced to $10m in FY18. Hold rating retained. Target is raised to $6.62 from $5.85.

Target price is $6.62 Current Price is $7.01 Difference: minus $0.39 (current price is over target).
If DOW meets the Deutsche Bank target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.65, suggesting downside of -8.1% (ex-dividends)

The company's fiscal year ends in June.

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 DOW as Outperform (1) -

FY17 net profit was in line with Macquarie's forecasts. The guidance for FY18 is in line with expectations and reflects a strong outlook for transport services and rail.

Macquarie notes the company is to review the prior guidance for Spotless over the next three months, which is understandable but creates uncertainty.

The broker considers the stock reasonable value and retains an Outperform rating. Target rises to $7.60 from $7.00.

Target price is $7.60 Current Price is $7.01 Difference: $0.59
If DOW meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $6.65, suggesting downside of -8.1% (ex-dividends)

The company's fiscal year ends in June.

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

Morgans rates GBT as Add (1) -

FY17 results were in line with expectations. Morgans is disappointed with the news regarding a re-build of the Composer software as it will drag on reported earnings for three years.

Nevertheless, the company is in control and can tailor the roll-out to suit clients and the broker has confidence in the development of this major global franchise as a supplier of core systems to large banks and wealth managers.

Add rating retained. Target rises to $3.67 from $3.36.

Target price is $3.67 Current Price is $1.70 Difference: $1.97
If GBT meets the Morgans target it will return approximately 116% (excluding dividends, fees and charges).

Current consensus price target is $2.42, suggesting upside of 37.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

Credit Suisse rates GDI as Outperform (1) -

Credit Suisse considers the investment case appealing, given a strong balance sheet which allows for further acquisitions/capital management and a track record of generating asset returns.

The company has acquired Westralia Square in Perth for $216.3m, to be funded from the proceeds of the disposal of 66 Goulburn Street Sydney. Credit Suisse believes the acquisition is a bet on a recovery in the Perth market.

Outperform rating retained and target is $1.15.

Target price is $1.15 Current Price is $1.06 Difference: $0.09
If GDI meets the Credit Suisse target it will return approximately 8% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

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

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

Credit Suisse believes earnings risks are modestly to the downside. The broker notes seasonal conditions have not deteriorated further and it remains comfortable with the risks to an 18.1mt east coast crop forecast.

While the risks are to the downside, investors are expected to be adequately rewarded by a higher pay-out ratio, and a recent decline in the share price produces a more favourable risk/reward.

Hence, Credit Suisse upgrades to Outperform from Neutral. Target is raised to $9.42 from $9.33.

Target price is $9.42 Current Price is $8.18 Difference: $1.24
If GNC meets the Credit Suisse target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $9.84, suggesting upside of 12.1% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.4

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

Citi rates MTR as Buy (1) -

The broker's $113m earnings forecast is towards the top end of the FY18 guidance range provided by Mantra, but the broker sees upside risk from the integration of Art Series and a stronger performance in Melbourne. The broker is optimistic Melbourne could materially improve.

Mantra is being safe but sensible in not getting carried away with the opportunity provided by the Gold Coast Commonwealth Games, the broker believes, given so far most tickets have been sold in Qld. Higher D&A cost means a target trim to $3.20 from $.3.25. Buy retained.

Target price is $3.20 Current Price is $2.86 Difference: $0.34
If MTR meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $3.27, suggesting upside of 12.1% (ex-dividends)

The company's fiscal year ends in June.

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 MTR as Upgrade to Outperform from Neutral (1) -

FY17 results were in line with Credit Suisse estimates. While problematic markets are likely to continue, the broker believes this is well understood and offset by strength in other areas.

The broker also notes an estimated $50m of head room for internally-funded acquisitions, as the company is clearly active in a consolidating market.

Accordingly, with the stock trading at a reasonable price/earnings ratio the broker upgrades to Outperform from Neutral. Target is raised to $3.15 from $3.05.

Target price is $3.15 Current Price is $2.86 Difference: $0.29
If MTR meets the Credit Suisse target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $3.27, suggesting upside of 12.1% (ex-dividends)

The company's fiscal year ends in June.

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

Deutsche Bank rates MTR as Hold (3) -

FY17 results were below Deutsche Bank estimates. Guidance for FY18 operating earnings of $107-115m appears conservative, given FY18 contracted acquisitions, the impact on the Gold Coast from the upcoming Commonwealth Games and loyalty program cost relief.

Deutsche Bank retains a Hold rating on valuation. Target is $3.10.

Target price is $3.10 Current Price is $2.86 Difference: $0.24
If MTR meets the Deutsche Bank target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $3.27, suggesting upside of 12.1% (ex-dividends)

The company's fiscal year ends in June.

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

Macquarie rates MTR as Outperform (1) -

FY17 results were in line with Macquarie's estimates. The broker expects FY18 to be a tale of two halves, with the first half slowly recovering and including start-up costs from Art Series and Peppers.

The second half should include a revenue contribution from the latter properties and a material positive benefit from the Commonwealth Games on the Gold Coast.

Outperform retained. Target is reduced to $3.53 from $3.85.

Target price is $3.53 Current Price is $2.86 Difference: $0.67
If MTR meets the Macquarie target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $3.27, suggesting upside of 12.1% (ex-dividends)

The company's fiscal year ends in June.

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

Morgans rates MTR as Hold (3) -

FY17 results were at the low end of guidance. Morgans believes the resorts business is well-positioned for solid growth, given leverage to inbound and domestic demand and an expected recovery on the Gold Coast with the upcoming Commonwealth Games.

CBD business has some challenges in the short-term but the broker considers this also well-positioned to benefit from an economic recovery. Based on current fundamentals the broker retains a Hold rating. Target is $3.10.

Target price is $3.10 Current Price is $2.86 Difference: $0.24
If MTR meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $3.27, suggesting upside of 12.1% (ex-dividends)

The company's fiscal year ends in June.

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

Ord Minnett rates MTR as Buy (1) -

FY17 results were in line with Ord Minnett. The broker expects FY18 to be better for the Gold Coast business, which represents around 37% of rooms within its Australian resorts segment.

CBD revenue was reasonable and the outlook appears positive to the broker, while Hawaii was in line and increases confidence for other recent acquisitions. Buy retained. Target is reduced to $3.47 from $3.57.

Target price is $3.47 Current Price is $2.86 Difference: $0.61
If MTR meets the Ord Minnett target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $3.27, suggesting upside of 12.1% (ex-dividends)

The company's fiscal year ends in June.

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

UBS rates MTR as Buy (1) -

Mantra's FY17 results were shy of the brokers forecasts. FY18 guidance implies 5% to 6% organic growth to the broker.

The Art Series hotel group acquisition is to be funded via cash and existing debt facilities, and the company expects an underlying earnings contribution of $7m in the first year of ownership. UBS has lowered earning forecasts for FY18 by -4% and lifted FY19 by 0.5%.

Buy retained and target raised to $3.20 from $3.15.

Target price is $3.20 Current Price is $2.86 Difference: $0.34
If MTR meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $3.27, suggesting upside of 12.1% (ex-dividends)

The company's fiscal year ends in June.

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 NEC as Outperform (1) -

Credit Suisse is surprised by the announcement that CBS will acquire Ten Network from receivership as this represents a fundamental shift in Australian free-to-air TV dynamics.

The broker expects the main reason is to protect revenues from the output deal, rather than CBS seeing a greater opportunity in the Australian market.

The outcome is broadly neutral for Nine as there is no certainty that Ten will remain a robust competitor. This removes a potential scenario where Nine might have taken a sizeable structural step up in the FTA TV market.

The broker expects CBS to be a rational player. Outperform retained. Target reduced to $1.60 from $1.70.

Target price is $1.60 Current Price is $1.45 Difference: $0.15
If NEC meets the Credit Suisse target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $1.37, suggesting upside of 0.2% (ex-dividends)

The company's fiscal year ends in June.

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 PNI as Buy (1) -

FY17 results were in line with expectations although affiliate profit missed Ord Minnett forecasts. The broker is impressed with the growth in funds under management experienced over FY17 and expects FY18 will reflect this.

A Buy rating is retained. Target is $3.60.

Target price is $3.60 Current Price is $3.25 Difference: $0.35
If PNI meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

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

Citi rates RRL as Neutral (3) -

Regis Resources' result largely met the broker other than a beat on cash. Strong production meant 20%-plus earnings growth for the third year running.

The focus in FY18 will be on Duketon reserve and mine life extensions and a maiden reserve at McPhillamy's. The broker suggests the market is already pricing in success, hence Neutral retained. Target rises to $4.00 from $3.90.

Target price is $4.00 Current Price is $4.05 Difference: minus $0.05 (current price is over target).
If RRL meets the Citi target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.41, suggesting downside of -17.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.3

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

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

FY17 results were slightly behind the broker's forecasts. FY18 guidance is for 335koz to 365koz, all in sustaining cost of $940-$1,010/oz and growth capital spend of $23m.

The December quarter is expected to deliver McPhillamys maiden reserve and DFS. Negligible EPS changes until 2020, which is impacted by McPhillamys.

Credit Suisse upgrades the stock to Neutral from Underperform and target raised to $3.70 from $3.50.

Target price is $3.70 Current Price is $4.05 Difference: minus $0.35 (current price is over target).
If RRL 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 $3.41, suggesting downside of -17.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.3

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

Deutsche Bank rates RRL as Sell (5) -

FY17 results were in line with Deutsche Bank. The company has declared an 8c final dividend taking FY17 dividends to 15c, a 15% increase on FY16.

The company has maintained an attractive dividend yield versus other gold sector stocks but the broker notes this position is being eroded, as many companies adjusts policies to return surplus funds to shareholders.

The stock is trading at a premium to the broker's valuation and a Sell rating is retained. Target is $3.20.

Target price is $3.20 Current Price is $4.05 Difference: minus $0.85 (current price is over target).
If RRL meets the Deutsche Bank target it will return approximately minus 21% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.41, suggesting downside of -17.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.3

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

Citi rates SCO as Buy (1) -

Scottish Pacific's result was in line with recently downgraded guidance. It is now "paramount", the broker suggests, that the company exhibits positive execution if investor confidence is to be restored.

This means continued organic growth, traction for new products, improved distribution risk, momentum in referrals and margin expansion. Only then will a 6.3% FY18 yield look attractive. Target rises to $3.60 from $3.50. Buy retained.

Target price is $3.60 Current Price is $2.73 Difference: $0.87
If SCO meets the Citi target it will return approximately 32% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

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

Credit Suisse rates SDA as Outperform (1) -

The company's first half results were below the broker's expectations. Full year EBITDA guidance was maintained, excluding any contribution from UltiSat.

Credit Suisse was encouraged by management expectation that Energy revenue will be slightly above first half returns. Full year 2018 guidance of US$154m includes no underlying growth, despite the cautious positive trading outlook across most segments.

Outperform and $4.50 target retained.

Target price is $4.50 Current Price is $3.42 Difference: $1.08
If SDA meets the Credit Suisse target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $4.03, suggesting upside of 24.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

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

Market Sentiment: 0.5

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

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

First half results were largely in line with Macquarie's expectations. The Harris CapRock acquisition drove revenue growth but challenging market conditions continued.

Macquarie observes positive early progress and synergies from the acquisition but awaits further developments and subsequent de-risking at the final results.

Rating is downgraded to Neutral from Outperform. Target is reduced to $3.63 from $4.83.

Target price is $3.63 Current Price is $3.42 Difference: $0.21
If SDA meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $4.03, suggesting upside of 24.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

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

Market Sentiment: 0.5

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

Morgans rates SDA as Hold (3) -

Morgans found the first half result messy because of one of items around acquisitions, integration and currency. Operating earnings were below forecasts.

The broker retains a -20% discount in its target of $3.87 to reflect a view that management needs to deliver on prior acquisitions to prove shareholder value has been created. The broker is pleased to hear that no material acquisitions are planned. Hold retained.

Target price is $3.87 Current Price is $3.42 Difference: $0.45
If SDA meets the Morgans target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $4.03, suggesting upside of 24.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

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

Market Sentiment: 0.5

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

UBS rates SDA as Buy (1) -

Speedcast's first half results were pleasing to the broker, although organic growth remained muted. Management guided to net debt increasing to $369m by year end, including a $64m payment for UltiSat.

Lack of earnings growth is of concern to investors and given a lack of performance indicators, UBS assumes minimal organic growth in FY17 and FY18. As a result, FY17 and FY18 forecasts are cut by -7% to -9%.

Buy retained and target reduced to $4.10 from $4.30.

Target price is $4.10 Current Price is $3.42 Difference: $0.68
If SDA meets the UBS target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $4.03, suggesting upside of 24.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

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

Market Sentiment: 0.5

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

Citi rates SFH as Buy (1) -

Specialty Fashion's result showed sales down -2%, but earnings up 27%. A good improvement, the broker admits, but off a very low base. The company is being decisive in shutting stores and has finally made Rivers profitable.

Lower sales growth means lowered earnings forecasts and the broker has dropped its target to 45c from 55c now that an Al Alfia takeover looks unlikely. Buy retained, but with a High Risk caveat.

Target price is $0.45 Current Price is $0.35 Difference: $0.1
If SFH meets the Citi target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $0.45, suggesting upside of 21.6% (ex-dividends)

The company's fiscal year ends in June.

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 SLM as Neutral (3) -

FY17 net profit was in line with Macquarie's estimates. No specific guidance was provided and the broker notes external markets remain challenging. The company is looking to resume dividends in FY18.

The broker observes the company is part way through a significant business transformation and, with large-scale cost reductions now set and products rationalised, is in a position to renew its focus on revenue growth.

Neutral retained. Target is reduced to $0.42 from $0.49.

Target price is $0.42 Current Price is $0.38 Difference: $0.04
If SLM meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

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

Morgans rates XIP as Hold (3) -

FY17 operating earnings missed Morgans estimates. The broker observes plenty of work to do before full synergies from acquisitions are realised.

Performance was mixed, with the Watermark business achieving its earn-out target and the larger business, Griffith Hack, falling short.

Given the cumulative size of these transactions, the broker awaits evidence of successful integration before becoming more positive. Target is reduced to $2.03 from $2.14.

Target price is $2.03 Current Price is $1.95 Difference: $0.08
If XIP meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

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