Australian Broker Call

Deutsche Bank rates 3PL as Buy (1) -

3P Learning's FY17 results were ahead of the broker's estimates. Learnosity continued its robust revenue growth and margin expansion.

Management provided guidance of further margin expansion in FY18, consistent with Deutsche Bank's 200 bps. EBITDA has been revised upwards by 3% in FY18 and FY19. 

Buy rating retained and target raised to $1.20 from $1.10.

Target price is $1.20 Current Price is $1.00 Difference: $0.2
If 3PL meets the Deutsche Bank target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $1.23, suggesting upside of 22.5% (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 3PL as Outperform (1) -

3P Learning posted a solid earnings beat on margin expansion, with expenses coming in well below the broker's forecast. Double-digit earnings growth is expected in FY18, underpinned by those expense reductions.

The broker suggests investor attention will increasingly shift to subscriber growth but sees value as undemanding and retains Outperform and a $1.25 target.

Target price is $1.25 Current Price is $1.00 Difference: $0.25
If 3PL meets the Macquarie target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $1.23, suggesting upside of 22.5% (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

Citi rates AHY as Upgrade to Neutral from Sell (3) -

Price target has moved to $1.55 (up 5c) and the rating to Neutral from Sell post the release of H1 financials with the analysts suggesting the share price has fallen deeply enough to adequately reflect the risk profile for this company.

Citi analysts feel encouraged by the outlook, deemed improved, and see a stable earnings outlook for the next three years, with the shares seen trading at fair value.

Increased B2B sales, such as to hospitals and offices, seem to be making the difference with the analysts lifting forecasts by 4%-5%. The company is expected to continue paying out 10c per annum to shareholders.

Target price is $1.55 Current Price is $1.45 Difference: $0.1
If AHY meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $1.60, suggesting downside of -0.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.3

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

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

Credit Suisse observes first half results revealed the company is on track for 2017 earnings guidance. The company is diversifying its revenue stream and its two largest customers now account for 29% of sales versus 35% at the time of the IPO in 2014.

The broker expects some accelerated momentum for sales in the second half as weaker retail business lines cycle easier comparables. Rating is upgraded to Outperform from Neutral. Target is reduced to $1.70 from $1.75.

Target price is $1.70 Current Price is $1.45 Difference: $0.25
If AHY meets the Credit Suisse target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $1.60, suggesting downside of -0.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.3

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

Macquarie rates AHY as Neutral (3) -

Asaleo's underlying profit beat the broker by 2.5%. Despite the headwinds of electricity prices, pulp prices and competition, full year guidance has been reiterated. Tissue outperformed but Personal Care was mixed, with initiatives still in their early stages, the broker notes.

While valuation is not demanding and yield exceeds 7%, those headwinds keep the broker on Neutral. Target falls to $1.55 from $1.65.

Target price is $1.55 Current Price is $1.45 Difference: $0.1
If AHY meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $1.60, suggesting downside of -0.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.3

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

Citi rates AMC as Buy (1) -

Post event model updating has led to a few minor adjustments, the end result being DPS forecasts have been lifted. Buy, $16.20 target.

Target price is $16.20 Current Price is $16.03 Difference: $0.17
If AMC meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $16.28, suggesting upside of 0.6% (ex-dividends)

The company's fiscal year ends in June.

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: 0.4

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

Deutsche Bank rates ASL as Buy (1) -

Ausdrill's FY17 results were better than the broker had expected, highlighting improved conditions, new contract wins and strong cost discipline.

FY18 guidance for NPAT growth of 30% to 40% implies NPAT of $41m to $44m, slightly below Deutsche Bank's estimate. The broker's estimate assumes no new contract wins in Africa, which is a very conservative view in the broker's opinion.

Buy rating retained and target rises to $2.40 from $2.00.

Target price is $2.40 Current Price is $2.19 Difference: $0.21
If ASL meets the Deutsche Bank target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $2.40, suggesting upside of 5.3% (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

Citi rates AWC as Neutral (3) -

The interim report missed and combined with forecasts for a higher AUD (than previously assumed) this has triggered reductions in estimates in the order of -6-9%. Alumina (the metal) prices are still expected to head higher, but Citi analysts find this is already priced in.

The interim dividend of US4.2c was higher than expected. Higher costs are projected to weigh upon margins. Neutral rating retained. Target price $1.90.

Target price is $1.90 Current Price is $2.15 Difference: minus $0.25 (current price is over target).
If AWC meets the Citi target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.91, suggesting downside of -11.7% (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: -0.4

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

Deutsche Bank rates AWC as Hold (3) -

Alumina Ltd's first half results were in line with Deutsche Bank's forecasts. The interim dividend of US4.2c was better than the broker's US3.5c forecast. 

Production guidance for 2017 was unchanged. Capex and restructuring charges are expected to step up in the second half, but the broker believes the company will pay out US9c in 2017 and US11c in 2018.

Deutsche Bank raises 2017 earnings estimates by 7% to 11% and retains a Hold rating. Target rises to $1.95 from $1.85.

Target price is $1.95 Current Price is $2.15 Difference: minus $0.2 (current price is over target).
If AWC meets the Deutsche Bank target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.91, suggesting downside of -11.7% (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: -0.4

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

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

Alumina Ltd's strong result was in line with consensus as was the dividend, albeit below Macquarie's forecast. Higher corporate costs meant cash flow was softer.

The broker believes illegal capacity cuts in China will not impact on alumina to the same extent as they have for aluminium, removing a potential key catalyst for alumina prices. Add in a stronger A$ and rising caustic soda prices and Macquarie downgrades to Neutral, retaining a $2.10 target.

Target price is $2.10 Current Price is $2.15 Difference: minus $0.05 (current price is over target).
If AWC 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 $1.91, suggesting downside of -11.7% (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: -0.4

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

UBS rates AWC as Sell (5) -

At the AWAC business unit level, first half operating earnings were ahead of UBS estimates. Net cash was surprisingly strong.

The company's policies are to return all surplus cash from AWAC to shareholders. UBS expects, as a result, the company will be able to maintain a US12-13c per share annual dividend.

Sell rating retained, as the broker considers the stock fully valued. Target is raised to $1.80 from $1.70.

Target price is $1.80 Current Price is $2.15 Difference: minus $0.35 (current price is over target).
If AWC meets the UBS target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.91, suggesting downside of -11.7% (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: -0.4

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

UBS rates BAP as Buy (1) -

FY17 results were robust. UBS does not assume any acquisitions in its forecasts but envisages upside risks to forecast FY18-21 growth in earnings per share of 14.6%.

The company is yet to divest non-core assets acquired with Hellaby Holdings and, while the sale process is receiving significant focus, the broker does not believe the outcome will have a material impact on valuation.

Buy rating retained. Target is $6.45.

Target price is $6.45 Current Price is $5.72 Difference: $0.73
If BAP meets the UBS target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $6.46, suggesting upside of 11.8% (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

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

Upgrade to Buy from Neutral as Citi analysts see better times ahead, also because the business is cycling weak numbers from the year past when Masters shut down. Citi has elevated Beacon Lighting to its top pick in the small-cap discretionary retail sector.

The new year has started on "encouraging" footing. Citi analysts anticipate margin expansion. The company is planning a more gradual new stores roll-out. Estimates have been lifted. Target price jumps by 19% to $1.60.

Target price is $1.60 Current Price is $1.35 Difference: $0.25
If BLX meets the Citi target it will return approximately 19% (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 BLX as Add (1) -

FY17 results were pleasing to the broker, showing a return to growth in the second half. Morgans notes like-for-like sales growth should be higher in FY18 given the Masters exit will be fully cycled by the end of November.

Six new stores will be opened throughout FY18 with a further store to be opened in September. The broker has lowered FY18 earnings estimates by -1.2% and FY19 estimates by -1.9%

Add rating retained and target falls to $1.56 from $1.61.

Target price is $1.56 Current Price is $1.35 Difference: $0.21
If BLX meets the Morgans target it will return approximately 16% (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 BLY as Neutral (3) -

Interim report missed expectations, with weaker margins from Products to blame, according to Citi. Drilling Services performed in-line. The analysts also point at weak cash flows.

On the positive side of the ledger, the company continues to make progress in recapitalising. Estimates have been trimmed in light of lowered margin assumptions. Neutral rating retained. Citi no longer puts forward a price target for this company. Neutral.

Current Price is $0.09. Target price not assessed.

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: 0.0

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

Ord Minnett rates CDP as Hold (3) -

FY17 results were in line with Ord Minnett. FY18 guidance is for growth of 1%, reflecting plans to change the retail mix within the centre and include new retailers, food options, entertainment and leisure.

Ord Minnett believes Carindale provides exposure to a top-tier regional mall with good income potential in the medium term. Hold rating retained. Target is $8.40.

Target price is $8.40 Current Price is $7.91 Difference: $0.49
If CDP meets the Ord Minnett target it will return approximately 6% (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

Ord Minnett rates CGC as Lighten (4) -

FY17 results were ahead of Ord Minnett's forecasts. Produce margins expanded significantly, assisted by a rebound in tomato pricing.

While the group is making good progress with international business, Ord Minnett believes growth in the Australian business may be slowed by margin pressure because of pricing headwinds.

Lighten retained. Target is raised to $4.68 from $4.04.

Target price is $4.68 Current Price is $5.21 Difference: minus $0.53 (current price is over target).
If CGC meets the Ord Minnett target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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 CGC as Buy (1) -

FY17 net profit exceeded guidance and UBS estimates. Produce and international were stand-out divisions, with strong growth in berries and tomatoes.

FY18 guidance is for around 10% underlying growth in net profit. UBS suspects this is conservative and observes a number of tailwinds which provide confidence that the company can exceed this growth rate.

Buy rating retained. Target rises to $5.70 from $4.80.

Target price is $5.70 Current Price is $5.21 Difference: $0.49
If CGC meets the UBS target it will return approximately 9% (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

UBS rates CHC as Neutral (3) -

FY17 results were in line with UBS. Transaction/performance fees may get all the headlines but the broker believes the property investment income and recurring investment management fees should grow strongly in FY18.

Neutral and $5.60 target retained.

Target price is $5.60 Current Price is $5.52 Difference: $0.08
If CHC meets the UBS target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $5.70, suggesting upside of 2.5% (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

Ord Minnett rates CLH as Lighten (4) -

FY17 net profit was ahead of Ord Minnett's forecasts. Earnings guidance is below forecasts because of a re-assessment of the carrying value of the purchase debt ledgers.

The broker considers this a positive, given the business is being re-positioned to a more accurate asset base, but remains cautious about the outlook, given elevated gearing and strong competition in the Australian market.

Lighten retained. Target rises to $1.20 from $1.15.

Target price is $1.20 Current Price is $1.33 Difference: minus $0.13 (current price is over target).
If CLH meets the Ord Minnett target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.5

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

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

Ahead of the FY17 result, Credit Suisse upgrades to Neutral from Underperform. Target is reduced to $0.94 from $0.97.

The company has not engaged with the Investa Office ((IOF)) independent directors since completion of due diligence, which suggests its 10% stake may soon be divested, speculates the broker.

While the implications are difficult to quantify, Credit Suisse believes the current share price implies limited value for this segment, regardless. Importantly, divestment would mean gearing reduces by around 550 basis points, with only marginal dilution to earnings per share.

Target price is $0.94 Current Price is $0.94 Difference: $0.005
If CMW meets the Credit Suisse target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $0.95, suggesting upside of 0.1% (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 CVW as Outperform (1) -

Clearview's result missed the broker due to adverse claims experience. Otherwise the underlying performance remains on track.

The broker believes there is a high probability Sony Life will bid for the rest of Clearview, having acquired 14.9%, at $1.60, before the end of April next year. The longer the time to the bid the higher the final price to adjust for time elapsed. Target rises to $1.65 from $1.45.

Outperform retained.

Target price is $1.65 Current Price is $1.45 Difference: $0.205
If CVW meets the Macquarie target it will return approximately 14% (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 CWY as Hold (3) -

Cleanaway's FY17 results were in line with Morgans' expectations, although EBIT growth of 16% was faster due to lower D&A.

Management indicated it was comfortable with consensus expectations for FY18 EBITDA of $317m to $318m. A number of new revenue contract wins are expected to underpin continued revenue growth in the second half of FY18 and FY19.

Hold rating retained and target rises to $1.37 from $1.31.

Target price is $1.37 Current Price is $1.39 Difference: minus $0.015 (current price is over target).
If CWY 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 $1.40, suggesting downside of -0.4% (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

Macquarie rates DOW as Outperform (1) -

Downer EDI now owns 87.5% of Spotless, the broker notes. There may be an issue with the 10.6% owned by Coltrane but the broker expects material cost savings should be available regardless.

Spotless reported an in-line result, with no FY18 guidance. This is expected to be provided by Downer when it reports its own result next week. Outperform and $7.00 target retained.

Target price is $7.00 Current Price is $6.86 Difference: $0.14
If DOW meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $6.26, suggesting downside of -8.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

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

Morgans rates EGH as Add (1) -

Eureka's FY17 results were above Morgans' forecast. New management appears to have rectified some of the issues seen in the first half result and occupancy levels have now recovered to around 90%, although still below industry levels of 92%.

Management did not provide specific FY18 guidance, but comments suggest the business is back to historical levels on a day to day basis. Morgans has lifted earnings forecasts for FY18 by 4.2% and FY19 by 2.4%.

Add rating and 49c target are retained.

Target price is $0.49 Current Price is $0.37 Difference: $0.125
If EGH meets the Morgans 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 EHE as Neutral (3) -

Estia's result was at the lower end of the guidance range due to taking restructuring costs above the line. Occupancies continued to rise in the second half, the broker notes, and non-wage costs continued to improve. RAD inflows allowed for greater debt reduction than forecast.

The company is making good progress but this is reflected in the share price, the broker suggests. Guidance looks conservative, and needs to be upgraded if the stock is to re-rate. Neutral and $3.25 target retained.

Target price is $3.25 Current Price is $3.15 Difference: $0.1
If EHE meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $3.02, suggesting downside of -4.2% (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

Morgan Stanley rates EHE as Underweight (5) -

FY17 earnings were in line with Morgan Stanley. The broker notes operating metrics improved and cash generation was strong.

As the balance sheet is more comfortable, the broker considers the company in a position to invest in development and small, bolt-on acquisitions.

Underweight rating retained. Target is $2.30. In-Line industry view.

Target price is $2.30 Current Price is $3.15 Difference: minus $0.85 (current price is over target).
If EHE meets the Morgan Stanley target it will return approximately minus 27% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.02, suggesting downside of -4.2% (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 EHE as Buy (1) -

FY17 results hit guidance and the company has delivered on UBS expectations, lifting occupancy, cutting costs, and executing on mitigation strategies given reductions to funding.

The company has guided to mid-single digit growth in EBITDA in FY18. UBS retains a Buy rating. Target is raised to $3.50 for $3.40.

Target price is $3.50 Current Price is $3.15 Difference: $0.35
If EHE meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $3.02, suggesting downside of -4.2% (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 EPW as Downgrade to Neutral from Outperform (3) -

ERM's result beat Macquarie, thanks to an operational rebound in the core Aust business. The opaque nature of the hedge book makes it difficult for the broker to identify improvement in the last quarter, but rising electricity prices are assumed to have provided gains.

The US business was soft and Likewise in Aust is still three years from breakeven. Uncertainty over the US business and the headwind of a working capital unwind see the broker downgrade to Neutral. Target rises to $1.43 from $1.30.

Target price is $1.43 Current Price is $1.36 Difference: $0.07
If EPW meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $1.47, suggesting upside of 4.6% (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

Morgans rates EPW as Hold (3) -

ERM Power's FY17 results were ahead of the broker's forecasts. Management's FY18 outlook points to approx 20% growth, resulting in a downgrade to Morgans' FY18 forecast.

Aligning with ERM's outlook, FY18 EBITDA drops -7% and NPAT falls -16%. Target rises to $1.51 from $1.24 and Hold retained.

Target price is $1.51 Current Price is $1.36 Difference: $0.15
If EPW meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $1.47, suggesting upside of 4.6% (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 EVT as Sell (5) -

Citi analysts describe the FY17 report as broadly in line with cinemas weak and hotels and Thredbo strong. The company did not provide guidance for the year ahead.

Citi analysts remain concerned about downside risks for the operational side of the conglomerate. Also, they think additional investments will need to be made to retain competitiveness for the hotels. Target $11.05. Sell.

Target price is $11.05 Current Price is $12.86 Difference: minus $1.81 (current price is over target).
If EVT meets the Citi target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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

Ord Minnett rates EVT as Buy (1) -

FY17 results were weaker than Ord Minnett expected. The broker downgrades earnings estimates by -5% for FY18 and -9% for FY19.

The broker assumes a -6% decline in domestic exhibition EBITDA in FY18 because of the slow start, as Australian box office year-to-date is down -25% given a relatively weak film slate.

Ord Minnett maintains a Buy rating and reduces the target to $14.32 from $15.69.

Target price is $14.32 Current Price is $12.86 Difference: $1.46
If EVT 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: 0.0

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

Citi rates FLT as Sell (5) -

It is Citi's view that the strong share price response post FY17, which had been pre-released, can be traced back to management's three to five year outlook. Citi analysts are of the view that all of it has by now been priced into the share price.

The analysts have lifted their margin assumptions for the years ahead, but stick to the view the plans might be too optimistic. Revised forecasts now imply EPS CAGR at 9% p.a. over the next five years.

The analysts find the share price reflects a too rosy picture, hence the Sell rating remains in place. Target price climbs to $43.70 from $40.

Target price is $43.70 Current Price is $49.10 Difference: minus $5.4 (current price is over target).
If FLT meets the Citi target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $45.05, suggesting downside of -8.4% (ex-dividends)

The company's fiscal year ends in June.

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

Credit Suisse rates FLT as Underperform (5) -

FY17 results were at the lower end of recent guidance. No financial guidance is provided for FY18.

Credit Suisse believes investors should be encouraged by the company recognising the need to move quickly to lower-cost channels for leisure, close loss-making businesses and provide a greater focus on technology-driven productivity.

Performance risk appears more skewed to the downside and the broker retains an Underperform rating. Target is raised to $39.13 from $37.41.

Target price is $39.13 Current Price is $49.10 Difference: minus $9.97 (current price is over target).
If FLT meets the Credit Suisse target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $45.05, suggesting downside of -8.4% (ex-dividends)

The company's fiscal year ends in June.

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

Deutsche Bank rates FLT as Hold (3) -

FY17 results were in line with the broker's expectations, but the 94c dividend was disappointing. No specific FY18 guidance forthcoming, although Deutsche Bank believes the year has started reasonably well and the tone was upbeat.

The broker has raised FY18 earnings forecasts by 5%, rising to 15% in FY20, on management plans to restrain cost growth and guidance for stronger TTV growth.

Hold retained and target is raised to $50 from $40.

Target price is $50.00 Current Price is $49.10 Difference: $0.9
If FLT meets the Deutsche Bank target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $45.05, suggesting downside of -8.4% (ex-dividends)

The company's fiscal year ends in June.

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

Macquarie rates FLT as Underperform (5) -

Flight Centre's result hit the top end of guidance and beat consensus. No FY18 guidance was provided, but positive momentum was noted. Group performance was in line with the broker's expectation.

The key element in the announcement was the transformation targets the company has set. The broker applauds these targets and agrees that change is required, but believes them to be a stretch. They will be hard to achieve with margins declining. Underperform retained. Target rises to $39.10 from $28.70.

Target price is $39.10 Current Price is $49.10 Difference: minus $10 (current price is over target).
If FLT meets the Macquarie target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $45.05, suggesting downside of -8.4% (ex-dividends)

The company's fiscal year ends in June.

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

Morgan Stanley rates FLT as Underweight (5) -

Morgan Stanley considers the 3-5 year outlook very optimistic and the implied acceleration in TTV growth, while closing businesses and reducing costs, appears challenging.

To reflect a stronger investor focus by closing loss-making business and reducing costs, Morgan Stanley lifts earnings forecasts.

Even if the business reaches the financial targets, the broker considers the stock expensive. Underweight retained. Target is raised to $40 from $30. Industry view is Cautious.

Target price is $40.00 Current Price is $49.10 Difference: minus $9.1 (current price is over target).
If FLT meets the Morgan Stanley target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $45.05, suggesting downside of -8.4% (ex-dividends)

The company's fiscal year ends in June.

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

Morgans rates FLT as Hold (3) -

FY17 results were in line with recently provided guidance. The company is expected to provide FY18 earnings guidance at the AGM in November.

Flight Centre will fast-track revenue growth and reduce costs where possible through a transformation program, with benefits expected over 3 to 5 years. Morgans has raised earnings forecasts for FY18 by 5.1%, FY19 by 11.5% and FY20 by 18.7%.

Hold rating is retained and target is raised to $47.00 from $40.00.

Target price is $47.00 Current Price is $49.10 Difference: minus $2.1 (current price is over target).
If FLT meets the Morgans target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $45.05, suggesting downside of -8.4% (ex-dividends)

The company's fiscal year ends in June.

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

Ord Minnett rates FLT as Buy (1) -

FY17 results were in line with Ord Minnett estimates. Highlights for the broker include cost reductions becoming a reality. Ord Minnett observes the company is changing from a revenue-centric focus to one where margin improvement has become central.

The broker maintains a Buy rating and believes the magnitude of the cost-cutting story will become apparent in the short to medium term. Target is raised to $53.95 from $48.17.

Target price is $53.95 Current Price is $49.10 Difference: $4.85
If FLT meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $45.05, suggesting downside of -8.4% (ex-dividends)

The company's fiscal year ends in June.

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

UBS rates FLT as Neutral (3) -

FY17 results were in line with guidance and UBS estimates. The main positive surprise was the introduction of long-term targets and commentary on costs.

Total transaction value growth of 6-7% per annum is expected over the next three years and pre-tax profit margins of 2% by FY20-22. UBS upgrades estimates for FY18-20 by 1-5%.

The broker believes management is executing well and taking a more judicious approach to costs. Neutral retained. Target is raised to $47.50 from $41.00.

Target price is $47.50 Current Price is $49.10 Difference: minus $1.6 (current price is over target).
If FLT 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 $45.05, suggesting downside of -8.4% (ex-dividends)

The company's fiscal year ends in June.

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

Morgans rates GDF as Add (1) -

Garda's FY17 results were broadly in line with the broker's estimates. FY18 guidance for 9c DPS was provided, below Morgans' estimate due to the impact of a recent asset sale.

The company has said it will recycle some smaller assets as it continues to diversify the portfolio and look at acquisitions focusing on industrial assets in Brisbane and Sydney and office assets in Melbourne, Canberra and Sydney.

The broker retains the Add rating and raises the target to $1.24 from $1.23, noting Garda offers exposure to east coast industrial property and an attractive yield, paid quarterly.

Target price is $1.24 Current Price is $1.15 Difference: $0.09
If GDF meets the Morgans 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

Ord Minnett rates HPI as Accumulate (2) -

FY17 results were in line with Ord Minnett forecasts. The company has extended the length of its debt tenure which came with higher all-in costs. As a result a flat distribution in FY18 of 19.6 cents per security is maintained.

The stock remains the broker's preferred long WALE A-REIT exposure. Accumulate retained. Target reduced to $3.20 from $3.35.

Target price is $3.20 Current Price is $3.10 Difference: $0.1
If HPI meets the Ord Minnett target it will return approximately 3% (excluding dividends, fees and charges).

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 HT1 as Outperform (1) -

First half results were below Credit Suisse estimates. Adshel performed strongly in its first fully consolidated result, recording 23% EBITDA growth. Radio was well below expectations because of a soft market and share losses.

Credit Suisse reduces 2017 EBITDA estimates by -7% on lower radio earnings. Outperform retained. Target is lowered to $3.00 from $3.20.

Target price is $3.00 Current Price is $2.42 Difference: $0.58
If HT1 meets the Credit Suisse target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $3.09, suggesting upside of 33.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 1.0

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

Deutsche Bank rates HT1 as Buy (1) -

First half results were below the broker's forecasts, with a weak performance from ARN and Hong Kong Outdoor offset by a better result from Adshel.

Management has indicated that month on month run rates at ARN are improving in a soft radio market, with moderate bookings suggesting modest growth will continue in the second half. However, Adshel has slowed to low single digit growth in July. 

Buy rating retained and target is reduced to $3.20 from $3.30.

Target price is $3.20 Current Price is $2.42 Difference: $0.78
If HT1 meets the Deutsche Bank target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $3.09, suggesting upside of 33.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 1.0

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

Macquarie rates HT1 as Outperform (1) -

It is unclear how HT&E performed against the broker's forecast, but the broker notes Adshel posted a strong result offset by weakness, as expected, in radio. Management noted frustrating contract renewal delays and the digital roll-out will dampen revenues in the second half, but they will be picked up in 2018.

It will be a challenging second half but the broker remains confident in the longer term outlook given exposure to two of the "healthier" sectors of media, being outdoor and radio. Outperform retained. Target falls to $2.85 from $3.05.

Target price is $2.85 Current Price is $2.42 Difference: $0.43
If HT1 meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $3.09, suggesting upside of 33.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 1.0

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

Morgan Stanley rates HT1 as Overweight (1) -

First half results were slightly below Morgan Stanley's forecasts. The broker believes the market is still to gain an understanding of the seasonality of the new portfolio of assets but suspects there will be a substantial skew to the second half.

Overweight rating maintained. Industry view is Attractive. Target is $3.40.

Target price is $3.40 Current Price is $2.42 Difference: $0.98
If HT1 meets the Morgan Stanley target it will return approximately 40% (excluding dividends, fees and charges).

Current consensus price target is $3.09, suggesting upside of 33.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 1.0

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

Credit Suisse rates HUO as Outperform (1) -

FY17 results were ahead of Credit Suisse forecasts. The broker is confident margins are on the way back up and, together with expanded volumes, should drive very strong FY18 growth.

Outperform retained. Target is raised to $6.00 from $5.80.

Target price is $6.00 Current Price is $5.04 Difference: $0.96
If HUO meets the Credit Suisse target it will return approximately 19% (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

Ord Minnett rates HUO as Buy (1) -

FY17 results were ahead of Ord Minnett's forecasts. Updated earnings forecasts suggest EBITDA per kilogram will fall in FY18 as volumes are lifted by 33%, with an increase in export mix and a reduced blend of average prices.

Ord Minnett reiterates a Buy rating and raises the target to $6.00 from $5.86.

Target price is $6.00 Current Price is $5.04 Difference: $0.96
If HUO meets the Ord Minnett target it will return approximately 19% (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 IDR as Hold (3) -

FY17 results were at the higher end of guidance. FY18 guidance was for EPS of 18.4c to 18.6c and a dividend of 16.5cps.

Management also stated that given balance sheet flexibility it will consider an on market buy-back or further accretive acquisitions.

Morgans retains a Hold rating and target is raised to $2.56 from $2.28.

Target price is $2.56 Current Price is $2.48 Difference: $0.08
If IDR meets the Morgans target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $2.49, suggesting upside of 1.1% (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

Credit Suisse rates IDX as Outperform (1) -

FY17 results were broadly in line with Credit Suisse. The broker suggests headwinds have peaked, and competitor incursions are abating while industry volumes are improving.

The broker believes the valuation is compelling and retains an Outperform rating. Target is raised to $1.90 from $1.70.

Target price is $1.90 Current Price is $1.71 Difference: $0.195
If IDX meets the Credit Suisse target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $1.78, suggesting upside of 3.8% (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

Morgan Stanley rates IDX as Underweight (5) -

FY17 results were in line with Morgan Stanley. Given low guidance for FY18, owing to ongoing investment in the business, the broker retains an Underweight rating.

Given some improving volume trends & moderating competitive tensions, the broker believes the stock should trade at a lesser discount to the ASX200 than the -20-30% on which the prior price target was based, and a -10-20% discount is now warranted. Target is raised to $1.54 from $1.30. Industry view: In-Line.

Target price is $1.54 Current Price is $1.71 Difference: minus $0.165 (current price is over target).
If IDX meets the Morgan Stanley target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.78, suggesting upside of 3.8% (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

UBS rates IDX as Buy (1) -

FY17 revenue and net profit were in line with UBS. In FY18 the broker expects higher utilisation rates for existing capacity to drive a recovery in margin, which will then flatten.

UBS retains a Buy rating and raises the target to $1.90 from $1.75.

Target price is $1.90 Current Price is $1.71 Difference: $0.195
If IDX meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $1.78, suggesting upside of 3.8% (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 IOF as Buy (1) -

Citi analysts found guidances for FY18 a little underwhelming, in particular given the strong operational background, as they put it. Estimates have been reduced a little in response.

The broker retains its Buy rating because of the trust's leverage to the strong Sydney office market. Plus there is potential for upside surprise, scope for capital management and corporate appeal. Price target gains 20c to $5.20.

Target price is $5.20 Current Price is $4.69 Difference: $0.51
If IOF meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $4.79, suggesting upside of 4.3% (ex-dividends)

The company's fiscal year ends in June.

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

Macquarie rates IOF as Outperform (1) -

Investa's result was in line with the broker and a 5% buyback met expectations. FY18 funds from operations and dividend guidance is short of the broker's prior estimate, with capital required for redevelopments.

The broker sees subdued growth into FY19 on negative lease renewals and higher capital requirements, which is a negative for the investment case. But upside exists from a strong balance sheet, share price below net asset valuation and exposure to the improving Sydney office market.

The broker awaits Cromwell Property ((CMW)) update on due diligence but is back from research restriction with an Outperform rating and a $5.11 target.

Target price is $5.11 Current Price is $4.69 Difference: $0.42
If IOF meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $4.79, suggesting upside of 4.3% (ex-dividends)

The company's fiscal year ends in June.

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

Ord Minnett rates IOF as Accumulate (2) -

FY17 results were ahead of Ord Minnett forecasts. The main point for the broker was the re-positioning plans for the three expiries in Sydney.

Timing for 151 Clarence Street is ideal and the broker expects the project to deliver considerable development profit. The other assets involve re-modelled space and are likely to face a degree of additional competition when delivered in 2019 and 2020.

Accumulate rating and $5 target retained.

Target price is $5.00 Current Price is $4.69 Difference: $0.31
If IOF meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $4.79, suggesting upside of 4.3% (ex-dividends)

The company's fiscal year ends in June.

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

UBS rates IOF as Sell (5) -

FY17 results were marginally ahead of UBS. FY18 guidance for incentives is $80-95m, up 70-100%, and UBS expects it to remain high, putting considerable pressure on cash flow and distributions.

The stock is likely to be supported in the near-term by the 5% buy-back and the stake in Cromwell ((CMW)). UBS maintains a Sell rating, as the stock is trading on a 4.4% yield with marginal growth that will not be covered by free cash flow until FY21. Target is reduced to $4.44 from $4.48.

Target price is $4.44 Current Price is $4.69 Difference: minus $0.25 (current price is over target).
If IOF meets the UBS target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.79, suggesting upside of 4.3% (ex-dividends)

The company's fiscal year ends in June.

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

UBS rates ISD as Neutral (3) -

A weak FY17 result was expected and the lack of detail in the presentation further frustrated UBS. The broker acknowledges valuation is not demanding but finds it hard to be confident when 88% of revenues fell half on half.

FY18 forecasts are considered achievable but this requires a turnaround in revenue momentum. Neutral retained. Target is reduced to $1.70 from $1.80.

Target price is $1.70 Current Price is $1.63 Difference: $0.07
If ISD meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $1.85, suggesting upside of 11.3% (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

Morgans rates KSL as Add (1) -

The company's first half results were in line with recently provided guidance.

Morgans has downgraded full year earnings estimates by -35%, incorporating the recently disclosed $7m lease termination payment. FY18 forecasts have been reduced by -3%. 

 Add rating retained and target is reduced to $1.17 from $1.27.

Target price is $1.17 Current Price is $0.89 Difference: $0.28
If KSL meets the Morgans target it will return approximately 31% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

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

Macquarie rates LOV as Outperform (1) -

Lovisa's result beat the broker and recently upgraded guidance thank to strong gross margins and lower depreciation. The company continues to successfully cycle tough comparables.

The broker sees upside to forecasts if momentum continues and there is upside from new territories and additional UK stores. Despite yesterday's rally, the broker still sees undemanding value and retains Outperform. Target rises to $5.42 from $5.06.

Target price is $5.42 Current Price is $4.52 Difference: $0.9
If LOV meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $4.77, suggesting upside of 6.0% (ex-dividends)

The company's fiscal year ends in July.

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

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

The broker was impressed by the company's FY17 results, well above the top end of recent guidance. Management commented that FY18 had a 'pleasing start' with LFL sales tracking above target.

Lovisa has guided to 20 to 30 store openings in FY18, with a first pilot store in Spain. Morgans has raised FY18 earnings estimates by 13.2% and FY19 estimates by 10.8%.

Downgrade to Hold from Add and target increased to $4.84 from $4.48.

Target price is $4.84 Current Price is $4.52 Difference: $0.32
If LOV meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $4.77, suggesting upside of 6.0% (ex-dividends)

The company's fiscal year ends in July.

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

Macquarie rates MOC as Downgrade to Underperform from Neutral (5) -

Mortgage Choice's result was in line but core commissions fell short, suggesting lower quality. While Macquarie notes stabilisation of commission rates, brokers' share of settlements is stagnating and market share of applications is falling.

Throw in an expected slowing in the housing market and the broker sees constrained earnings, and given further uncertainty around commission structures, little chance of a re-rate. Downgrade to Underperform.

Target falls to $2.30 from $2.55.

Target price is $2.30 Current Price is $2.39 Difference: minus $0.09 (current price is over target).
If MOC meets the Macquarie target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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 MP1 as Add (1) -

Megaport's FY17 results were as expected by the broker, having been previously flagged. Noteworthy for the broker was the 298% year on year revenue growth and a $253,000 gross profit in the second half.

It now comes down to sales execution, the broker suggests, as this is the key upside and downside risk to the business. The broker remains focused on the indicators that precede profitability, these being data centre sites, customers, revenue per port and gross profit per location.

Add rating and $2.88 target retained.

Target price is $2.88 Current Price is $2.23 Difference: $0.65
If MP1 meets the Morgans target it will return approximately 29% (excluding dividends, fees and charges).

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) -

In an initial assessment, Citi analysts find FY17 represents a small beat, while the outlook seems "reasonable". The latter is also seen against a background of bearish views elsewhere.

Industry conditions remain tough, but stabilising hospital utilisation and market share should comfort investors, suggest the analysts. Neutral. Target $2.65.

Target price is $2.65 Current Price is $2.69 Difference: minus $0.04 (current price is over target).
If MPL 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 $2.69, suggesting downside of -6.8% (ex-dividends)

The company's fiscal year ends in June.

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 MYO as Buy (1) -

The H1 release slightly missed on the back of higher marketing spending but Citi analysts found a lot to like in the details. Think higher customer retention rates and strong cash conversion.

The company also announced a share buyback of up to 5% of issued capital and Citi argues this makes sense since they too believe the shares are undervalued. They also refer to management's confidence in their guidance for 13-15% revenue growth with margins to return to 45-46% by the end of the year.

All of the above has ultimately seen estimates being lowered by -2-3%, with higher marketing costs primarily to blame. Citi continues to view the stock as representing "compelling value". Buy. Price target $4.45.

Target price is $4.45 Current Price is $3.54 Difference: $0.91
If MYO meets the Citi target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $4.03, suggesting upside of 12.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.5

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

Deutsche Bank rates MYO as Buy (1) -

MYOB's first half results were slightly behind Deutsche Bank's expectations, with costs impacted by significant marketing and brand investment.

Management provided a narrower guidance range for FY17, with revenue growth now expected to be in the region of 13% to 15%. EBITDA margin has been tightened to 45% to 46% and R&D revenue percentage in the 13% to 16% range.

The broker expects the buy-back of up to 5% of issued capital to provide near term support for the stock. Buy and $4.40 target retained.

Target price is $4.40 Current Price is $3.54 Difference: $0.86
If MYO meets the Deutsche Bank target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $4.03, suggesting upside of 12.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.5

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

Ord Minnett rates MYO as Buy (1) -

First half results were better-than-expected. Implied organic growth in 2017 is around 12% versus the 10% suggested back in February and Ord Minnett believes the results do not support a bear case which suggests the business is shrinking to a small number two player.

While work remains to be done on the product side the broker believes the benefits in terms of higher revenue growth are beginning to show. Buy rating retained. Target is raised to $4.35 from $4.30.

Target price is $4.35 Current Price is $3.54 Difference: $0.81
If MYO meets the Ord Minnett target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $4.03, suggesting upside of 12.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.5

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

UBS rates MYO as Neutral (3) -

First half results were slightly softer than UBS estimated. First half margins slipped because of the dilutive impact of acquisitions and seasonality in the cost/revenue base.

The company is now explicitly guiding to revenue growth of 13-15% for 2017 and margins to tighten to 45-46%, the broker observes.

Neutral retained. Target is reduced to $3.60 from $3.70.

Target price is $3.60 Current Price is $3.54 Difference: $0.06
If MYO meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $4.03, suggesting upside of 12.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.5

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

Morgans rates NAN as Add (1) -

FY17 results were slightly below the broker's forecasts, although sales growth continued despite healthcare reform uncertainty in the US.

Management has announced significantly higher R&D spend in FY18, with two new product launches expected over the next two years. Morgans has reduced FY18 and FY19 earnings estimates by -37% and -31% respectively.

Add rating is maintained and target is reduced to $2.91 from $3.61.

Target price is $2.91 Current Price is $2.19 Difference: $0.72
If NAN meets the Morgans target it will return approximately 33% (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 NEC as Outperform (1) -

FY17 EBITDA was slightly below Credit Suisse estimates. The broker raises FY18 forecasts by 7.2% on higher market share.

The broker notes excellent cost control was key feature of the result and guidance. Outperform retained. Target rises to $1.70 from $1.50.

Target price is $1.70 Current Price is $1.55 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 $1.39, suggesting downside of -7.0% (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

Deutsche Bank rates NEC as Hold (3) -

FY17 results were mainly in line with Deutsche Bank's forecasts. The company benefited from a significant recovery in revenue share in the June quarter and cuts to licence fees.

Management has guided to revenue share of at least 37.5% and market declines of -1% to -2%. The broker believes this could be optimistic given recent market weakness. FY18 dividend guidance is for 9.5cps and a lowered payout ratio going forward.

Hold rating retained and target rises to $1.40 from $1.30.

Target price is $1.40 Current Price is $1.55 Difference: minus $0.15 (current price is over target).
If NEC meets the Deutsche Bank target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.39, suggesting downside of -7.0% (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

Macquarie rates NEC as Downgrade to Underperform from Neutral (5) -

It is unclear how Nine's result stacked up against Macquarie's forecast but the broker does note modest earnings growth thanks to cost controls and licence fee relief. Better ratings meant market share gains in TV ads but that market continues to decline.

Market share gains still remain key to FY18 performance, Macquarie suggests, but cash conversion will remain weak due to a number of factors including the timing of sports rights payments and licence fee cuts and onerous contract provisions.

While Nine's ratings and profits are improving, the share price is up 50% this year and that's enough for the broker to downgrade to Underperform. Target rises to $1.40 from $1.35.

Target price is $1.40 Current Price is $1.55 Difference: minus $0.15 (current price is over target).
If NEC meets the Macquarie target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.39, suggesting downside of -7.0% (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

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

Morgan Stanley considers FY17 results were credible given a still negative and challenging TV advertising market.The broker also lauds the fact that management was prepared to issue FY18 revenue share and earnings guidance so early in the current year.

Target is $1.20. Equal-weight. Attractive industry view.

Target price is $1.20 Current Price is $1.55 Difference: minus $0.35 (current price is over target).
If NEC meets the Morgan Stanley target it will return approximately minus 23% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.39, suggesting downside of -7.0% (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

UBS rates NEC as Sell (5) -

FY17 was in line. UBS believes the company has done its utmost to leverage the three factors that enable it to offset wider market pressures. These include taking greater market share, new revenue streams and cost reductions.

Nevertheless, UBS cannot become bullish on the current valuation, given market declines will continue and market share gains will likely slow. Sell rating retained. Target is raised to $1.25 from $1.15.

Target price is $1.25 Current Price is $1.55 Difference: minus $0.3 (current price is over target).
If NEC meets the UBS target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.39, suggesting downside of -7.0% (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 OTW as Add (1) -

FY17 results were just ahead of Morgans's expectations. A final dividend of 1.25c was declared.

The company guided to continued 20% plus organic revenue growth in FY18. Combined with the additional contribution from the Telarus acquisition, Morgans' forecast for 30% EPS growth should be achieved. 

The broker retains an Add rating and $2.39 target.

Target price is $2.39 Current Price is $1.96 Difference: $0.43
If OTW meets the Morgans target it will return approximately 22% (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 OZL as Buy (1) -

Citi thinks OZ Minerals released a positive interim performance, though strictly taken it revealed a miss on earnings. However, a positive Feasibility Study on Carrapateena stole the limelight on the day.

The company has already started building the new mine. OZ Minerals is Citi's preferred ASX exposure to copper. Buy rating retained. Target price loses 10c to $10.10.

Target price is $10.10 Current Price is $8.97 Difference: $1.13
If OZL meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $8.59, suggesting upside of 2.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

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

Credit Suisse rates OZL as Underperform (5) -

First half results reveal pre-production capital expenditure is up materially. Operating earnings (EBIT) were ahead of Credit Suisse estimates. Carrapateena development has been approved. Reserves increase by 7.7%.

Underperform rating maintained and target is $7.30.

Target price is $7.30 Current Price is $8.97 Difference: minus $1.67 (current price is over target).
If OZL meets the Credit Suisse target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.59, suggesting upside of 2.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

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

Deutsche Bank rates OZL as Downgrade to Sell from Hold (5) -

The company's first half results were better than the broker had expected. The 6c dividend was well ahead of Deutsche Bank's expectations.

Management has approved the Carrapateena project following an updated feasibility study, and management believes it can fund construction from free cash flow while maintaining some level of dividend. The broker finds this decision somewhat confusing as the project could consume most of the cash balance. 

Deutsche Bank downgrades the stock to Sell from Hold and target price rises to $7.30 from $7.10.

Target price is $7.30 Current Price is $8.97 Difference: minus $1.67 (current price is over target).
If OZL meets the Deutsche Bank target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.59, suggesting upside of 2.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

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

Macquarie rates OZL as Outperform (1) -

OZ's result was broadly in line with the broker and the dividend was better than expected. The highlight is board approval for Carrapateena. The reserve upgrade on the prospect is better than forecast.

While approval was expected, capex and cash costs are lower than the broker had assumed. OZ should be able to fund the project through internal cash flow and cash reserves. Outperform retained. Target rises to $9.90 from $9.50.

Target price is $9.90 Current Price is $8.97 Difference: $0.93
If OZL meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $8.59, suggesting upside of 2.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

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

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

The company's first half results were in line with the broker's expectations. Production guidance for CY17 is on track.

Approval of Carrapateena was no surprise to Morgans. The broker believes the company will develop the project before considering increases to dividend policy or capital management through a buy-back. 

Downgrade to Hold from Add and target raised to $8.95 from $8.30.

Target price is $8.95 Current Price is $8.97 Difference: minus $0.02 (current price is over target).
If OZL meets the Morgans target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.59, suggesting upside of 2.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

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

Ord Minnett rates OZL as Hold (3) -

First half results were below Ord Minnett forecasts. Carrapateena now has a green light for $830m in capital expenditure and fourth quarter 2019 start.

Following a strong run into the results, assisted by higher copper prices, Ord Minnett retains a Hold rating and raises the target to $8.20 from $8.00.

Target price is $8.20 Current Price is $8.97 Difference: minus $0.77 (current price is over target).
If OZL meets the Ord Minnett target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.59, suggesting upside of 2.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

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

Deutsche Bank rates PPC as Hold (3) -

Peet's FY17 results were slightly below Deutsche Bank's estimates, due to timing of settlements at Lightsview project and continued WA weakness.

While no specific FY18 guidance was forthcoming, management commented that it is well positioned to target earnings growth, with earnings expected to be skewed to the second half FY18.

Hold rating retained and target raised to $1.31 from $1.08.

Target price is $1.31 Current Price is $1.21 Difference: $0.1
If PPC meets the Deutsche Bank target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $1.33, suggesting upside of 8.4% (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 PPC as Outperform (1) -

Peet's result was in line and the broker agrees the company is well positioned for earnings growth in FY18. Margins have contracted with the completion of high margin projects but settlements are strong on the east coast.

The broker believes Peet can continue to grow earnings despite a moderating residential cycle and notes a forecast total shareholder return of 19%. Outperform retained. Target falls to $1.37 from $1.40.

Target price is $1.37 Current Price is $1.21 Difference: $0.16
If PPC meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $1.33, suggesting upside of 8.4% (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

Citi rates PPT as Sell (5) -

Citi analysts saw encouraging momentum in both Perpetual Private and Corporate Trust inside the FY17 release, but they continue to be focused on the near term challenges for Perpetual Investments.

The analysts point out the global equities product by now has a strong track record. They have their doubts about turning this into "meaningful flows". However, were the company to achieve this, it would represent a game changer, the analysts acknowledge.

In the meantime, FY18 is shaping up as a difficult year for profit growth, suggest the analysts. Sell rating retained. Target price unchanged at $50.25.

Target price is $50.25 Current Price is $52.62 Difference: minus $2.37 (current price is over target).
If PPT meets the Citi target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $51.21, suggesting downside of -5.8% (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 PPT as Upgrade to Outperform from Neutral (1) -

FY17 results were ahead of Credit Suisse forecasts. The broker was encouraged by the double-digit growth in Perpetual Private and Corporate Trust divisions in the second half.

The broker finds promise in these other divisions, as the Perpetual Investment strategy appears to be on the back burner and flows from new products are a couple of years away.

Ratings upgraded to Outperform from Neutral. Target is raised to $56.50 from $51.00.

Target price is $56.50 Current Price is $52.62 Difference: $3.88
If PPT meets the Credit Suisse target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $51.21, suggesting downside of -5.8% (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

Macquarie rates PPT as Neutral (3) -

Perpetual solidly beat the broker with a result that demonstrated leverage in Perpetual Private and Corporate Trust. Perpetual Investments delivered stable earnings.

The broker expects momentum in PP and CT to drive a strong first half FY18 but PI performance depends on the stock market. Neutral retained. Target rises to $53.00 from $45.90.

Target price is $53.00 Current Price is $52.62 Difference: $0.38
If PPT meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $51.21, suggesting downside of -5.8% (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

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

FY17 results modestly beat Morgan Stanley's estimates. The broker believes executing on global fund and multi-asset growth prospects remain key to further upside for the stock.

Perpetual Private is delivering growth, helping to diversify earnings and could support a re-rating but the broker notes growth aspirations in the main Perpetual Investments division are unfulfilled.

The broker retains an Equal-weight rating. Target is raised to $51.00 from $48.50. Industry view: In-line.

Target price is $51.00 Current Price is $52.62 Difference: minus $1.62 (current price is over target).
If PPT 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 $51.21, suggesting downside of -5.8% (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

Morgans rates PPT as Hold (3) -

FY17 results were ahead of Morgans' expectations. Perpetual Investments's returns were flat, indicating the company still has some work to do in that area, in the broker's opinion.

Morgans has lifted FY18 and FY19 earnings estimates by 1%. The broker believes management is doing a lot right, with result highlighting a potentially underestimated growth strategy. Hold retained and target raised to $51.15 from $46.50.

Target price is $51.15 Current Price is $52.62 Difference: minus $1.47 (current price is over target).
If PPT meets the Morgans target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $51.21, suggesting downside of -5.8% (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

Ord Minnett rates PPT as Lighten (4) -

FY17 results were ahead of Ord Minnett forecasts. The broker notes, while the business has new incubation funds, with $63.1m deployed, it remains difficult to forecast future flows into these products.

Despite a strong performance and marketing budget over the past two years flows into the global strategy remains subdued, Ord Minnett observes. Lighten retained. Target is raised to $47.50 from $46.50.

Target price is $47.50 Current Price is $52.62 Difference: minus $5.12 (current price is over target).
If PPT 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 $51.21, suggesting downside of -5.8% (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

UBS rates PPT as Sell (5) -

FY17 underlying profit was ahead of UBS estimates, partly assisted by a lower tax rate. The broker believes the growth strategy in Perpetual Private is starting to show promise while earnings in the key Perpetual Investment division continue to stagnate.

As seed assets are again reducing and net cash is building the broker questions whether the company is investing sufficiently to drive growth. Sell rating retained. Target is raised to $49.10 from $47.55.

Target price is $49.10 Current Price is $52.62 Difference: minus $3.52 (current price is over target).
If PPT meets the UBS target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $51.21, suggesting downside of -5.8% (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

Morgan Stanley rates PRT as Underweight (5) -

FY17 results signal to Morgan Stanley the business is well-run, delivering a commendable 16% growth in operating earnings in a regional TV advertising market which declined -5.8%.

Nevertheless, the broker believes the earnings outlook is deteriorating and the share price is heavily influenced by the prospect of changes to media ownership laws.

Underweight retained. Price target is 34c. Industry view is Attractive.

Target price is $0.34 Current Price is $0.46 Difference: minus $0.115 (current price is over target).
If PRT meets the Morgan Stanley target it will return approximately minus 25% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.34, suggesting downside of -20.0% (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 PTM as Underperform (5) -

Platinum's beat on the headline was of low quality, the broker suggests, and the underlying result was weak. The broker remains cautious on the outlook heading into FY18.

The broker expects net outflows to continue despite an improved investment performance in FY17, and expects fee rates to decline. Underperform retained. Target rises to $4.25 from $3.94.

Target price is $4.25 Current Price is $5.40 Difference: minus $1.15 (current price is over target).
If PTM meets the Macquarie target it will return approximately minus 21% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.10, suggesting downside of -29.9% (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

Morgan Stanley rates PTM as Underweight (5) -

FY17 results modestly beat Morgan Stanley's estimates. The company remains cautiously optimistic about the outlook but is also flagging further investment expenditure to re-capture flows.

The broker suggests, given FY17 costs were sharply higher versus consensus, forecasts for costs in FY18 may need to be raised.

Underweight rating retained, as the broker is already pricing in a recovery in flows. In-Line sector view. Target is $3.90.

Target price is $3.90 Current Price is $5.40 Difference: minus $1.5 (current price is over target).
If PTM meets the Morgan Stanley target it will return approximately minus 28% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.10, suggesting downside of -29.9% (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

Ord Minnett rates PTM as Sell (5) -

FY17 net outflows of -$3.6bn were the worst ever, Ord Minnett observes. Outflows were driven by weak relative performance and formidable competition.

The broker acknowledges the performance part of the equation has turned around but competition has only strengthened. Ord Minnett remains bearish on flows for FY18. Sell rating retained. Target is reduced to $3.85 from $4.06.

Target price is $3.85 Current Price is $5.40 Difference: minus $1.55 (current price is over target).
If PTM meets the Ord Minnett target it will return approximately minus 29% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.10, suggesting downside of -29.9% (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

Citi rates QAN as Buy (1) -

In an initial assessment of the FY17 release, Citi analysts find, underlying, the result was above the top end of guidance. Capital management is ahead of expectations.

The buyback is seen as indication the board believes the shares remain underappreciated. Buy rating retained. Target price $7.09.

Target price is $7.09 Current Price is $5.80 Difference: $1.29
If QAN meets the Citi target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $5.54, suggesting downside of -8.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.9

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

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

Underlying FY17 results were within Morgan Stanley's expectations. The broker envisages modest upside to consensus estimates as conviction grows on Moorebank.

The company has signed a five-year logistics contract alongside a 10-year lease with Target. Target appears to be transitioning from an existing site which the company suggests supports the bullish thesis of the utility of Moorebank.

Morgan Stanley believes the positive story is factored into the price. Target is raised to $2.72 from $2.63. Equal-weight rating, Cautious industry view retained.

Target price is $2.72 Current Price is $2.59 Difference: $0.13
If QUB meets the Morgan Stanley target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $2.72, suggesting upside of 9.6% (ex-dividends)

The company's fiscal year ends in June.

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

Macquarie rates RCR as No Rating (-1) -

The broker notes a 186% increase in profit for RCR and a reinstatement of the dividend. A $90m capital raising has been announced, to fund a growing pipeline of projects in renewables, rail and transport.

The broker is involved and as such is restricted from making a recommendation.

Current Price is $3.74. Target price not assessed.

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

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

Citi rates RSG as Buy (1) -

Some financial details had been pre-released, but the FY17 nevertheless revealed a better-than-expected underlying result, point out Citi analysts. Guidance for FY18 has been upgraded, somewhat.

Citi suspects a higher chance for a guidance beating performance in FY18. Nevertheless, the broker's target price declines because FY18 sees lower estimates, as it marks a ramp-up period at Syama and Ravenswood, the analysts explain.

New target price of $1.50 compares with $1.90 prior. Buy rating retained.

Target price is $1.50 Current Price is $1.09 Difference: $0.415
If RSG meets the Citi target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $1.60, suggesting upside of 52.1% (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 RSG as Outperform (1) -

Resolute's result was in line and a 2c dividend was slightly better than expected. Tax will drag on FY18, the broker notes, with higher payments at Syama and Ravenswood and the end of the tax holiday in Mali.

The company has sold down its gold inventory but will continue its policy of retaining gold subject to price. The broker expects the consistent trend of the last three years to continue and retains Outperform and a $1.50 target.

Target price is $1.50 Current Price is $1.09 Difference: $0.415
If RSG meets the Macquarie target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $1.60, suggesting upside of 52.1% (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

Citi rates S32 as Neutral (3) -

The FY17 release has triggered all kinds of changes and adjustments, many of them negative. In the end, what seems to outweigh just about anything else is the fact that Citi has decided to upgrade forecasts for aluminium.

The constructive view on aluminium translates into higher forecasts, pushing the price target to $3 from $2.70. Citi is not so positive on the outlook for coal and manganese and prefers Rio Tinto ((RIO)) as a diversified/aluminium exposure. Neutral.

Target price is $3.00 Current Price is $2.94 Difference: $0.06
If S32 meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $3.03, suggesting upside of 6.7% (ex-dividends)

The company's fiscal year ends in June.

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: 0.6

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

Credit Suisse rates S32 as Outperform (1) -

FY17 results were in line. Credit Suisse is a little disappointed that no guidance was provided for Illawarra.

Sustaining capital expenditure of US$500m is a little higher than the broker forecast but is affected by the deferral of some FY17 dollars into FY18.

Outperform and $2.95 target retained.

Target price is $2.95 Current Price is $2.94 Difference: $0.01
If S32 meets the Credit Suisse target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $3.03, suggesting upside of 6.7% (ex-dividends)

The company's fiscal year ends in June.

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: 0.6

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

Deutsche Bank rates S32 as Hold (3) -

South32's result beat the broker by 4% and a combination of higher cash flow and lower capex than forecast provided for a "helpful" boost to the buyback and dividend.

FY18 guidance implies lower production and increased costs and that does not include a consideration for Illawarra, which remains under review. The broker retains Hold and a $2.60 target.

Target price is $2.60 Current Price is $2.94 Difference: minus $0.34 (current price is over target).
If S32 meets the Deutsche Bank target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.03, suggesting upside of 6.7% (ex-dividends)

The company's fiscal year ends in June.

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: 0.6

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

Macquarie rates S32 as Outperform (1) -

South32's result was in line with the broker but stronger cash generation means an increased buyback and higher dividend. Long-life alumina/aluminium assets beat on costs.

Production missed at Cannington and it appears Illawarra will not return to historical production levels given the issues at Appin. The broker has lowered its production assumptions but this is offset by lower cost assumptions. Outperform and $3.20 target retained.

Target price is $3.20 Current Price is $2.94 Difference: $0.26
If S32 meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $3.03, suggesting upside of 6.7% (ex-dividends)

The company's fiscal year ends in June.

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: 0.6

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

Morgan Stanley rates S32 as Overweight (1) -

FY17 EBITDA missed Morgan Stanley's estimates although cash flow was better. While the company suggests that holding additional cash in the current environment affords more flexibility, the broker believes this logic only holds for so long, before it should be returned or re-invested.

Hence, while a strong balance sheet is a positive, if excess capital is held too long the broker would question why. Overweight retained. Target is $3.40. Industry view: Attractive.

Target price is $3.40 Current Price is $2.94 Difference: $0.46
If S32 meets the Morgan Stanley target it will return approximately 16% (excluding dividends, fees and charges).