Australian Broker Call

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

UBS updates its FX assumptions and believes Ansell has exited a 12-18 month period of headwinds in terms of operations and currency and is on the cusp of improving underlying trading.

The broker believes the growth profile is not that different from other industrial stocks and its share price should reflect a similar allocation of value to long-term earnings growth.

Rating is downgraded to Neutral from Buy as material share price gains now limit the potential return against the broker's price target. Target rises to $24.55 from $24.50.

Target price is $24.55 Current Price is $23.64 Difference: $0.91
If ANN meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $21.66, suggesting downside of -8.2% (ex-dividends)

The company's fiscal year ends in June.

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

Credit Suisse rates APO as Outperform (1) -

Credit Suisse acknowledges the broad industry conditions in the outdoor category are sound but suspects there are market share losses for the company's transit business.

Street furniture operations have commenced digital conversions and won share while APN Outdoor is a little restricted, the broker observes, given the limited scope for digitising bus or tram exteriors.

This drives 6-8% downgrades to earnings per share estimates across 2017-18. The stock still offers value and the issues do not prevent the company generating respectable growth, the broker adds. Outperform rating retained. Target slips to $6.70 from $7.15.

Target price is $6.70 Current Price is $5.19 Difference: $1.51
If APO meets the Credit Suisse target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $6.18, suggesting upside of 21.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

Market Sentiment: 0.7

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

Macquarie rates BDR as Upgrade to Outperform from Neutral (1) -

Exploration drilling is pointing to higher grades at Tucano and satellite drilling around Duckhead is also turning up positive results. The company has also strengthened its North American alignment, Macquarie notes, ahead of a planned listing on the Toronto exchange.

Macquarie suggests Beadell's new sense of direction is gathering momentum. Operational improvements need to be confirmed but the trend is in the right direction. With mine life extensions looking likely, the broker upgrades to Outperform. Target rises to 50c from 40c.

Target price is $0.50 Current Price is $0.39 Difference: $0.11
If BDR meets the Macquarie target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $0.44, suggesting upside of 8.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

Market Sentiment: 0.3

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

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

Superloop ((SLC)) has lodged a takeover offer for BigAir, which Morgans estimates values the shares at $1.09, assuming shareholders take 100% scrip.

The broker envisages limited downside risk for the transaction, noting the possibility, albeit unlikely, of a higher offer. The main risk is the value on conversion to Superloop stock and the Superloop share price staying at current levels.

Morgans considers BigAir an attractive entry to Superloop and raises its rating to Add from Hold. Target rises to $1.09 from 75c.

Target price is $1.09 Current Price is $1.04 Difference: $0.05
If BGL meets the Morgans target it will return approximately 5% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 1.0

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

UBS rates BPT as Neutral (3) -

The results of the Kangaroo-1 exploration well in ex PEL 91, which intersected a 20 metre gross oil column in the Birkhead reservoir, are important for several reasons, UBS contends.

This demonstrates there is further exploration potential in the Western Flank fairway while the valuation of Drillsearch Energy was largely supported by its 40% stake in ex PEL 91.

With Beach Energy's 100% ownership of ex PEL 1, this represents an excellent return to exploration after a 12-month hiatus, the broker believes.

The company is now assessing its FY17 drilling plans and capital program. UBS retains a Neutral rating and 65c target.

Target price is $0.65 Current Price is $0.73 Difference: minus $0.075 (current price is over target).
If BPT meets the UBS target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.66, suggesting downside of -11.9% (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

Credit Suisse rates BTT as Neutral (3) -

Strong September quarter fund flows imply a lower risk from Brexit for BT Investment, Credit Suisse believes.

The broker remains cautious despite the business offering a compelling global expansion opportunity, because of residual Brexit risks and/or a rotation in the US back to domestic US equities where the company has a narrower product set.

The Neutral rating is maintained and the target is raised to $9.30 from $8.00.

Target price is $9.30 Current Price is $9.60 Difference: minus $0.3 (current price is over target).
If BTT meets the Credit Suisse target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.47, suggesting downside of -4.5% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY16:

Forecast for FY17:

Market Sentiment: 0.0

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

Macquarie rates BTT as Neutral (3) -

BT Investment's net inflows in the September quarter were better than the broker had forecast. Throw in market gains and net forex movements and the broker has lifted earnings forecasts materially.

Target rises to $8.74 from $7.80, Neutral retained.

Target price is $8.74 Current Price is $9.60 Difference: minus $0.86 (current price is over target).
If BTT meets the Macquarie target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.47, suggesting downside of -4.5% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY16:

Forecast for FY17:

Market Sentiment: 0.0

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

Morgan Stanley rates BTT as Overweight (1) -

The company raised $2.2bn in net flows in the September quarter. Morgan Stanley believes the diversity of growth options enhances future prospects and supports the recent price/earnings re-rating.

FY17-18 earnings estimates are raised by 3%. Overweight rating retained. Target is raised to $11.00 from $10.50. Industry view: In-Line.

Target price is $11.00 Current Price is $9.60 Difference: $1.4
If BTT meets the Morgan Stanley target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $9.47, suggesting downside of -4.5% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY16:

Forecast for FY17:

Market Sentiment: 0.0

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

Morgans rates BTT as Hold (3) -

The company ended FY16 with funds under management up 7.2%. Morgans notes the business continues to attract solid net inflows and has recently expanded its depth in management to drive growth initiatives.

Marking to market results in a 1.6% upgrade to FY16 estimates of earnings per share and 3.4% for FY17. Morgans retains a Hold rating. Target is raised to $10.46 from $10.04.

Target price is $10.46 Current Price is $9.60 Difference: $0.86
If BTT meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $9.47, suggesting downside of -4.5% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY16:

Forecast for FY17:

Market Sentiment: 0.0

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

Citi rates CIM as Sell (5) -

Probably the most remarkable item in Cimic's bidder statement for a full take-over of UGL is that the company has had no chance for a due diligence prior. UGL still has unresolved issues with its Ichthys project.

The analysts do concede on current numbers the deal should be accretive. No changes made.

Target price is $19.72 Current Price is $27.47 Difference: minus $7.75 (current price is over target).
If CIM meets the Citi target it will return approximately minus 28% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.44, suggesting downside of -32.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

Market Sentiment: -1.0

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

Deutsche Bank rates CIM as Sell (5) -

Cimic has made an unconditional bid for UGL ((UGL)) at $3.15 a share for the remainder, having acquired a 13.84% stake.

Deutsche Bank calculates the transaction would be 8-13% accretive to earnings per share in FY17-20 but cash flow neutral given the costs associated with Ichthys.

Deutsche Bank makes no changes to forecasts until the board response from UGL is forthcoming. Sell retained. Target is $23.20.

Target price is $23.20 Current Price is $27.47 Difference: minus $4.27 (current price is over target).
If CIM meets the Deutsche Bank target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.44, suggesting downside of -32.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

Market Sentiment: -1.0

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

Macquarie rates CIM as No Rating (-1) -

Cimic has made a final and unconditional offer to acquire all of UGL at $3.15 which represents a 34% premium to the three month volume weighted average price of UGL, the broker notes.

The broker is advising and as such is now on research restriction for both companies.

Current Price is $27.47. Target price not assessed.

Current consensus price target is $18.44, suggesting downside of -32.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

Market Sentiment: -1.0

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

Morgan Stanley rates CIM as Underweight (5) -

Cimic has made an unconditional bid for UGL ((UGL)) at $3.15 a share. Morgan Stanley estimates the transaction would move the company to a net debt position of $400m in 2016, ignoring underlying cash generation.

The broker observes, at face value, there appears to be little in the way of direct overlap between the businesses other than the fact UGL works as a sub-contractor to Cimic in some areas.

Strategically, the broker considers the bid less compelling, with UGL's exposure to passenger rail manufacture an area where Cimic has no experience and it still holds a potentially uncapped liability for several contracts at Ichthys.

Morgan Stanley retains its Underweight rating and Cautious industry view. Target is steady at $12.40.

Target price is $12.40 Current Price is $27.47 Difference: minus $15.07 (current price is over target).
If CIM meets the Morgan Stanley target it will return approximately minus 55% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.44, suggesting downside of -32.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

Market Sentiment: -1.0

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

Ord Minnett rates DLX as Lighten (4) -

Ord Minnett considers the company's earnings outlook has deteriorated with growth slowing in the maintenance and home improvement segment.

Only minor risks relate to disruptions from the Masters closure but the broker estimates volume growth for the underlying market is stepping down significantly over FY16-19 compared with the prior three-year period.

Lighten rating retained. Target is reduced to $6.15 from $6.35.

Target price is $6.15 Current Price is $6.68 Difference: minus $0.53 (current price is over target).
If DLX meets the Ord Minnett target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.15, suggesting downside of -7.5% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY16:

Forecast for FY17:

Market Sentiment: -0.4

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

Macquarie rates FMG as Outperform (1) -

Fortescue has acquired BC Iron's 75% interest in the Nullagine JV and will assume rehabilitation costs.

More important to the broker is Fortescue's ongoing cost reduction. Shipments may have slipped slightly recently but spot iron ore prices remain well above the broker's base case valuation, suggesting free cash flow yield will be greater and debt repayment more rapid than the broker's numbers currently suggest.

Outperform and $5.70 target retained.

Target price is $5.70 Current Price is $5.03 Difference: $0.67
If FMG meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $4.80, suggesting downside of -6.9% (ex-dividends)

The company's fiscal year ends in June.

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: -0.1

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

Credit Suisse rates FXJ as Outperform (1) -

The ongoing decline in metro print advertising revenue suggests the move to a weekday digital only model is getting closer and Credit Suisse believes the cost savings required to maintain profitability under such a model are achievable.

Credit Suisse retains an Outperform rating and $1.10 target. FY17 forecast EBITDA is reduced by 7% as Domain forecasts are lowered to reflect continued weakness in Sydney listings.

Target price is $1.10 Current Price is $0.93 Difference: $0.175
If FXJ meets the Credit Suisse target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $1.06, suggesting upside of 13.4% (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

Citi rates IPL as Buy (1) -

The company failed in ramping up commercial production at its Louisiana ammonia plant by the close of FY16, but Citi analysts see a mild blessing as ammonia prices have been low.

Their analysis suggests both ammonia and Incitec Pivot's profits might be bottoming. On this premise, Citi retains the Buy rating, while dropping its price target to $3.20. 

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

Current consensus price target is $3.25, suggesting upside of 12.7% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY16:

Forecast for FY17:

Market Sentiment: 0.3

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

Deutsche Bank rates IPL as Buy (1) -

The commissioning of the WALA ammonia plant has been delayed slightly, with performance testing still underway. Deutsche Bank notes the project is within budget.

While reducing earnings forecasts by 1-14% to reflect revised foreign currency and ammonia price assumptions the broker notes, on the positive side, DAP and urea prices have stabilised and the major manufacturing plants are performing well.

Deutsche Bank now expects earnings to increase by 19% in FY17. Price target is reduced to $4.10 from $4.30. Buy rating retained.

Target price is $4.10 Current Price is $2.86 Difference: $1.24
If IPL meets the Deutsche Bank target it will return approximately 43% (excluding dividends, fees and charges).

Current consensus price target is $3.25, suggesting upside of 12.7% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY16:

Forecast for FY17:

Market Sentiment: 0.3

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

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

Morgan Stanley notes reports that Woodside ((WPL)) has paired with Karoon Gas to evaluate the Tartaruga and Bauna oil assets in Brazil. Brazil's Petrobras and Karoon have acknowledged they are in discussions while no comment has been made by Woodside.

The broker believes a deal, if completed, would be transformative for Karoon, which has been in a 12-month bidding process on the assets and, given the company's cash position, would not be surprised if a third party is involved.

The broker retains an Equal-weight rating. In-line industry view retained. Target is $1.67.

Target price is $1.67 Current Price is $1.61 Difference: $0.06
If KAR meets the Morgan Stanley target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $2.14, suggesting upside of 32.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.8

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

Morgans rates MHJ as Add (1) -

First quarter sales growth was 6.8% and Morgans finds the outlook compelling, underpinned by the roll out of new stores, category expansion and the launch of a new brand.

The company has an attractive and long-dated growth profile in the broker's view and while the Australasian markets are relatively mature for the core Michael Hill brand, Canada is seen as the key opportunity. Add rating retained. Price target falls to $1.92 from $1.94.

Target price is $1.92 Current Price is $1.61 Difference: $0.31
If MHJ meets the Morgans target it will return approximately 19% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 1.0

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

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

Macquarie Group's potential bid for the Green Investment Bank in the UK could mean a capital raising of up to $500m, Morgan Stanley contends. The broker believes it could be a neat strategic fit which enhances medium term growth prospects for equity under management.

The company has not acknowledged publicly it is involved in the process but, should Macquarie emerge as preferred bidder, Morgan Stanley believes any transaction would involve its specialist infrastructure business, MIRA, as a co-investor.

Equal-weight rating and In-Line sector view retained. Target is $74.00.

Target price is $74.00 Current Price is $83.93 Difference: minus $9.93 (current price is over target).
If MQG meets the Morgan Stanley target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $75.98, suggesting downside of -9.4% (ex-dividends)

The company's fiscal year ends in March.

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

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

UBS upgrades earnings estimates on the back of FX updates. The broker expects the company can outperform generic industry growth through to 2021 and build a track record with successful integration of recently acquired products.

Given recent share price weakness, UBS upgrades to Buy from Neutral to reflect a forecast excess return above its market return threshold.Target rises to $2.30 from $2.20.

Target price is $2.30 Current Price is $1.91 Difference: $0.39
If MYX meets the UBS target it will return approximately 20% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 1.0

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

Citi rates ORG as Buy (1) -

Origin has announced a maiden LNG cargo from APLNG T2 and Citi analysts point out the timing is ahead of market expectations. Any revenue recognition is likely still three months away, predict the analysts.

Citi's forecasts already are near the top of company guidance and, on the analysts' own admission, some 10% above market consensus. Buy.

Target price is $6.67 Current Price is $5.56 Difference: $1.11
If ORG meets the Citi target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $6.07, suggesting upside of 5.7% (ex-dividends)

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

Credit Suisse rates PTM as Neutral (3) -

Funds under management in the September quarter were below expectations, up 3.2%.

While the growth outlook remains weak with continued fund outflows, Credit Suisse expects the buy-back will put a floor under the share price in the short term.

Neutral rating retained. Target is $5.25.

Target price is $5.25 Current Price is $5.20 Difference: $0.05
If PTM meets the Credit Suisse target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $5.01, suggesting downside of -1.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.5

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

Macquarie rates PTM as Neutral (3) -

Platinum saw lower net inflows over the September quarter and the broker has trimmed earnings forecasts as a result. Target falls to $5.07 from $5.21 and Neutral retained.

The broker prefers all of BT Asset Management ((BTT)), Henderson Group ((HGG)) and Magellan Financial (MFG)) to Platinum.

Target price is $5.07 Current Price is $5.20 Difference: minus $0.13 (current price is over target).
If PTM 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 $5.01, suggesting downside of -1.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.5

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

UBS rates RMD as Buy (1) -

UBS updates FX assumptions and notes the September quarter generally delivered a positive revenue impact for those stocks reporting in US dollars, offset by any local cost hedge. The FY17 impact is flat for ResMed.

Buy rating retained. Target rises to US$78.25 from US$77.60.

Current Price is $8.51. Target price not assessed.

Current consensus price target is $9.63, suggesting upside of 11.3% (ex-dividends)

The company's fiscal year ends in June.

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: 0.6

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

Morgans rates SLC as Hold (3) -

Morgans updates forecasts to include the takeover of BigAir ((BGL)). Assuming success, this will allow Superloop to offer fibre and wireless solutions across Asia Pacific.

The broker expects Superloop to make a maiden EBITDA profit in the second half of FY17 as revenue from its Australian, Singaporean and Hong Kong businesses surpass its largely fixed cost base.

Hold rating retained. Target rises to $3.16 from $3.05.

Target price is $3.16 Current Price is $2.95 Difference: $0.21
If SLC meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

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

Citi rates UGL as Neutral (3) -

Cimic has launched a full take-over offer of $3.15, having secured equity less than 14%, and with no due diligence involved.

Citi thinks the UGL board might find it hard to extract a better offer. Target moves to $3.15 from $2.80. Neutral.

Target price is $3.15 Current Price is $3.18 Difference: minus $0.03 (current price is over target).
If UGL 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 $2.38, suggesting downside of -26.0% (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

Deutsche Bank rates UGL as Buy (1) -

Cimic ((CIM)) has acquired a 13.84% stake in UGL and made an off-market bid at $3.15 per share for the remainder. Cimic believes the company's competencies complement its operations.

The UGL board has advised shareholders at this stage to take no action. Deutsche Bank believes UGL has attractive end-market exposures and a counter bid by a trade player is unlikely, although private equity could offer up to $3.78 and still generate an internal rate of return that is reasonable.

Buy retained with $2.36 target.

Target price is $2.36 Current Price is $3.18 Difference: minus $0.82 (current price is over target).
If UGL meets the Deutsche Bank target it will return approximately minus 26% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.38, suggesting downside of -26.0% (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

Macquarie rates UGL as No Rating (-1) -

Cimic has made a final and unconditional offer to acquire all of UGL at $3.15 which represents a 34% premium to the three month volume weighted average price of UGL, the broker notes.

The broker is advising and as such is now on research restriction for both companies.

Current Price is $3.18. Target price not assessed.

Current consensus price target is $2.38, suggesting downside of -26.0% (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