Australian Broker Call

Morgans rates ADH as Add (1) -

As Morgans expected, the business bounced back in FY18 and returned to strong growth. The broker notes Adairs has started FY19 with like-for-like sales growth of 5.4%.

Morgans believes the solid trading update, a lift in the pay-out ratio and guidance should provide the market with confidence and underpin the stock. Add rating maintained. Target rises to $2.68 from $2.50.

Target price is $2.68 Current Price is $2.46 Difference: $0.22
If ADH meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

UBS rates ADH as Buy (1) -

Adairs reported a strong result, the broker suggests, driven by a turnaround in bed linen, solid growth in expansion categories such as home decor and furniture & furnishings and rapid on-line growth. Sales momentum has continued into early FY19.

NZ is off to a bit of a stumbling start but should break even in the second half. Online penetration shows little sign of slowing. The broker has lifted forecasts and its target to $2.85 from $2.60. Buy retained.

Target price is $2.85 Current Price is $2.46 Difference: $0.39
If ADH meets the UBS target it will return approximately 16% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Macquarie rates ASG as Outperform (1) -

FY18 results were broadly in line with expectations. The company expects the challenges for new vehicles to persist in FY19.

Macquarie believes the results reflect the benefit of diversification in revenue and market exposure. Acquisition opportunities are expected to improve. The broker maintains an Outperform rating and reduces the target to $2.30 from $2.50.

Target price is $2.30 Current Price is $1.47 Difference: $0.83
If ASG meets the Macquarie target it will return approximately 56% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Credit Suisse rates AUB as Outperform (1) -

FY18 results were in line with expectations. Credit Suisse observes the results were affected by ongoing investment and the true leverage to rising premium rates is not yet being realised.

FY19 guidance is for 7-12% growth in net profit. This is based on a 5% increase to premium rates in commercial lines. Credit Suisse maintains an Outperform rating and raises the target to $15.40 from $14.70.

Target price is $15.40 Current Price is $14.84 Difference: $0.56
If AUB meets the Credit Suisse target it will return approximately 4% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Macquarie rates AUB as Outperform (1) -

FY18 results were marginally below Macquarie's estimates. Low to mid-single digit premium rate increases occurred in the core Australasian brokers and underwriting agency divisions.

The broker believes the premium rate environment will support the business in FY19 and maintains an Outperform rating. Target rises to $15.28 from $13.90.

Target price is $15.28 Current Price is $14.84 Difference: $0.44
If AUB meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

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

FY18 results were slightly ahead of estimates. Credit Suisse notes a timing delay on price increases and efficiency gains versus cost pressures, and this may provide a more attractive entry point to the stock.

The broker downgrades to Neutral from Outperform. Target is raised to $10.90 from $10.40.

Target price is $10.90 Current Price is $10.89 Difference: $0.01
If BXB meets the Credit Suisse target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $10.82, suggesting downside of -0.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.1

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

Ord Minnett rates CLH as Lighten (4) -

FY18 results were broadly in line with Ord Minnett's expectations. The 3.9c dividend was well below the broker's forecast.

Management has guided to a similar level of PDL purchases in FY19 and indicated that asset sales would remain a feature of future results.

Lighten rating and $1.25 target maintained.

Target price is $1.25 Current Price is $1.51 Difference: minus $0.26 (current price is over target).
If CLH meets the Ord Minnett target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.5

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

Macquarie rates CLQ as Outperform (1) -

Macquarie makes only modest adjustments to forecasts after incorporating the FY18 loss. Completion of the definitive feasibility study was a major milestone and the focus has moved to securing offtake and funding for Sunrise.

Macquarie assumes a pre-production capital cost of US$1.5bn. If the company can secure high levels of offtake funding there could be upside to the broker's valuation, as equity dilution would likely decline. Macquarie maintains an Outperform rating and $1.40 target.

Target price is $1.40 Current Price is $0.61 Difference: $0.79
If CLQ meets the Macquarie target it will return approximately 130% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Morgans rates CMW as Hold (3) -

FY18 results were ahead of guidance because of increased transaction income and reduced gearing. The key change to FY19 is the move in the pay-out ratio to 90% from 100%, as the company intends to reinvest cash back to the business for growth initiatives.

Morgans believes the active management style will deliver returns for investors over the long-term, although the re-setting of the pay-out ratio may lessen its appeal as an income stock. Hold rating maintained. Target rises to $1.09 from $1.06.

Target price is $1.09 Current Price is $1.11 Difference: minus $0.02 (current price is over target).
If CMW meets the Morgans target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.05, suggesting downside of -5.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.7

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

Morgans rates EVN as Add (1) -

The operating earnings margin increased to 53% from 49% in FY18 while net mine cash flow was a record $540m. Costs are expected to lift slightly, with the exception of Mungari. Results were slightly below expectations.

Morgans maintains an Add rating and reduces the target to $3.17 from $3.20. The main risk the broker envisages is the gold price, with operating risk ameliorated by the portfolio of producing mines.

Target price is $3.17 Current Price is $2.78 Difference: $0.39
If EVN meets the Morgans target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $2.99, suggesting upside of 7.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.1

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

Deutsche Bank rates GEM as Hold (3) -

First half results were softer than expected. The miss to estimates was largely driven by higher operating costs, Deutsche Bank notes. Hold rating and $2.07 target maintained.

Target price is $2.07 Current Price is $2.08 Difference: minus $0.01 (current price is over target).
If GEM meets the Deutsche Bank target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.44, suggesting upside of 17.1% (ex-dividends)

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.5

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

Macquarie rates GEM as Neutral (3) -

First half results were in line with Macquarie's estimates. The broker had previously flagged risks, which have now materialised, as management expects a recovery in market conditions will be delayed.

2018 guidance is downgraded as margins are under pressure. Macquarie notes the balance sheet is now stretched and the elevated commitments in the development pipeline now hold some risk of a recapitalisation. Neutral maintained. Target is reduced to $2.08 from $2.65.

Target price is $2.08 Current Price is $2.08 Difference: $0
If GEM meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $2.44, suggesting upside of 17.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.5

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

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

First half results missed Morgan Stanley's estimates. Ongoing softness in occupancy implies little upside in 2018. The broker observes the business is not in a structural decline and the softness in current trading is cyclical.

Conditions in the industry are expected to stabilise by late 2019. Equal-weight maintained. Target is reduced to $2.30 from $2.80. Industry view is In-Line.

Target price is $2.30 Current Price is $2.08 Difference: $0.22
If GEM meets the Morgan Stanley target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $2.44, suggesting upside of 17.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.5

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

Ord Minnett rates GEM as Buy (1) -

First half revenue was up 7% but EBIT was down -22% with like-for-like occupancy rates down -3.4%. Ord Minnett has re-based forecasts, now assuming no occupancy growth going forward.

The broker's 2018 EBIT forecast now sits -4% below the company's guidance at $136m. Growth investment disappointed the broker and management is now guiding for overall growth investment to return just $22m in EBIT versus $30m previously.

Buy rating is maintained purely on valuation grounds and target is reduced to $2.55 from $3.60.

Target price is $2.55 Current Price is $2.08 Difference: $0.47
If GEM meets the Ord Minnett target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $2.44, suggesting upside of 17.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.5

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

UBS rates GEM as Buy (1) -

G8's result was weak, as expected. However the broker sees better times ahead in FY19, driven by self-help initiatives, improved government funding, and improved industry demand/supply dynamics.

Add in higher contributions from green/brownfields projects and cost savings, and there is upside risk to forecasts if G8 can pull it all together, the broker suggests. Buy retained. Target falls to $2.55 from $2.80.

Target price is $2.55 Current Price is $2.08 Difference: $0.47
If GEM meets the UBS target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $2.44, suggesting upside of 17.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.5

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

Morgans rates ICQ as Add (1) -

Morgans found the first half result solid but affected by the Malaysian election. The company expects a significantly stronger second half because of a 33% price rise for most advertising products and clawing back of deferred revenue.

Add rating and $0.41 target maintained.

Target price is $0.41 Current Price is $0.25 Difference: $0.16
If ICQ meets the Morgans target it will return approximately 64% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 1.0

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

Macquarie rates IFN as Outperform (1) -

FY18 underlying earnings were slightly below Macquarie's estimates. FY19 is supported by Bodangora and an expected 14% increase in production.

The broker expects the commentary regarding the potential reinstating of distributions and discussions with Brookfield are likely to be received positively.

The broker maintains an Outperform rating and 78c target.

Target price is $0.78 Current Price is $0.65 Difference: $0.13
If IFN meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $0.64, suggesting downside of -1.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Ord Minnett rates IFN as Buy (1) -

FY18 net profit was better than Ord Minnett had been expecting, mainly from lower financing costs. However, EBITDA was -5% below the broker's estimate.

Guidance for FY19 production is 14% higher than FY18 due to a full year's contribution from the Bodangora wind farm. Management has indicated that the El Nino wind patterns forecast to return in FY19 could result in reduced production.

Ord Minnett maintains a Buy rating. Target rises to 79c from 71c.

Target price is $0.79 Current Price is $0.65 Difference: $0.14
If IFN meets the Ord Minnett target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $0.64, suggesting downside of -1.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Morgans rates IRE as Re-instate coverage with Hold rating (3) -

Morgans reinstates coverage of Iress with a Hold rating and $14.52 target. The broker believes the company's small scale is compensated by aggressive investment in its technology.

First half profit was better than expected. Assuming there are no major surprises, the broker believes the company is well-placed for FY19 guidance.

Target price is $14.52 Current Price is $13.64 Difference: $0.88
If IRE meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $13.45, suggesting downside of -1.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

Macquarie rates JHC as Outperform (1) -

FY18 earnings were in line with prior guidance. Macquarie observes the stock trades well above its peers, on lower earnings margins.

The company is receiving some benefit from a roster reshuffle but extended development targets, a rising debt profile and lower earnings growth are expected to exert pressure. Neutral maintained. FY19 earnings estimates are downwardly revised by -7.9%. Target is reduced to $1.77 from $1.86.

Target price is $1.77 Current Price is $1.74 Difference: $0.03
If JHC meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $1.70, suggesting downside of -2.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.2

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

Morgans rates JHC as Hold (3) -

Net profit in FY18 were slightly ahead of forecasts. Morgans observes lower occupancy rates and lack of indexation on government revenue was offset by revaluation profits and a lower tax rate.

The broker downwardly revises forecasts and the target is reduced to $1.84 from $1.96. Hold rating maintain, as the stock is trading at fair value.

Target price is $1.84 Current Price is $1.74 Difference: $0.1
If JHC meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $1.70, suggesting downside of -2.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.2

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

Ord Minnett rates JHC as Lighten (4) -

FY18 net profit was 26% above Ord Minnett's forecast mainly from a one-off revaluation of the recently acquired Riviera asset, off-set by a number of expected non-recurring items.

At the EBITDA level the result fell short and the broker has reduced FY19 earnings estimates by around -20%, mainly because management indicated it would not book further asset sales this year.

Ord Minnett retains a Lighten rating and reduces the target to $1.50 from $1.80. Management has guided to 5-10% EBITDA growth in FY19.

Target price is $1.50 Current Price is $1.74 Difference: minus $0.24 (current price is over target).
If JHC meets the Ord Minnett target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.70, suggesting downside of -2.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.2

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

UBS rates JHC as Neutral (3) -

Japara's profit result was largely in line but boosted by one-offs. Underlying earnings were reported as falling -16% but if normalised, the broker calculates a fall of only -9%.

Profit will fall again in FY19 but underlying earnings guidance is for 1% growth. This may be conservative, the broker suggests, unless there are other headwinds as yet not understood. Neutral retained, target falls to $1.80 from $1.90.

Target price is $1.80 Current Price is $1.74 Difference: $0.06
If JHC meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $1.70, suggesting downside of -2.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.2

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

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

FY18 net profit was slightly ahead of prospectus. The company has commenced FY19 with two network acquisitions and will focus on acquisitions through to FY23. The target is 5% organic revenue growth and 5% acquired revenue growth.

Morgans believes the company's targets are supported by a relatively defensive earnings base and upgrades to Add from Hold. Target is reduced to $1.65 from $1.74.

Target price is $1.65 Current Price is $1.42 Difference: $0.23
If KPG meets the Morgans target it will return approximately 16% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Citi rates LVT as Buy (1) -

Headline numbers had already been pre-announced, but there was still room for surprise, it appears, with Citi analysts discovering their estimate for operational expenses proved too low.

Nothing to rock the boat, however. Citi reiterates the Buy rating, while retaining a $1.13 price target. (We had $1.14 but that has hereby been corrected). Estimates have been reduced because of higher operational costs/expenses (and quite substantial too).

Target price is $1.13 Current Price is $0.65 Difference: $0.48
If LVT meets the Citi target it will return approximately 74% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Citi rates MHJ as Neutral (3) -

Questions remain about Michael Hill's growth profile, with Citi analysts reducing estimates but adding 3c to their price target, now at $0.95. The shares are seen as trading on undemanding multiples, but Neutral rating seen as most appropriate.

The analysts at Citi would like to see evidence that the material increase in operating investment is translating into sustainable earnings growth before considering adopting a more positive view.

Target price is $0.95 Current Price is $0.96 Difference: minus $0.01 (current price is over target).
If MHJ 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 $1.05, suggesting upside of 9.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

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

Credit Suisse rates MHJ as Outperform (1) -

FY18 results were slightly below expectations. No specific guidance was provided for FY19 but management indicated investment in systems and infrastructure will add around $3m to corporate costs. The company expects this to provide a platform for greater revenue and earnings growth.

Credit Suisse believes the new financial year will bring a greater focus on the core businesses that is expected to drive 6% compound earnings growth over the next three years.

Outperform maintained. Target is reduced to NZ$1.35 from NZ$1.42.

Current Price is $0.96. Target price not assessed.

Current consensus price target is $1.05, suggesting upside of 9.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

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

Macquarie rates MHJ as Outperform (1) -

FY18 results were in line with expectations. Macquarie observes the growth strategy requires a step up in costs as the business invests in its brand and capabilities, which will dilute the improvement in underlying operating earnings.

Outperform maintained. Target is reduced to $1.20 from $1.30.

Target price is $1.20 Current Price is $0.96 Difference: $0.24
If MHJ meets the Macquarie target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $1.05, suggesting upside of 9.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

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

Morgans rates MHJ as Hold (3) -

FY18 is considered a transition year and in line with forecasts as the company exited loss-making businesses. FY19 is expected to be another year of heightened investment, with the operating leverage benefit to appear from FY20.

Morgans expects 1% earnings growth in FY19, reflecting this profile. Hold rating maintained. Target is reduced to $1.01 from $1.04.

Target price is $1.01 Current Price is $0.96 Difference: $0.05
If MHJ meets the Morgans target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $1.05, suggesting upside of 9.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

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

Macquarie rates MLX as Outperform (1) -

Metals X has released its reserve and resource estimates for the Renison Bell tin mine in Tasmania. The company has been able to maintain an eight-year reserve life and extend the resource to 18 years.

The commissioning of the ore sorter underpins forecast production increases, which Macquarie expects will lift the company's share of cash flow from the project to around $40m per annum for the next two years. Outperform rating and $0.95 target maintained.

Target price is $0.95 Current Price is $0.56 Difference: $0.39
If MLX meets the Macquarie target it will return approximately 70% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 1.0

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

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

Over the past five years, Macquarie has successfully diversified away from traditional investment banking towards asset management, lending and leasing, UBS notes. Earnings have tripled. The broker expects momentum to continue under the new CEO.

But after a solid rally, UBS now pulls back to Neutral from Buy. Target rises to $122 from $117.

Target price is $122.00 Current Price is $125.92 Difference: minus $3.92 (current price is over target).
If MQG 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 $118.54, suggesting downside of -5.9% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.4

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

Deutsche Bank rates MTS as Sell (5) -

Metcash has signed an agreement with Foodland Supermarkets committing these retailers to being supplied from the proposed new South Australia distribution centre.

Deutsche Bank notes, together with other existing fixed-term supply agreements in South Australia, Metcash now has long-term agreements in place with retailers representing the majority of its supermarket sales in that state. Sell rating and $2.50 target maintained.

Target price is $2.50 Current Price is $2.78 Difference: minus $0.28 (current price is over target).
If MTS 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 $2.98, suggesting upside of 7.3% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

Morgan Stanley rates MTS as Overweight (1) -

Foodland Supermarkets, including multi-store owners Romeo's and Chapley's, has signed a new ten-year supply agreement with Metcash. The shares weakened when Drakes advised it would be pursuing its own distribution centre in South Australia.

Morgan Stanley believes the Foodland commitment removes a key earnings risk for the company. The broker retains an Overweight rating and a $3.90 target. Industry view: Cautious.

Target price is $3.90 Current Price is $2.78 Difference: $1.12
If MTS meets the Morgan Stanley target it will return approximately 40% (excluding dividends, fees and charges).

Current consensus price target is $2.98, suggesting upside of 7.3% (ex-dividends)

The company's fiscal year ends in April.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

Ord Minnett rates MTS as Accumulate (2) -

Metcash has announced a long term supply agreement with the majority of Foodland retailers in South Australia. This follows on from the loss of the Drakes contract in FY19.

The new distribution centre has been well flagged and provides cost saving opportunities. The company is making progress in securing volumes and the broker suspects its forecast for EBIT margin compression may prove misplaced.

Ord Minnett maintains an Accumulate rating and $3.25 target.

Target price is $3.25 Current Price is $2.78 Difference: $0.47
If MTS meets the Ord Minnett target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $2.98, suggesting upside of 7.3% (ex-dividends)

The company's fiscal year ends in April.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

UBS rates MTS as Buy (1) -

Foodland has signed a ten-year supply agreement with Metcash which the broker sees as positive, given the company can now proceed with its proposed SA distribution centre, which the broker sees as providing efficiencies and increasing range.

The broker sees supermarket pressures as easing and Metcash offering undemanding value. Buy and $3.00 target retained.

Target price is $3.00 Current Price is $2.78 Difference: $0.22
If MTS meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $2.98, suggesting upside of 7.3% (ex-dividends)

The company's fiscal year ends in April.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

Morgan Stanley rates MVF as Overweight (1) -

FY18 results were in line with expectations. Guidance anticipates profit growth in FY19. Morgan Stanley believes the IVF industry should grow around 3% in the long-term but questions whether surrounding market disruption may weigh on the stock until resolved.

Overweight rating retained. Target is reduced to $1.70 from $1.90. In-Line industry view.

Target price is $1.70 Current Price is $1.21 Difference: $0.49
If MVF meets the Morgan Stanley target it will return approximately 40% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

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

Morgans rates MVF as Hold (3) -

FY18 results were below forecasts. Margins were affected by the loss of a key Victorian specialist countered partially by annual price increases and increased prenatal testing income.

Morgans retains a Hold rating, believing the competitive pressures are likely to keep earnings growth subdued in the next few years. Target is reduced $1.21 from $1.25.

Target price is $1.21 Current Price is $1.21 Difference: $0
If MVF meets the Morgans target it will return approximately 0% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

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

Citi rates MYO as Downgrade to Neutral from Buy (3) -

Citi had gone quiet on this stock and now reports a new analysts has been put in charge. Direct result is a downgrade to Neutral from Buy post Friday's interim report release.

The failed acquisition of Reckon ((RKN)) assets has now been pulled out of modeling, triggering significant reductions in forecasts and a big drop in price target; to $3.32 from $4.25.

Target price is $3.32 Current Price is $2.96 Difference: $0.36
If MYO meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $3.18, suggesting upside of 7.3% (ex-dividends)

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

Deutsche Bank rates NCM as Buy (1) -

FY18 results were slightly stronger than expected because of higher revenue and lower costs. Deutsche Bank notes cash flow was boosted by lower tax and free cash flow of US$551m, which has improved the net debt position.

Buy rating and $23 target maintained.

Target price is $23.00 Current Price is $19.81 Difference: $3.19
If NCM meets the Deutsche Bank target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $20.76, suggesting upside of 4.8% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.1

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

Ord Minnett rates NCM as Accumulate (2) -

Newcrest Mining's FY18 results were well ahead of Ord Minnett's estimate at the EBITDA level, mainly from a US$155m insurance claim relating to the Cadia mine.

FY19 production, cost and capex guidance were in line with the broker's forecasts and pointed to 30% EBITDA growth. The broker is comfortable that a run rate of 35mtpa will be feasible and recoveries will average 72% or more.

Ord Minnett maintains an Accumulate rating and reduces the price target to $23.00 from $24.50.

Target price is $23.00 Current Price is $19.81 Difference: $3.19
If NCM meets the Ord Minnett target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $20.76, suggesting upside of 4.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.1

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

Morgans rates NSR as Hold (3) -

FY18 results were in line with guidance. The company has also announced a fully underwritten $175m equity raising, comprising a $50m placement and $125m non-renounceable entitlement offer.

Proceeds will be used to strengthen the balance sheet, also for acquisitions and debt reduction. Morgans maintains a Hold rating and reduces the target to $1.55 from $1.61.

Target price is $1.55 Current Price is $1.74 Difference: minus $0.19 (current price is over target).
If NSR meets the Morgans target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.54, suggesting downside of -11.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.3

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

Morgan Stanley rates NUF as Overweight (1) -

Further news on the injunction on glyphosate in Brazil has come to the notice of Morgan Stanley. The Brazilian agricultural minister had stated previously the injunction had been struck down.

Morgan Stanley notes an appeal was lodged on August 22 and, at this stage, it appears the ban remains due to take effect from early September. The company still anticipates being able to sell glyphosate in Brazil for the upcoming soybean season.

Overweight rating. Price target $10.65. Industry view Cautious.

Target price is $10.65 Current Price is $6.86 Difference: $3.79
If NUF meets the Morgan Stanley target it will return approximately 55% (excluding dividends, fees and charges).

Current consensus price target is $8.96, suggesting upside of 30.6% (ex-dividends)

The company's fiscal year ends in July.

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

Credit Suisse rates NWL as Underperform (5) -

FY18 results were in line with guidance. Credit Suisse observes the company is making the most of its opportunity from the disruption being experienced by the wealth management industry.

While unable to fault the strategy or execution, constrained rates of switching and increased competition are expected to mean the company can only grow earnings per share by around 20% in coming years, which the broker believes does not quite justify the FY20 earnings multiple. Underperform rating maintained. Target is $7.35.

Target price is $7.35 Current Price is $8.68 Difference: minus $1.33 (current price is over target).
If NWL meets the Credit Suisse target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.65, suggesting downside of -11.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.7

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

Ord Minnett rates NWL as Hold (3) -

FY18 results were ahead of the prospectus and in line with Ord Minnett. Following the launch of a new rate card and in response to competitive pricing pressures, the company had guided to continuing contraction in revenue margins.

Operating leverage is expected to return in FY20 as Netwealth invests in maintaining its leading functionality and support in the market. While EBITDA margins are expected to be flat, the broker anticipates NPAT growth of 24% in FY19.

Ord Minnett retains Hold and lowers the target to $8.60 from $9.00.

Target price is $8.60 Current Price is $8.68 Difference: minus $0.08 (current price is over target).
If NWL meets the Ord Minnett target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.65, suggesting downside of -11.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.7

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

UBS rates NWL as Sell (5) -

Netwealth's first full year saw a profit result 6% above prospectus but in line with recently updated guidance. While the broker believes the company's market leading platform should sustain funds under management growth, revenues will lag due to a shift to lower margin Wrap accounts and competition in fees.

Guidance is for a flat earnings outlook in FY19 and given a need to reinvest in price and costs, the broker believes the market is not pricing in lower operating leverage. Sell and $7.00 target retained.

Target price is $7.00 Current Price is $8.68 Difference: minus $1.68 (current price is over target).
If NWL 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 $7.65, suggesting downside of -11.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.7

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

Macquarie rates ORE as Outperform (1) -

On initial assessment, Macquarie analysts believe FY18 result significantly missed market consensus and its own expectations. It appears higher taxes and impairments are to blame.

While company management remains positive, the analysts note the absence of a concrete guidance for the year ahead. Macquarie itself is of the view that lithium prices are on the way down.

Target price is $6.60 Current Price is $4.10 Difference: $2.5
If ORE meets the Macquarie target it will return approximately 61% (excluding dividends, fees and charges).

Current consensus price target is $6.80, suggesting upside of 65.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.8

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

Morgans rates RIC as Hold (3) -

FY18 results were ahead of expectations because of property sales. Morgans upgrades forecasts for further property sales in FY19. However, these are non-recurring and in FY20 and beyond Ridley will be reliant on its core agri-products business.

Based on the current fundamentals Morgans maintains a Hold rating. Target is reduced to $1.33 from $1.34.

Target price is $1.33 Current Price is $1.38 Difference: minus $0.05 (current price is over target).
If RIC meets the Morgans 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 FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Credit Suisse rates RWC as Neutral (3) -

FY18 earnings were in line with expectations. Credit Suisse maintains FY19 forecasts, suggesting that achieving company guidance for EBITDA of $280-290m is not onerous.

The broker notes the growing confidence regarding revenue synergies from the John Guest acquisition. Neutral rating and $5.70 target maintained.

Target price is $5.70 Current Price is $5.64 Difference: $0.06
If RWC meets the Credit Suisse target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $5.91, suggesting upside of 4.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

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

FY18 earnings were weaker than Deutsche Bank expected. The broker is pleased with the upgrade to synergies from the John Guest acquisition but remains concerned about growth in the underlying US business, ex acquisitions.

Given the risks, and the fact the stock still trades at 23x FY20 price/earnings estimates, the broker downgrades to Sell from Hold. Target is $4.80.

Target price is $4.80 Current Price is $5.64 Difference: minus $0.84 (current price is over target).
If RWC meets the Deutsche Bank target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.91, suggesting upside of 4.8% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Macquarie rates RWC as Outperform (1) -

The outstanding feature of the FY18 result was the upgrading of synergies associated with John Guest, in Macquarie's view. Guidance was, nonetheless, weaker than the broker expected, with a range of $280-290m indicated for FY19 EBITDA.

The broker acknowledges the high rating for the business makes it susceptible to weaker-than-expected guidance. Still, the broker finds the medium-term growth profile solid and maintains an Outperform rating. Target is raised to $6.50 from $6.20.

Target price is $6.50 Current Price is $5.64 Difference: $0.86
If RWC meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $5.91, suggesting upside of 4.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Morgans rates RWC as Add (1) -

FY18 results were broadly in line with expectations. Management has advised that synergies from the John Guest acquisition are expected to be greater than $20m by FY19 and $30m by FY20.

While some of the increase will come from revenue synergies, most will be from extra cost savings. Morgans considers the business an attractive investment proposition and maintains an Add rating. Target is reduced to $6.25 from $6.40.

Target price is $6.25 Current Price is $5.64 Difference: $0.61
If RWC meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $5.91, suggesting upside of 4.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Ord Minnett rates RWC as Accumulate (2) -

FY18 results were in line with Ord Minnett's estimates, including the $5m contribution from the John Guest acquisition.

The key highlight from the result was the upgrade to targeted synergies relating to John Guest and news that the company's Sharkbite PTC business is returning strong underlying sales growth in North America.

Guidance for FY19 EBITDA is $280-290m ,which the broker views as conservative, believing the base business will achieve a growth rate of 8% in FY19.

 Accumulate rating retained and price target reduced to $6.30 from $6.40.

Target price is $6.30 Current Price is $5.64 Difference: $0.66
If RWC meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $5.91, suggesting upside of 4.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

UBS rates SHV as Neutral (3) -

A "snapshot" update from the broker has Select Harvests reporting broadly in line, with strong almond production offset by a softer Food division.

Growing conditions have begun favourably for the new year but almond pricing is slightly below FY18 at present and water costs are a primary area of concern for the broker, as they've doubled in the past few months. Neutral and $5.95 target retained.

Target price is $5.95 Current Price is $5.76 Difference: $0.19
If SHV meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Citi rates SKI as Downgrade to Neutral from Buy (3) -

Apparently, part of the local investment community is worried about higher taxes and the implications for dividends in the years ahead. Citi analysts are less so, having adopted the view the cash tax rate will gradually revert to the statutory rate by calendar 2023, from 2019 onwards, and this implies scenarios that are too pessimistic should be kept at bay.

But the analysts acknowledge uncertainty remains the key word. Recommendation has been pulled back to Neutral from Buy on share price appreciation. Target price remains $2.66.

Target price is $2.66 Current Price is $2.41 Difference: $0.25
If SKI meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $2.47, suggesting upside of 2.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.1

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

Credit Suisse rates SKI as Underperform (5) -

First half results were slightly below Credit Suisse forecasts. The broker notes substantial increases to unregulated revenue and continuing operating expenditure reductions at the Victorian power networks.

The company's share of unregulated revenue increases to 17% of total revenue, which the broker considers a good result in a low growth environment for regulated assets.

Credit Suisse maintains an Underperform rating and raises the target to $2.25 from $2.20.

Target price is $2.25 Current Price is $2.41 Difference: minus $0.16 (current price is over target).
If SKI meets the Credit Suisse target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.47, suggesting upside of 2.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.1

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

Deutsche Bank rates SKI as Hold (3) -

Deutsche Bank expects regulatory uncertainty to weigh on the stock. While the distribution yield of 6.7% is considered healthy the broker believes future growth is limited.

The broker prefers higher growth infrastructure stocks such as Atlas Arteria ((ALX)) and Sydney Airport ((SYD)) and maintains a Hold rating. Target is reduced to $2.30 from $2.50.

Target price is $2.30 Current Price is $2.41 Difference: minus $0.11 (current price is over target).
If SKI meets the Deutsche Bank target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.47, suggesting upside of 2.4% (ex-dividends)

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 SKI as Neutral (3) -

First half operating earnings were ahead of Macquarie's estimates. While a regulatory threat looms, the broker believes much is already factored into the share price.

The strong performance from both the Victorian power networks and Transgrid reflects the benefits of the cost reduction program, Macquarie suggests. Neutral rating maintained. Target is $2.55.

Target price is $2.55 Current Price is $2.41 Difference: $0.14
If SKI meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $2.47, suggesting upside of 2.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.1

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

Morgans rates SKI as Hold (3) -

First half earnings growth beat forecasts, although Morgans notes this was mostly offset by negative working capital. The company continues to target growth of at least the CPI through to the end of key regulatory determinations in 2020.

The upside scenario, in Morgans' view, is if Cheung Kong undertakes a takeover bid, given it already owns 51% of the company's two key assets. Hold rating maintained. Target rises to $2.34 from $2.20.

Target price is $2.34 Current Price is $2.41 Difference: minus $0.07 (current price is over target).
If SKI 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 $2.47, suggesting upside of 2.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.1

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

Ord Minnett rates SKI as Accumulate (2) -

First half results were ahead of Ord Minnett's forecasts in all key metrics. EBITDA of $420m was up 21% on the same period last year.

The result showed strong growth in unregulated businesses and Transgrid's contracted asset base increased 13%, with more opportunities identified by management.

In the broker's view the key risk for the company is managing cash flow to fund growth opportunities while maintaining distributions and leverage.

Accumulate maintained. Target raised to $2.70 from $2.50.

Target price is $2.70 Current Price is $2.41 Difference: $0.29
If SKI meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $2.47, suggesting upside of 2.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.1

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

Morgans rates WBC as Add (1) -

Morgans was disappointed by the extent of margins softness in the third quarter. The broker reduces cash earnings forecasts by -3.5% and -3.2% for FY18 and FY19 respectively.

The major banks are still expected to re-price home loans if the BBSW-OIS spread remains elevated. Morgans maintains an Add rating and reduces the target to $34.50 from $35.00.

Target price is $34.50 Current Price is $28.28 Difference: $6.22
If WBC meets the Morgans target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $30.44, suggesting upside of 7.6% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.2

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