Australian Broker Call

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

Citi believes the risk/reward has turned favourable for Amcor, upgrading to Buy from Neutral. Rising bond yields may weigh on the macro outlook but higher oil prices have not affected the company's raw material outlook, with only a modest impact expected in the first half.

The Bemis merger is on track, with Citi noting immediate capacity for further acquisitions or share buybacks. Target is raised to $15.00 from $14.50.

Target price is $15.00 Current Price is $13.23 Difference: $1.77
If AMC meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $15.23, suggesting upside of 15.1% (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: 0.8

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

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

Amcor reiterated guidance for solid earnings growth in both rigid and flexible packaging. Credit Suisse expects the Bemis merger to go well and, if the company delivers on its synergy objectives in FY20 and FY21, growth should be around 8-9%.

The broker upgrades to Outperform from Neutral. Target is $14.80.

Target price is $14.80 Current Price is $13.23 Difference: $1.57
If AMC meets the Credit Suisse target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $15.23, suggesting upside of 15.1% (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: 0.8

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

Deutsche Bank rates AMC as Buy (1) -

Deutsche Bank welcomes the trading update and a reiteration of full year guidance because it highlights that headwinds in FY18 were temporary.

The analysts are of the view the trading update indicates whatever was holding back profit growth in FY18 are "transitory" in nature and note this appears to be the case despite continued high oil prices.

Amcor is on track to complete the Bemis acquisition in the March quarter. Deutsche Bank maintains a Buy rating as the stock is trading at a -20% discount to valuation. Target is $16.65.

Target price is $16.65 Current Price is $13.23 Difference: $3.42
If AMC meets the Deutsche Bank target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $15.23, suggesting upside of 15.1% (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: 0.8

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

Macquarie rates AMC as Outperform (1) -

The company has reiterated guidance for earnings growth, stating the year so far is in line with expectations. Earnings growth is to be weighted to the second half because of the timing of costs from integration of acquisitions and restructuring. Amcor expects only modest earnings impact from higher raw material costs in the first half.

Macquarie considers the stock cheap, at a -13% PE discount to the market on FY20 estimates, which incorporates the first full year of Bemis ownership. Outperform rating maintained. Target is reduced to $16.11 from $16.27.

Target price is $16.11 Current Price is $13.23 Difference: $2.88
If AMC meets the Macquarie target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $15.23, suggesting upside of 15.1% (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: 0.8

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

Morgan Stanley rates AMC as Overweight (1) -

Amcor has reaffirmed its guidance and outlook. The company's guidance implies a weighting to the second half, which Morgan Stanley suggests is consistent with prior commentary and likely reflects the timing of a recovery in resin and the phasing in of costs to integrate prior acquisitions.

Overweight. Target is $15.20. Cautious industry view.

Target price is $15.20 Current Price is $13.23 Difference: $1.97
If AMC meets the Morgan Stanley target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $15.23, suggesting upside of 15.1% (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: 0.8

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

Macquarie rates BPT as Underperform (5) -

Macquarie believes positive revenue momentum in the oil sector was recorded over the September quarter, as oil prices increased 7%. Across the broker's coverage a combination of stronger pricing and higher production is expected to boost free cash flow and earnings.

The broker is cautious on Beach Energy and believes downside risk is building towards the end of 2018. Underperform rating maintained. Target is reduced to $1.60 from $1.65.

Target price is $1.60 Current Price is $1.79 Difference: minus $0.19 (current price is over target).
If BPT meets the Macquarie target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.71, suggesting downside of -4.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.2

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

Credit Suisse rates CCL as Neutral (3) -

Credit Suisse notes press speculation regarding a Coca-Cola Amatil acquisition of Lion Dairy. The broker regards a potential acquisition as a strong negative.

Kirin reported $62m in operating profit for that business in 2017, but by the June quarter of 2018 operating profit was down -46%. While CC Amatil should have debt capacity for the acquisition, the broker asserts its owners should hope it does not.

Moreover, Credit Suisse suspects it would be difficult to acquire only the high-value flavoured milk brands as CC Amatil lacks the required cold chain infrastructure to distribute these brands. Credit Suisse retains a Neutral rating and $9.80 target.

Target price is $9.80 Current Price is $9.88 Difference: minus $0.08 (current price is over target).
If CCL meets the Credit Suisse target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.05, suggesting downside of -8.4% (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

Credit Suisse rates FMG as Outperform (1) -

Fortescue Metals has announced an on-market $500m buyback. On Credit Suisse's calculations the buyback should be around 3% accretive in FY19, assuming a $3.60/share buyback price.

The broker continues to believe there is longer term value in the stock, despite the market remaining fixated on product discounts. While the buyback may not drive the share price per se, the broker suggests, at least, it can put a firmer floor under the share price.

Outperform rating and $5.50 target maintained.

Target price is $5.50 Current Price is $3.86 Difference: $1.64
If FMG meets the Credit Suisse target it will return approximately 42% (excluding dividends, fees and charges).

Current consensus price target is $4.67, suggesting upside of 21.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.3

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

Macquarie rates FMG as Outperform (1) -

Macquarie was surprised by the decision to implement a $500m share buyback, although concedes this supports a positive view on the stock, which is currently trading at a material discount to the target of $4.70.

The buyback increases estimates for earnings per share by 2% for FY19 and 3-4% in the medium term. Outperform rating maintained.

Target price is $4.70 Current Price is $3.86 Difference: $0.84
If FMG meets the Macquarie target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $4.67, suggesting upside of 21.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.3

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

Morgan Stanley rates FMG as Underweight (5) -

Fortescue has announced a buyback of a maximum of $500m, which will commence after its production report on October 25, depending on the share price and market conditions. This may provide some support to sentiment but Morgan Stanley's fundamental view of lower price realisation does not change.

Underweight rating and target of $3.30. Industry view is In-Line.

Target price is $3.30 Current Price is $3.86 Difference: minus $0.56 (current price is over target).
If FMG meets the Morgan Stanley target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.67, suggesting upside of 21.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.3

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

Morgans rates FTT as Add (1) -

The company has stated that all 156 patients have completed treatment in its phase 2 clinical trial for venous leg ulcer healing. Preliminary results are expected in mid-November.

Following a reassessment of the probability of success Morgans increases its target to 9.3c from 7.3c. Add rating maintained.

Target price is $0.09 Current Price is $0.07 Difference: $0.023
If FTT meets the Morgans target it will return approximately 33% (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

Credit Suisse rates NWL as Underperform (5) -

First quarter flows were in line with expectations. Credit Suisse expects the revenue margin contraction, because of falling cash allocations and the proportion of funds that are fee paying, is likely to continue through FY19, although pressures may be easing.

Credit Suisse maintains an Underperform rating, believing upside is limited. Target is raised to $7.75 from $7.50.

Target price is $7.75 Current Price is $7.82 Difference: minus $0.07 (current price is over target).
If NWL meets the Credit Suisse target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.83, suggesting upside of 0.2% (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) -

The company continues to lead the platform market regarding net fund flows, although funds under administration in the September quarter were below UBS estimates.

The broker finds comparisons and revenue implications are obscured by new fee cards for large adviser books. As the stock is trading above valuation UBS retains a Sell rating and $7.15 target.

Target price is $7.15 Current Price is $7.82 Difference: minus $0.67 (current price is over target).
If NWL meets the UBS target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.83, suggesting upside of 0.2% (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 OSH as Outperform (1) -

Macquarie believes positive revenue momentum in the oil sector was recorded over the September quarter, as oil prices increased 7%. Across the broker's coverage a combination of stronger pricing and higher production is expected to boost free cash flow and earnings.

Macquarie continues to prefer Oil Search in the sector as it is expected to benefit from upgrades to production following positive news flow from the Alaskan site tour. Outperform rating maintained. Target is reduced to $9.40 from $9.65.

Target price is $9.40 Current Price is $8.27 Difference: $1.13
If OSH meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $8.80, suggesting upside of 6.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.1

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

Macquarie rates OZL as Outperform (1) -

The company has completed the earn-in to the West Musgrave project with expenditure of $22m. A further $14m and completion of the pre-feasibility study will mean OZ Minerals' interest rises to 70%.

Macquarie is encouraged by the improving metallurgical recoveries, which could have a material impact on the economics of the project. Development is not currently in forecasts, presenting an upside risk to the broker's base case. Outperform rating and $11.30 target maintained.

Target price is $11.30 Current Price is $8.61 Difference: $2.69
If OZL meets the Macquarie target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $10.65, suggesting upside of 23.7% (ex-dividends)

The company's fiscal year ends in December.

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 PDL as Neutral (3) -

Fund flows were broadly in line with forecasts. A weak performance and soft closed products may limit the flows for JO Hambro in FY19, Credit Suisse suspects.

The broker estimates around 50% of JO Hambro's funds under management underperformed in 2017 and a similar proportion is likely in 2018.

Credit Suisse maintains a Neutral rating and $9 target.

Target price is $9.00 Current Price is $8.00 Difference: $1
If PDL meets the Credit Suisse target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $10.13, suggesting upside of 26.7% (ex-dividends)

The company's fiscal year ends in September.

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 PDL as Overweight (1) -

Morgan Stanley notes European retail flows are improving and the Westpac ((WBC)) MySuper redemptions are now largely over.

The number of attractive growth options are key to the broker's Overweight thesis. Market volatility remains a risk but Morgan Stanley believes this is captured in the price. Target is reduced to $11 from $12. Industry view: In-Line.

Target price is $11.00 Current Price is $8.00 Difference: $3
If PDL meets the Morgan Stanley target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $10.13, suggesting upside of 26.7% (ex-dividends)

The company's fiscal year ends in September.

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 PDL as Hold (3) -

Funds under management increased 6% in the September quarter while JO Hambro, historically the main driver of flows, reported its fourth consecutive quarter of outflows.

Although Ord Minnett maintains a Hold rating and $9 target, the share price is expected to remain under pressure in the near term, particularly given the flagged sell-down by Westpac ((WBC)).

Target price is $9.00 Current Price is $8.00 Difference: $1
If PDL meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $10.13, suggesting upside of 26.7% (ex-dividends)

The company's fiscal year ends in September.

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 PDL as Neutral (3) -

Funds under management ended FY18 in line with UBS estimates. The Australian division is well-positioned for positive net flows, as Westpac's ((WBC)) MySuper-related outflows cease.

However, the broker notes the risk of ongoing outflows and lower performance fees at JO Hambro, which accounts for around 85% of operating profit. With the downside risk evident, UBS retains a Neutral rating and $9.80 target.

Target price is $9.80 Current Price is $8.00 Difference: $1.8
If PDL meets the UBS target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $10.13, suggesting upside of 26.7% (ex-dividends)

The company's fiscal year ends in September.

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 RCR as Upgrade to Hold from Lighten (3) -

The company has an interim alliance agreement with New Zealand's City Rail Link regarding project services. The company's joint venture with Opus International Consultants will develop a proposal that includes the provision of track, overhead line, signalling, control room and building works. Construction is due to commence in June 2019.

Ord Minnett observes the prospect of the JV actually being awarded the contract is unclear but assumes the company's chances are significantly enhanced following the announcement. Rating is upgraded to Hold from Lighten. Target is steady at $1.38.

Target price is $1.38 Current Price is $0.94 Difference: $0.44
If RCR meets the Ord Minnett target it will return approximately 47% (excluding dividends, fees and charges).

Current consensus price target is $1.25, suggesting upside of 32.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Morgans rates SEK as Hold (3) -

Morgans believes the company is on track to meet guidance in FY19. There is strong demand in China and Southeast Asia amid growth in demand for premium advertising in Australia. This is compensating for the weakness in trades and services jobs in NSW.

The broker maintains a Hold rating and raises the target to $20.31 from $20.24. Morgans envisages value emerging at around $19 a share.

Target price is $20.31 Current Price is $19.45 Difference: $0.86
If SEK meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $20.65, suggesting upside of 6.2% (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

Credit Suisse rates SYR as Outperform (1) -

Credit Suisse believes the $103m capital raising is a sound decision in the context of the issues with Balama. The broker believes available cash is ample enough to cover the two months remaining to get Balama through to positive cash flow, still guided for the end of 2018.

Funds will be deployed to advance the process to battery-ready spherical grade graphite for sign off to anode customers. Outperform rating and $5.50 target maintained.

Target price is $5.50 Current Price is $1.86 Difference: $3.64
If SYR meets the Credit Suisse target it will return approximately 196% (excluding dividends, fees and charges).

Current consensus price target is $3.55, suggesting upside of 90.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.6

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

Macquarie rates SYR as Outperform (1) -

Production in the September quarter was in line with expectations. Balama is currently in a five-week production hiatus because of a fire, expected to result in a loss of production of 30,000t in the December quarter.

Macquarie still expects Balama to reach positive cash flow in early 2019. Outperform rating and $3.80 target maintained.

Target price is $3.80 Current Price is $1.86 Difference: $1.94
If SYR meets the Macquarie target it will return approximately 104% (excluding dividends, fees and charges).

Current consensus price target is $3.55, suggesting upside of 90.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.6

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

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

The company's September quarter production report signals recoveries are back to 54% after the disruption caused by the lack of consumables. Morgan Stanley observes 2019 guidance for 250-300,000t could be at risk because of the performance this year.

The company has also flagged logistical delays in addition to the problems with ramping up. Equal-weight rating maintained. Target is $2.65. Industry view is In-Line.

Target price is $2.65 Current Price is $1.86 Difference: $0.79
If SYR meets the Morgan Stanley target it will return approximately 42% (excluding dividends, fees and charges).

Current consensus price target is $3.55, suggesting upside of 90.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.6

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

Citi rates TCL as Sell (5) -

Contrary to consensus views, Citi believes rising US interest rates and benign Australian inflation could negatively affect the company's growth profile.

While the $15bn in proportional debt is unaffected by near-term movements in interest rates, Transurban remains exposed to interest rate movements because of $5bn in refinancing and $5bn in expected capital expenditure. Citi maintains a Sell rating and $10.23 target.

Target price is $10.23 Current Price is $10.84 Difference: minus $0.61 (current price is over target).
If TCL meets the Citi target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $12.29, suggesting upside of 13.3% (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

Deutsche Bank rates TCL as Buy (1) -

While the price paid for a controlling stake in WestConnex was above Deutsche Bank's expectations the project is strategically important and cements the company's position in the Sydney market.

The broker observes there are now three major projects under development which should support distribution growth over the medium to longer term. The weakness around the WestConnex bid is a buying opportunity in the broker's opinion and a Buy rating is maintained. Target is $13.50.

Target price is $13.50 Current Price is $10.84 Difference: $2.66
If TCL meets the Deutsche Bank target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $12.29, suggesting upside of 13.3% (ex-dividends)

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 TCL as Outperform (1) -

Macquarie observes some slowdown in traffic across the broader market in the first quarter, although the company's core assets such as Citylink and M2 remain in a growth phase.

The company has confirmed an increase in its stake in M5, completing an 8% acquisition with a further 7% to follow. Macquarie finds the stock's fundamentals still attractive and maintains an Outperform rating. Target is raised to $11.94 from $11.87.

Target price is $11.94 Current Price is $10.84 Difference: $1.1
If TCL meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $12.29, suggesting upside of 13.3% (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

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

Transurban's defensive nature continues to appeal to Morgan Stanley, with average daily traffic growth of 3.3% across its portfolio. US roads were adversely affected by Hurricane Florence but the A25 beat estimates.

The company has advised that the NorthConnex completion date has been delayed a year to 2020, as expected. Ownership of the M5 has increased to 65.39%.

Equal-weight rating and Cautious industry view. Target is $12.43.

Target price is $12.43 Current Price is $10.84 Difference: $1.59
If TCL meets the Morgan Stanley target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $12.29, suggesting upside of 13.3% (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

Ord Minnett rates TCL as Buy (1) -

Ord Minnett was pleased with the September quarter traffic data, although growth of 3.3% was slightly below forecasts. NorthConnex tunnelling is now complete and expected to open in 2020, a year later than originally envisaged.

The company will acquire a further 7.15% interest in the M5 West which Ord Minnett estimates was purchased at around $50-75m. Transurban's interest will then rise to 65.39%.

Ord Minnett maintains a Buy rating and $13.25 target.

Target price is $13.25 Current Price is $10.84 Difference: $2.41
If TCL meets the Ord Minnett target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $12.29, suggesting upside of 13.3% (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 WPL as Downgrade to Underperform from Neutral (5) -

Macquarie believes positive revenue momentum in the oil sector was recorded over the September quarter, as oil prices increased 7%. Across the broker's coverage a combination of stronger pricing and higher production is expected to boost free cash flow and earnings.

Despite speculation regarding a decision on a Browse tolling fee, Macquarie continues to believe the high cost will mean the project is unlikely to proceed. Rating is downgraded to Underperform from Neutral. Target is reduced to $34.70 from $35.40.

Target price is $34.70 Current Price is $35.99 Difference: minus $1.29 (current price is over target).
If WPL meets the Macquarie target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $36.94, suggesting upside of 2.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.0

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