Australian Broker Call

Citi rates A2M as Neutral (3) -

On initial appraisal, it seems lower margins have led to the company's FY19 performance missing forecasts by -3%-5%. Citi analysts believe guidance for FY20 implies a -13% reduction in consensus forecasts with lower margins to blame.

Citi analysts believe the company is transforming to a more sustainable business model in China, but this also comes with increased marketing costs, and this likely means lower margins.

Today's FY19 result and FY20 outlook are inconsistent with the company’s history of under-promising and over-delivering, the analysts add. They see it as part of the company maturing, with rising challenges.

Target price is $15.80 Current Price is $13.84 Difference: $1.96
If A2M meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $15.38, suggesting upside of 11.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.2

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

Citi rates AHY as Buy (1) -

Asaleo Care's interim report revealed improving sales trends, Citi analysts observe, but pulp prices continue to rise. As the latter is expected to ease in the period ahead, Citi is forecasting a jump in profits for the second half.

Small adjustments only have been made post the release, but with lower DPS estimates. Citi is clearly of the view that things must improve, assuming the headwinds including FX will be less of a barrier going forward. Buy rating and $1.05 price target retained.

Target price is $1.05 Current Price is $1.05 Difference: $0
If AHY meets the Citi target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $1.05, suggesting upside of 0.3% (ex-dividends)

The company's fiscal year ends in December.

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

Credit Suisse rates AHY as Outperform (1) -

First half operating earnings (EBITDA) were in line with expectations. Credit Suisse expects interest costs to abate as the company benefits from a lower cost of debt.

Asaleo Care has reiterated guidance for $80-85m in operating earnings, reporting improving momentum in feminine care sales on lower pricing. Credit Suisse maintains an Outperform rating and $1.10 target.

Target price is $1.10 Current Price is $1.05 Difference: $0.05
If AHY meets the Credit Suisse target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $1.05, suggesting upside of 0.3% (ex-dividends)

The company's fiscal year ends in December.

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 AHY as Neutral (3) -

Asaleo Care's first-half 2019 beat Macquarie on the top line by 8%, but missed below the line by -2.6%. Guidance is unchanged. The broker expects a tailwind from pulp to support the stock across FY20.

Free cash fell -61.2m. EPS forecasts fall -1.2% in FY19, and rise 2.3% in FY20. The 2019 dividend forecast falls to 1.3c after the company failed to declare an interim dividend.

Neutral rating retained to reflect unchanged guidance and clearing of the decks following the Consumer Tissue Australia sale, debt reduction and brand investment.

Target price rises to $1.01 from 84c to reflect lower earnings volatility, brand investment and lower gearing.

Target price is $1.01 Current Price is $1.05 Difference: minus $0.04 (current price is over target).
If AHY 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 $1.05, suggesting upside of 0.3% (ex-dividends)

The company's fiscal year ends in December.

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 ALU as Neutral (3) -

FY19 results were solid and the broker considers the company's FY20-25 strategy is incrementally positive. The company expects to reach 50,000 subscribers, halfway to its FY25 target, by the end of FY20.

There are multiple catalyst for the upside but valuation prevents the broker from taking a more positive view. Neutral rating maintained. Target is raised to $35.50 from $32.50.

Target price is $35.50 Current Price is $36.00 Difference: minus $0.5 (current price is over target).
If ALU meets the UBS target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

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

Market Sentiment: 0.0

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

Ord Minnett rates APA as Hold (3) -

On initial assessment, Ord Minnett notes APA Group released FY19 financial near the top end of its own guidance, and in-line with forecasts. Guidance for FY20 implies 5-7% EBITDA growth, which is above market consensus, suggest the analysts.

Guidance for FY20 dividend payout of 50c is below the 52c Ord Minnett had penciled in, but the broker believes market consensus expected 49c. Management continues to target a US acquisition.

Target price is $10.00 Current Price is $11.15 Difference: minus $1.15 (current price is over target).
If APA meets the Ord Minnett target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.03, suggesting downside of -10.0% (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

Macquarie rates AQG as Downgrade to Underperform from Outperform (5) -

Alacer Gold's second-quarter report beat Macquarie's estimates on production, costs and revenue (up 48%), but missed on net profit after tax (-13%) thanks to a -US$16.9m impairment.

Gold production outpaced the broker by 12%, but oxide production outpaced by 42%. Costs proved a 9% beat. Net debt fell sharply.

EPS estimates rise roughly 2% for 2019 and 6% in 2020, before falling -3% to -8% in later years.

Target price rises to $6 from $5.80. Broker downgrades to Underperform from Outperform to reflect the recent share price rally.

Target price is $6.00 Current Price is $6.11 Difference: minus $0.11 (current price is over target).
If AQG 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 $6.17, suggesting upside of 0.9% (ex-dividends)

The company's fiscal year ends in December.

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 AQR as Add (1) -

APN Convenience REIT's funds from operations were in line with guidance and FY20 guidance meets the broker's expectation. Dividend guidance equates to a yield of around 6.5%.

Add retained, target rises to $3.43 from $3.38. The REIT remains a preferred yield pick in the sector.

Target price is $3.43 Current Price is $3.30 Difference: $0.13
If AQR meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

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

Citi rates ARB as Neutral (3) -

Citi finds ARB performed well under challenging conditions. The analysts retain a "constructive view" on the company's growth potential medium term, but short term there seem to be a number of potential headwinds including FX and a subdued consumer domestically.

It's the lack of addressable catalysts that keeps the rating on Neutral. Core EPS estimates have been slightly lowered. Target price lifts slightly to $18.43 from $18.38.

The analysts are hoping for a cheaper entry point to turn more enthusiastic about adding exposure to this stock.

Target price is $18.43 Current Price is $18.31 Difference: $0.12
If ARB meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $17.58, suggesting downside of -4.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

Credit Suisse rates ARB as Neutral (3) -

Credit Suisse was impressed with the growth of 5.6% in earnings per share in FY19. Earnings (EBIT) were slightly lower than estimates.

For the stock to outperform, the broker believes a material recovery in 4WD/pick-up sales is required, in addition to margin expansion as higher percentage of production is progressively sourced from Thailand.

Neutral maintained. Target is raised to $17.40 from $17.20.

Target price is $17.40 Current Price is $18.31 Difference: minus $0.91 (current price is over target).
If ARB meets the Credit Suisse target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $17.58, suggesting downside of -4.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

Macquarie rates ARB as Neutral (3) -

ARB Corporation's FY19 result fell -1% shy of Macquarie, thanks to soft retail and flat utility vehicle sales and a -1% fall in aftermarket in the second half.

Management guides to a stabilising domestic market with east coast construction development set to be the decider. 

EPS forecasts fall -1% to -2% in FY20/FY21 to reflect near-term headwinds.

Neutral rating and $18 target retained, the broker noting the quality of the ARB franchise.

Target price is $18.00 Current Price is $18.31 Difference: minus $0.31 (current price is over target).
If ARB 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 $17.58, suggesting downside of -4.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

Ord Minnett rates ARB as Hold (3) -

Ord Minnett finds the FY19 performance was slightly better-than-expected. Adjusting for the lower tax rate, it was in-line. The broker finds management is doing a credible job in managing costs and gross margins in what remains a challenging revenue environment for ARB Corp.

Given the challenges, and the elevated valuation, the broker cannot see material upside for the share price. There are downside risks from falling car sales and rising manufacturing costs, the analysts remind investors.

Target price rises to $16.50 from $15.70. Hold rating retained. Ord Minnett notes management has now added currency risk to its (non-defined) forecast.

Target price is $16.50 Current Price is $18.31 Difference: minus $1.81 (current price is over target).
If ARB meets the Ord Minnett target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $17.58, suggesting downside of -4.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

Credit Suisse rates AUB as Neutral (3) -

FY19 net profit was in line with estimates. On a depleted FY19 base, Credit Suisse notes guidance for FY20 net profit growth of 4-6% allows for more one-off items.

The business is also affected by lower interest rates, changes to lease accounting and other small items which are permanent in nature. Neutral rating and $11.45 target maintained.

Target price is $11.45 Current Price is $11.42 Difference: $0.03
If AUB meets the Credit Suisse target it will return approximately 0% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.5

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

Macquarie rates AUB as Outperform (1) -

AUB Group's FY19 result in line with guidance, but FY20 guidance disappointed Macquarie, especially given premiums are expected to rise during the period and organic growth is guided to be roughly 9.1%.

Earnings-per-share forecasts fall -9.9%, -5.6% and -4% across FY20, FY21 and FY22.

Target price falls to $11.81 from $12.46. Outperform retained on valuation basis.

Target price is $11.81 Current Price is $11.42 Difference: $0.39
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 FY20:

Forecast for FY21:

Market Sentiment: 0.5

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

Citi rates BHP as Neutral (3) -

BHP's FY19 report missed expectations, but Citi seems confident the Big Australian will perform better in FY20. That confidence seems to be based upon a higher-for-longer price of iron ore and BHP keeping volumes buoyant.

The company is battling rising costs, the analysts note. Citi retains the Neutral rating in combination with a price target of $39. Estimates have been lowered.

Target price is $39.00 Current Price is $35.35 Difference: $3.65
If BHP meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $38.69, suggesting upside of 9.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

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 BHP as Neutral (3) -

Credit Suisse found the FY19 result reasonable. There are plenty of opportunities over the next five years to keep the market interested, the broker suggests.

Decisions on Scarborough, the North West Shelf backfill, Jansen and improved operating numbers for Olympic Dam and metallurgical coal are some of these.

Credit Suisse maintains a Neutral rating and $40 target.

Target price is $40.00 Current Price is $35.35 Difference: $4.65
If BHP meets the Credit Suisse target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $38.69, suggesting upside of 9.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

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 BHP as Outperform (1) -

BHP's FY19 result missed consensus and Macquarie's estimates thanks to higher-than-expected unit costs in petroleum and iron-ore. The company guided to higher unit costs in FY20 but the broker expects this to be outweighed by strong iron-ore prices.

No capital management outside the final US78c dividend was announced given the cost blowout.

Target price falls to $41 from $44. Outperform rating retained.

Target price is $41.00 Current Price is $35.35 Difference: $5.65
If BHP meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $38.69, suggesting upside of 9.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

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

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

Operating earnings (EBITDA) were in line with Morgan Stanley's estimates. Cash flow was slightly better than forecast. Slightly better cost performance in copper and iron ore was offset by slightly lower realisations in petroleum and higher unallocated items.

The final dividend of US$0.78 per share was above forecasts but the broker suspects this will not constitute a positive surprise for the market. Equal-weight maintained. Industry view: In-Line. Target is GBP18.10.

Current Price is $35.35. Target price not assessed.

Current consensus price target is $38.69, suggesting upside of 9.5% (ex-dividends)

Forecast for FY20:

Forecast for FY21:

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 BHP as Hold (3) -

BHP's earnings fell short but remain at robust levels, the broker notes. The dividend was a little less than the broker expected but still "bumper", and a record. Increasing value upside is evident in a run of oil and gas discoveries, while the broker is unclear as to why BHP is "wedded" to Olympic Dam given ongoing weak returns.

The recent share price pullback has brought the stock in line with the broker's valuation. Hold retained, target rises to $36.66 from $36.37.

Target price is $36.66 Current Price is $35.35 Difference: $1.31
If BHP meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $38.69, suggesting upside of 9.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

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 BHP as Hold (3) -

As reported yesterday, BHP's FY19 missed market consensus, but underlying it matched Ord Minnett's forecast. The same observation can be made for the final dividend. The analysts have made small reductions to estimates.

Ord Minnett now finds the shares are starting to look attractive, but Rio Tinto ((RIO)) shares look even more attractive. Target price has lost -$1 to $39. Hold rating retained.

Target price is $39.00 Current Price is $35.35 Difference: $3.65
If BHP meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $38.69, suggesting upside of 9.5% (ex-dividends)

Forecast for FY20:

Forecast for FY21:

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

UBS rates BHP as Neutral (3) -

FY19 net profit was below UBS estimates. Nevertheless, the company lifted its pay-out ratio to ensure the dividend was in line with market expectations.

No additional returns were forthcoming, the broker notes, with the company opting to maintain a conservative balance sheet. Cost guidance for FY20 was higher than expected.

UBS downgrades estimates for FY20/21 by -10%. Neutral rating maintained. Target is reduced to $36.50 from $37.00.

Target price is $36.50 Current Price is $35.35 Difference: $1.15
If BHP meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $38.69, suggesting upside of 9.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

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

Citi rates BLX as Neutral (3) -

There is no quantitative nor qualitative measurement of the released FY19 report, but Citi analysts have reduced forecasts and suggest FY20 will likely deliver declining earnings for the company.

The analysts observe housing led retailers have not seen any benefits from improved trading conditions by non-housing retailers such as Super Retail ((SUL)) and JB Hi-Fi ((JBH)). Beacon Lighting, unfortunately, sits in the former basket of stocks.

The broker keeps the faith in the company's ability to grow longer term. Having said so, it now considers management's targeted roll-out of 175 stores as a serious challenge; one that is unlikely to be achieved. Target drops to $1 from $1.03. Neutral.

Target price is $1.00 Current Price is $1.00 Difference: $0
If BLX meets the Citi target it will return approximately 0% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.5

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

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

Beacon's FY19 result met Morgan's expectation after a "perfect storm" of headwinds for the company in the second half. It looks like sales may have turned positive in August and the broker expects a return of operating leverage in FY20 as comparable sales growth cycles the prior period's weakness.

Beacon has a track record of bouncing back strongly from subdued periods and FY20 should be no different, Morgans believes. On the share price fall the broker upgrades to Add from Hold. Target rises to $1.16 from $1.13.

Target price is $1.16 Current Price is $1.00 Difference: $0.16
If BLX meets the Morgans target it will return approximately 16% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.5

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

Macquarie rates BSL as Upgrade to Neutral from Underperform (3) -

BlueScope Steel's FY19 result slightly outpaced Maquarie's estimate, thanks to a strong cash performance. News the North Star expansion is expected to reach completion in 2021 was well received as was the balance sheet.

Operations in NZ and Building Products ASEAN missed a beat and the FY20 trading outlook is weak. Macquarie cuts EPS estimates -30%, -9% and -11% across FY20-FY22.

Target price falls to $10.80. Rating upgraded to Neutral from Underperform.

Target price is $10.80 Current Price is $12.36 Difference: minus $1.56 (current price is over target).
If BSL meets the Macquarie target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $13.55, suggesting upside of 9.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.6

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

Citi rates CHC as Buy (1) -

On Citi's assessment, Charter Hall's FY19 performance beat the company's upgraded guidance delivered as late as July, beating market consensus by some 4.4%. Forward guidance of 18%-20% growth in EPS might have disappointed initially with consensus positioned 1% above the top of guidance.

Citi analysts don't think there is anything to be worried or disappointed about. They note this company has a track record of gradually revising guidance upwards and/or beating it by the end of the financial year.

EPS estimates have gone up by between 4%-6%. Higher margins are in the mix. Price target lifts to $14.10. Buy.

Target price is $14.10 Current Price is $12.34 Difference: $1.76
If CHC meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $12.75, suggesting upside of 3.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.7

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

Macquarie rates CHC as Outperform (1) -

Charter Hall Group's FY20 guidance missed Macquarie's estimate, triggering a revision in growth expectations. The broker also expects an increase in gearing to 11% from 5% and a rise in corporate costs.

EPS forecasts fall -3% to -4% across FY20 to FY22.

Target price falls -2% to $13.10. Outperform rating retained, the broker citing a history of guidance upgrades and the likelihood of liquidity deployment.

Target price is $13.10 Current Price is $12.34 Difference: $0.76
If CHC meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $12.75, suggesting upside of 3.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.7

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

Ord Minnett rates CHC as No Rating (-1) -

Ord Minnett reports Charter Hall's FY19  performance was a slight beat. The analysts have reduced estimates for FY20 due to lower performance fees for Charter Hall Office Trust, but beyond estimates have lifted by 6%-7% with stronger Assets under Management (AUM) growth responsible.

The broker is currently under research restriction. Prior rating was Accumulate.

Current Price is $12.34. Target price not assessed.

Current consensus price target is $12.75, suggesting upside of 3.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.7

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

Ord Minnett rates CL1 as Hold (3) -

FY19 results were broadly in line with Ord Minnett's forecasts. The accelerated investment in FY20 has captured the broker's attention. R&D expenditure is increased by 33% and the broker estimates total costs should increase by 25%.

Acknowledging turnarounds take longer to materialise and noting there is limited visibility on the improving momentum, Ord Minnett elects to maintain a Hold rating. Target is raised to $1.30 from $1.27.

Target price is $1.30 Current Price is $1.31 Difference: minus $0.01 (current price is over target).
If CL1 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 $1.53, suggesting upside of 16.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

UBS rates CL1 as Buy (1) -

FY19 results were slightly better than UBS expected. The company has signalled increased product development and marketing expenditure over FY20 as it is developing an enhanced version of its Class Trust which will be better suited to preparing lodgements and detailed performance reporting.

No strategic direction has been provided across wealth management by the new CEO but the broker expects further investment in process automation for advisers and accountants over the medium term. Buy rating maintained. Target is reduced to $1.95 from $2.15.

Target price is $1.95 Current Price is $1.31 Difference: $0.64
If CL1 meets the UBS target it will return approximately 49% (excluding dividends, fees and charges).

Current consensus price target is $1.53, suggesting upside of 16.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

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

The company achieved the lower end of FY19 guidance, Morgan Stanley observes, including the normalisation of a -$2.6m bad debt write-down.

Double-digit growth is being targeted, but the broker notes a one-off transitional expense of -$1.3m was included in FY19's $17.1m normalised operating earnings, implying just a $400k improvement is required to reach guidance.

Target is $0.23. Equal-weight rating reiterated. In-Line view retained.

Target price is $0.23 Current Price is $0.19 Difference: $0.04
If CSV meets the Morgan Stanley target it will return approximately 21% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

Ord Minnett rates CWN as Hold (3) -

Upon initial assessment, it appears Crown Resorts released a rather weak FY19 performance, with Ord Minnett pointing out VIP weakness was the key driver behind the soft result which came out slightly below expectations.

While the dividend was in-line with expectations, Ord Minnett does observe the level of franking has declined to 25% only. In addition, the analysts observe Aspinalls underperformance continues.

Target price is $12.00 Current Price is $11.59 Difference: $0.41
If CWN meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $11.81, suggesting upside of 1.9% (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

Citi rates DMP as Buy (1) -

At face value, the company missed its own guidance in FY19. Citi analysts, however, were already positioned below, and they find the official "miss" is actually smack bang in line with their forecast.

The analysts find the performance in Japan was "very strong", but on the other hand, European profit margins fell. Citi analysts expect little change to consensus forecasts post the release.

All in all, the analysts suggest this is a solid FY19 result, but the company will need to deliver faster store openings to meet market expectations moving forward.

Target price is $44.00 Current Price is $42.50 Difference: $1.5
If DMP meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $42.98, suggesting upside of 1.1% (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

Ord Minnett rates DMP as Lighten (4) -

Ord Minnett , upon initial assessment, finds most financial metrics to gauge FY19 performance are short of forecasts. Same store sales at the start of FY20 are a positive surprise, but the analysts also believe, on the basis of the FY19 report, this is now a lower margin business.

Target price is $35.00 Current Price is $42.50 Difference: minus $7.5 (current price is over target).
If DMP meets the Ord Minnett target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $42.98, suggesting upside of 1.1% (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

Macquarie rates EHE as Neutral (3) -

Estia Health's FY19 result appeared to satisfy Macquarie, thanks to one-off government subsidies and strong relative occupancy rates.

EPS forecasts fall -15.4%, -18.6% and -12.9% across FY20-FY22 to reflect regulatory and structural headwinds.

Target price rises to $2.95 from $2.63 and Neutral rating retained.

Target price is $2.95 Current Price is $2.78 Difference: $0.17
If EHE meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $2.79, suggesting upside of 0.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

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

FY19 revenue was in line with Morgan Stanley's estimates. Operating earnings (EBITDA) of $94m was ahead of estimates, supported by $10.3m in temporary funding benefits.

The company expects FY20 operating earnings on mature homes to be in the range of $86-90m, assuming no major regulatory changes.

Target is $2.51. Equal-weight retained. In-Line industry view.

Target price is $2.51 Current Price is $2.78 Difference: minus $0.27 (current price is over target).
If EHE meets the Morgan Stanley target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.79, suggesting upside of 0.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

Ord Minnett rates EHE as Hold (3) -

FY19 revenue was ahead of Ord Minnett's estimates, supported by the benefit from significant refurbishment funding. With the one-off government funding boost now past, the broker believes the company faces an uncertain future.

The sector is highly reliant on the Royal Commission leading to an improved funding environment. Clarity on this front is as far away, potentially, as the May 2021 federal budget and the broker is cautious on the near-term outlook. Hold rating and $2.70 target maintained.

Target price is $2.70 Current Price is $2.78 Difference: minus $0.08 (current price is over target).
If EHE meets the Ord Minnett target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.79, suggesting upside of 0.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

UBS rates EHE as Neutral (3) -

FY19 results were broadly in line with UBS estimates. The broker, updating key operating assumptions, downgrades estimates for earnings per share by -2-6% for FY20-22.

The company expects FY20 operating earnings (EBITDA) in the range of $86-90m. UBS maintains a Neutral rating and raises the target to $3.00 from $2.85.

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

Current consensus price target is $2.79, suggesting upside of 0.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

Morgans rates INA as Hold (3) -

Ingenia's strong result beat the broker by 5% primarily due to higher than expected development profits and above-forecast margins. The broker's forecasts are in line with FY20 guidance.

The company has done very well in a tough macro environment, the broker suggests. Target rises to $3.69 from $3.24, Hold retained.

Target price is $3.69 Current Price is $3.57 Difference: $0.12
If INA meets the Morgans target it will return approximately 3% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

Macquarie rates IPH as Outperform (1) -

IPH's FY19 result outpaced Macquarie and consensus but the broker notes a softening in underlying organic earnings growth in Australia and New Zealand.

The recently acquired Xenith is expected to the be the main earnings driver in the near term but a softening organic could weigh on performance.

EPS forecasts rise 6% and 5% across FY20 and FY21. Target price rises to $10.10 from $8.95.

Outperform rating retained, the broker believing the near-term outlook is underpinned by M&A synergy and foreign-exchange tailwinds.

Target price is $10.10 Current Price is $9.10 Difference: $1
If IPH meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.5

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

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

A very strong result from IPH beat forecasts across the board, helped by cost discipline and forex tailwinds, Morgans notes. The stock is a quality defensive with a big step-up in earnings offered by the Xenith acquisition, with margin increases expected ahead as has been the case with AJ Park.

Incorporating Xenith takes the target to $9.48 from $8.51 but as the stock has rallied hard up the the result Morgans pulls back to Hold from Add.

Target price is $9.48 Current Price is $9.10 Difference: $0.38
If IPH meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.5

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

UBS rates KGN as Neutral (3) -

FY19 earnings (EBIT) were in line with expectations. The broker suspects forecasts for FY20 operating earnings growth of 26% could prove conservative given new verticals in the first half, a drop in marketing costs from efficiencies and annualising the marketplace gains.

While near-term earnings risk is to the upside, UBS would require a ramp-up in verticals to become more positive. Neutral maintained. Target is raised to $6.10 from $5.70.

Target price is $6.10 Current Price is $6.01 Difference: $0.09
If KGN meets the UBS target it will return approximately 1% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

Citi rates MND as Downgrade to Sell from Neutral (5) -

Yesterday, Citi analysts initially responded by noting it appeared Monadelphous's FY19 report marked a clear "miss", but underlying the miss was only circa -2%. Then followed a non-tangible outlook, marred by delayed projects and margin pressure due to increased competition.

Today, Citi has decided to downgrade to Sell from Neutral. Price target drops to $15.50 from $16.80. Citi has come to the conclusion the immediate outlook has too much risks embedded, including management's reference to lower margins.

Estimates have been culled by double digit percentages. Citi's focus is not entirely on lower margins, but it is a central factor in its cautious approach on second consideration.

Target price is $15.50 Current Price is $17.01 Difference: minus $1.51 (current price is over target).
If MND meets the Citi target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $16.85, suggesting downside of -1.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.4

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

Credit Suisse rates MND as Neutral (3) -

The FY19 result was weaker than expected. Nevertheless, the broker notes the balance sheet is healthy. The broker believes construction forecasts for growth of 20% and 16% respectively across FY20 and FY21 appropriately capture the upside.

The stock is trading at a demanding 8.7x FY21 forecast PE and, hence, Credit Suisse maintains a Neutral rating. Target is raised to $18.00 from $16.80.

Target price is $18.00 Current Price is $17.01 Difference: $0.99
If MND meets the Credit Suisse target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $16.85, suggesting downside of -1.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.4

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

Macquarie rates MND as Neutral (3) -

Monadelphous Group's FY19 result missed Macquarie's forecasts. The broker sees a promising start to FY20 thanks to some contract wins and a strong pipeline, and the broker forecasts 20% construction revenue growth.

Margins struggled but appear to have stabilised at the low end and will likely be contained by intense competition. EPS forecasts fall -6.5% for FY20 and -5% for FY21.

Target price falls to $17.28 from $17.45. Neutral rating retained, the broker believing that while FY19 represents the cyclical bottom, better value is to be found in peers.

Target price is $17.28 Current Price is $17.01 Difference: $0.27
If MND meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $16.85, suggesting downside of -1.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.4

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

UBS rates MND as Neutral (3) -

FY19 results were in line with guidance. Underlying net profit was down -20% and below UBS estimates. Operating cash flow was also disappointing for the broker, given the growth in capital-intensive maintenance sales, a reversal of tax benefits and cash retention by the joint venture.

No earnings guidance was provided but the broker notes a more cautious tone from management. Neutral rating maintained. Target is reduced to $18.50 from $19.00.

Target price is $18.50 Current Price is $17.01 Difference: $1.49
If MND meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $16.85, suggesting downside of -1.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.4

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

Citi rates OSH as Neutral (3) -

Citi analysts have been highlighting the rising risks as the new government in PNG wants to renegotiate the gas contract with the consortium including Oil Search. Today's report once again emphasises the binary outcome that lays on the table.

Admittedly, acknowledge the analysts, the outcome can be extremely positive for the Oil Search share price. For now, the price target has been reduced to $6.97 from $7.01. Neutral.

Target price is $6.97 Current Price is $6.53 Difference: $0.44
If OSH meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $7.51, suggesting upside of 15.0% (ex-dividends)

The company's fiscal year ends in December.

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

Credit Suisse rates OSH as Underperform (5) -

First half earnings were in line with Credit Suisse forecasts. The broker notes Total has rejected PNG's request to re-negotiate the Papua agreement following meetings at the weekend.

The new PNG government may lose face if it capitulates to the demands, or risks the project being parked if a stand-off is maintained.

Even if the Papua agreement holds up, Credit Suisse believes delays for subsequent agreements could push back expansion by three or more years.

The broker maintains an Underperform rating and reduces the target to $6.03 from $6.96.

Target price is $6.03 Current Price is $6.53 Difference: minus $0.5 (current price is over target).
If OSH meets the Credit Suisse target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.51, suggesting upside of 15.0% (ex-dividends)

The company's fiscal year ends in December.

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 OSH as Outperform (1) -

Oil Search's first-half result met Macquarie's forecast and the dividend proved a beat.

Unit costs outpaced full-year guidance due to increased recovery work following the earthquake failing to be offset by insurance recoveries.

But the broker expects operational efficiency and insurance recoveries will counter this in the second half of 2019.

Target price falls to $8.50 from $8.90 to reflect higher net debt forecasts. Outperform rating retained.

Target price is $8.50 Current Price is $6.53 Difference: $1.97
If OSH meets the Macquarie target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $7.51, suggesting upside of 15.0% (ex-dividends)

The company's fiscal year ends in December.

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 OSH as Overweight (1) -

Morgan Stanley observes frustration is building, given the PNG political uncertainty and, while a resolution is expected within weeks, the risks are considered real.

The longer the issue drags on the more likely development timelines are put at risk as the company has flagged that bids for FEED contracts expire in September.

Meanwhile, Morgan Stanley believes expectations will improve on the Alaskan asset over the next 12 months.

The broker believes the equity has de-rated to a point where almost no value is being applied to expansion and the risk is skewed to the upside. Overweight maintained. Target is $8.00. Industry view is In-Line.

Target price is $8.00 Current Price is $6.53 Difference: $1.47
If OSH meets the Morgan Stanley target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $7.51, suggesting upside of 15.0% (ex-dividends)

The company's fiscal year ends in December.

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 OSH as Add (1) -

Oil Search posted a "clean" result, the broker suggests, in line with estimates. But the future hangs in the balance at the whim of a PNG government that is sending mixed messages, raising the risk on the Papua PNG project. Discussion with operator Total are continuing and the broker is hoping for a resolution by month's end.

Meanwhile a P'nyang agreement is expected to be straightforward and Alaska continues to ramp up ahead of a part sell-down of the company's interest. With the stock looking oversold, Add retained. Target falls to $8.33 from $8.34.

Target price is $8.33 Current Price is $6.53 Difference: $1.8
If OSH meets the Morgans target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $7.51, suggesting upside of 15.0% (ex-dividends)

The company's fiscal year ends in December.

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

Ord Minnett rates OSH as Hold (3) -

Higher than anticipated depreciation led to the interim report missing Ord Minnett's forecast by -7%. Net debt was -5% lower, which is seen as a positive. However, the result has been overshadowed by higher risks surrounding the Papua LNG gas agreement, point out the analysts.

Ord Minnett points out expansion of the PNG LNG project makes up 40% of the broker's unrisked net present value (NPV) estimation, which makes the analysts uncomfortable with the present risk profile.

Hold recommendation maintained, while the price target drops to $7.15 from $7.90.

Target price is $7.15 Current Price is $6.53 Difference: $0.62
If OSH meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $7.51, suggesting upside of 15.0% (ex-dividends)

The company's fiscal year ends in December.

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

UBS rates OSH as Neutral (3) -

UBS notes the finalisation of gas agreements is key to the outlook and JV partners are seeking a resolution to the Papua LNG gas agreement by the end of August to ensure tenders are in train. Delays will put costings and projects at risk, in the broker's view.

The company has reiterated 2019 guidance on production, capital expenditure and costs. First half underlying net profit was -8% below UBS estimates. The broker reduces 2019-21 forecast by -6-10%. UBS maintains a Neutral rating and $7.60 target.

Target price is $7.60 Current Price is $6.53 Difference: $1.07
If OSH meets the UBS target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $7.51, suggesting upside of 15.0% (ex-dividends)

The company's fiscal year ends in December.

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

Citi rates PTM as Sell (5) -

The FY19 report missed Citi's expectation, with the analysts pointing at sharply lower performance fees plus less gains from seed investments. Cost control was apparent, and this is seen as a positive.

Citi analysts emphasise they continue to be attracted to Platinum's long term investment track record, but shorter term the Sell rating remains in place. Negative mark to market and lower fund inflows have triggered further reductions to forecasts. Price target drops to $3.90 from $4.20.

Target price is $3.90 Current Price is $4.10 Difference: minus $0.2 (current price is over target).
If PTM meets the Citi target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.05, suggesting downside of -1.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.6

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

Morgan Stanley rates PTM as Underweight (5) -

FY19 net profit was ahead of Morgan Stanley's expectations. Flows turned negative in the second half, so the broker considers the stock is still too expensive.

Staff costs were below forecasts but the broker suspects the company cannot reduce this item further without affecting the franchise. Morgan Stanley would welcome further detail on the investment in the UK and US distribution.

Underweight rating maintained. In-Line industry view. Target is $3.50.

Target price is $3.50 Current Price is $4.10 Difference: minus $0.6 (current price is over target).
If PTM 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 $4.05, suggesting downside of -1.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.6

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

Ord Minnett rates PTM as Downgrade to Sell from Hold (5) -

Having upgraded to Hold in May, expecting continued improvement in performance, Ord Minnett has now pulled back to Sell again. Underperformance and funds outflows are dominating the picture again, the analysts observe.

The broker is now talking "false dawn". Platinum's investment performance simply doesn't seem to be able to keep pace with, for example, Magellan Financial's ((MFG)) and Hyperion. On this basis, forecasts have seen material reductions, pulling down the price target to $3.53 from $4.77.

On updated forecasts, FY20 seems poised for yet another year of negative growth.

Target price is $3.53 Current Price is $4.10 Difference: minus $0.57 (current price is over target).
If PTM 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 $4.05, suggesting downside of -1.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.6

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

Credit Suisse rates SEK as Neutral (3) -

FY19 results were in line with expectations. Guidance for revenue growth of 15-18% is above Credit Suisse forecasts while the net profit guidance of $145-155m is well below, reflecting a ramp up in investment as management pursues longer-term aspirations.

Credit Suisse maintains a Neutral rating and raises the target to $19.60 from $19.25.

Target price is $19.60 Current Price is $20.63 Difference: minus $1.03 (current price is over target).
If SEK meets the Credit Suisse target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $20.24, suggesting downside of -1.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.2

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

Morgan Stanley rates SEK as Overweight (1) -

FY19 earnings were in line with expectations. First time guidance for FY20 is for revenue growth of 15-18%, ahead of Morgan Stanley's forecasts.

However higher investment is flagged in R&D and new products so guidance for organic operating earnings (EBITDA) growth of 1-4% is below expectations.

While the investor debate centres on whether the high investment will pay off, Morgan Stanley suspects it will and retains an Overweight rating. Industry view: Attractive. Price target is $20.50.

Target price is $20.50 Current Price is $20.63 Difference: minus $0.13 (current price is over target).
If SEK meets the Morgan Stanley target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $20.24, suggesting downside of -1.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.2

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

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

Morgans does not provide an assessments of Seek's FY19 result, rather choosing to concentrate on a bold "doubling down" on growth opportunities amid a global slowdown. The company has committed to invest even more aggressively in new technologies and early stage ventures at the expense of near-term earnings growth.

Morgans has thus downgraded earnings forecasts in line with guidance but a roll-forward of valuation takes its target to $22.31 from $20.19, leading to an upgrade to Add from Hold.

Target price is $22.31 Current Price is $20.63 Difference: $1.68
If SEK meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $20.24, suggesting downside of -1.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.2

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

Ord Minnett rates SEK as Accumulate (2) -

Ord Minnett finds the FY19 release showed a "solid" performance against a tough background. The broker prefers Seek versus online peers because of its international diversification.

The analysts do acknowledge management's $5bn target by FY25 seems "ambitious", but if it were achieved, it would represent more than 40% upside to the broker's current projections.

Ord Minnett seems happy to stick with the Accumulate rating, lauding Seek management for continuously making long-term decisions, not afraid to sacrifice shorter-term profits. Price target rises to $23 from $22.

Target price is $23.00 Current Price is $20.63 Difference: $2.37
If SEK meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $20.24, suggesting downside of -1.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.2

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

UBS rates SEK as Upgrade to Neutral from Sell (3) -

Concerns around near-term earnings were confirmed and new FY20 guidance results in -20% reductions to UBS estimates for net profit.

While revenue is expected to be up 15-18% in FY20, the broker suspects a large amount will relate to low-margin/lower-multiple Chinese off-line growth.

UBS observes the market appears willing to back a quality management team to deliver on an eventual earnings rebound and upgrades to Neutral from Sell. Target is raised to $19.50 from $18.50.

Target price is $19.50 Current Price is $20.63 Difference: minus $1.13 (current price is over target).
If SEK meets the UBS target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $20.24, suggesting downside of -1.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.2

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

Ord Minnett rates SGP as Hold (3) -

Upon initial review, Ord Minnett analysts point out FY19 marks the lowest year of residential sales since 2012 for Stockland. They find released financials are in line with guidance but ahead of their own forecasts due to better margins for residential and lower overheads.

The analysts note management remains cautious about the pace of recovery in the residential markets. DPS is guided to be flat in FY20.

Target price is $4.30 Current Price is $4.31 Difference: minus $0.01 (current price is over target).
If SGP meets the Ord Minnett target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.01, suggesting downside of -7.0% (ex-dividends)

The company's fiscal year ends in June.

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

Citi rates SHL as Neutral (3) -

All in all, Citi finds the FY19 performance plus guidance is broadly in-line with expectations. The Aurora acquisition secures growth for FY20 and the USA is now the largest division in the group, the analysts observe.

Minimal changes have been made to estimates. Citi analysts laud the company's stability, finding it remains well managed. Target price lifts to $29.75 from $29.50. Neutral.

Target price is $29.75 Current Price is $29.58 Difference: $0.17
If SHL meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $29.05, suggesting downside of -1.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.2

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

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

FY19 underlying operating earnings (EBITDA) were below Credit Suisse estimates. The broker notes lower US organic revenue growth while pathology earnings margins declined. Guidance calls for FY20 growth of 6-8% in operating earnings.

Credit Suisse upgrades to Neutral from Underperform as the model is rolled forward. Despite the limited organic earnings growth outlook, the broker notes a strong balance sheet with capacity for further M&A. Target is raised to $26.80 from $24.20.

Target price is $26.80 Current Price is $29.58 Difference: minus $2.78 (current price is over target).
If SHL meets the Credit Suisse target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $29.05, suggesting downside of -1.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.2

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

Macquarie rates SHL as Neutral (3) -

Sonic Healthcare's FY19 result broadly met Macquarie's estimates. A moderation of organic revenue in the second half and US fee cuts are expected to weigh on FY20 growth.

But balance sheet flexibility remains, leaving room for acquisitions. EPS forecasts fall -4% in FY20 and FY21 to reflect higher net interest forecasts.

Target price rises to $27.40 from $27.00. Neutral rating retained.

Target price is $27.40 Current Price is $29.58 Difference: minus $2.18 (current price is over target).
If SHL meets the Macquarie target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $29.05, suggesting downside of -1.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.2

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

Morgan Stanley rates SHL as Overweight (1) -

Net profit in FY19 was ahead of Morgan Stanley's estimates. Operating earnings (EBITDA) in FY20 are expected to grow 6-8% on a constant currency basis.

Morgan Stanley believes FY20 guidance is "about right". Given the moderation of collection centre costs in Australia and an expected rebound in Germany the broker considers the margin outlook will support the top end of the range.

The broker assesses the valuation is becoming challenged yet remains Overweight on the stock as the risk/reward compares favourably to the balance of the Australian healthcare sector. Target is raised to $29.90 from $29.20. Industry view: In Line.

Target price is $29.90 Current Price is $29.58 Difference: $0.32
If SHL meets the Morgan Stanley target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $29.05, suggesting downside of -1.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.2

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

Morgans rates SHL as Add (1) -

The broker saw a solid underlying result from Sonic Healthcare, with operating income in line with guidance and forecast. GP recruitment was strong and optimisation continues.

In-line FY20 guidance points to growing underlying momentum which may prove conservative in light of strong organic lab growth, a fairly benign near-term regulatory backdrop and a pipeline of acquisitions/JVs, the broker suggests, with more than adequate balance sheet capacity. Add retained, target rises to $31 from $28.

Target price is $31.00 Current Price is $29.58 Difference: $1.42
If SHL meets the Morgans target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $29.05, suggesting downside of -1.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.2

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

Ord Minnett rates SHL as Accumulate (2) -

Sonic Healthcare's FY19 beat Ord Minnett's forecast on underlying basis. The broker remains comfortable with the company's growth profile. In addition, the analysts observe management's optimism was apparent regarding potential new deals and acquisitions.

Price target improves to $32 from $27.60, including because of a reduction in risk-free rate assumption to 3.0% from 3.5%. Accumulate rating remains in place.

Target price is $32.00 Current Price is $29.58 Difference: $2.42
If SHL meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $29.05, suggesting downside of -1.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.2

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

UBS rates SHL as Sell (5) -

FY20 guidance suggests to UBS that modest growth of around 9% in operating earnings (EBITDA) will continue. Management has highlighted an active acquisition pipeline in several regions as well as contract opportunities in the UK and US.

There is funding of up to $1bn to support these initiatives. However, UBS believes operating leverage and accretive returns on invested capital need to be in evidence to justify the multiples on which the stock currently trades.

Sell rating maintained. Target is raised to $26.50 from $25.15.

Target price is $26.50 Current Price is $29.58 Difference: minus $3.08 (current price is over target).
If SHL 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 $29.05, suggesting downside of -1.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.2

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

Ord Minnett rates SIQ as Buy (1) -

Ord Minnett found several positive surprises in the interim result. Pricing, particularly, was ahead of expectations. Novated leasing was strong, with the company demonstrating resilience in this business despite the weakness in new car sales over the past six months.

The broker believes there is potential for further accretive acquisitions, providing a source of potential upside. The broker maintains a Buy rating and raises the target to $11.60 from $10.40.

Target price is $11.60 Current Price is $11.39 Difference: $0.21
If SIQ meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $10.84, suggesting downside of -4.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.8

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

Ord Minnett rates SSM as Buy (1) -

FY19 results beat Ord Minnett's estimates. The company expects continued growth in FY20, subject to prevailing market conditions continuing.

NBN activations increased strongly in the second half and Ord Minnett calculates the implied run rate sets the company up for a record year ahead.

Buy rating is maintained on the basis of potential upside as the year progresses. Target is raised to $2.73 from $2.18.

Target price is $2.73 Current Price is $2.79 Difference: minus $0.06 (current price is over target).
If SSM meets the Ord Minnett target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

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

Credit Suisse rates SWM as Neutral (3) -

FY19 results were in line with Credit Suisse estimates. Guidance for FY20 is softer than expected.

The broker suspects growth aspirations will have to wait, as the new CEO has indicated the balance sheet is likely to reduce the options available.

Credit Suisse maintains a Neutral rating and reduces the target to $0.43 from $0.50.

Target price is $0.43 Current Price is $0.37 Difference: $0.06
If SWM meets the Credit Suisse target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $0.50, suggesting upside of 35.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

Morgan Stanley rates SWM as Underweight (5) -

FY19 earnings were broadly in line with estimates. However, key to the share price reaction was the first time FY20 earnings (EBIT) guidance that is -6-10% below consensus. FY20 guidance is for group EBIT of $190-200m.

The broker believes the new CEO will bring fresh perspective and possible changes. The company expects TV metro advertising to decline in the low single digits.

Underweight rating and $0.45 target. Industry view is Attractive.

Target price is $0.45 Current Price is $0.37 Difference: $0.08
If SWM meets the Morgan Stanley target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $0.50, suggesting upside of 35.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

Credit Suisse rates SXY as Neutral (3) -

FY19 operating earnings missed expectations because of higher production costs. Still, Credit Suisse believes such variance could be expected during the ramp up of a project.

Limited FY20 guidance was provided, which the broker finds understandable given the amount of uncertainty. The broker envisages any need for a capital raising is remote and remains positive about the gas market fundamentals.

Neutral rating maintained. Target slips to $0.36 from $0.37.

Target price is $0.36 Current Price is $0.35 Difference: $0.01
If SXY meets the Credit Suisse target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $0.43, suggesting upside of 23.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.3

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

Macquarie rates SXY as Outperform (1) -

Senex Energy's FY19 results beat Macquarie's forecasts thanks mainly to a net gain from the termination of the unconventional gas joint venture.

Sales revenue outpaced and capital expenditure was in line.

Capital expenditure guidance was absent and reserves were stable.

The company plans an extensive capital program in FY20 which will include an acceleration in its capital investment program in the Surat Basin. Senex Energy forecasts higher production from the Cooper Basin at Gemba and expects to start gas sales from Project Atlas.

Outperform rating retained.  Target price is steady at 55c.

Target price is $0.55 Current Price is $0.35 Difference: $0.2
If SXY meets the Macquarie target it will return approximately 57% (excluding dividends, fees and charges).

Current consensus price target is $0.43, suggesting upside of 23.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.3

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

Morgans rates SXY as Add (1) -

Senex' FY19 profit was up significantly on FY18 as rising production and oil prices were met with stable operating costs and solid cah flow improvement. With a significant drilling program underway in the Surat Basin the company is well underway to emerging as a material east coast gas producer, the broker suggests.

Add retained and target rises to 51c from 50c with a solid earnings profile to look forward to from FY21.

Target price is $0.51 Current Price is $0.35 Difference: $0.16
If SXY meets the Morgans target it will return approximately 46% (excluding dividends, fees and charges).

Current consensus price target is $0.43, suggesting upside of 23.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.3

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

Ord Minnett rates SXY as Hold (3) -

FY19 net profit was below forecasts. Operating, depreciation and exploration expenses were higher than expected. Management has highlighted an increasing proportion of uncontracted gas as projects reach capacity.

The broker suggests this could be positive for earnings as the domestic gas market continues to tighten. Ord Minnett notes supply from the low-cost, albeit mature, Victorian assets continues to diminish.

Hold maintained. Target is trimmed to $0.35 from $0.36.

Target price is $0.35 Current Price is $0.35 Difference: $0
If SXY meets the Ord Minnett target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $0.43, suggesting upside of 23.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.3

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

Credit Suisse rates TGR as Neutral (3) -

FY19 results were in line with expectations. The salmon industry fundamentals remain positive and while modest improvements to the current production profile can be made, the broker suggests more meaningful changes require new leases being available.

Allowing for a degree of forecast risk, the broker considers the valuation fair and maintains a Neutral rating. Target is reduced to $4.80 from $5.10.

Target price is $4.80 Current Price is $4.54 Difference: $0.26
If TGR meets the Credit Suisse target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $4.73, suggesting upside of 4.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

UBS rates TGR as Buy (1) -

UBS notes cash generation was good in FY19, although the second half was weaker following warmer-than-average summer sea temperatures.

A ramp up in prawn production is slated and the company has raised $108m in equity through a placement. 

UBS reduces forecasts for earnings per share by -6-12% over the medium term. Buy rating maintained. Target is reduced to $5.12 from $5.30.

Target price is $5.12 Current Price is $4.54 Difference: $0.58
If TGR meets the UBS target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $4.73, suggesting upside of 4.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

Morgans rates VLW as Hold (3) -

Villaworld's -47% drop in profit was as expected but likely irrelevant as the board has approved the takeover offer from AVID, in the absence of any other, at $2.035 plus 31c special dividend with an estimated 13c of franking.

Shareholders have yet to vote so the broker suggests shareholders not wanting to wait around can sell at a slight discount but forego franking credits. Hold and $2.35 target retained

Target price is $2.35 Current Price is $2.35 Difference: $0
If VLW meets the Morgans target it will return approximately 0% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

Morgan Stanley rates VRT as Overweight (1) -

FY19 operating earnings were weaker than Morgan Stanley expected. No quantitative outlook was provided. The focus is on restoring lost market share in Australia and improving growth in low-cost cycles.

Recovery of diagnostic revenue in FY20 is also a focus of the company. Morgan Stanley retains an Overweight rating. Target is $5.34. Industry view is In-Line.

Target price is $5.34 Current Price is $4.35 Difference: $0.99
If VRT meets the Morgan Stanley target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $5.00, suggesting upside of 15.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.7

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

Morgans rates VRT as Hold (3) -

Virtus Health's result significantly missed forecasts due to lower profitability at TasIVF, lower genetic testing numbers and the cost of relocation of two major facilities.

The good news is a regulatory review of the industry has resulted in no changes but the broker has taken the knife to earnings forecasts. Target falls to $4.67 from $4.87, Hold retained.

Target price is $4.67 Current Price is $4.35 Difference: $0.32
If VRT meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $5.00, suggesting upside of 15.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.7

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

UBS rates VRT as Buy (1) -

FY19 earnings and net profit were below UBS estimates. The broker notes the results were affected by margin headwinds from a shift in mix to low-cost business in Australia as well as a -30% reduction in diagnostics earnings and disruption in day hospitals.

The broker now forecasts 10% cycle growth in FY20 versus 2% full-service growth. Improved execution is required in FY20, UBS assesses. Buy rating maintained. Target is reduced to $5.00 from $5.40.

Target price is $5.00 Current Price is $4.35 Difference: $0.65
If VRT meets the UBS target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $5.00, suggesting upside of 15.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.7

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

Macquarie rates WGN as Underperform (5) -

Wagners Holding's FY19 result outpaced Macquarie's estimates but the broker describes it as a weak quality beat, noting margin dilution, major project delays and lower pre-cast volumes.

The Boral dispute goes to court mid September and remains a wild card. Meanwhile, the company continues apace with its concrete expansion but the broker expects competitive cement imports in FY20.

Macquarie cuts earnings-per-share forecasts for FY20/21/22 by -13%, -24% and -20% respectively.

Target price falls to $1.20 from $1.55. Underperform rating retained.

Target price is $1.20 Current Price is $1.48 Difference: minus $0.28 (current price is over target).
If WGN meets the Macquarie target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.74, suggesting upside of 17.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

Citi rates WOR as Buy (1) -

Upon initial review, Citi analysts conclude the FY19 performance has missed forecasts, in particular on lower margins. Company management has not provided guidance, as per tradition, but it has noted while market conditions are likely to improve, recent macroeconomic global uncertainty is tempering demand.

Positives are a slight upgrade in ECR synergy realisation and further growth in backlog in recent months.

Target price is $18.10 Current Price is $13.88 Difference: $4.22
If WOR meets the Citi target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $18.05, suggesting upside of 30.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.8

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

Ord Minnett rates WOR as Buy (1) -

Ord Minnett, upon initial review, finds the FY19 performance has fallen short of expectations. There were one-offs, plus management has not provided guidance for FY20.

Target price is $18.50 Current Price is $13.88 Difference: $4.62
If WOR meets the Ord Minnett target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $18.05, suggesting upside of 30.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.8

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

Citi rates WSA as Neutral (3) -

Citi finds the FY19 performance in-line with market consensus. Considering higher costs and capex are needed to sustain production, the analysts consider the stock fairly priced.

The analysts do point out that should the nickel price continue improving, this would put the risk to the upside. For now, Neutral rating retained. Price target $2.50 (unchanged).

Target price is $2.50 Current Price is $2.49 Difference: $0.01
If WSA meets the Citi target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $2.56, suggesting upside of 2.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.3

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

Credit Suisse rates WSA as Neutral (3) -

FY19 results were in line with Credit Suisse estimates. FY20 production guidance is similar to FY19. Tight cost control and a rising Australian dollar nickel price supports increased cash generation, the broker observes.

The broker considers the catalysts to be performance of the MREP ramp up, the extension at Spotted Quoll and the potential of AM5-6 generating cash from early production as Odysseus is developed.

Credit Suisse maintains a Neutral rating and raises the target to $2.50 from $2.45.

Target price is $2.50 Current Price is $2.49 Difference: $0.01
If WSA meets the Credit Suisse target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $2.56, suggesting upside of 2.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.3

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

Macquarie rates WSA as Outperform (1) -

Western Areas' FY19 result met Macquarie's estimates and provided a beat on operating cash flow thanks to working capital adjustments.

The company has accelerated its capital expenditure at Cosmos, which the broker believes has robust fundamentals.

Strength in spot nickel prices has triggered increases in top-line earnings, which will help offset the Cosmos capital expense.

Price target falls to $2.70 from $2.80 to reflect the Cosmos spend. Outperform rating retained.

Target price is $2.70 Current Price is $2.49 Difference: $0.21
If WSA meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $2.56, suggesting upside of 2.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.3

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

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

FY19 results were slightly below Morgan Stanley's estimates. FY20 production guidance is 5% ahead of forecasts. The dividend payment of 2c was below Morgan Stanley's forecasts.

Capital expenditure on Odysseus has been brought forward and the broker suspects this probably led to a conservative pay-out, despite rising nickel earnings and the potential Kidman sale.

The company has cited the early payment for shaft haulage equipment as the main reason for the accelerated expenditure on Odysseus.

The broker maintains an Equal-weight rating. Industry view is Attractive. Target is $2.25.

Target price is $2.25 Current Price is $2.49 Difference: minus $0.24 (current price is over target).
If WSA meets the Morgan Stanley target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.56, suggesting upside of 2.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.3

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

UBS rates WSA as Neutral (3) -

FY19 results were in line with expectations. The dividend payment of 2c was a surprise as UBS had suspected no dividend would be forthcoming because of the financing of Odysseus.

The broker expects the project will be comfortably funded and only at US$5/lb for nickel would funding become tight, which is well below spot prices at present. The broker remains bullish on nickel on a 1-3-year view.

Neutral rating is maintained as the stock is trading in line with valuation. Target is $2.50.

Target price is $2.50 Current Price is $2.49 Difference: $0.01
If WSA meets the UBS target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $2.56, suggesting upside of 2.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.3

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

Morgans rates Z1P as Add (1) -

Zip Co has entered into an agreement to acquire NZ-based PartPay and will also increase its stake in Quadplay. The acquisition gives Zip exposure to four attractive retail markets, the broker notes, and immediate scale in NZ, although execution risk comes from PartPay's investments outside NZ still being in their infancy.

The broker will review its numbers after tomorrow's result release, noting the acquisition still requires shareholder approval. Add and $3.52 target retained.

Target price is $3.52 Current Price is $3.37 Difference: $0.15
If Z1P meets the Morgans 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: 0.8

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