Australian Broker Call

Credit Suisse rates 360 as Outperform (1) -

First half results were in line with the pre-announcement. Guidance for revenue has been reiterated.

Credit Suisse is incrementally more upbeat on the approach being taken to expenditure, product expansion and international growth. Outperform rating and $5.20 target reiterated.

Target price is $5.20 Current Price is $3.43 Difference: $1.77
If 360 meets the Credit Suisse target it will return approximately 52% (excluding dividends, fees and charges).

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: 1.0

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

Morgan Stanley rates AD8 as Overweight (1) -

Audinate's FY19 USD sales were above guidance and better than historical growth rates, the analysts observe. Cash conversion at 80% is labelled "strong" and Morgan Stanley seems to think management's guidance for simply a continuation of the historical pace of growth will turn out conservative next year.

Morgan Stanley finds the company delivered a high-quality result. Overweight rating and $10.30 target (unchanged). Industry view is In-Line. No changes have been made to forecasts.

Target price is $10.30 Current Price is $6.87 Difference: $3.43
If AD8 meets the Morgan Stanley target it will return approximately 50% (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

UBS rates AD8 as Buy (1) -

Audinate Group's FY19 result slightly outpaced the broker as networks played in the company's favour thanks to a sharp rise in Dante enabled devices, which continued to strengthen the company's leadership position.

The company guided to US-dollar revenue growth of 26% to 31%, which after accounting for foreign exchange benefits, generally outpaces consensus.

Audinate will use its recent capital raising to double research and development activities over FY20 and FY21. UBS cuts earnings-per-share forecasts -1% to -10%.

Target price rises to $9.60 from $9.45. Buy rating retained to reflect the broker's optimism on the digital video networking prospects.

Target price is $9.60 Current Price is $6.87 Difference: $2.73
If AD8 meets the UBS target it will return approximately 40% (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

UBS rates ADH as Buy (1) -

In an early response to today's FY19 release, UBS suggests the financial performance and guidance for the year ahead were both in-line with market expectations.

Target price is $2.25 Current Price is $1.75 Difference: $0.5
If ADH meets the UBS target it will return approximately 29% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Morgans rates ADI as Hold (3) -

FY19 results were in line with guidance. The company has reiterated guidance for growth of 2.5-3% in FY20.

Morgans believes potential catalysts are corporate activity, noting Growthpoint ((GOZ)) has a 17% stake, and further positive news on leasing deals or accretive acquisitions.

Hold rating maintained. Target rises to $2.91 from $2.79.

Target price is $2.91 Current Price is $2.92 Difference: minus $0.01 (current price is over target).
If ADI meets the Morgans target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.93, suggesting upside of 0.2% (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 AFG as Outperform (1) -

Australian Finance Group pre-released a result last week along with the announced acquisition of Collective. The result exceeded Macquarie's expectations but the broker awaited the full report before making any changes.

The result suggests to the broker the company is delivering on a very clear and consistent strategy in an improving market. The Connective acquisition could prove up to 19% accretive before product mix and revenue synergies which the broker is yet to incorporate into its valuation.

Outperform retained, target rises to $2.76 from $2.64.

Target price is $2.76 Current Price is $2.22 Difference: $0.54
If AFG meets the Macquarie target it will return approximately 24% (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 AFG as Hold (3) -

FY19 results were in line with expectations and Morgans expects strong growth in settlements over the next 12 months as well as margin expansion.

The broker was pleased to note total residential lodgements in July were up 6%. Hold rating maintained. Target is steady at $2.30.

The broker believes the proposed merger with Connective remains unclear, with a high probability all necessary approvals will not be received.

Target price is $2.30 Current Price is $2.22 Difference: $0.08
If AFG 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

Credit Suisse rates AHG as Neutral (3) -

FY19 results were affected by accounting changes and the reclassification of refrigerated logistics as discontinued. Credit Suisse expects this will be the last time the business is reported on as a separate entity.

Automotive operating conditions remain challenging, including credit availability. Nevertheless, Automotive Holdings appears to have found a base, in the broker's view, and outperformed the broader market.

Neutral rating maintained. Target rises to $3.21 from $3.05.

Target price is $3.21 Current Price is $3.21 Difference: $0
If AHG meets the Credit Suisse target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $2.71, suggesting downside of -15.6% (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 AHG as Equal-weight (3) -

Morgan Stanley notes AP Eagers ((APE)) has now secured a majority interest, so out the window goes anything that relates to fundamentals from here onwards. Equal-weight rating and $2.20 target. Industry view: In Line.

Target price is $2.20 Current Price is $3.21 Difference: minus $1.01 (current price is over target).
If AHG meets the Morgan Stanley target it will return approximately minus 31% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.71, suggesting downside of -15.6% (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 AHG as Hold (3) -

FY19 results were in line with forecasts. Morgans is encouraged by the fact that the core business performed ahead of expectations while refrigerated logistics was materially below.

The company has noted the general trading conditions across the industry are difficult. Hold rating and $3.21 target maintained.

Target price is $3.21 Current Price is $3.21 Difference: $0
If AHG meets the Morgans target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $2.71, suggesting downside of -15.6% (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

Citi rates ALG as Buy (1) -

The FY19 net loss of -$32m was worse than expected as there were a number of impairments, provisions and restructuring which have been taken below the line.

Citi believes patience is still required, although retains a Buy rating, given the long-term potential of Main Event and Dreamworld.

The broker increases FY20 and FY21 earnings (EBIT) estimates by 20% and 7% respectively, because of cost savings in corporate functions, currency translation benefits and higher margins at Main Event.

Buy rating maintained. Target rises to $1.55 from $1.45.

Target price is $1.55 Current Price is $1.14 Difference: $0.41
If ALG meets the Citi target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $1.33, suggesting upside of 16.4% (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 ALG as Hold (3) -

FY19 earnings were below forecasts. Several areas remain of concern to Ord Minnett, namely Main Event sales trends, slumping earnings in theme parks and the new accounting standards, which are likely to have a material impact on operating earnings (EBITDA).

The broker maintains a Hold rating on valuation grounds and increases the target to $1.15 from $1.07.

Target price is $1.15 Current Price is $1.14 Difference: $0.01
If ALG meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $1.33, suggesting upside of 16.4% (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 ALG as Neutral (3) -

Ardent Leisure Group's FY19 result fell just shy of UBS's estimates. On the bright side, margins expanded and significant items halved on FY18, and cash conversion boomed in the second half.

New games rollouts and marketing initiatives are expected to drive a revenue recovery in FY20, but more significant items are forecast. UBS expects the company to return to profitability this year but risks remain with the coronial inquest into the 2016 accident still to come.

UBS sees few upside catalysts and retains a Neutral rating. Target price rises to $1.28 from $1.22.

Target price is $1.28 Current Price is $1.14 Difference: $0.14
If ALG meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $1.33, suggesting upside of 16.4% (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 AMA as Buy (1) -

Upon initial review, UBS analysts find AMA Group's FY19 performance contains a small "miss" at the operational level (EBITDA). No concrete guidance was provided.

Target price is $1.35 Current Price is $1.33 Difference: $0.02
If AMA meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Macquarie rates AMI as Outperform (1) -

Aurelia's profit beat the broker on a lower than expected tax expense, and net of a loss on gold price hedging. A maiden dividend of 2c was announced.

An upgrade to the base metal processing plant at Peak is key going forward, Macquarie notes, given FY20 will see revenues moving more away from gold towards base metal by-products.

Outperform retained, target rises to 60c from 55c.

Target price is $0.60 Current Price is $0.53 Difference: $0.07
If AMI meets the Macquarie target it will return approximately 13% (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

Ord Minnett rates ANZ as Hold (3) -

The Australian Prudential Regulation Authority has confirmed changes to prudential standards that reduce the exposure limit on related entities to 25% of level-1 tier-1 capital, from 50%.

As a result, Ord Minnett removes all buybacks from forecasts and assumes ANZ will use zero-discount dividend reinvestment plans to ensure it has enough capital.

The broker also removes all dividend growth from forecasts. Hold maintained. Target is lowered to $27.70 from $28.80.

Target price is $27.70 Current Price is $26.24 Difference: $1.46
If ANZ meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $27.69, suggesting upside of 5.5% (ex-dividends)

The company's fiscal year ends in September.

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

Citi rates AWC as Neutral (3) -

First half results were in line with Citi's estimates. Full year production guidance is unchanged. The company expects the alumina market to be in modest surplus following the re-start of full production at Alunorte.

Citi maintains a Neutral rating and raises the target to $2.20 from $2.10.

Target price is $2.20 Current Price is $2.12 Difference: $0.08
If AWC meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $2.38, suggesting upside of 12.0% (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: 0.2

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

Credit Suisse rates AWC as Outperform (1) -

First half net profit was slightly ahead of forecasts. Western Australian expansion is still being evaluated.

Credit Suisse observes the balance sheet is in excellent shape but, despite a solid first half, the top line will be challenged in the second half as alumina prices are depressed.

Without some pricing assistance, the broker suggests the gap between the target price and share price is likely to remain. Outperform rating and $2.70 target maintained.

Target price is $2.70 Current Price is $2.12 Difference: $0.58
If AWC meets the Credit Suisse target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $2.38, suggesting upside of 12.0% (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: 0.2

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

Macquarie rates AWC as Underperform (5) -

Alumina's result was weaker than Macquarie expected on lower earnings from the AWAC joint venture which meant a -12% miss on the dividend paid by AWAC to Alumina.

While there should be some relief in the second half from lower power and caustic soda prices and a weaker A$, a material decline in alumina prices to below the broker's forecast suggests the second half will remain tough.

Underperform retained, target falls to $1.80 from $1.90.

Target price is $1.80 Current Price is $2.12 Difference: minus $0.32 (current price is over target).
If AWC meets the Macquarie target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.38, suggesting upside of 12.0% (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: 0.2

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

Morgan Stanley rates AWC as Overweight (1) -

Morgan Stanley comments most financials in the interim report proved in-line with expectations. The dividend disappointed, but then capex guidance has been lowered and this opens up the possibility for the company to pay out a higher dividend for the full year.

Overweight rating. Industry view is Attractive and the target is $2.95. The analysts point out the industry is battling a surplus in alumina which is caused by aluminium battling slower production and sluggish demand and prices.

Dividend forecasts have been lowered.

Target price is $2.95 Current Price is $2.12 Difference: $0.83
If AWC meets the Morgan Stanley target it will return approximately 39% (excluding dividends, fees and charges).

Current consensus price target is $2.38, suggesting upside of 12.0% (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: 0.2

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

Ord Minnett rates AWC as Hold (3) -

First half 2019 underlying net profit was ahead of Ord Minnett's forecasts. Management expects some cost relief in the near term from lower caustic soda prices. Growth capital expenditure has been lowered to US$55m for 2019.

Ord Minnett believes the stock has valuation support , although the alumina price is well below estimates and there is downside risk to expectations for near-term earnings. Hold rating retained. Target is reduced to $2.50 from $2.60.

Target price is $2.50 Current Price is $2.12 Difference: $0.38
If AWC meets the Ord Minnett target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $2.38, suggesting upside of 12.0% (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: 0.2

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

UBS rates AWC as Neutral (3) -

Alumina's half year result was in line with UBS forecasts, but results were down on the year given weaker alumina prices and margins halved based on spot prices, which are trading below the broker's long-term forecast.

Production guidance was steady and 2019 growth capital expenditure was halved as WA refinery growth evaluation and feasibility studies for Wagerup and Pinjarra expansions were delayed.

Neutral rating retained. Target price steady at $2.10.

Target price is $2.10 Current Price is $2.12 Difference: minus $0.02 (current price is over target).
If AWC meets the UBS target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.38, suggesting upside of 12.0% (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: 0.2

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

Morgans rates AX1 as Add (1) -

FY19 results were slightly ahead of forecasts. Highlights for Morgans included sales growth of 14.3%. The company has made a decision to exit FY19 with a clean inventory and the broker notes significant investment in omni channel lines is paying dividends, with growth of 93%.

In contrast to other retailers, the company believes its digital sales are attracting similar profit margins to the retail stores. Add rating maintained. Target is raised to $1.72 from $1.51.

Target price is $1.72 Current Price is $1.60 Difference: $0.12
If AX1 meets the Morgans target it will return approximately 7% (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 BIN as Buy (1) -

Bingo Industries' FY19 result was operationally in line with UBS forecasts and at the bottom end of guidance. Weaker revenue was offset by improved cost control, but higher depreciation and amortisation triggered a miss on some metrics.

The residential outlook remains poor but UBS expects stronger infrastructure volumes and Dadi synergies to provide a cushion. Given recent price increases, the broker believes the company is well positioned to benefit from any upside catalysts in FY20.

Management expects solid growth in FY20 but forecasts higher capital expenditure, depreciation and amortisation and interest in outer years. UBS cuts EPS forecasts -2% to -8% across FY20-FY22.

Target price rises to $2.75 from $2.70. Buy rating retained.

Target price is $2.75 Current Price is $2.26 Difference: $0.49
If BIN meets the UBS target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $2.47, suggesting upside of 9.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Morgans rates BKW as Hold (3) -

The company expects FY19 net profit to be broadly in line with the prior year. This is below Morgans' expectations for 11% growth and, therefore, earnings forecasts are reduced accordingly.

FY19 underlying earnings (EBIT) estimates are reduced by -9%. The company has also announced the acquisition of Sioux City Brick in the US for US$32m, enhancing its position in the Midwest and Northeast.

Morgans maintains a Hold rating and reduces the target to $16.01 from $17.44.

Target price is $16.01 Current Price is $15.60 Difference: $0.41
If BKW meets the Morgans target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $17.57, suggesting upside of 12.6% (ex-dividends)

The company's fiscal year ends in July.

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

UBS rates BLD as Neutral (3) -

In initial response to today's FY19 release, UBS analysts comment some financials have been better than expected, while others missed the mark. At the bottom line level, it appears market consensus was positioned 6% higher.

Guidance for the year ahead looks quite weak and UBS analysts think market consensus will drop by between -10%-15% post the release.

Target price is $5.40 Current Price is $3.95 Difference: $1.45
If BLD meets the UBS target it will return approximately 37% (excluding dividends, fees and charges).

Current consensus price target is $5.68, suggesting upside of 43.9% (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

Macquarie rates BVS as Outperform (1) -

Bravura reported in line with Macquarie, meeting previously upgraded guidance. Management has delivered consistent organic growth, the broker notes, and now offers an additional growth avenue from acquisitions in a sector enjoying structural tailwinds.

The announced Midwinter acquisition is interesting, the broker suggests, offering attractive structural growth, regulatory tailwinds in Australia and optionality in the UK.

Outperform retained, target rises to $5.55 from $5.50.

Target price is $5.55 Current Price is $4.50 Difference: $1.05
If BVS meets the Macquarie target it will return approximately 23% (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

Ord Minnett rates CBA as Hold (3) -

Ord Minnett incorporates the new terms of sale covering the divestments of the CommInsure Life business, which appears to reduce the value of the deal to $2.375bn.

The main implications for the broker's forecasts is a -$500m reduction in the quantum of assumed share buybacks along with a slight delay in the timing.

Ord Minnett now estimates $2bn in the second half of FY20 and $1bn in the first half of FY21. The broker considers the valuation stretched and maintains a Hold rating and $74.20 target.

Target price is $74.20 Current Price is $76.56 Difference: minus $2.36 (current price is over target).
If CBA 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 $72.44, suggesting downside of -5.4% (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

Morgans rates CCL as Hold (3) -

First half results were in line with expectations. 2019 is considered a transition year, yet management is confident in mid-single digit earnings growth in 2020.

Morgans suggests, while the company may have weathered the worst, the valuation is full and only modest earnings growth is on offer. Hence, a Hold rating is maintained. Target rises to $9.95 from $8.45.

Target price is $9.95 Current Price is $10.96 Difference: minus $1.01 (current price is over target).
If CCL meets the Morgans target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.46, suggesting downside of -13.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.6

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

Citi rates CGC as Buy (1) -

First half earnings were weaker than expected. The company is cautious about the second half, given weak mushroom pricing and persistent issues with the raspberry crop.

Citi lowers estimates for earnings per share by -3% for 2019 and -10% for 2020. The broker maintains a Buy rating and reduces the target to $4.20 from $4.45.

Target price is $4.20 Current Price is $3.02 Difference: $1.18
If CGC meets the Citi target it will return approximately 39% (excluding dividends, fees and charges).

Current consensus price target is $4.23, suggesting upside of 40.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Credit Suisse rates CGC as Outperform (1) -

First half results were weaker than expected and Credit Suisse downgrades estimates. Management has guided to the potential for weakness in berry and mushroom prices.

The dilemma for the broker is whether the company is an agricultural stock or a growth business with protected markets and technological advantages.

Outperform rating maintained. Target is reduced to $4.40 from $4.50.

Target price is $4.40 Current Price is $3.02 Difference: $1.38
If CGC meets the Credit Suisse target it will return approximately 46% (excluding dividends, fees and charges).

Current consensus price target is $4.23, suggesting upside of 40.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Macquarie rates CGC as Neutral (3) -

Costa's result missed the broker and fell short of the FY18 result. The dividend was much weaker than expected, blamed on elevated capex. The company warns of downside risk to guidance.

This suggests to Macquarie earnings visibility is low. Mushroom prices continue to fall and the problem of "crumbly" raspberries appears worse than feared.

The broker retains Neutral, noting a 2019 PE of 23x remains high, suggesting the market is looking towards an earnings bottom. But the next six months will be telling. Target falls to $3.40 from $4.05.

Target price is $3.40 Current Price is $3.02 Difference: $0.38
If CGC meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $4.23, suggesting upside of 40.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

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

First half results were weaker than expected. The company has downgraded 2019 guidance and flagged further downside risk.

Morgans recognises the company has a range of growth projects which should support any earnings recovery over 2020-21, particularly when combined with a normal season.

Given the near-term uncertainty the broker downgrades to Hold from Add. Target is reduced to $3.48 from $4.77.

Target price is $3.48 Current Price is $3.02 Difference: $0.46
If CGC meets the Morgans target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $4.23, suggesting upside of 40.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

UBS rates CGC as Buy (1) -

Costa Group Holding' half-year result fell -11% short of UBS's forecasts and below recently downgraded guidance, due to weak mushroom prices, a delay in citrus and a stronger skew to the second half.

Cash flow conversion fell to just 27%. The broker notes this is the third downgrade in a year, highlighting the poor visibility for the stock, 6 out of 9 main divisions experiencing problems outside the company's control.

On the upside, UBS expects a normalisation in FY20 and says the balance sheet looks comfortable.

EPS forecasts fall -5% to -9% across FY19-FY21 and the broker sits below guidance.  Buy rating retained to reflect a strong earnings outlook, once things normalise, and the low valuation. Target price falls to $5.20 from $5.50.

Target price is $5.20 Current Price is $3.02 Difference: $2.18
If CGC meets the UBS target it will return approximately 72% (excluding dividends, fees and charges).

Current consensus price target is $4.23, suggesting upside of 40.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Macquarie rates CLQ as No Rating (-1) -

CleanTeq's -$18m loss was close enough toMacquarie's forecast. The Syreston project is development ready for nickel sulphate and cobalt sulphate production within three years. Advisors have been appointed to help secure funding for the Sunrise project.

Given the broker is on research restriction we might assume its one of them.

Current Price is $0.35. Target price not assessed.

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

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

Citi rates DOW as Buy (1) -

FY19 results were slightly ahead of guidance. Citi observes the company has started FY20 with a clean slate and improved cash flow.

The potential sale of the mining segment represents a positive catalyst, in the broker's view, given that a sale, along with a share buyback, will be accretive.

Guidance for FY20 was weaker than expected, as it is negatively affected by a number of problem contracts. Buy rating maintained. Target rises to $8.80 from $8.50.

Target price is $8.80 Current Price is $7.74 Difference: $1.06
If DOW meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $7.97, suggesting upside of 3.0% (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 EBO as Downgrade to Underperform from Neutral (5) -

FY19 underlying earnings were ahead of expectations. The business continues to make steady progress despite the pressures, Credit Suisse observes.

The company has distinguished itself as a high-quality operator in wholesale pharmaceutical supply but a number of factors constrain the broker's valuation, including limited wholesale remuneration growth and competitive pressures.

Rating is downgraded to Underperform from Neutral. Target is raised to NZ$21.75 from NZ$21.00.

Current Price is $22.54. Target price not assessed.

Current consensus price target is $24.04, suggesting upside of 6.6% (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 EPW as Downgrade to Hold from Add (3) -

Shell has launched an unconditional cash takeover offer at $2.465 per share. The board has unanimously recommended the offer. The offer will be reduced to reflect any cash paid as dividends.

Morgans believes the deal is likely to proceed and suggests the risk of missing out on the offer premium is low.

Morgans found the FY19 result solid, despite some misses on retail sales volumes. The outlook for FY20 is stronger and the energy solutions division is expected to break even.

Morgans downgrades to Hold from Add and raises the target to $2.47 from $2.05.

Target price is $2.47 Current Price is $2.45 Difference: $0.02
If EPW meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $2.46, suggesting upside of 0.5% (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 EVT as Hold (3) -

FY19 results highlight a challenging environment across a number of divisions. Ord Minnett suggests the market is well aware of the challenges but remains attracted to the business because of the inherent value in the undeveloped property assets.

This is likely to deliver a step-change in earnings in the future, in the broker's view, albeit this is five years away. Ord Minnett maintains a Hold rating and reduces the target to $13.34 from $13.99.

Target price is $13.34 Current Price is $12.35 Difference: $0.99
If EVT meets the Ord Minnett target it will return approximately 8% (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

Ord Minnett rates FLT as Buy (1) -

FY19 results were ahead of estimates. Ord Minnett highlights the importance of the Australian business, given it typically generates higher revenue margins.

The broker remains cautiously optimistic about the outlook, given the material leverage to any improvement in leisure volumes.

The Americas stood out as the best performer in FY19, with material new client gains. Ord Minnett retains a Buy rating and reduces the target to $52.11 from $52.47.

Target price is $52.11 Current Price is $46.99 Difference: $5.12
If FLT meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $49.34, suggesting upside of 5.0% (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

UBS rates FMG as Neutral (3) -

In initial commentary post the release of FY19 financials, UBS notes the performance is slightly better-than-expected on multiple items.

Target price is $6.60 Current Price is $7.18 Difference: minus $0.58 (current price is over target).
If FMG meets the UBS target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.28, suggesting upside of 15.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.1

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

Morgans rates GDF as Hold (3) -

FY19 results were in line with guidance. FY20 distribution guidance is 9c per security, implying a distribution yield of around 6.2%.

Morgans notes the near-term focus is on the leasing outcomes on the Botanicca 9 asset in Melbourne as well as the Wacol and Berrinba industrial projects in Brisbane.

Hold rating and $1.45 target maintained.

Target price is $1.45 Current Price is $1.46 Difference: minus $0.01 (current price is over target).
If GDF meets the Morgans 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:

Market Sentiment: 0.0

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

UBS rates GEM as Buy (1) -

Initial commentary post the release of FY19 financials suggests the bottom line missed market consensus by some -6%.

Target price is $3.80 Current Price is $2.30 Difference: $1.5
If GEM meets the UBS target it will return approximately 65% (excluding dividends, fees and charges).

Current consensus price target is $3.43, suggesting upside of 49.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.6

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

Citi rates GMG as Buy (1) -

FY19 results were slightly ahead of expectations. FY20 distribution guidance is maintained at 30c per security and implies a 53% pay-out ratio.

Citi lifts FY20 and FY21 estimates by 1%. Buy rating maintained. Target is raised to $17.60 from $17.00.

Assets under management continue to track ahead of forecasts and the broker believes the fundamentals of the portfolio are getting stronger. Options are retained on the balance sheet, with gearing relatively low.

Target price is $17.60 Current Price is $15.28 Difference: $2.32
If GMG meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $15.36, suggesting upside of 0.5% (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 GMG as Outperform (1) -

Goodman Group posted earnings in line with Macquarie's forecast. Earnings risk is to the upside, the broker suggests, given solid business drivers for FY20.

Amid a positive outlook Goodman continues to find development opportunities that grow assets under management in the logistics space.

Outperform retained, target rises to $17.38 from $16.48.

Target price is $17.38 Current Price is $15.28 Difference: $2.1
If GMG meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $15.36, suggesting upside of 0.5% (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

Ord Minnett rates GMG as Sell (5) -

FY19 operating profit was in line with Ord Minnett's forecast. The company is guiding to strong earnings growth in FY20 of 9%, driven by higher management, investment and performance fees.

Ord Minnett believes this is a well-run business with positive thematics and a solid balance sheet. However, the broker considers the business is over-earning and trading on elevated multiples.

Sell rating maintained. Target is raised to $12.20 from $11.80.

Target price is $12.20 Current Price is $15.28 Difference: minus $3.08 (current price is over target).
If GMG meets the Ord Minnett target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $15.36, suggesting upside of 0.5% (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 GMG as Neutral (3) -

Goodman Group's FY19 result pleased UBS, thanks to strong demand, strong performance and strong investment. Gearing rose slightly to reflect investment in income-producing investments.

A Global Warehouse User Survey shows demand will outstrip supply, which should underpin the stock, and UBS expects the company will continue to benefit from structural tailwinds through FY20.

EPS forecasts rise 1% to 3% across FY20-FY22 to reflect higher revenue and changes to accounting standards. Target price rises to $15.60 from $15.20 and Neutral rating retained.

Target price is $15.60 Current Price is $15.28 Difference: $0.32
If GMG meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $15.36, suggesting upside of 0.5% (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

Ord Minnett rates GOZ as Hold (3) -

The company has reiterated a strategy of delivering sustainable distribution growth. Ord Minnett expects growth of 2-2.5% per year for the next five years in distributions per share.

The company has reduced gearing to 30% from 35% and increased its free float by 50%. Ord Minnett maintains a Hold rating and raises the target to $4.35 from $4.15.

Target price is $4.35 Current Price is $4.33 Difference: $0.02
If GOZ meets the Ord Minnett target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $4.01, suggesting downside of -7.5% (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 HSN as Buy (1) -

FY19 earnings were slightly ahead of guidance. Ord Minnett also believes the low end of the $70-76m operating earnings (EBITDA) guidance range reflects an overly cautious view on the Sigma pipeline conversion.

The broker believes there is significant potential for a re-rating if management can execute successfully and deliver higher organic growth. Buy rating maintained. Target rises to $4.26 from $3.95.

Target price is $4.26 Current Price is $3.56 Difference: $0.7
If HSN meets the Ord Minnett target it will return approximately 20% (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

UBS rates IFL as Sell (5) -

Upon initial appraisal, it appears today's FY19 financials missed market expectations on multiple items, including underlying profits and declared dividend. More remediation costs do not surprise UBS. No guidance for the year ahead was provided.

Target price is $5.15 Current Price is $4.86 Difference: $0.29
If IFL meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $5.38, suggesting upside of 10.7% (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

Credit Suisse rates IRE as Neutral (3) -

First half results were in line with expectations and Credit Suisse is confident in the outlook and guidance. The broker highlights that, for the first time in a while, Asia-Pacific financial markets revenue growth exceeded estimates.

There is no major change envisaged in the UK outlook. Neutral rating maintained along with a $14.05 target.

Target price is $14.05 Current Price is $12.33 Difference: $1.72
If IRE meets the Credit Suisse target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $13.97, suggesting upside of 13.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Morgans rates IRE as Add (1) -

Morgans found the first half results solid, with the European wealth management software business doing the heavy lifting.

The earnings growth rate remains modest but the broker suggests the quality of new clients means future revenue & earnings growth is bankable.

Add rating maintained. Target rises to $15.00 from $14.52.

Target price is $15.00 Current Price is $12.33 Difference: $2.67
If IRE meets the Morgans target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $13.97, suggesting upside of 13.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Ord Minnett rates IRE as Hold (3) -

First half results were in line with FY19 guidance. Ord Minnett found the report messy, given an acquisition was spread across three divisions and amid the initial adoption of accounting changes.

Given segment profit grew 5%, the broker notes some evidence of margin expansion but remains keen to observe more progress and a clean result. Hold rating maintained and the target is raised to $13.14 from $12.92.

Target price is $13.14 Current Price is $12.33 Difference: $0.81
If IRE meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $13.97, suggesting upside of 13.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

UBS rates JHC as Neutral (3) -

Upon initial review, it appears FY19 financials met expectations but guidance for the year ahead implies a notable "miss" vis a vis market consensus.

Target price is $1.20 Current Price is $1.04 Difference: $0.16
If JHC meets the UBS target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $1.26, suggesting upside of 20.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.3

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

Macquarie rates KLL as Reinstate coverage with Outperform (1) -

The broker is back from restriction after advising on the Kalium Lakes capital raising which was larger than the analysts expected. But the raising means funding for Beyondie is now complete and construction should be finished in late 2020 with a healthy cash balance still is place for the ramp-up.

Outperform reinstated, target falls to 90c from $1.00 on dilution.

Target price is $0.90 Current Price is $0.49 Difference: $0.41
If KLL meets the Macquarie target it will return approximately 84% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Morgans rates KSL as Add (1) -

First half net profit was in line with expectations. Loan growth was weaker than Morgans expected, offset by strong FX performance. Costs were well contained and credit quality remains sound.

The broker lowers estimates for 2019 and 2020 by 1-3% on slightly reduced loan growth and margin forecasts. Add rating maintained. Target rises to $1.51 from $1.45.

Target price is $1.51 Current Price is $1.34 Difference: $0.17
If KSL meets the Morgans target it will return approximately 13% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 1.0

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

Credit Suisse rates MYX as Neutral (3) -

FY19 earnings were in line with estimates. The first half outlook appears challenging to the broker as earnings continue to be affected by the increased competition in key generic products.

The broker does expect double-digit earnings growth in FY20 and finds merit in the company's strategy to shift to the more stable earnings profile in specialty brands.

Neutral rating maintained. Target rises to $0.60 from $0.58.

Target price is $0.60 Current Price is $0.48 Difference: $0.12
If MYX meets the Credit Suisse target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $0.57, suggesting upside of 18.2% (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 MYX as Underperform (5) -

Mayne Pharma's profit fell short of expectation but earnings were in line. Key pipeline products are expected to contribute over the medium to longer term but recent data highlight challenging conditions for key generic products, Macquarie notes. Competing brands have seen solid initial take-up in Specialty Products.

The broker awaits new approvals and launches, evidence of improved volumes in Specialty Products and delivery of cost-outs before moving off Underperform. Target unchanged at 51c.

Target price is $0.51 Current Price is $0.48 Difference: $0.03
If MYX meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $0.57, suggesting upside of 18.2% (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 MYX as Neutral (3) -

Mayne Pharma's FY19 earnings fell -20% shy of UBS estimates after logging a one-off cost adjusment and a A$352m intangible impairment.

Net operating cash flow fell but second-half gross cash conversion improved. At a divisional revenue level, results were mixed.

UBS expects a series of product launches and operating expenditure leverage (thanks to a cost-out and manufacturing efficiencies) will drive an improvement in FY20.

Target price rises to 56c from 53c and Neutral rating retained.

Target price is $0.56 Current Price is $0.48 Difference: $0.08
If MYX meets the UBS target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $0.57, suggesting upside of 18.2% (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

Citi rates ORE as Buy (1) -

FY19 net profit was below Citi's estimate. Lithium carbonate production in FY20 is expected to be at least 5% above FY19, implying capacity utilisation is static, at 75-80%.

Citi notes the commercial strategy is to secure 50-70% of volumes on long-term pricing to better predict margins and negotiations are ongoing.

Buy/High Risk rating maintained. Target is reduced to $3.50 from $3.90.

Target price is $3.50 Current Price is $2.24 Difference: $1.26
If ORE meets the Citi target it will return approximately 56% (excluding dividends, fees and charges).

Current consensus price target is $3.83, suggesting upside of 70.9% (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 ORE as Outperform (1) -

FY19 results were slightly ahead of estimates. Credit Suisse notes the accounting change will help further analysis and comparison to peers but makes FY19 reports messy.

There is nothing in the result to change the broker's investment view. The lithium price outlook continues to be disappointing, although this aligns with market pricing trends and peer reporting.

Outperform rating maintained. Target is reduced to $4.50 from $4.90.

Target price is $4.50 Current Price is $2.24 Difference: $2.26
If ORE meets the Credit Suisse target it will return approximately 101% (excluding dividends, fees and charges).

Current consensus price target is $3.83, suggesting upside of 70.9% (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

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

Macquarie suggests Orocobre's result was slightly softer than expected on a profit -15% below forecast. While FY20 production is forecast to exceed FY19, lithium pricing headwinds remain the issue.

A debt facility has been finalised to finance Olaroz stage 2 but on lithium pricing pressure the broker downgrades to Neutral from Outperform. Target falls to $2.50 from $3.30.

Target price is $2.50 Current Price is $2.24 Difference: $0.26
If ORE meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $3.83, suggesting upside of 70.9% (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 ORE as Equal-weight (3) -

Morgan Stanley saw Orocobre missing expectations with production guidance for FY20, as well as with price guidance for Q3. The analysts can see "value" in the stock, but they also require improvement in operational performance before turning more positive.

Equal-weight rating, $2.75 target and Attractive industry view maintained.

Target price is $2.75 Current Price is $2.24 Difference: $0.51
If ORE meets the Morgan Stanley target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $3.83, suggesting upside of 70.9% (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

UBS rates ORE as Neutral (3) -

Orocobre's FY19 result fell -12% shy of the broker, weaker lithium carbonate prices driving tighter margins (58% from 67% year on year).

FY20 production guidance increases 5% on FY19. UBS notes long-term fundamentals are intact and believes the company presents a compelling investment case.

Target price is steady at $3.50. Neutral rating retained, pending a recovery in the lithium market.

Target price is $3.50 Current Price is $2.24 Difference: $1.26
If ORE meets the UBS target it will return approximately 56% (excluding dividends, fees and charges).

Current consensus price target is $3.83, suggesting upside of 70.9% (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 ORG as Equal-weight (3) -

The analysts note how the balance sheet repair is now complete, allowing for the return of dividends to shareholders. Already early growth initiatives are emerging. Morgan Stanley prefers Origin Energy over AGL Energy ((AGL)), but retains an Equal-weight rating.

All in all, the analysts comment the FY19 result is consistent with their forecasts, including the outlook. In terms of exposure to oil and gas, they see better alternatives elsewhere, which explains why the rating doesn't move higher up the ranking.

Target is $7.77, up 10c. Industry view is Cautious.

Target price is $7.77 Current Price is $7.33 Difference: $0.44
If ORG meets the Morgan Stanley target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $8.36, suggesting upside of 14.0% (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 PLS as No Rating (-1) -

Pilbara's profit result was in line after a shortfall in revenue, due to increased capitalisation, was offset by lower than expected operating costs.

The broker remains under research restriction.

Current Price is $0.36. Target price not assessed.

Current consensus price target is $0.70, suggesting upside of 94.4% (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 PPT as Neutral (3) -

FY19 net profit was in line with forecasts. The final dividend of $1.25 was ahead of expectations, with the pay-out ratio at the top end of the 80-100% range.

The company's strategy is now focused on growing revenue with limited additional cost. Credit Suisse lowers FY20 estimates for underlying net profit by -3%, largely on the lower exit revenue margin in Perpetual Investments.

Neutral rating and $37.45 target maintained.

Target price is $37.45 Current Price is $34.74 Difference: $2.71
If PPT meets the Credit Suisse target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $37.60, suggesting upside of 8.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.1

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

Citi rates QUB as Sell (5) -

Citi forecasts FY20 underlying earnings of $198m, downwardly revising estimates by -4% to reflect a slower ramp up at Moorebank and slower growth in infrastructure & property.

Management expects no change to underlying conditions, which the broker interprets as sustained competitiveness in logistics and continued strength in the bulk division.

Sell rating maintained, with the broker noting some downside risk to forecasts if weaker operating conditions transpire in FY20. Target is raised to $2.70 from $2.40.

Target price is $2.70 Current Price is $3.20 Difference: minus $0.5 (current price is over target).
If QUB meets the Citi target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.94, suggesting downside of -8.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.1

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

Macquarie rates RDY as Outperform (1) -

ReadyTech's FY19 profit beat the prospectus by 10% and high forward visibility provides confidence in delivery of 2019 prospectus numbers, Macquarie suggests. The balance sheet is solid, providing the opportunity to pursue organic and acquisitive growth from a buoyant education and employment pipeline.

Re-rating potential is significant if additional tertiary education contracts are won, the broker notes. Valuation is undemanding for a software company with a strong growth outlook. Outperform and $2.20 target retained.

Target price is $2.20 Current Price is $1.74 Difference: $0.46
If RDY meets the Macquarie target it will return approximately 26% (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

Ord Minnett rates REG as Buy (1) -

FY19 net profit, down -17%, was in line with guidance and Ord Minnett's forecasts. The broker suggests, while Regis Healthcare has fewer opportunities than its listed peers to offset the impact of expenses growth, it is a most efficient operator in the sector.

With a proven track record for development, the broker prefers the stock to its peers. Buy rating is maintained. Target is raised to $3.15 from $3.00.

Target price is $3.15 Current Price is $2.90 Difference: $0.25
If REG meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $2.92, suggesting upside of 0.8% (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

Citi rates SGF as Neutral (3) -

The company estimates that around $15-20m in FY20 income will shift to future years. Citi assumes $18m is moved from FY20. This does not materially affect valuation.

The broker points out income is being spread, not lost. In light of the revisions and the adjusted funding model, the target is reduced to $3.11 from $3.17. Neutral rating maintained.

Target price is $3.11 Current Price is $2.82 Difference: $0.29
If SGF meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $2.89, suggesting upside of 2.4% (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 SGF as Equal-weight (3) -

Morgan Stanley observes FY19 underlying earnings beat both consensus and its own forecast. The guidance implies near term headwinds for longer term stability, say the analysts.

Given the share price rally beforehand, this may act as a headwind for the share price short term seems to be the suggestion made.

Equal-weight reiterated. Target is $2.60 (unchanged). Industry view is In-Line.

Target price is $2.60 Current Price is $2.82 Difference: minus $0.22 (current price is over target).
If SGF meets the Morgan Stanley target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.89, suggesting upside of 2.4% (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

Citi rates SGM as Buy (1) -

FY19 results were ahead of expectations and Citi notes the best quarterly performance in over five years. The company has improved product quality and is now well-positioned to meet China's new category 6 restrictions.

While recognising the risk of slower global growth and escalating trade tensions, the company expects 3.5% growth in ferrous and non-ferrous scrap volumes plus significant growth in cloud recycling.

No quantitative guidance was provided. Citi maintains a Buy rating and raises the target to $12.50 from $11.50.

Target price is $12.50 Current Price is $10.27 Difference: $2.23
If SGM meets the Citi target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $11.42, suggesting upside of 11.2% (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 SGM as Outperform (1) -

FY19 results were in line with expectations. Credit Suisse finds the market outlook challenged but commentary on specific segments appears positive.

Some improvement in US volumes is projected. The broker maintains an Outperform rating and $12.90 target.

Target price is $12.90 Current Price is $10.27 Difference: $2.63
If SGM meets the Credit Suisse target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $11.42, suggesting upside of 11.2% (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 SGM as Neutral (3) -

Sims reported slightly ahead of expectation, pointing to improved execution, Macquarie suggests, and early signs of aspects of the company's revised strategy having effect. Market conditions also appear to have stabilised somewhat.

The stock is trading at a -39% discount to the All Industrials against an historical average of +10%, but the broker remains concerned a slowing global economy will weigh in the near term. Neutral retained, target falls to $11.70 from $12.85.

Target price is $11.70 Current Price is $10.27 Difference: $1.43
If SGM meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $11.42, suggesting upside of 11.2% (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 SGM as Equal-weight (3) -

Morgan Stanley spotted a "solid" FY19 performance that was slightly better-than-expected. Strong cash flows proved another positive surprise. The analysts note all this was achieved against a background of challenging market dynamics.

Management did not provide any concrete guidance, the analysts note. Equal-weight rating retained. Price target left intact at $10.50. Industry view is Cautious.

Target price is $10.50 Current Price is $10.27 Difference: $0.23
If SGM meets the Morgan Stanley target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $11.42, suggesting upside of 11.2% (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 SGM as Hold (3) -

FY19 underlying net profit was ahead of Ord Minnett's forecasts. Management has indicated trading conditions are challenging and the broker believes the upside potential will be limited. FY20 earnings (EBIT) of $243m is forecast.

The broker notes nothing in the outlook commentary indicated the company was expecting a material recovery, or deterioration for that matter, in the present trading environment.

Hence, Ord Minnett believes the earnings achieved in the second half form a reasonable base in order to derive FY20 forecasts. Hold rating and $11 target maintained.

Target price is $11.00 Current Price is $10.27 Difference: $0.73
If SGM meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $11.42, suggesting upside of 11.2% (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 SGM as Sell (5) -

Sims Metal Management"s FY19 result was in line with UBS, thanks to a huge bump in the fourth quarter (earnings were roughly 1:5 between the third and final quarters).

UBS says the final quarter blip was supported by internal initiatives that offset weak non-ferrous prices and it questions sustainability. The broker also notes a poor safety performance in the June half.

Management has not provided guidance for FY20 but says the trading environment remains challenging (non-ferrous sales to China, declining vehicle demand, and trade disruptions), and the broker forecasts margin pressure.

Sell rating maintained. Target is raised to $9.90 from $9.40.

Target price is $9.90 Current Price is $10.27 Difference: minus $0.37 (current price is over target).
If SGM meets the UBS target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.42, suggesting upside of 11.2% (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 STO as Neutral (3) -

First half results were ahead of Credit Suisse estimates. The broker maintains a Neutral rating on the back of reduced production costs, a lower cash tax take in the first half and increasing Dorado value.

Most of the upside is considered priced in, with downside risks including the long-term sustainability of onshore production and uncertainty in PNG. Target is raised to $6.72 from $6.44.

Target price is $6.72 Current Price is $7.04 Difference: minus $0.32 (current price is over target).
If STO 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 $7.62, suggesting upside of 8.3% (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: 0.6

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

UBS rates SWM as Buy (1) -

Seven West Media's FY19 result was in line with recently downgraded guidance but the result included an AASB16 benefit that neither UBS or consensus had factored into estimates.

The company guided to falls in revenue and market share. The balance sheet remains constrained but the company is not ruling out M&A activity.

UBS cuts EPS forecast by roughly -13%. Target price falls to 50c from 55c and Buy rating retained.

Target price is $0.50 Current Price is $0.38 Difference: $0.12
If SWM meets the UBS target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $0.44, 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 SXL as Neutral (3) -

Southern Cross Media's FY19 result was in line with the broker. Management did not provide guidance but reports early weakness in metro radio markets, which it expects should turn around in September, and lower costs thanks to declining TV advertising revenue.

Overall, the company managed to offset radio market weakness with gains in market share and the balance sheet is respectable, net debt continuing to fall.

Neutral rating retained. Target price steady at $1.25.

Target price is $1.25 Current Price is $1.19 Difference: $0.06
If SXL meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $1.16, suggesting downside of -2.3% (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 VVR as Hold (3) -

First half earnings were in line with estimates. The company has reiterated guidance for 2019 distribution growth of 3.0-3.75%.

Ord Minnett suspects the company will beat this number, driven by acquisitions and developments. The broker forecasts distributable earnings growth of 4.5% in 2019.

Hold rating maintained with the target raised to $2.60 from $2.45.

Target price is $2.60 Current Price is $2.89 Difference: minus $0.29 (current price is over target).
If VVR meets the Ord Minnett target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Credit Suisse rates WEB as Outperform (1) -

FY19 earnings were better than Credit Suisse expected although there was a benefit from the pulling forward of acquisition synergies. The broker believes the main driver of recent weakness in the share price has been investor concerns around downgrades to FY20.

External factors, including a subdued Australian consumer and weakness at Thomas Cook have negatively affected the outlook. Credit Suisse reduces forecasts for FY20 operating earnings (EBITDA) by -13% but now believes earnings have hit a base.

Outperform rating maintained. Target is reduced to $14 from $17.

Target price is $14.00 Current Price is $12.31 Difference: $1.69
If WEB meets the Credit Suisse target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $15.70, suggesting upside of 27.5% (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 WHC as Overweight (1) -

As the coal producer has entered a binding agreement to purchase an additional 7.5% of the Narrabri Mine for US$72m, bringing its stake up to 77.5%, Morgan Stanley analysts suggest this could be a positive signal for the mine.

The analysts also point out this transaction places no significant strain on the company's cash balance. The broker maintains an Overweight rating, Attractive industry view and $4.75 target.

Target price is $4.75 Current Price is $3.27 Difference: $1.48
If WHC meets the Morgan Stanley target it will return approximately 45% (excluding dividends, fees and charges).

Current consensus price target is $4.42, suggesting upside of 35.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.9

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