Australian Broker Call

Macquarie rates AGL as Outperform (1) -

Victorian retailers have gazetted new pricing structures for 2017, the first re-pricing since the announcement that Hazelwood would close.

Macquarie believes the missing element in the company's growth story has been a willingness to lift retail prices to reflect rising wholesale prices. While there are numerous adjustments to be made, it appears to the broker that AGL's basic residential tariff has increased 16%.

The broker believes the upside for investors is ongoing earnings upgrades, as confidence in re-pricing emerges. An Outperform rating is retained and the target is $22.89.

Target price is $22.89 Current Price is $20.93 Difference: $1.96
If AGL meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $21.64, suggesting upside of 3.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.6

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

Citi rates FPH as Buy (1) -

Citi expects the company will gain market share in 2017 in masks, mainly at the expense of Philips.The broker estimates  masks growth at 11% in the first half.

The company has a very small market share, currently, in the nasal pillow market but this is expected to improve following the launch of the Brevida in the US in the first half. Target NZ$11.00. Buy.

Current Price is $7.94. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in March.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.4

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

Morgans rates GDF as Add (1) -

The company has announced a $20m private placement at $1.08, with funds to be used to pay down debt. FY17 distribution guidance is unchanged at 9.4c.

Morgans expects future catalysts to include accretive acquisitions, given the balance sheet capacity post the capital raising. Add rating retained. Target is raised to $1.13 from $1.11.

Target price is $1.13 Current Price is $1.06 Difference: $0.07
If GDF meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 1.0

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

Credit Suisse rates HSO as Neutral (3) -

Credit Suisse observes the recent slowing in Australia private hospital volume growth has raised concerns regarding the cause and whether this is cyclical or a more entrenched structural change.

The broker is yet to reach a definitive conclusion but understands the implications of changes to volumes could be significant. In aggregate Credit Suisse calculates volume growth of 3.5% per annum to FY30.

The broker incorporates revised volume growth assumptions into forecasts. Neutral retained. Target falls to $2.40 from $2.50.

Target price is $2.40 Current Price is $2.27 Difference: $0.13
If HSO meets the Credit Suisse target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $2.61, suggesting upside of 13.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.4

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

Citi rates IAG as Neutral (3) -

The earnings growth profile looks better than Citi was previously forecasting. The broker is still uncertain as to how much of the targeted $250m in savings will find its way to the bottom line.

Citi notes the company is reluctant to be strongly optimistic but the commercial lines environment appears to be improving and solid increases in personal lines are being achieved.

Citi believes the stock is relatively fully priced, despite the potential for an enhanced growth profile. Neutral retained. Target rises to $5.80 from $5.35.

Target price is $5.80 Current Price is $5.85 Difference: minus $0.05 (current price is over target).
If IAG meets the Citi target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.70, suggesting downside of -2.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.1

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

Credit Suisse rates IAG as Underperform (5) -

The company has provided 3-5-year growth and earnings forecasts, which imply around 10% per annum growth in earnings per share over the next four years.

Credit Suisse does not believe the targets are likely to be achieved and will be difficult to measure in five years time, but remains encouraged by management's focus on costs in a difficult insurance environment.

The broker does not consider the stock's peak multiple to be justified and maintains an Underperform rating and $5.65 target.

Target price is $5.65 Current Price is $5.85 Difference: minus $0.2 (current price is over target).
If IAG meets the Credit Suisse target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.70, suggesting downside of -2.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.1

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

Macquarie rates IAG as Neutral (3) -

The company has confirmed FY17 guidance and outlined its strategy at an investor briefing. Long-term targets are ahead of Macquarie's expectations and would require additional capital and earnings optimisation via quota share arrangements.

Cost reductions are in line with expectations. Macquarie maintains a Neutral rating and reduces the target to $5.70 from $5.80.

Target price is $5.70 Current Price is $5.85 Difference: minus $0.15 (current price is over target).
If IAG meets the Macquarie target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.70, suggesting downside of -2.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.1

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

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

The company appears well able to navigate the technology-driven changes which confront the industry, in Morgan Stanley's opinion, and the business appears confident that the $250m in benefit from targeted savings by FY19 will be captured in the margin.

Equal-weight rating retained and target raised to $6.00 from $5.60. Industry view is In-Line.

Target price is $6.00 Current Price is $5.85 Difference: $0.15
If IAG meets the Morgan Stanley target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $5.70, suggesting downside of -2.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.1

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

Ord Minnett rates IAG as Hold (3) -

The company has reaffirmed guidance for FY17 margins of 12.5-14.5%. The company also notes there are signs of improvement in the commercial market in Australia. Ord Minnett believes the company should also benefit from entry into the South Australian CTP market.

Insurance Australia Group has the strongest brands and offers the most conservative guidance among the general insurance stocks the broker covers. The industry is now experiencing premium rate increases across most business lines in Australasia.

The broker considers the share price is a little high to warrant an upgrade and maintains a Hold rating. Target is raised to $6.10 from $5.90.

Target price is $6.10 Current Price is $5.85 Difference: $0.25
If IAG meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $5.70, suggesting downside of -2.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.1

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

UBS rates IAG as Neutral (3) -

Since listing in 2000, IAG's strategy has been all about acquisitive growth, the broker notes. Yesterday's investor day signalled a fundamental change in direction, towards organic growth in gross written premiums and expense reduction.

IAG has fallen short on these measures in recent years, the broker notes, thus the news is positive, but it's also "uncharted waters" for the insurer, so the broker prefers to remain conservative at this stage. Neutral retained, target rises to $5.60 from $5.40.

Target price is $5.60 Current Price is $5.85 Difference: minus $0.25 (current price is over target).
If IAG 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 $5.70, suggesting downside of -2.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.1

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

Ord Minnett rates NSR as Accumulate (2) -

Ord Minnett has undertaken an analysis of the company's income statement to work out how much operating cash flow is generated at the property level versus the corporate level, and to more accurately understand the earnings outlook post the acquisition of the Heitman portfolio.

A key observation is that around $875m In freehold assets reflect a net income yield of 7.2%. Ord Minnett reiterates an Accumulate rating and raises its target to $1.52 from $1.49.

Target price is $1.52 Current Price is $1.50 Difference: $0.02
If NSR meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $1.58, suggesting upside of 5.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.1

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

Macquarie rates OSH as Outperform (1) -

Macquarie increases forecasts for trains one and two of PNGLNG and delayed expectations for the two-train expansion, as well as reduced oil production estimates.

Despite the delay to the two trains, the broker remains confident of their development. The stock remains the broker's pick of the large energy stocks. Outperform retained. Target is raised to $8.50 from $8.40.

Target price is $8.50 Current Price is $6.99 Difference: $1.51
If OSH meets the Macquarie target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $7.82, suggesting upside of 12.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

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 PTM as Neutral (3) -

Performance of the company's key funds was weak in November, and performance and outflows are envisaged to remain a drag on funds under management.

Macquarie retains a Neutral rating and reduces the target to $4.80 from $4.86.

Target price is $4.80 Current Price is $5.43 Difference: minus $0.63 (current price is over target).
If PTM meets the Macquarie target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.77, suggesting downside of -11.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.8

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

Morgan Stanley rates PTM as Underweight (5) -

Morgan Stanley estimates that outflows were steadying in November. The prospect of a buy-back supports the share price and the broker expects an improvement in flows will probably take time.

Morgan Stanley estimates around $1.2bn in outflows in FY17 to date, increasing the downside risks to its below-consensus forecasts.

Underweight rating is retained. Target is $4.50. In-Line sector view retained.

Target price is $4.50 Current Price is $5.43 Difference: minus $0.93 (current price is over target).
If PTM meets the Morgan Stanley target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.77, suggesting downside of -11.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.8

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

Credit Suisse rates RHC as Neutral (3) -

Credit Suisse observes the recent slowing in Australia private hospital volume growth has raised concerns regarding the cause and whether this is cyclical or a more entrenched structural change.

The broker is yet to reach a definitive conclusion but understands the implications of changes to volumes could be significant. In aggregate Credit Suisse calculates volume growth of 3.5% per annum to FY30.

Revised base case volume growth assumptions are incorporated into forecasts. Neutral retained. Target falls to $75 from $79.

Target price is $75.00 Current Price is $68.54 Difference: $6.46
If RHC meets the Credit Suisse target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $79.17, suggesting upside of 14.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.2

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

Citi rates RMD as Buy (1) -

Citi expects the company will gain market share in 2017 in masks, mainly at the expense of Philips.The broker estimates  masks growth at 11% in the first half.

The broker considers the stock to be attractively valued. Buy rating maintained with a $9.93 target.

Target price is $9.93 Current Price is $8.08 Difference: $1.85
If RMD meets the Citi target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $9.08, suggesting upside of 10.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

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

Market Sentiment: 0.7

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

Macquarie rates SGP as Neutral (3) -

The company has confirmed free funds from operations forecasts for growth of 5-7%. On an underlying basis, Macquarie believes this implies 4-5% growth.

The broker considers the risk of disappointing earnings is low, with cost contingencies now greater than 5% and no release of the provisions in the residential business factored into company guidance.  Neutral rating and $4.34 target retained.

Target price is $4.34 Current Price is $4.40 Difference: minus $0.06 (current price is over target).
If SGP meets the Macquarie target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.73, suggesting upside of 7.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.4

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

Credit Suisse rates SGR as Outperform (1) -

Credit Suisse notes press reports about a merger with Sky City, which are conflicting. The broker notes both companies are heavily dependent on junkets to promote their VIP products, but does not assume that either casino team can improve the other's operations substantially.

A nil premium merger in proportion to market capitalisation is the only thing that can be contemplated by Star Entertainment management if Sky City is considered a target, in the broker's opinion. Hence, at this point, it appears difficult for a deal to proceed.

Outperform rating and $6.50 target retained.

Target price is $6.50 Current Price is $5.20 Difference: $1.3
If SGR meets the Credit Suisse target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $6.27, suggesting upside of 20.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 1.0

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

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

Morgan Stanley reduces earnings estimates for FY17-18 again, earnings per share by -40% in FY17 and -30% in FY18. This may not be the last downgrade, the broker suspects, but when operating leverage does reverse it is likely to surprise on the upside.

At a strategic level, the broker is focused on the transition to a more annuity-style model but has no visibility on the timing or specific value proposition.

Equal-weight retained. Target is lowered to $1.15 from $1.65. In-Line sector view.

Target price is $1.15 Current Price is $1.19 Difference: minus $0.035 (current price is over target).
If SMX meets the Morgan Stanley target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.26, suggesting upside of 7.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

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

Citi rates STO as Buy (1) -

The company has reduced its break-even estimate for 2016 down to US$39/bbl. Positive momentum through the year suggests 2017 will be lower again.

Citi believes guidance of 6mtpa from GLNG is conservative and equity production capacity plus third-party gas contracts still suggest sufficient gas to get to over 7.2mtpa in 2019.

The broker considers the latest news to be neutral, with benefits from cost reductions offset by a lack of definitive 2017 operating expenditure guidance and soft GLNG guidance.

A Buy rating is retained and the target reduced to $5.82 from $6.02.

Target price is $5.82 Current Price is $4.27 Difference: $1.55
If STO meets the Citi target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $4.91, suggesting upside of 14.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

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

Market Sentiment: 0.5

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

Credit Suisse rates STO as Underperform (5) -

Despite the company re-affirming capital expenditure guidance for GLNG, Credit Suisse is unable to truly believe that this project  has become the lowest cost, undeveloped 2P reserve in Australia.

Santos has confirmed a 3-year ramp to a plateau of around 6mtpa, in line with the broker's recent assessment. Whilst hopes are for the plant to run higher thereafter, the broker does not envisage more equity gas or third-party gas will be available.

Underperform retained. Credit Suisse maintains its concerns regarding the true break even level for free cash flow at GLNG, and reduces the target to $3.10 from $3.50.

Target price is $3.10 Current Price is $4.27 Difference: minus $1.17 (current price is over target).
If STO meets the Credit Suisse target it will return approximately minus 27% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.91, suggesting upside of 14.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

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

Market Sentiment: 0.5

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

Deutsche Bank rates STO as Buy (1) -

Overall, Deutsche Bank analysts concluded Santos' Investor Day was "a slightly mixed bag". The underlying thesis has remained unchanged: the company remains strongly positioned to benefit from a recovering oil price and this will drive de-gearing of the balance sheet.

The analysts also laud the increased visibility on the production profile of GLNG, but a disappointment was the slowing of the ramp up. Production guidance for 2017 disappointed and triggered reduced forecasts. Buy rating retained. Price target loses 10c to $5.10.

Target price is $5.10 Current Price is $4.27 Difference: $0.83
If STO meets the Deutsche Bank target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $4.91, suggesting upside of 14.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

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

Market Sentiment: 0.5

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

Macquarie rates STO as Outperform (1) -

After the company's investor briefing the picture of GLNG appears clearer to Macquarie. The main features include running at around 6mtpa for the next three years, no material reduction in Roma's reserves and drilling increasing throughout the rest of the decade.

The broker suspects 2019 could be a substantial year for the company. Break even in 2016 has been reduced to US$39/bbl. Outperform retained. Target is $5.80.

Target price is $5.80 Current Price is $4.27 Difference: $1.53
If STO meets the Macquarie target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $4.91, suggesting upside of 14.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

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

Market Sentiment: 0.5

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

Morgan Stanley rates STO as Overweight (1) -

Morgan Stanley notes the company continues to lower its costs. Five key assets are the focus going forward, with non-core assets run separately in a stand-alone business.

The broker expects rising oil prices to bode well for the company and lower costs provide the potential for reserve upgrades and value creation over time, given the large resource and infrastructure base.

Overweight rating, $6.03 target and In-Line sector view retained.

Target price is $6.03 Current Price is $4.27 Difference: $1.76
If STO meets the Morgan Stanley target it will return approximately 41% (excluding dividends, fees and charges).

Current consensus price target is $4.91, suggesting upside of 14.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

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

Market Sentiment: 0.5

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

Ord Minnett rates STO as Hold (3) -

The investor briefing highlights the transition point in the company. The main positive was the cost-cutting at GLNG and and in the Cooper Basin, but Ord Minnett notes operational issues need to be addressed.

GLNG is expected to operate at 6mtpa for the next three years versus nameplate capacity of 7.8mtpa, because of delay in the gas ramping up.

A pathway to sustainable positive cash flow was laid out, but with the challenges ahead Ord Minnett maintains a Hold rating. Target rises to $4.00 from $3.90.

Target price is $4.00 Current Price is $4.27 Difference: minus $0.27 (current price is over target).
If STO meets the Ord Minnett target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.91, suggesting upside of 14.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

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

Market Sentiment: 0.5

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

UBS rates STO as Buy (1) -

At its first investor day in two years, Santos outlined a strategy to concentrate on five core assets -- three LNG plus Cooper and WA gas -- reduce costs and reduce debt.

Cost guidance is better than the broker expected. GLNG production guidance is in line, but the broker suggests it may disappoint some investors. Target rises to $4.90 from $4.50. Buy retained.

Target price is $4.90 Current Price is $4.27 Difference: $0.63
If STO meets the UBS target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $4.91, suggesting upside of 14.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

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

Market Sentiment: 0.5

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

Deutsche Bank rates TEN as Hold (3) -

Shareholders received a relatively upbeat trading update at the AGM with the company announcing TV revenues up 1.9% y/y for Q1. Deutsche Bank analysts had expected a negative number.

Given Ten’s ratings share has dropped off since the end of FY16, the analysts expect the growth rate to moderate over the remainder of the year. They do acknowledge Ten's growth could surprise if the partnership with MCN delivers a better outcome, similar to Q1.

Management is keeping an aggressive agenda on cost cutting, the analysts note. Hold rating retained. Target $1.00 (unchanged).

Target price is $1.00 Current Price is $1.00 Difference: minus $0.005 (current price is over target).
If TEN meets the Deutsche Bank target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.26, suggesting upside of 27.3% (ex-dividends)

The company's fiscal year ends in August.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

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

Morgans rates VVR as Add (1) -

The stock will enter the S&P/ASX200 after the close of trade by December 12, 2016. Morgans also expects the company to make acquisitions, with $100m in available debt capacity. Gearing currently stands at 35%.

The broker considers the business offers an attractive 2016 annualised distribution yield of around 5.6% and a 2017 yield of around 5.9%. Add rating retained. Target is $2.56.

Target price is $2.56 Current Price is $2.29 Difference: $0.27
If VVR meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

Market Sentiment: 1.0

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