Australian Broker Call

May 03, 2017

Access Broker Call Report Archives here

COMPANIES DISCUSSED IN THIS ISSUE

Click on symbol for fast access.

The number next to the symbol represents the number of brokers covering it for this report -(if more than 1)

Last Updated: 12:10 PM

Your daily news report on the latest recommendation, valuation, forecast and opinion changes.

This report includes concise but limited reviews of research recently published by Stockbrokers, which should be considered as information concerning likely market behaviour rather than advice on the securities mentioned. Do not act on the contents of this Report without first reading the important information included at the end.

For more info about the different terms used by stockbrokers, as well as the different methodologies behind similar sounding ratings, download our guide HERE

Today's Upgrades and Downgrades
AWE - AWE Upgrade to Neutral from Underperform Macquarie
FXL - FLEXIGROUP Downgrade to Neutral from Buy Citi
GMA - GENWORTH MORTGAGE INSUR Downgrade to Sell from Neutral UBS
IPL - INCITEC PIVOT Upgrade to Buy from Hold Ord Minnett
MGC - MURRAY GOULBURN Downgrade to Hold from Add Morgans
PGH - PACT GROUP Downgrade to Hold from Buy Deutsche Bank
SEK - SEEK Downgrade to Hold from Add Morgans
SIQ - SMARTGROUP Upgrade to Buy from Neutral Citi
SYD - SYDNEY AIRPORT Downgrade to Neutral from Buy Citi
VOC - VOCUS COMMUNICATIONS Downgrade to Neutral from Buy Citi
Downgrade to Hold from Buy Ord Minnett
WOW - WOOLWORTHS Downgrade to Underperform from Neutral Macquarie
AGL  AGL ENERGY LIMITED

Infrastructure & Utilities

Overnight Price: $27.30

UBS rates AGL as Buy (1) -

The company's presentation estimates the cost of replacing the entire thermal fleet with renewables plus batteries is $350bn, even assuming a 50-65% reduction in grid-level battery costs.

The company is a strong advocate for changing the National Electricity Market model to ensure an orderly closure of thermal generation, in order to avoid future price shocks, with an evolving network to cope with more distributed unit generation.

UBS expects a combination of new supply plus some level of demand destruction and some form of government intervention over the next couple of years. The broker believes the company is well-placed to benefit from higher electricity prices. Buy rating and $29.50 target retained.

Target price is $29.50 Current Price is $27.30 Difference: $2.2
If AGL meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $26.99, suggesting downside of -1.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

UBS forecasts a full year FY17 dividend of 90.00 cents and EPS of 123.00 cents.
At the last closing share price the estimated dividend yield is 3.30%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 118.1, implying annual growth of N/A.

Current consensus DPS estimate is 89.5, implying a prospective dividend yield of 3.3%.

Current consensus EPS estimate suggests the PER is 23.3.

Forecast for FY18:

UBS forecasts a full year FY18 dividend of 106.00 cents and EPS of 141.00 cents.
At the last closing share price the estimated dividend yield is 3.88%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 148.6, implying annual growth of 25.8%.

Current consensus DPS estimate is 111.2, implying a prospective dividend yield of 4.0%.

Current consensus EPS estimate suggests the PER is 18.5.

Market Sentiment: 0.4

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

ANZ  AUSTRALIA & NEW ZEALAND BANKING GROUP

Banks

Overnight Price: $32.25

Citi rates ANZ as Neutral (3) -

First half cash earnings were below Citi's estimates.The broker observes weak core revenue undermined the final outcome and slower credit growth and divestments are expected to challenge future revenue.

The broker is confident the company can grow its earnings through significant capital initiatives following the completion of the divestment program and the finalisation of capital rules.

Neutral maintained. Target is reduced to $31.00 from $31.50.

Target price is $31.00 Current Price is $32.25 Difference: minus $1.25 (current price is over target).
If ANZ meets the Citi target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $31.15, suggesting downside of -1.9% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY17:

Citi forecasts a full year FY17 dividend of 165.00 cents and EPS of 233.40 cents.
At the last closing share price the estimated dividend yield is 5.12%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.82.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 230.7, implying annual growth of 13.9%.

Current consensus DPS estimate is 161.4, implying a prospective dividend yield of 5.1%.

Current consensus EPS estimate suggests the PER is 13.8.

Forecast for FY18:

Citi forecasts a full year FY18 dividend of 170.00 cents and EPS of 246.60 cents.
At the last closing share price the estimated dividend yield is 5.27%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.08.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 239.0, implying annual growth of 3.6%.

Current consensus DPS estimate is 164.5, implying a prospective dividend yield of 5.2%.

Current consensus EPS estimate suggests the PER is 13.3.

Market Sentiment: 0.2

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


Credit Suisse rates ANZ as Neutral (3) -

In the wake of the first half results Credit Suisse downgrades earnings estimates by up to -2%.The broker observes continued delivery on cost and capital management was eclipsed by soft revenue.

The broker believes the stock remains an overbought restructuring story. Neutral retained. Target is $31.

Target price is $31.00 Current Price is $32.25 Difference: minus $1.25 (current price is over target).
If ANZ meets the Credit Suisse target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $31.15, suggesting downside of -1.9% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY17:

Credit Suisse forecasts a full year FY17 dividend of 163.00 cents and EPS of 238.00 cents.
At the last closing share price the estimated dividend yield is 5.05%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 230.7, implying annual growth of 13.9%.

Current consensus DPS estimate is 161.4, implying a prospective dividend yield of 5.1%.

Current consensus EPS estimate suggests the PER is 13.8.

Forecast for FY18:

Credit Suisse forecasts a full year FY18 dividend of 165.00 cents and EPS of 251.00 cents.
At the last closing share price the estimated dividend yield is 5.12%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.85.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 239.0, implying annual growth of 3.6%.

Current consensus DPS estimate is 164.5, implying a prospective dividend yield of 5.2%.

Current consensus EPS estimate suggests the PER is 13.3.

Market Sentiment: 0.2

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


Deutsche Bank rates ANZ as Hold (3) -

First half results were weaker than Deutsche Bank forecast. The broker observes strong progress in institutional run-off and this puts the bank in a good position to conduct capital management over the next two years.

Despite the benefit for achieving reductions in absolute costs, return on equity improvement appears to the broker to be priced in and a Hold rating is retained. Target is raised to $32.70 from $32.60.

Target price is $32.70 Current Price is $32.25 Difference: $0.45
If ANZ meets the Deutsche Bank target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $31.15, suggesting downside of -1.9% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY17:

Deutsche Bank forecasts a full year FY17 dividend of 160.00 cents and EPS of 226.00 cents.
At the last closing share price the estimated dividend yield is 4.96%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.27.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 230.7, implying annual growth of 13.9%.

Current consensus DPS estimate is 161.4, implying a prospective dividend yield of 5.1%.

Current consensus EPS estimate suggests the PER is 13.8.

Forecast for FY18:

Deutsche Bank forecasts a full year FY18 dividend of 160.00 cents and EPS of 238.00 cents.
At the last closing share price the estimated dividend yield is 4.96%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 239.0, implying annual growth of 3.6%.

Current consensus DPS estimate is 164.5, implying a prospective dividend yield of 5.2%.

Current consensus EPS estimate suggests the PER is 13.3.

Market Sentiment: 0.2

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


Macquarie rates ANZ as Neutral (3) -

ANZ's result showed sound balance sheet trends and well-managed costs, the broker suggests, but a weak underlying revenue performance. Underlying earnings were around -1% below the broker's forecast, with lower bad debt provisioning providing an offset.

Recent announced divestments are also leading to earnings pressure so the broker anticipates further downside. But they should also add around another 85bps to an already solid 10.1% tier one capital ratio. Neutral and $32 target retained.

Target price is $32.00 Current Price is $32.25 Difference: minus $0.25 (current price is over target).
If ANZ 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 $31.15, suggesting downside of -1.9% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY17:

Macquarie forecasts a full year FY17 dividend of 162.00 cents and EPS of 228.00 cents.
At the last closing share price the estimated dividend yield is 5.02%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.14.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 230.7, implying annual growth of 13.9%.

Current consensus DPS estimate is 161.4, implying a prospective dividend yield of 5.1%.

Current consensus EPS estimate suggests the PER is 13.8.

Forecast for FY18:

Macquarie forecasts a full year FY18 dividend of 167.00 cents and EPS of 228.00 cents.
At the last closing share price the estimated dividend yield is 5.18%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.14.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 239.0, implying annual growth of 3.6%.

Current consensus DPS estimate is 164.5, implying a prospective dividend yield of 5.2%.

Current consensus EPS estimate suggests the PER is 13.3.

Market Sentiment: 0.2

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


Morgan Stanley rates ANZ as Overweight (1) -

The composition of the first half result was weaker than Morgan Stanley expected. The broker considers the major Australian banks are overvalued but likes ANZ's commitment to cost reductions, its strong capital position and sustainable pay-out ratio.

The broker's estimate for buy-backs in 2018-19 has been lifted to $6bn from $5bn in addition to neutralising the dividend reinvestment program.

Overweight retained. Sector view is In-Line. Price target is reduced to $30.00 from $30.50.

Target price is $30.00 Current Price is $32.25 Difference: minus $2.25 (current price is over target).
If ANZ meets the Morgan Stanley target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $31.15, suggesting downside of -1.9% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY17:

Morgan Stanley forecasts a full year FY17 dividend of 160.00 cents and EPS of 226.00 cents.
At the last closing share price the estimated dividend yield is 4.96%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.27.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 230.7, implying annual growth of 13.9%.

Current consensus DPS estimate is 161.4, implying a prospective dividend yield of 5.1%.

Current consensus EPS estimate suggests the PER is 13.8.

Forecast for FY18:

Morgan Stanley forecasts a full year FY18 dividend of 165.00 cents and EPS of 238.00 cents.
At the last closing share price the estimated dividend yield is 5.12%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 239.0, implying annual growth of 3.6%.

Current consensus DPS estimate is 164.5, implying a prospective dividend yield of 5.2%.

Current consensus EPS estimate suggests the PER is 13.3.

Market Sentiment: 0.2

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


UPDATED

Morgans rates ANZ as Hold (3) -

The bank reported an adjusted cash profit of $3.64bn for the first half, which beat Morgans' expectations.

The broker believes the result provides confirmation of a weaker underlying revenue trend, and continued competition in  Asian institutions will keep this trend under pressure.

Morgans reduces its cash earnings forecast by -3.7% for FY17 but makes no material changes to forecasts for FY18 and FY19. Hold retained. Target is $30.

Target price is $30.00 Current Price is $32.25 Difference: minus $2.25 (current price is over target).
If ANZ meets the Morgans target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $31.15, suggesting downside of -1.9% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY17:

Morgans forecasts a full year FY17 dividend of 160.00 cents and EPS of 227.00 cents.
At the last closing share price the estimated dividend yield is 4.96%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.21.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 230.7, implying annual growth of 13.9%.

Current consensus DPS estimate is 161.4, implying a prospective dividend yield of 5.1%.

Current consensus EPS estimate suggests the PER is 13.8.

Forecast for FY18:

Morgans forecasts a full year FY18 dividend of 160.00 cents and EPS of 226.00 cents.
At the last closing share price the estimated dividend yield is 4.96%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.27.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 239.0, implying annual growth of 3.6%.

Current consensus DPS estimate is 164.5, implying a prospective dividend yield of 5.2%.

Current consensus EPS estimate suggests the PER is 13.3.

Market Sentiment: 0.2

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


UPDATED

Ord Minnett rates ANZ as Accumulate (2) -

While the share price weakened after the release of first half financial results, Ord Minnett believes this needs to be put in context, as banks are an expensive sector in search of upgrades and there were temporary factors in the results. The broker maintains an Accumulate recommendation and target of $32.

Target price is $32.00 Current Price is $32.25 Difference: minus $0.25 (current price is over target).
If ANZ meets the Ord Minnett target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $31.15, suggesting downside of -1.9% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY17:

Ord Minnett forecasts a full year FY17 dividend of 160.00 cents and EPS of 241.00 cents.
At the last closing share price the estimated dividend yield is 4.96%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 230.7, implying annual growth of 13.9%.

Current consensus DPS estimate is 161.4, implying a prospective dividend yield of 5.1%.

Current consensus EPS estimate suggests the PER is 13.8.

Forecast for FY18:

Ord Minnett forecasts a full year FY18 EPS of 251.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.85.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 239.0, implying annual growth of 3.6%.

Current consensus DPS estimate is 164.5, implying a prospective dividend yield of 5.2%.

Current consensus EPS estimate suggests the PER is 13.3.

Market Sentiment: 0.2

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


UBS rates ANZ as Neutral (3) -

UBS considers the first half result messy, as a large number of lumpy items distorted the picture. The broker believes investors should give the bank credit for strengthening its balance sheet. Yet, this comes at the expense of revenue power.

The sale of the Asian retail businesses will take effect from the second half, with the broker calculating around a -$88m hit to net profit.

Neutral rating retained. Target is raised to $30.50 from $29.00.

Target price is $30.50 Current Price is $32.25 Difference: minus $1.75 (current price is over target).
If ANZ meets the UBS target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $31.15, suggesting downside of -1.9% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY17:

UBS forecasts a full year FY17 EPS of 226.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.27.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 230.7, implying annual growth of 13.9%.

Current consensus DPS estimate is 161.4, implying a prospective dividend yield of 5.1%.

Current consensus EPS estimate suggests the PER is 13.8.

Forecast for FY18:

UBS forecasts a full year FY18 EPS of 233.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.84.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 239.0, implying annual growth of 3.6%.

Current consensus DPS estimate is 164.5, implying a prospective dividend yield of 5.2%.

Current consensus EPS estimate suggests the PER is 13.3.

Market Sentiment: 0.2

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

AST  AUSNET SERVICES

Infrastructure & Utilities

Overnight Price: $1.75

Morgans rates AST as Hold (3) -

The final decision of the Australian Energy Regulator was weaker than Morgans anticipated. This results in downgrades to forecasts for EBITDA, free cash flow and credit metrics.

Nevertheless, the broker's investment view remains on a business-as-usual basis. Hold rating and $1.55 target retained.

Target price is $1.55 Current Price is $1.75 Difference: minus $0.195 (current price is over target).
If AST meets the Morgans target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.62, suggesting downside of -8.0% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY17:

Morgans forecasts a full year FY17 dividend of 9.80 cents and EPS of 5.20 cents.
At the last closing share price the estimated dividend yield is 5.62%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 33.56.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.3, implying annual growth of -47.9%.

Current consensus DPS estimate is 9.1, implying a prospective dividend yield of 5.2%.

Current consensus EPS estimate suggests the PER is 24.1.

Forecast for FY18:

Morgans forecasts a full year FY18 dividend of 9.00 cents and EPS of 5.60 cents.
At the last closing share price the estimated dividend yield is 5.16%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 31.16.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.0, implying annual growth of -4.1%.

Current consensus DPS estimate is 9.0, implying a prospective dividend yield of 5.1%.

Current consensus EPS estimate suggests the PER is 25.1.

Market Sentiment: 0.1

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

AWE  AWE LIMITED

NatGas

Overnight Price: $0.46

UPDATED

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

AWE's March Q production was in line with expectation but revenues were stronger, thanks to a better performance from BassGas, helping to offset the loss from the Tui sale. Macquarie believes the company lacks any near term revenue and production growth drivers; upside potential lies in the contracting of gas volumes in the tight east coast market.

Given the recent pullback in price, Macquarie upgrades to Neutral, suggesting valuation can be improved by the development of Trefoil and longer term contracting for Waitsia. Target unchanged at 55c.

Target price is $0.55 Current Price is $0.46 Difference: $0.095
If AWE meets the Macquarie target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $0.56, suggesting upside of 22.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Macquarie forecasts a full year FY17 dividend of 0.00 cents and EPS of minus 2.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 19.78.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -2.3, implying annual growth of N/A.

Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.

Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY18:

Macquarie forecasts a full year FY18 dividend of 0.00 cents and EPS of minus 2.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 20.68.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.1, implying annual growth of N/A.

Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.

Current consensus EPS estimate suggests the PER is 455.0.

Market Sentiment: 0.2

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

BHP  BHP BILLITON LIMITED

Bulks

Overnight Price: $23.76

UPDATED

Macquarie rates BHP as Outperform (1) -

The broker's review of the east coast gas market finds that while there is sufficient supply out to 2030, prices will continue to rise to meet export parity. The broker has thus substantially upgraded earnings forecast for BHP's Bass Strait gas project.

Ongoing high prices could lead to project extensions and the recent pullback in iron ore and coal prices has eroded earnings upside; the broker does not believe the stock is trading on demanding multiples. Outperform and $29 target retained.

Target price is $29.00 Current Price is $23.76 Difference: $5.24
If BHP meets the Macquarie target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $27.65, suggesting upside of 18.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Macquarie forecasts a full year FY17 dividend of 114.39 cents and EPS of 182.23 cents.
At the last closing share price the estimated dividend yield is 4.81%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.04.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 200.6, implying annual growth of N/A.

Current consensus DPS estimate is 121.3, implying a prospective dividend yield of 5.2%.

Current consensus EPS estimate suggests the PER is 11.7.

Forecast for FY18:

Macquarie forecasts a full year FY18 dividend of 70.50 cents and EPS of 117.45 cents.
At the last closing share price the estimated dividend yield is 2.97%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.23.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 180.8, implying annual growth of -9.9%.

Current consensus DPS estimate is 106.4, implying a prospective dividend yield of 4.6%.

Current consensus EPS estimate suggests the PER is 12.9.

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

BLD  BORAL LIMITED

Building Products & Services

Overnight Price: $6.30

Deutsche Bank rates BLD as No Rating (-1) -

The company has maintained its guidance for FY17 EBIT to be higher than FY16. Guidance for continued earnings growth in the US has been retained, despite slightly lower US housing start expectations.

Forecast growth in US housing starts for FY17 has been downgraded marginally to 7% from 10%.

Deutsche Bank is restricted on rating and price target at this stage.

Current Price is $6.30. Target price not assessed.

Current consensus price target is $6.46, suggesting upside of 0.9% (ex-dividends)

Forecast for FY17:

Current consensus EPS estimate is 29.3, implying annual growth of -14.3%.

Current consensus DPS estimate is 22.4, implying a prospective dividend yield of 3.5%.

Current consensus EPS estimate suggests the PER is 21.8.

Forecast for FY18:

Current consensus EPS estimate is 33.4, implying annual growth of 14.0%.

Current consensus DPS estimate is 22.8, implying a prospective dividend yield of 3.6%.

Current consensus EPS estimate suggests the PER is 19.2.

Market Sentiment: 0.6

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

BPT  BEACH ENERGY LIMITED

Crude Oil

Overnight Price: $0.71

UPDATED

Macquarie rates BPT as Underperform (5) -

Beach's March Q production and revenue missed the broker on infrastructure delays and natural field declines. Expiry of legacy gas contracts led to a 6% increase in pricing. While the company continues to generate strong cash flows, the broker questions growth going forward as production in the western flank winds down.

The balance sheet is well funded for acquisitions, the broker notes, but Beach seems more focused on ramping up Cooper Basin exploration. Underperform retained. Target rises to 60c from 50c.

Target price is $0.60 Current Price is $0.71 Difference: minus $0.105 (current price is over target).
If BPT 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 $0.70, suggesting upside of 0.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Macquarie forecasts a full year FY17 dividend of 2.00 cents and EPS of 9.70 cents.
At the last closing share price the estimated dividend yield is 2.84%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.27.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.5, implying annual growth of N/A.

Current consensus DPS estimate is 1.5, implying a prospective dividend yield of 2.1%.

Current consensus EPS estimate suggests the PER is 9.3.

Forecast for FY18:

Macquarie forecasts a full year FY18 dividend of 2.10 cents and EPS of 6.30 cents.
At the last closing share price the estimated dividend yield is 2.98%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.19.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.1, implying annual growth of 8.0%.

Current consensus DPS estimate is 1.8, implying a prospective dividend yield of 2.6%.

Current consensus EPS estimate suggests the PER is 8.6.

Market Sentiment: -0.2

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

FBU  FLETCHER BUILDING LIMITED

Building Products & Services

Overnight Price: $7.82

Deutsche Bank rates FBU as Buy (1) -

The company has maintained FY17 EBIT guidance of NZ$610-650m. Deutsche Bank continues to expect 18% growth in EBIT for FY18.

The broker notes the macro position in New Zealand remains positive, with residential consents and migration strong, and infrastructure expenditure being supported by the government's announcement of a further NZ$11bn in funding over the next four years.

The broker maintains a Buy recommendation. Target is NZ$10.15.

Current Price is $7.82. Target price not assessed.

Current consensus price target is $9.00, suggesting upside of 12.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Deutsche Bank forecasts a full year FY17 dividend of 39.64 cents and EPS of 52.85 cents.
At the last closing share price the estimated dividend yield is 5.07%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 49.2, implying annual growth of N/A.

Current consensus DPS estimate is 36.9, implying a prospective dividend yield of 4.6%.

Current consensus EPS estimate suggests the PER is 16.3.

Forecast for FY18:

Deutsche Bank forecasts a full year FY18 dividend of 42.47 cents and EPS of 64.18 cents.
At the last closing share price the estimated dividend yield is 5.43%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.19.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 61.8, implying annual growth of 25.6%.

Current consensus DPS estimate is 39.6, implying a prospective dividend yield of 4.9%.

Current consensus EPS estimate suggests the PER is 13.0.

This company reports in NZD. 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

FMG  FORTESCUE METALS GROUP LTD

Iron Ore

Overnight Price: $5.27

UPDATED

Credit Suisse rates FMG as Outperform (1) -

Credit Suisse updates estimates after its recent commodities update and the March quarter production. FY17 forecasts fall -14%, mainly on the back of revised price realisation guidance.

The broker notes its June quarter iron ore price of US$95/t is well out of the money and if this were to be reduced to US$70/t for the quarter, forecasts for earnings per share would fall another -13% for FY17.

Outperform rating and $7.35 target retained.

Target price is $7.35 Current Price is $5.27 Difference: $2.08
If FMG meets the Credit Suisse target it will return approximately 39% (excluding dividends, fees and charges).

Current consensus price target is $6.45, suggesting upside of 23.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Credit Suisse forecasts a full year FY17 dividend of 56.68 cents and EPS of 126.51 cents.
At the last closing share price the estimated dividend yield is 10.75%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.17.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 109.5, implying annual growth of N/A.

Current consensus DPS estimate is 44.7, implying a prospective dividend yield of 8.6%.

Current consensus EPS estimate suggests the PER is 4.8.

Forecast for FY18:

Credit Suisse forecasts a full year FY18 dividend of 43.03 cents and EPS of 86.05 cents.
At the last closing share price the estimated dividend yield is 8.17%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.12.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 70.4, implying annual growth of -35.7%.

Current consensus DPS estimate is 28.9, implying a prospective dividend yield of 5.5%.

Current consensus EPS estimate suggests the PER is 7.4.

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

Market Sentiment: 0.3

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

FXL  FLEXIGROUP LIMITED

Business & Consumer Credit

Overnight Price: $2.24

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

The company has lowered FY17 estimates for net profit to $90-93m from $90-97m because of underperformance at Certegy. Citi reduces forecasts for FY17-19 by -5-8% and factors in increased expenditure in Ireland.

Citi has become incrementally less certain regarding Certegy as analysis reveals online competitors are being pulled in-store. Afterpay ((AFY)) and Zipmoney ((ZML)) are lower cost and easier to use offerings versus Certegy.

Rating is downgraded to Neutral from Buy. Target is reduced to $2.47 from $2.75.

Target price is $2.47 Current Price is $2.24 Difference: $0.23
If FXL meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $2.49, suggesting upside of 18.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Citi forecasts a full year FY17 dividend of 8.50 cents and EPS of 25.50 cents.
At the last closing share price the estimated dividend yield is 3.79%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.78.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.1, implying annual growth of 73.1%.

Current consensus DPS estimate is 7.9, implying a prospective dividend yield of 3.8%.

Current consensus EPS estimate suggests the PER is 8.4.

Forecast for FY18:

Citi forecasts a full year FY18 dividend of 9.00 cents and EPS of 26.10 cents.
At the last closing share price the estimated dividend yield is 4.02%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.9, implying annual growth of 7.2%.

Current consensus DPS estimate is 9.3, implying a prospective dividend yield of 4.4%.

Current consensus EPS estimate suggests the PER is 7.8.

Market Sentiment: 0.5

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


UPDATED

Deutsche Bank rates FXL as Buy (1) -

The company has downgraded its guidance range for net profit to be $90-93m versus $90-97m previously.  At the mid point, Deutsche Bank observes, this implies a downgrade of -2%.

The update highlighted that Certegy is trading below expectations, which in the broker's view reflects the mature profile of the business as well as increasing competition.

Deutsche Bank retains a Buy rating and lowers the target to $2.60 from $2.70.

Target price is $2.60 Current Price is $2.24 Difference: $0.36
If FXL meets the Deutsche Bank target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $2.49, suggesting upside of 18.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Deutsche Bank forecasts a full year FY17 dividend of 8.00 cents and EPS of 25.00 cents.
At the last closing share price the estimated dividend yield is 3.57%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.96.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.1, implying annual growth of 73.1%.

Current consensus DPS estimate is 7.9, implying a prospective dividend yield of 3.8%.

Current consensus EPS estimate suggests the PER is 8.4.

Forecast for FY18:

Deutsche Bank forecasts a full year FY18 dividend of 10.00 cents and EPS of 27.00 cents.
At the last closing share price the estimated dividend yield is 4.46%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.30.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.9, implying annual growth of 7.2%.

Current consensus DPS estimate is 9.3, implying a prospective dividend yield of 4.4%.

Current consensus EPS estimate suggests the PER is 7.8.

Market Sentiment: 0.5

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


Macquarie rates FXL as Neutral (3) -

The main point of note from Flexigroup's presentation to the Macquarie Conference was that following a record December, Certegy has taken a turn for the worse. This is concerning for the broker given the business' contribution to profitability and organic growth.

Given a succession of guidance downgrades and little to no organic growth over recent years, the broker does not believe low valuation suggests a re-rate. Neutral retained. Target falls to $2.18 from $2.28.

Target price is $2.18 Current Price is $2.24 Difference: minus $0.06 (current price is over target).
If FXL 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 $2.49, suggesting upside of 18.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Macquarie forecasts a full year FY17 dividend of 7.40 cents and EPS of 24.60 cents.
At the last closing share price the estimated dividend yield is 3.30%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.11.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.1, implying annual growth of 73.1%.

Current consensus DPS estimate is 7.9, implying a prospective dividend yield of 3.8%.

Current consensus EPS estimate suggests the PER is 8.4.

Forecast for FY18:

Macquarie forecasts a full year FY18 dividend of 8.00 cents and EPS of 26.60 cents.
At the last closing share price the estimated dividend yield is 3.57%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.42.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.9, implying annual growth of 7.2%.

Current consensus DPS estimate is 9.3, implying a prospective dividend yield of 4.4%.

Current consensus EPS estimate suggests the PER is 7.8.

Market Sentiment: 0.5

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

GMA  GENWORTH MORTGAGE INSURANCE AUSTRALIA LIMITED

Banks

Overnight Price: $3.20

UBS rates GMA as Downgrade to Sell from Neutral (5) -

Despite the risk of positive news emerging from the company's scheduled update, UBS is downgrading to Sell from Neutral.

The broker believes the investment case will become a tussle between the positive capital return profile and earnings risk that is expected to arise from negative operating leverage and a normalised credit cycle.

Target is reduced to $2.60 from $2.80.

Target price is $2.60 Current Price is $3.20 Difference: minus $0.6 (current price is over target).
If GMA meets the UBS target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in December.

Forecast for FY17:

UBS forecasts a full year FY17 dividend of 29.00 cents and EPS of 29.00 cents.
At the last closing share price the estimated dividend yield is 9.06%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.03.

Forecast for FY18:

UBS forecasts a full year FY18 dividend of 26.00 cents and EPS of 25.00 cents.
At the last closing share price the estimated dividend yield is 8.13%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.80.

Market Sentiment: 0.0

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

GXL  GREENCROSS LIMITED

Healthcare services

Overnight Price: $6.90

Macquarie rates GXL as Neutral (3) -

Greencross' presentation to the Macquarie Conference highlighted further opportunities that can be realised from the company's integrated pet care model. The vet division is three times large than the nearest competitor.

But while guidance was maintained, the broker has downgraded forecast earnings by -7% to reflect tougher competitive and consumer environments. The broker retains neutral to reflect a premium multiple. Target falls to $7.10 from $7.50.

Target price is $7.10 Current Price is $6.90 Difference: $0.2
If GXL meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $6.97, suggesting upside of 1.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Macquarie forecasts a full year FY17 dividend of 19.50 cents and EPS of 35.80 cents.
At the last closing share price the estimated dividend yield is 2.83%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.27.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 37.3, implying annual growth of 22.7%.

Current consensus DPS estimate is 19.8, implying a prospective dividend yield of 2.9%.

Current consensus EPS estimate suggests the PER is 18.4.

Forecast for FY18:

Macquarie forecasts a full year FY18 dividend of 19.10 cents and EPS of 38.20 cents.
At the last closing share price the estimated dividend yield is 2.77%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.06.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 40.0, implying annual growth of 7.2%.

Current consensus DPS estimate is 21.0, implying a prospective dividend yield of 3.1%.

Current consensus EPS estimate suggests the PER is 17.2.

Market Sentiment: -0.3

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

IEL  IDP EDUCATION LIMITED

Education & Tuition

Overnight Price: $4.65

UPDATED

Credit Suisse rates IEL as Initiation of coverage with Underperform (5) -

Despite attractive industry fundamentals in international education and a strong track record for growth, Credit Suisse considers the stock expensive, given exposure to regulatory changes in student placement and multiple risks in testing.

Overall, the broker is relatively optimistic on the near term prospects for the student placement business as government policy is broadly supportive and industry fundamentals are solid.

Yet, the broker is aware that Australian placement volumes fell -40% from FY09-12 because of adverse immigration policy changes and the current political rhetoric may be moving in an unhelpful direction.

The broker initiates coverage with a Underperform rating and $4.00 target.

Target price is $4.00 Current Price is $4.65 Difference: minus $0.65 (current price is over target).
If IEL meets the Credit Suisse target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.44, suggesting downside of -4.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Credit Suisse forecasts a full year FY17 dividend of 13.00 cents and EPS of 17.43 cents.
At the last closing share price the estimated dividend yield is 2.80%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.68.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.0, implying annual growth of N/A.

Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.

Current consensus EPS estimate suggests the PER is 27.4.

Forecast for FY18:

Credit Suisse forecasts a full year FY18 dividend of 15.00 cents and EPS of 20.25 cents.
At the last closing share price the estimated dividend yield is 3.23%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.96.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.0, implying annual growth of 17.6%.

Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.

Current consensus EPS estimate suggests the PER is 23.3.

Market Sentiment: 0.0

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

IPL  INCITEC PIVOT LIMITED

Agriculture

Overnight Price: $3.65

Ord Minnett rates IPL as Upgrade to Buy from Hold (1) -

Ord Minnett believes the company is entering a period of significant growth in earnings amid strong cash flow, setting the scene for a return of capital in FY18.

The broker upgrades to Buy from Hold and raises the target to $4.25 from $3.30.

Target price is $4.25 Current Price is $3.65 Difference: $0.6
If IPL meets the Ord Minnett target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $3.74, suggesting upside of 1.0% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY17:

Ord Minnett forecasts a full year FY17 dividend of 9.00 cents and EPS of 18.00 cents.
At the last closing share price the estimated dividend yield is 2.47%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.28.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.3, implying annual growth of 140.8%.

Current consensus DPS estimate is 9.7, implying a prospective dividend yield of 2.6%.

Current consensus EPS estimate suggests the PER is 20.2.

Forecast for FY18:

Ord Minnett forecasts a full year FY18 dividend of 12.00 cents and EPS of 25.00 cents.
At the last closing share price the estimated dividend yield is 3.29%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.60.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.7, implying annual growth of 24.0%.

Current consensus DPS estimate is 12.2, implying a prospective dividend yield of 3.3%.

Current consensus EPS estimate suggests the PER is 16.3.

Market Sentiment: 0.4

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

LOV  LOVISA HOLDINGS LIMITED

Luxury

Overnight Price: $3.74

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

Sales growth of 6.7% in the March quarter was delivered and the company has guided to FY17 EBITDA being 8.5-11.3% above consensus.Morgan Stanley  observes margins are tracking stronger than expected.

The company has also announced the acquisition of 17 stores in South Africa which will be re-branded. The broker expects a contribution from FY18.

Equal-weight rating and In-Line industry view maintained. Target is raised to $4.05 from $3.55.

Target price is $4.05 Current Price is $3.74 Difference: $0.31
If LOV meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $4.53, suggesting upside of 19.2% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY17:

Morgan Stanley forecasts a full year FY17 dividend of 16.60 cents and EPS of 26.00 cents.
At the last closing share price the estimated dividend yield is 4.44%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.2, implying annual growth of 65.8%.

Current consensus DPS estimate is 15.2, implying a prospective dividend yield of 4.0%.

Current consensus EPS estimate suggests the PER is 14.5.

Forecast for FY18:

Morgan Stanley forecasts a full year FY18 dividend of 18.00 cents and EPS of 28.00 cents.
At the last closing share price the estimated dividend yield is 4.81%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 27.7, implying annual growth of 5.7%.

Current consensus DPS estimate is 16.2, implying a prospective dividend yield of 4.3%.

Current consensus EPS estimate suggests the PER is 13.7.

Market Sentiment: 0.7

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

MGC  MG UNIT TRUST

Dairy

Overnight Price: $0.89

Macquarie rates MGC as Neutral (3) -

Following a review in response to declining milk intake, MG announced the closure of its manufacturing sites as expected. To restore loyalty and milk supply, the trust will forgive farmer debts. Assets have been written down.

None of which surprised the broker. The surprise came in the suspension of the dividend to preserve cash, despite the balance sheet not being stretched. But the broker believes the measures will improve competitiveness and profitability and stabilise the business model.

The macro backdrop remains positive. Target falls to $1.05 from $1.15. Neutral retained.

Target price is $1.15 Current Price is $0.89 Difference: $0.26
If MGC meets the Macquarie target it will return approximately 29% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY17:

Macquarie forecasts a full year FY17 dividend of 1.70 cents and EPS of 5.80 cents.
At the last closing share price the estimated dividend yield is 1.91%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.34.

Forecast for FY18:

Macquarie forecasts a full year FY18 dividend of 0.00 cents and EPS of 8.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.11.

Market Sentiment: 0.0

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


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

The company has completed its asset and footprint review. Morgans observes unit holders, as opposed to suppliers or shareholders, will bear the brunt of the company's announcements, which are expected to lower its cost base so that it can pay a more competitive farm-gate milk price.

This highlights to the broker a mis-alignment of interests between the two. The quantum of write-downs was also larger than expected and the board has suspended the dividend.

Therefore, unit holders are no longer paid to wait for new management to turn the business around, and with no dividend yield support the broker believes the share price will trade sideways.

Rating is downgraded to Hold from Add. Target is reduced to $1.00 from $1.20.

Target price is $1.00 Current Price is $0.89 Difference: $0.11
If MGC meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY17:

Morgans forecasts a full year FY17 dividend of 1.70 cents and EPS of 5.00 cents.
At the last closing share price the estimated dividend yield is 1.91%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.80.

Forecast for FY18:

Morgans forecasts a full year FY18 dividend of 0.00 cents and EPS of 6.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.83.

Market Sentiment: 0.0

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

NCK  NICK SCALI LIMITED

Furniture & Renovation

Overnight Price: $7.08

Citi rates NCK as Buy (1) -

The company continues to outperform in the Australian furniture sector and gain market share. Citi observes double-digit like-for-like sales growth for the first four months of the second half.

The rolling out of stores is set to increase in FY18. The broker expects this roll-out, plus an expansion into New Zealand, will drive earnings as the tailwinds from the housing cycle are reduced.

Buy rating retained. Target rises to $8.41 from $8.20.

Target price is $8.41 Current Price is $7.08 Difference: $1.33
If NCK meets the Citi target it will return approximately 19% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY17:

Citi forecasts a full year FY17 dividend of 31.00 cents and EPS of 45.10 cents.
At the last closing share price the estimated dividend yield is 4.38%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.70.

Forecast for FY18:

Citi forecasts a full year FY18 dividend of 33.00 cents and EPS of 48.60 cents.
At the last closing share price the estimated dividend yield is 4.66%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.57.

Market Sentiment: 1.0

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


Macquarie rates NCK as Outperform (1) -

Nick Scali's presentation at the Macquarie Conference highlighted the continuation of positive trading conditions through April, double digit sales growth and an expected boost from new store openings, including the NZ expansion. The company is open to acquisitions but revealed no plans.

The broker has adjusted longer term margin assumptions, leading to an increase in forecast earnings and a lift in target to $7.75 from $7.60. Outperform retained.

Target price is $7.75 Current Price is $7.08 Difference: $0.67
If NCK meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY17:

Macquarie forecasts a full year FY17 dividend of 32.60 cents and EPS of 45.50 cents.
At the last closing share price the estimated dividend yield is 4.60%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.56.

Forecast for FY18:

Macquarie forecasts a full year FY18 dividend of 37.80 cents and EPS of 52.50 cents.
At the last closing share price the estimated dividend yield is 5.34%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.49.

Market Sentiment: 1.0

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

ORE  OROCOBRE LIMITED

Rare Earth & Minerals

Overnight Price: $3.16

Morgans rates ORE as Add (1) -

March quarter production at Olaroz was in line with the downwardly-revised guidance for the June half. Margins were strong, Morgans observes.

The broker notes the stock is heavily shorted, with the players probably suspecting that there is a capital raising for capacity expansion to follow, despite management stating that development will be matched to cash flow.

Morgans retains an Add rating and reduces the target to $5.36 from $5.39.

Target price is $5.36 Current Price is $3.16 Difference: $2.2
If ORE meets the Morgans target it will return approximately 70% (excluding dividends, fees and charges).

Current consensus price target is $4.18, suggesting upside of 28.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Morgans forecasts a full year FY17 dividend of 0.00 cents and EPS of 6.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 52.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.9, implying annual growth of N/A.

Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.

Current consensus EPS estimate suggests the PER is 36.6.

Forecast for FY18:

Morgans forecasts a full year FY18 dividend of 0.00 cents and EPS of 25.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.64.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.7, implying annual growth of 87.6%.

Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.

Current consensus EPS estimate suggests the PER is 19.5.

Market Sentiment: 0.8

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

ORI  ORICA LIMITED

Mining Sector Contracting

Overnight Price: $18.66

Ord Minnett rates ORI as Hold (3) -

Price re-sets and input cost hikes are limiting growth and making the earnings outlook for Orica less attractive than Incitec Pivot ((IPL)), in Ord Minnett's opinion.

The broker maintains a Hold rating and raises the target to $16.80 from $15.80.

Target price is $16.80 Current Price is $18.66 Difference: minus $1.86 (current price is over target).
If ORI meets the Ord Minnett target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $16.57, suggesting downside of -11.4% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY17:

Ord Minnett forecasts a full year FY17 dividend of 60.00 cents and EPS of 104.00 cents.
At the last closing share price the estimated dividend yield is 3.22%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.94.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 102.6, implying annual growth of -1.8%.

Current consensus DPS estimate is 52.3, implying a prospective dividend yield of 2.8%.

Current consensus EPS estimate suggests the PER is 18.2.

Forecast for FY18:

Ord Minnett forecasts a full year FY18 dividend of 62.00 cents and EPS of 110.00 cents.
At the last closing share price the estimated dividend yield is 3.32%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.96.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 108.7, implying annual growth of 5.9%.

Current consensus DPS estimate is 57.5, implying a prospective dividend yield of 3.1%.

Current consensus EPS estimate suggests the PER is 17.2.

Market Sentiment: -0.1

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

PGH  PACT GROUP HOLDINGS LTD

Paper & Packaging

Overnight Price: $7.38

Deutsche Bank rates PGH as Downgrade to Hold from Buy (3) -

The company has reiterated full year guidance for underlying earnings growth but warned that demand conditions are subdued and April was particularly weak in the rigid packaging business.

Deutsche Bank downgrades to Hold from Buy as the stock is trading at a 9% premium to its revised valuation. Target is lowered to $6.80 from $7.20.

Target price is $6.80 Current Price is $7.38 Difference: minus $0.58 (current price is over target).
If PGH meets the Deutsche Bank target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.84, suggesting upside of 3.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Deutsche Bank forecasts a full year FY17 dividend of 23.00 cents and EPS of 35.00 cents.
At the last closing share price the estimated dividend yield is 3.12%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.09.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 35.8, implying annual growth of 23.4%.

Current consensus DPS estimate is 23.9, implying a prospective dividend yield of 3.6%.

Current consensus EPS estimate suggests the PER is 18.5.

Forecast for FY18:

Deutsche Bank forecasts a full year FY18 dividend of 27.00 cents and EPS of 40.00 cents.
At the last closing share price the estimated dividend yield is 3.66%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 41.3, implying annual growth of 15.4%.

Current consensus DPS estimate is 27.4, implying a prospective dividend yield of 4.1%.

Current consensus EPS estimate suggests the PER is 16.0.

Market Sentiment: 0.3

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

RIO  RIO TINTO LIMITED

Bulks

Overnight Price: $59.96

Credit Suisse rates RIO as Outperform (1) -

Credit Suisse updates earnings estimates post a recent commodities update and the March quarter production. Estimates for earnings retreat -5% for FY17 on revised copper guidance but rise in the outer periods on a more bullish view around aluminium.

Outperform retained. Target is $72.

Target price is $72.00 Current Price is $59.96 Difference: $12.04
If RIO meets the Credit Suisse target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $71.63, suggesting upside of 21.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Credit Suisse forecasts a full year FY17 dividend of 433.63 cents and EPS of 835.33 cents.
At the last closing share price the estimated dividend yield is 7.23%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 685.5, implying annual growth of N/A.

Current consensus DPS estimate is 371.6, implying a prospective dividend yield of 6.3%.

Current consensus EPS estimate suggests the PER is 8.6.

Forecast for FY18:

Credit Suisse forecasts a full year FY18 dividend of 309.92 cents and EPS of 529.40 cents.
At the last closing share price the estimated dividend yield is 5.17%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 477.5, implying annual growth of -30.3%.

Current consensus DPS estimate is 276.4, implying a prospective dividend yield of 4.7%.

Current consensus EPS estimate suggests the PER is 12.4.

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

Market Sentiment: 0.9

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

S32  SOUTH32 LIMITED

Mining

Overnight Price: $2.75

Credit Suisse rates S32 as Outperform (1) -

The company has taken a 15% stake in Arizona Mining  for US$80m. Credit Suisse observes there are no plans to increase the stake, although the company has protection to manage dilution.

Outperform rating and $2.95 target retained.

Target price is $2.95 Current Price is $2.75 Difference: $0.2
If S32 meets the Credit Suisse target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $3.10, suggesting upside of 13.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Credit Suisse forecasts a full year FY17 dividend of 12.76 cents and EPS of 31.76 cents.
At the last closing share price the estimated dividend yield is 4.64%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.66.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.2, implying annual growth of N/A.

Current consensus DPS estimate is 12.9, implying a prospective dividend yield of 4.7%.

Current consensus EPS estimate suggests the PER is 9.1.

Forecast for FY18:

Credit Suisse forecasts a full year FY18 dividend of 9.66 cents and EPS of 24.36 cents.
At the last closing share price the estimated dividend yield is 3.51%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.29.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.6, implying annual growth of -11.9%.

Current consensus DPS estimate is 12.7, implying a prospective dividend yield of 4.6%.

Current consensus EPS estimate suggests the PER is 10.3.

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

Market Sentiment: 0.8

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

SEK  SEEK LIMITED

Jobs & Skilled Labour Services

Overnight Price: $17.23

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

Morgans downgrades to Hold from Add after a period of outperformance. The broker likes the long-term story but would prefer to buy the stock at lower levels.

The broker believes the company is on track to deliver many more years of double-digit earnings growth. There are no changes to forecasts. Target is steady at $16.56.

Target price is $16.56 Current Price is $17.23 Difference: minus $0.67 (current price is over target).
If SEK meets the Morgans target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $16.05, suggesting downside of -7.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Morgans forecasts a full year FY17 dividend of 43.00 cents and EPS of 63.00 cents.
At the last closing share price the estimated dividend yield is 2.50%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.35.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 59.2, implying annual growth of -42.9%.

Current consensus DPS estimate is 42.0, implying a prospective dividend yield of 2.4%.

Current consensus EPS estimate suggests the PER is 29.2.

Forecast for FY18:

Morgans forecasts a full year FY18 dividend of 45.00 cents and EPS of 74.00 cents.
At the last closing share price the estimated dividend yield is 2.61%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.28.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 67.1, implying annual growth of 13.3%.

Current consensus DPS estimate is 44.8, implying a prospective dividend yield of 2.6%.

Current consensus EPS estimate suggests the PER is 25.8.

Market Sentiment: 0.1

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

SIQ  SMARTGROUP CORPORATION LTD

Vehicle Leasing & Salary Packaging

Overnight Price: $6.49

UPDATED

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

The company will acquire AccessPay for $15m. Citi forecasts the acquisition to be 4% accretive in FY18.

The broker upgrades to Buy from Neutral on the back of the acquisition, finding several reasons to buy the stock as it has grown novated leases at 22% and this is expected to continue through both M&A and organic growth.

Margins have also expanded through increased scale and operating efficiencies. Target is raised to $7.33 from $6.61.

Target price is $7.33 Current Price is $6.49 Difference: $0.84
If SIQ meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $7.10, suggesting upside of 4.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Citi forecasts a full year FY17 dividend of 29.00 cents and EPS of 46.00 cents.
At the last closing share price the estimated dividend yield is 4.47%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.11.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 44.7, implying annual growth of N/A.

Current consensus DPS estimate is 31.2, implying a prospective dividend yield of 4.6%.

Current consensus EPS estimate suggests the PER is 15.2.

Forecast for FY18:

Citi forecasts a full year FY18 dividend of 30.10 cents and EPS of 50.40 cents.
At the last closing share price the estimated dividend yield is 4.64%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 50.1, implying annual growth of 12.1%.

Current consensus DPS estimate is 32.4, implying a prospective dividend yield of 4.8%.

Current consensus EPS estimate suggests the PER is 13.6.

Market Sentiment: 0.8

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

SXY  SENEX ENERGY LIMITED

Crude Oil

Overnight Price: $0.30

Macquarie rates SXY as Outperform (1) -

Pump failures led to a production and revenue miss for Senex in the March Q. Oil production guidance has been lowered. On the other hand, de-watering has led to gas sales commencing ahead of the broker's expectation.

The broker believes there remains downside risk in the oil business, but retains Outperform on potential upside from the company's CSG acreage. Target unchanged at 35c.

Target price is $0.35 Current Price is $0.30 Difference: $0.055
If SXY meets the Macquarie target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $0.33, suggesting upside of 17.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Macquarie forecasts a full year FY17 dividend of 0.00 cents and EPS of minus 1.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 26.82.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -1.0, implying annual growth of N/A.

Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.

Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY18:

Macquarie forecasts a full year FY18 dividend of 0.00 cents and EPS of 0.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 98.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.5, implying annual growth of N/A.

Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.

Current consensus EPS estimate suggests the PER is 57.0.

Market Sentiment: 0.5

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

SYD  SYDNEY AIRPORT HOLDINGS LIMITED

Infrastructure & Utilities

Overnight Price: $7.05

UPDATED

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

The company has decided not to participate in the Western Sydney Airport. Citi believes the decision is in the best interest of shareholders and highlights a disciplined approach to capital allocation.

Having analysed various multi-airport systems in the world, Citi has not seen any erosion in the pricing power of the primary airport but an improvement in the underlying passenger mix.

While earnings estimates are unchanged, the broker downgrades to Neutral from Buy and reduces the target to $7.02 from $7.14.

Target price is $7.02 Current Price is $7.05 Difference: minus $0.03 (current price is over target).
If SYD meets the Citi target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.63, suggesting downside of -6.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Citi forecasts a full year FY17 dividend of 34.00 cents and EPS of 16.20 cents.
At the last closing share price the estimated dividend yield is 4.82%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 43.52.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.7, implying annual growth of N/A.

Current consensus DPS estimate is 33.8, implying a prospective dividend yield of 4.8%.

Current consensus EPS estimate suggests the PER is 45.1.

Forecast for FY18:

Citi forecasts a full year FY18 dividend of 36.00 cents and EPS of 17.10 cents.
At the last closing share price the estimated dividend yield is 5.11%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 41.23.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.7, implying annual growth of 12.7%.

Current consensus DPS estimate is 36.1, implying a prospective dividend yield of 5.1%.

Current consensus EPS estimate suggests the PER is 40.0.

Market Sentiment: 0.1

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


Morgan Stanley rates SYD as Overweight (1) -

The Australian government will go it alone and build the second Sydney airport at Badgery's Creek, as Sydney Airport has declined the opportunity.

Morgan Stanley is not surprised by the outcome and believes the company's growth outlook will be attractive to investors, now there is clarity on the near-term investment intentions.

The broker's longer-term base case estimates Kingsford Smith Airport will incorporate marginal passenger losses when Western Sydney Airport operates from the late 2020s.

Morgan Stanley retains a Overweight rating, $7.07 target and Cautious industry view.

Target price is $7.07 Current Price is $7.05 Difference: $0.02
If SYD meets the Morgan Stanley target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $6.63, suggesting downside of -6.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Morgan Stanley forecasts a full year FY17 dividend of 34.00 cents and EPS of 16.00 cents.
At the last closing share price the estimated dividend yield is 4.82%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 44.06.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.7, implying annual growth of N/A.

Current consensus DPS estimate is 33.8, implying a prospective dividend yield of 4.8%.

Current consensus EPS estimate suggests the PER is 45.1.

Forecast for FY18:

Morgan Stanley forecasts a full year FY18 dividend of 37.00 cents and EPS of 19.00 cents.
At the last closing share price the estimated dividend yield is 5.25%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 37.11.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.7, implying annual growth of 12.7%.

Current consensus DPS estimate is 36.1, implying a prospective dividend yield of 5.1%.

Current consensus EPS estimate suggests the PER is 40.0.

Market Sentiment: 0.1

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


UBS rates SYD as Neutral (3) -

The company's decision not to accept the offer to develop and operate the western Sydney airport should not surprise the market, UBS observes. This is because the economics without funding assistance from the government were extremely challenging.

The broker believes it likely the government will proceed alone with the project and look to monetise the operations closer to opening in 2026.

The likely loss of its monopoly position in the Sydney aeronautical basin is a longer-term negative for the stock but the broker believes the market will be relieved that the funding risk to cash flow over the next nine years has been removed.

A Neutral rating is retained. Target is $6.60.

Target price is $6.60 Current Price is $7.05 Difference: minus $0.45 (current price is over target).
If SYD meets the UBS target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.63, suggesting downside of -6.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

UBS forecasts a full year FY17 dividend of 34.00 cents and EPS of 14.00 cents.
At the last closing share price the estimated dividend yield is 4.82%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 50.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.7, implying annual growth of N/A.

Current consensus DPS estimate is 33.8, implying a prospective dividend yield of 4.8%.

Current consensus EPS estimate suggests the PER is 45.1.

Forecast for FY18:

UBS forecasts a full year FY18 dividend of 37.00 cents and EPS of 16.00 cents.
At the last closing share price the estimated dividend yield is 5.25%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 44.06.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.7, implying annual growth of 12.7%.

Current consensus DPS estimate is 36.1, implying a prospective dividend yield of 5.1%.

Current consensus EPS estimate suggests the PER is 40.0.

Market Sentiment: 0.1

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

VCX  VICINITY CENTRES

REITs

Overnight Price: $2.93

UBS rates VCX as Neutral (3) -

UBS believes the current retail sales environment and lack of development leasing commentary will continue to overshadow the company's portfolio initiatives.

The broker observes guidance has been re-confirmed for FY17 but retail sales are deteriorating and exaggerated by various factors.

Neutral rating and $3.05 target retained.

Target price is $3.05 Current Price is $2.93 Difference: $0.12
If VCX meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $3.06, suggesting upside of 4.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

UBS forecasts a full year FY17 dividend of 17.40 cents and EPS of 18.70 cents.
At the last closing share price the estimated dividend yield is 5.94%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.7, implying annual growth of -14.7%.

Current consensus DPS estimate is 17.6, implying a prospective dividend yield of 6.0%.

Current consensus EPS estimate suggests the PER is 14.1.

Forecast for FY18:

UBS forecasts a full year FY18 dividend of 17.50 cents and EPS of 19.00 cents.
At the last closing share price the estimated dividend yield is 5.97%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.42.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.9, implying annual growth of -8.7%.

Current consensus DPS estimate is 18.1, implying a prospective dividend yield of 6.2%.

Current consensus EPS estimate suggests the PER is 15.5.

Market Sentiment: -0.1

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

VOC  VOCUS COMMUNICATIONS LIMITED

Telecommunication

Overnight Price: $3.35

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

With revenue falling short of expectations Citi no longer has confidence that the company will be able to deliver on the full potential of its recently combined businesses.

The broker downgrades FY17-19 forecasts for earnings per share by -22-28%. The company has downgraded FY17 EBITDA guidance by -17%, citing multiple issues, including an accounting review of contract terms and larger than forecasts billings.

Citi downgrades to Neutral from Buy. Target is reduced to $3.40 from $6.00.

Target price is $3.40 Current Price is $3.35 Difference: $0.05
If VOC meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $4.70, suggesting upside of 96.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Citi forecasts a full year FY17 dividend of 10.50 cents and EPS of 26.20 cents.
At the last closing share price the estimated dividend yield is 3.13%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.79.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.4, implying annual growth of 61.2%.

Current consensus DPS estimate is 14.5, implying a prospective dividend yield of 6.1%.

Current consensus EPS estimate suggests the PER is 7.9.

Forecast for FY18:

Citi forecasts a full year FY18 dividend of 12.50 cents and EPS of 26.40 cents.
At the last closing share price the estimated dividend yield is 3.73%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.69.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 33.7, implying annual growth of 10.9%.

Current consensus DPS estimate is 16.2, implying a prospective dividend yield of 6.8%.

Current consensus EPS estimate suggests the PER is 7.1.

Market Sentiment: 0.4

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


UPDATED

Deutsche Bank rates VOC as Buy (1) -

The company has lowered FY17 guidance for underlying EBITDA to $365-375m, down -16% at the mid point.

The downgrade has been caused by the combination of some project revenue being recognised in future periods, divestments of some businesses and lower-than-expected billings.

This is now the second reduction to FY17 guidance, so Deutsche Bank expects the market to be more wary of any projections made by management. Deutsche Bank retains a Buy rating and $7.05 target.

Target price is $7.05 Current Price is $3.35 Difference: $3.7
If VOC meets the Deutsche Bank target it will return approximately 110% (excluding dividends, fees and charges).

Current consensus price target is $4.70, suggesting upside of 96.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Deutsche Bank forecasts a full year FY17 dividend of 15.00 cents and EPS of 35.00 cents.
At the last closing share price the estimated dividend yield is 4.48%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.4, implying annual growth of 61.2%.

Current consensus DPS estimate is 14.5, implying a prospective dividend yield of 6.1%.

Current consensus EPS estimate suggests the PER is 7.9.

Forecast for FY18:

Deutsche Bank forecasts a full year FY18 dividend of 19.00 cents and EPS of 38.00 cents.
At the last closing share price the estimated dividend yield is 5.67%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.82.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 33.7, implying annual growth of 10.9%.

Current consensus DPS estimate is 16.2, implying a prospective dividend yield of 6.8%.

Current consensus EPS estimate suggests the PER is 7.1.

Market Sentiment: 0.4

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


Ord Minnett rates VOC as Downgrade to Hold from Buy (3) -

The company has reduced FY17 guidance following an accounting review of contracts. Ord Minnett believes the company's national fibre network assets, low market share and steady consumer broadband margins position it well in an otherwise challenging sector.

Nevertheless, the continued exodus of senior managers and numerous accounting revisions force the broker to the sidelines. Rating is downgraded to Hold from Buy and the target to $3.50 from $5.25.

Target price is $3.50 Current Price is $3.35 Difference: $0.15
If VOC meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $4.70, suggesting upside of 96.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Ord Minnett forecasts a full year FY17 dividend of 14.00 cents and EPS of 13.00 cents.
At the last closing share price the estimated dividend yield is 4.18%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.77.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.4, implying annual growth of 61.2%.

Current consensus DPS estimate is 14.5, implying a prospective dividend yield of 6.1%.

Current consensus EPS estimate suggests the PER is 7.9.

Forecast for FY18:

Ord Minnett forecasts a full year FY18 dividend of 15.00 cents and EPS of 30.00 cents.
At the last closing share price the estimated dividend yield is 4.48%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.17.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 33.7, implying annual growth of 10.9%.

Current consensus DPS estimate is 16.2, implying a prospective dividend yield of 6.8%.

Current consensus EPS estimate suggests the PER is 7.1.

Market Sentiment: 0.4

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


UPDATED

UBS rates VOC as Buy (1) -

The new FY17 guidance for EBITDA is now $365-375m, around -16% below prior guidance. UBS observes half of the downgrade relates to an accounting review and the other half to genuine underperformance in operations.

While the company is within its covenants at present, the broker observes potential for FY18 metrics to deteriorate because of negative earnings momentum in the second half FY17 and potential capital expenditure.

The broker expects the market to react harshly to the latest downgrade and retains a Buy rating and $5.00 target, which are both under review pending today's conference call with management.

Target price is $5.00 Current Price is $3.35 Difference: $1.65
If VOC meets the UBS target it will return approximately 49% (excluding dividends, fees and charges).

Current consensus price target is $4.70, suggesting upside of 96.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

UBS forecasts a full year FY17 dividend of 18.00 cents and EPS of 34.00 cents.
At the last closing share price the estimated dividend yield is 5.37%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.85.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.4, implying annual growth of 61.2%.

Current consensus DPS estimate is 14.5, implying a prospective dividend yield of 6.1%.

Current consensus EPS estimate suggests the PER is 7.9.

Forecast for FY18:

UBS forecasts a full year FY18 dividend of 20.00 cents and EPS of 34.00 cents.
At the last closing share price the estimated dividend yield is 5.97%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.85.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 33.7, implying annual growth of 10.9%.

Current consensus DPS estimate is 16.2, implying a prospective dividend yield of 6.8%.

Current consensus EPS estimate suggests the PER is 7.1.

Market Sentiment: 0.4

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

WOW  WOOLWORTHS LIMITED

Food, Beverages & Tobacco

Overnight Price: $27.35

Citi rates WOW as Neutral (3) -

Like-for-like sales increased by 4.5% on an Easter-adjusted basis in the March quarter. Citi observes this is not coming at the expense of margins, which are expected to expand in the second half.

Losses at Big W are now set to widen and the broker does not expect a return to profitability until FY20.

Citi retains a Neutral rating and raises the target to $28.10 from $27.40.

Target price is $28.10 Current Price is $27.35 Difference: $0.75
If WOW meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $26.56, suggesting downside of -1.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Citi forecasts a full year FY17 dividend of 84.00 cents and EPS of 112.80 cents.
At the last closing share price the estimated dividend yield is 3.07%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.25.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 108.5, implying annual growth of N/A.

Current consensus DPS estimate is 74.5, implying a prospective dividend yield of 2.8%.

Current consensus EPS estimate suggests the PER is 24.9.

Forecast for FY18:

Citi forecasts a full year FY18 dividend of 90.20 cents and EPS of 128.90 cents.
At the last closing share price the estimated dividend yield is 3.30%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.22.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 124.9, implying annual growth of 15.1%.

Current consensus DPS estimate is 86.0, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 21.7.

Market Sentiment: -0.2

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


UPDATED

Credit Suisse rates WOW as Underperform (5) -

Food retailing strengthened in the March quarter ahead of Credit Suisse expectations. Increased losses from Big W and an uncertain turnaround create a large downside risk, in the broker's opinion.

The broker notes balance-sheet flexibility to address Big W underperformance hinges largely on the ACCC approving the sale of fuel, which will not be known until July.

The broker considers the stock expensive and retains an Underperform rating. Target rises to $24.83 from $24.50.

Target price is $24.83 Current Price is $27.35 Difference: minus $2.52 (current price is over target).
If WOW meets the Credit Suisse target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $26.56, suggesting downside of -1.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Credit Suisse forecasts a full year FY17 dividend of 69.98 cents and EPS of 109.00 cents.
At the last closing share price the estimated dividend yield is 2.56%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.09.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 108.5, implying annual growth of N/A.

Current consensus DPS estimate is 74.5, implying a prospective dividend yield of 2.8%.

Current consensus EPS estimate suggests the PER is 24.9.

Forecast for FY18:

Credit Suisse forecasts a full year FY18 dividend of 85.97 cents and EPS of 126.00 cents.
At the last closing share price the estimated dividend yield is 3.14%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 124.9, implying annual growth of 15.1%.

Current consensus DPS estimate is 86.0, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 21.7.

Market Sentiment: -0.2

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


UPDATED

Deutsche Bank rates WOW as Buy (1) -

Deutsche Bank finds evidence in the March quarter that investments are garnering returns. The broker believes reduced stock loss, supply support and, now, operating leverage will provide the firepower to make incremental investment while still expanding margins.

The broker notes management was reticent to provide detail about its Big W plan, given trading losses are becoming larger, which provides little confidence in a turnaround. Buy retained. Target rises to $29 from $28.

Target price is $29.00 Current Price is $27.35 Difference: $1.65
If WOW meets the Deutsche Bank target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $26.56, suggesting downside of -1.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Deutsche Bank forecasts a full year FY17 dividend of 71.00 cents and EPS of 110.00 cents.
At the last closing share price the estimated dividend yield is 2.60%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.86.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 108.5, implying annual growth of N/A.

Current consensus DPS estimate is 74.5, implying a prospective dividend yield of 2.8%.

Current consensus EPS estimate suggests the PER is 24.9.

Forecast for FY18:

Deutsche Bank forecasts a full year FY18 dividend of 82.00 cents and EPS of 126.00 cents.
At the last closing share price the estimated dividend yield is 3.00%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 124.9, implying annual growth of 15.1%.

Current consensus DPS estimate is 86.0, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 21.7.

Market Sentiment: -0.2

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


UPDATED

Macquarie rates WOW as Downgrade to Underperform from Neutral (5) -

Woolworths' strong March Q sales highlight the benefits of price reinvestment and improved store execution over the last 18 months, Macquarie suggests. A positive result in NZ should not be overlooked either. Big W nevertheless remains a drag, and the broker suggests both Big W and Target need to validate their economic viability soon.

Despite the impressive sales improvement, Macquarie believes the market is pricing in an unlikely earnings recovery in food in the face of increasing competition. Downgrade to Underperform. Target lifts to $26.20 from $25.60.

Target price is $26.20 Current Price is $27.35 Difference: minus $1.15 (current price is over target).
If WOW meets the Macquarie target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $26.56, suggesting downside of -1.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Macquarie forecasts a full year FY17 dividend of 69.80 cents and EPS of 109.00 cents.
At the last closing share price the estimated dividend yield is 2.55%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.09.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 108.5, implying annual growth of N/A.

Current consensus DPS estimate is 74.5, implying a prospective dividend yield of 2.8%.

Current consensus EPS estimate suggests the PER is 24.9.

Forecast for FY18:

Macquarie forecasts a full year FY18 dividend of 78.10 cents and EPS of 121.00 cents.
At the last closing share price the estimated dividend yield is 2.86%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.60.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 124.9, implying annual growth of 15.1%.

Current consensus DPS estimate is 86.0, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 21.7.

Market Sentiment: -0.2

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


UPDATED

Morgan Stanley rates WOW as Underweight (5) -

Morgan Stanley observes the sales recovery continues and, while there is little risk for near-term earnings disappointment, the stock's rich valuation reflects too steep an earnings recovery, suggest the analysts.

The broker also notes the company has worn for the second time in four months that Big W losses are widening and the second half loss is now expected to be -$115-135m, up from prior indications it would be no greater than -$88m. This leads Morgan Stanley to question whether this business is actually a liability, given the significant long-dated lease liabilities.

Underweight retained. In-Line industry view. Target is $22.

Target price is $22.00 Current Price is $27.35 Difference: minus $5.35 (current price is over target).
If WOW meets the Morgan Stanley target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $26.56, suggesting downside of -1.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Morgan Stanley forecasts a full year FY17 dividend of 78.00 cents and EPS of 88.00 cents.
At the last closing share price the estimated dividend yield is 2.85%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 31.08.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 108.5, implying annual growth of N/A.

Current consensus DPS estimate is 74.5, implying a prospective dividend yield of 2.8%.

Current consensus EPS estimate suggests the PER is 24.9.

Forecast for FY18:

Morgan Stanley forecasts a full year FY18 dividend of 84.00 cents and EPS of 102.00 cents.
At the last closing share price the estimated dividend yield is 3.07%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.81.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 124.9, implying annual growth of 15.1%.

Current consensus DPS estimate is 86.0, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 21.7.

Market Sentiment: -0.2

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


Morgans rates WOW as Reduce (5) -

March quarter sales were broadly in line with Morgans. Australian food sales increased 5.6%, adjusted for Easter. The broker notes March quarter growth outpaced the prior two quarters and it appears the company is turning  the business around and gathering momentum.

Morgans rolls forward its model to FY18 forecasts and increases the target to $23.57 from $21.45. Reduce maintained.

Target price is $23.57 Current Price is $27.35 Difference: minus $3.78 (current price is over target).
If WOW meets the Morgans target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $26.56, suggesting downside of -1.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Morgans forecasts a full year FY17 dividend of 78.00 cents and EPS of 112.00 cents.
At the last closing share price the estimated dividend yield is 2.85%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.42.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 108.5, implying annual growth of N/A.

Current consensus DPS estimate is 74.5, implying a prospective dividend yield of 2.8%.

Current consensus EPS estimate suggests the PER is 24.9.

Forecast for FY18:

Morgans forecasts a full year FY18 dividend of 85.00 cents and EPS of 124.00 cents.
At the last closing share price the estimated dividend yield is 3.11%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.06.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 124.9, implying annual growth of 15.1%.

Current consensus DPS estimate is 86.0, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 21.7.

Market Sentiment: -0.2

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


Ord Minnett rates WOW as Accumulate (2) -

Like-for-like sales growth of 4.5% in the March quarter was ahead of Ord Minnett's estimates. The broker was disappointed with the increase in second half losses for Big W.

Ord Minnett maintains an Accumulate recommendation and target of $30. The broker is confident a turnaround in food is occurring and can be sustained.

Target price is $30.00 Current Price is $27.35 Difference: $2.65
If WOW meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $26.56, suggesting downside of -1.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Ord Minnett forecasts a full year FY17 dividend of 72.00 cents and EPS of 107.00 cents.
At the last closing share price the estimated dividend yield is 2.63%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.56.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 108.5, implying annual growth of N/A.

Current consensus DPS estimate is 74.5, implying a prospective dividend yield of 2.8%.

Current consensus EPS estimate suggests the PER is 24.9.

Forecast for FY18:

Ord Minnett forecasts a full year FY18 dividend of 90.00 cents and EPS of 132.00 cents.
At the last closing share price the estimated dividend yield is 3.29%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.72.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 124.9, implying annual growth of 15.1%.

Current consensus DPS estimate is 86.0, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 21.7.

Market Sentiment: -0.2

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


UBS rates WOW as Buy (1) -

March quarter sales were solid, UBS observes, with stronger Australian food and New Zealand business offset by another disappointment in Big W.

The broker believes the outlook is positive, with momentum likely to continue on improved execution, which should narrow the gap to Coles ((WES)) across key metrics. Buy rating and $28.80 retained.

Target price is $28.80 Current Price is $27.35 Difference: $1.45
If WOW meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $26.56, suggesting downside of -1.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

UBS forecasts a full year FY17 dividend of 73.00 cents and EPS of 120.00 cents.
At the last closing share price the estimated dividend yield is 2.67%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.79.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 108.5, implying annual growth of N/A.

Current consensus DPS estimate is 74.5, implying a prospective dividend yield of 2.8%.

Current consensus EPS estimate suggests the PER is 24.9.

Forecast for FY18:

UBS forecasts a full year FY18 dividend of 93.00 cents and EPS of 139.00 cents.
At the last closing share price the estimated dividend yield is 3.40%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.68.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 124.9, implying annual growth of 15.1%.

Current consensus DPS estimate is 86.0, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 21.7.

Market Sentiment: -0.2

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

Summaries
AGL - AGL ENERGY Buy - UBS Overnight Price $27.30
ANZ - ANZ BANKING GROUP Neutral - Citi Overnight Price $32.25
Neutral - Credit Suisse Overnight Price $32.25
Hold - Deutsche Bank Overnight Price $32.25
Neutral - Macquarie Overnight Price $32.25
Overweight - Morgan Stanley Overnight Price $32.25
Hold - Morgans Overnight Price $32.25
Accumulate - Ord Minnett Overnight Price $32.25
Neutral - UBS Overnight Price $32.25
AST - AUSNET SERVICES Hold - Morgans Overnight Price $1.75
AWE - AWE Upgrade to Neutral from Underperform - Macquarie Overnight Price $0.46
BHP - BHP BILLITON Outperform - Macquarie Overnight Price $23.76
BLD - BORAL No Rating - Deutsche Bank Overnight Price $6.30
BPT - BEACH ENERGY Underperform - Macquarie Overnight Price $0.71
FBU - FLETCHER BUILDING Buy - Deutsche Bank Overnight Price $7.82
FMG - FORTESCUE Outperform - Credit Suisse Overnight Price $5.27
FXL - FLEXIGROUP Downgrade to Neutral from Buy - Citi Overnight Price $2.24
Buy - Deutsche Bank Overnight Price $2.24
Neutral - Macquarie Overnight Price $2.24
GMA - GENWORTH MORTGAGE INSUR Downgrade to Sell from Neutral - UBS Overnight Price $3.20
GXL - GREENCROSS Neutral - Macquarie Overnight Price $6.90
IEL - IDP EDUCATION Initiation of coverage with Underperform - Credit Suisse Overnight Price $4.65
IPL - INCITEC PIVOT Upgrade to Buy from Hold - Ord Minnett Overnight Price $3.65
LOV - LOVISA Equal-weight - Morgan Stanley Overnight Price $3.74
MGC - MURRAY GOULBURN Neutral - Macquarie Overnight Price $0.89
Downgrade to Hold from Add - Morgans Overnight Price $0.89
NCK - NICK SCALI Buy - Citi Overnight Price $7.08
Outperform - Macquarie Overnight Price $7.08
ORE - OROCOBRE Add - Morgans Overnight Price $3.16
ORI - ORICA Hold - Ord Minnett Overnight Price $18.66
PGH - PACT GROUP Downgrade to Hold from Buy - Deutsche Bank Overnight Price $7.38
RIO - RIO TINTO Outperform - Credit Suisse Overnight Price $59.96
S32 - SOUTH32 Outperform - Credit Suisse Overnight Price $2.75
SEK - SEEK Downgrade to Hold from Add - Morgans Overnight Price $17.23
SIQ - SMARTGROUP Upgrade to Buy from Neutral - Citi Overnight Price $6.49
SXY - SENEX ENERGY Outperform - Macquarie Overnight Price $0.30
SYD - SYDNEY AIRPORT Downgrade to Neutral from Buy - Citi Overnight Price $7.05
Overweight - Morgan Stanley Overnight Price $7.05
Neutral - UBS Overnight Price $7.05
VCX - VICINITY CENTRES Neutral - UBS Overnight Price $2.93
VOC - VOCUS COMMUNICATIONS Downgrade to Neutral from Buy - Citi Overnight Price $3.35
Buy - Deutsche Bank Overnight Price $3.35
Downgrade to Hold from Buy - Ord Minnett Overnight Price $3.35
Buy - UBS Overnight Price $3.35
WOW - WOOLWORTHS Neutral - Citi Overnight Price $27.35
Underperform - Credit Suisse Overnight Price $27.35
Buy - Deutsche Bank Overnight Price $27.35
Downgrade to Underperform from Neutral - Macquarie Overnight Price $27.35
Underweight - Morgan Stanley Overnight Price $27.35
Reduce - Morgans Overnight Price $27.35
Accumulate - Ord Minnett Overnight Price $27.35
Buy - UBS Overnight Price $27.35
RATING SUMMARY
Rating No. Of Recommendations
1. Buy

19

2. Accumulate

2

3. Hold

23

5. Sell

7

Wednesday 03 May 2017

Access Broker Call Report Archives here

Disclaimer:
The content of this information does in no way reflect the opinions of FNArena, or of its journalists. In fact we don't have any opinion about the stock market, its value, future direction or individual shares. FNArena solely reports about what the main experts in the market note, believe and comment on. By doing so we believe we provide intelligent investors with a valuable tool that helps them in making up their own minds, reading market trends and getting a feel for what is happening beneath the surface. This document is provided for informational purposes only. It does not constitute an offer to sell or a solicitation to buy any security or other financial instrument. FNArena employs very experienced journalists who base their work on information believed to be reliable and accurate, though no guarantee is given that the daily report is accurate or complete. Investors should contact their personal adviser before making any investment decision.