Australian Broker Call

Citi rates A2M as Neutral (3) -

The company has indicated revenue growth was strong in the first four months of FY19, although it has slowed from the second half of FY18. Citi suspects sales were negatively affected by two months of de-stocking over July/August, as well as increasing competition in the infant formula market and the a2-protein category.

A tough comparable period was also being cycled. Margins were around 34% versus guidance of 31%, attributed to a delay in marketing expenditure. Nevertheless, Citi envisages upside risk to FY19 earnings margin guidance.

The main short-term risk is a crackdown on the daigou channel. Neutral rating maintained. Target rises to $10.80 from $10.40.

Target price is $10.80 Current Price is $9.37 Difference: $1.43
If A2M meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $11.92, suggesting upside of 27.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.5

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

UBS rates A2M as Neutral (3) -

The company has made a strong start to FY19. UBS expects growth to continue through increased brand awareness and availability.

The broker believes the company's guidance is conservative, suspecting the potential for margin expansion still exists. Estimates are lifted by 3-4%.

Neutral rating maintained. Target is NZ$11.80.

Current Price is $9.37. Target price not assessed.

Current consensus price target is $11.92, suggesting upside of 27.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.5

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

Citi rates AAD as Buy (1) -

Despite the probability of Main Event sales slowing in the short term, Citi envisages strong earnings growth as the operating performance improves and the roll out of centres resumes from FY20.

The broker trims theme park margin forecasts, given higher operating and restructuring costs, but believes this should benefit the medium term performance. Buy rating maintained. Target is reduced to $2.15 from $2.30.

Target price is $2.15 Current Price is $1.48 Difference: $0.67
If AAD meets the Citi target it will return approximately 45% (excluding dividends, fees and charges).

Current consensus price target is $1.93, suggesting upside of 30.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Ord Minnett rates AAD as Lighten (4) -

The company's AGM revealed reasonable levels of like-for-like growth at the Main Event business in the first quarter and a price-led recovery in theme parks. The second quarter, however, has started on a softer note for Main Event, with like-for-like sales down -4.7%.

Ord Minnett awaits the results in February, particularly the level of margin expansion at Main Event as the company progresses with a turnaround in a relatively challenging labour environment. Lighten rating and $1.65 target maintained.

Target price is $1.65 Current Price is $1.48 Difference: $0.17
If AAD meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $1.93, suggesting upside of 30.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Morgans rates ACF as Add (1) -

The company has indicated trading has been solid over the year to date, despite recent market commentary that highlighted delays to infrastructure projects. Morgans believes the company is executing well on its growth strategy.

The broker remains attracted to the civil infrastructure exposure and believes the stock continues to offer an attractive investment opportunity, maintaining an Add rating and $0.61 target.

Target price is $0.61 Current Price is $0.43 Difference: $0.18
If ACF meets the Morgans target it will return approximately 42% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Credit Suisse rates ALQ as Neutral (3) -

First half net profit was ahead of estimates as was revenue. This was primarily driven by the commodities business, particularly geochemistry, and partially offset by a subdued performance across life sciences and the industrial division.

Credit Suisse suggests the outlook is more upbeat than that provided in September. The company has confirmed the buyback will be increased to $225m and extended to December 2019.

The company is also evaluating $60-70m in acquisition opportunities within life sciences. Credit Suisse maintains a Neutral rating and raises the target to $8.00 from $7.80.

Target price is $8.00 Current Price is $7.21 Difference: $0.79
If ALQ meets the Credit Suisse target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $8.12, suggesting upside of 12.7% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.1

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

Deutsche Bank rates ALQ as Sell (5) -

The first half result revealed a strong performance from commodities and earnings were significantly ahead of Deutsche Bank's expectations. However, the life sciences and industrial divisions continue to underperform.

The broker maintains a Sell rating, given the expensive valuation and slowing growth. As life sciences has been a perennial disappointment Deutsche Bank does not believe the stock deserves to trade on a FY20 PE of 22x. Target is $6.85.

Target price is $6.85 Current Price is $7.21 Difference: minus $0.36 (current price is over target).
If ALQ meets the Deutsche Bank target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.12, suggesting upside of 12.7% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.1

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

Macquarie rates ALQ as Outperform (1) -

First half net profit was ahead of expectations. Life sciences earnings also exceeded Macquarie's forecasts for the first time in a number of years.

The broker believes good earnings growth should stem from a step up in prices as volume growth slows in geochemistry, while life sciences is back on a growth trajectory.

Outperform maintained. Target is reduced to $8.58 from $8.60.

Target price is $8.58 Current Price is $7.21 Difference: $1.37
If ALQ meets the Macquarie target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $8.12, suggesting upside of 12.7% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.1

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

Morgans rates ALQ as Hold (3) -

First half net profit exceeded guidance and expectations. Morgans observes geochemical volumes appear to be flattening, although market share gains and price rises support ongoing growth in commodities. The broker envisages further upside in commodity earnings,

Life sciences margins improved but the outlook for sustainable longer-term margins has moderated, in the broker's view. Morgans maintains a Hold rating and reduces the target to $8.10 from $8.11.

Target price is $8.10 Current Price is $7.21 Difference: $0.89
If ALQ meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $8.12, suggesting upside of 12.7% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.1

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

Ord Minnett rates ALQ as Hold (3) -

First half net profit was ahead of forecasts, with growth driven by a 45% increase in earnings from the cyclical commodity unit. Life sciences margins disappointed Ord Minnett.

FY19 net profit guidance of $170-175m signals no upgrade and, taken at the mid point, implies growth will slow to less than 10% in the second half. Ord Minnett maintains a Hold rating and $8.19 target.

Target price is $8.19 Current Price is $7.21 Difference: $0.98
If ALQ meets the Ord Minnett target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $8.12, suggesting upside of 12.7% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.1

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

UBS rates ALQ as Neutral (3) -

First half net profit was ahead of UBS estimates. The commodities division stood out, with UBS noting an uplift of 14% in geochemistry volumes as well as an 8% price improvement. Life sciences and industrials were broadly in line with expectations.

The company expects underlying net profit in a range of $170-175m in FY19. UBS suggests this implies a more traditional first/second half skew. The broker maintains a Neutral rating and reduces the target to $8.70 from $9.00.

Target price is $8.70 Current Price is $7.21 Difference: $1.49
If ALQ meets the UBS target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $8.12, suggesting upside of 12.7% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.1

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

Deutsche Bank rates AZJ as Hold (3) -

Deutsche Bank observes, in a surprise move, China is set to sharply limit coal imports into 2019 as part of a policy to limit growth but also in response to higher inventory of thermal coal.

The short term impact is expected to be felt in lower-grade coal imported from the likes of Indonesia. The broker calculates roughly 20% of Australian thermal coal exported to China is of high quality.

Of the 230mt railed by Aurizon's network last year around 35% was thermal coal. Hold rating maintained. Target is $4.10.

Target price is $4.10 Current Price is $4.16 Difference: minus $0.06 (current price is over target).
If AZJ meets the Deutsche Bank target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.24, suggesting upside of 1.8% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

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

While several areas of the company's business are experiencing challenges, Ord Minnett believes the core is solid and the long-term opportunity internationally is significant. The stock is now trading at a discount to peers and its long-term average forward PE.

The broker suggests the display advertising division has shown resilience in a changing market, while dealers continue to rely on carsales.com to sell their product, particularly the premium end of the market.

Ord Minnett upgrades to Buy from Hold. Target is lowered to $14.84 from $15.77.

Target price is $14.84 Current Price is $11.56 Difference: $3.28
If CAR meets the Ord Minnett target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $15.39, suggesting upside of 33.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Macquarie rates CVW as Outperform (1) -

The company has indicated a tough operating environment at its AGM trading update, with weak new life insurance sales in the first quarter. Price reductions in wealth management have also had an adverse impact.

The company expects the direct costs from the Hayne Royal Commission are likely to be between $1.5-2.0m.

Macquarie retains an Outperform rating, believing the current share price is discounting the tough environment, and expects the performance to improve over the next 12-24 months. Target is reduced to $1.14 from $1.33.

Target price is $1.14 Current Price is $0.89 Difference: $0.25
If CVW meets the Macquarie target it will return approximately 28% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Citi rates FBU as Neutral (3) -

The company has survived a turbulent 2018 and its balance sheet is now stronger, but Citi envisages slowing residential markets will be a significant headwind.

FY19 guidance is downgraded and the broker suspects investors may be losing faith in the company's ability to deliver on its ambitious five-year plan. Still, as the shares are now trading near the rights issue price and at decade lows, further downside is considered limited.

Neutral rating. Target is reduced to NZ$5.40 from NZ$6.30.

Current Price is $4.35. Target price not assessed.

Current consensus price target is $5.66, suggesting upside of 30.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.0

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

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

Credit Suisse suspects there is a risk the company's guidance for FY19 earnings of $630-680m will be de-railed, because a gradually softening core NZ business needs to be offset by a turnaround in Australia.

The broker further notes, while the company is positioning guidance as conservative regarding the Australian cycle, there is also margin pressure and investors will be looking for assurances there are no further structural pressures in FY19.

Credit Suisse takes the opportunity to pull back Australian forecasts. Rating is upgraded to Neutral from Underperform on valuation. Target is reduced to NZ$5.43 from NZ$6.01.

Current Price is $4.35. Target price not assessed.

Current consensus price target is $5.66, suggesting upside of 30.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.0

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

Macquarie rates FBU as No Rating (-1) -

Fletcher Building has lowered FY19 operating earnings (EBIT) guidance by -4%. The company is citing market-related issues, particularly weaker Australian residential activity and cost pressures. Macquarie suspects that Laminex, Stramit and Tradelink are probably enduring the lion's share of the pressure.

Macquarie suggests the driving force behind the latest update may mean the market re-evaluates the timing and magnitude of the company's ambition to grow Australian earnings to over $250m by FY23.

Macquarie cannot provide a target price or recommendation because of research restrictions.

Current Price is $4.35. Target price not assessed.

Current consensus price target is $5.66, suggesting upside of 30.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.0

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

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

The company has updated guidance at its AGM, revising FY19 operating earnings (EBIT) down to NZ$630-680m, which is a -6.5% reduction on Morgan Stanley's forecasts. This highlights the probability that internal problems will prevent the company from maximising profits at the top of the cycle. The Golden Bay facility closure during September was a one-off but Morgan Stanley was surprised this was the first the market heard about it.

Australian concerns feature more significantly, as cost pressures in a cooling residential market are driving lower expectations. The broker was again surprised, as construction activity remains robust. The broker fears a full Australian housing downturn, particularly if it coincides with an NZ housing decline.

Equal-weight rating maintained. Target is reduced to $5.66 from $6.36. Cautious industry view.

Target price is $5.66 Current Price is $4.35 Difference: $1.31
If FBU meets the Morgan Stanley target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $5.66, suggesting upside of 30.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.0

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

UBS rates FBU as Neutral (3) -

Earnings guidance (EBIT) has been provided in a range of $630-680m, -3.4% below UBS estimates. The main reasons for weaker expectations include a slump in Australian contracting, in particular in the apartment sector, lower house sales volumes and an outage at Golden Bay.

The weakness in Australia may be the biggest disappointment, in the broker's view, but should not be a surprise. Neutral rating. Target is NZ$6.60.

Current Price is $4.35. Target price not assessed.

Current consensus price target is $5.66, suggesting upside of 30.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.0

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

Morgans rates GEM as Add (1) -

The company's investor briefing has re-issued guidance of $136-139m for operating earnings (EBIT) in 2018, slightly below that provided with the first half result. Occupancy is tracking slightly ahead of expectations and wage costs are in line.

The company is not expecting a material improvement in market conditions until mid to late 2019. Morgans observes only a small change to the development pipeline. Nine new centres are targeted for the second half of 2018 versus the prior forecast for 12, with 19 forecast for 2019, versus 16 previously.

Morgans maintains an Add rating and, rolling forward the valuation, raises the target to $3.04 from $2.62.

Target price is $3.04 Current Price is $2.84 Difference: $0.2
If GEM meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $3.05, suggesting upside of 7.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.8

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

Deutsche Bank rates MND as Sell (5) -

Management has guided to first half revenue being down -10% versus the prior corresponding half. Deutsche Bank had been forecasting a decline of -15%.

The broker maintains a Sell rating and $11.72 target.

Target price is $11.72 Current Price is $14.01 Difference: minus $2.29 (current price is over target).
If MND meets the Deutsche Bank target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.40, suggesting upside of 2.8% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.2

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

Macquarie rates MND as Neutral (3) -

The company's AGM has flagged a -10% reduction in first half revenue, slightly better than Macquarie had previously expected. The company's construction scope on Ichthys was completed at the end of August.

The broker suspects the earnings hole may be harder to fill in the second half, particularly given a lack of new construction projects over the last six months.

Meanwhile, growth is expected to be strong in maintenance. Macquarie maintains a Neutral rating and $15.02 target.

Target price is $15.02 Current Price is $14.01 Difference: $1.01
If MND meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $14.40, suggesting upside of 2.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.2

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

Ord Minnett rates MND as Lighten (4) -

The company's AGM signalled a -10% decline in FY19 revenue guidance. Ord Minnett believes this is a positive indicator, given the headwinds the business faces after the end of the Ichthys maintenance contract.

The broker awaits more detail on margins, as typically margins for construction are higher than for maintenance. Lighten rating and $13.02 target maintained.

Target price is $13.02 Current Price is $14.01 Difference: minus $0.99 (current price is over target).
If MND meets the Ord Minnett target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.40, suggesting upside of 2.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.2

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

UBS rates MND as Buy (1) -

Initial guidance for the first half signals revenue will decline around -10%, which is slightly better than UBS had been expecting. This reflects the completion of a significant amount of LNG construction activity.

UBS assesses FY19 as a transition period before the company returns to growth, supported by substantial WA iron ore activity. Monadelphous indicated the outlook for the resources and energy sectors remains positive.

UBS maintains a Buy rating and raises the target to $17.60 from $17.50.

Target price is $17.60 Current Price is $14.01 Difference: $3.59
If MND meets the UBS target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $14.40, suggesting upside of 2.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.2

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

UBS rates NWH as Buy (1) -

The company's first half guidance for revenue and earnings is 25-35% ahead of UBS estimates. Guidance implies margins of around 14% for EBITDA and 9% for EBIT.

The trends are materially ahead of the broker's expectations but further information is required to determine whether these trends can continue into the second half. UBS maintains a Buy rating and $2.15 target.

Target price is $2.15 Current Price is $1.91 Difference: $0.24
If NWH meets the UBS target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $2.08, suggesting upside of 9.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.7

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

Deutsche Bank rates OFX as Hold (3) -

Strong top-line growth was driven by a growing corporate customer base, although Deutsche Bank observes this was offset at the operating earnings line because of significant investment in personnel as well as promotional expenses for the offshore expansion.

Nevertheless, the broker continues to expect strong growth in turnover. Management has reaffirmed guidance for positive operating leverage but Deutsche Bank believes it is too early to tell if additional investment will pay off. Hold rating and $1.75 target.

Target price is $1.75 Current Price is $1.84 Difference: minus $0.09 (current price is over target).
If OFX meets the Deutsche Bank target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Market Sentiment: 0.0

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

Macquarie rates OFX as Neutral (3) -

The company's guidance implies growth of 17.5-20% in second half operating earnings, versus the prior corresponding half. First half net profit was up 13.2% and ahead of Macquarie's estimates.

The broker increases forecasts for  FY19 by 4% and FY20 by 1.2%. Neutral rating maintained. Target is raised to $1.87 from $1.83.

Target price is $1.87 Current Price is $1.84 Difference: $0.03
If OFX meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Credit Suisse rates PRU as Outperform (1) -

Exploration at Esuajah Gap has defined a granite resource that is potentially larger than the 1moz resource at Esuajah South. Credit Suisse suggests the combined deposits could be of sufficient scale and value to cover an additional re-location of a portion of the Ayanfuri village.

The exploration has potential to be game changing, in the broker's view, and the outcome could be a mine life of over 10 years. Outperform rating and $0.57 target maintained.

Target price is $0.57 Current Price is $0.38 Difference: $0.19
If PRU meets the Credit Suisse target it will return approximately 50% (excluding dividends, fees and charges).

Current consensus price target is $0.57, suggesting upside of 50.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

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

UBS remains cautious about the business, as residential conditions continue to deteriorate and there is a lack of liquidity in the retail portfolio. Still, increasingly, these themes appear to be reflected in the stock price.

The broker adjusts estimates to reflect a large second half skew but still forecasts growth in free funds of 5.8%. Rating is upgraded to Neutral from Sell and the target is reduced to $3.73 from $4.08.

Target price is $3.73 Current Price is $3.65 Difference: $0.08
If SGP meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $4.05, suggesting upside of 11.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.1

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

Morgans rates SKI as Hold (3) -

Morgans continues to doubt the sustainability of the distribution, guided at $0.16 per security in 2018, over the medium term. In the short term, the yield of around 7% remains attractive for income-oriented investors.

The investor briefing suggests the Transgrid transmission network is critical in enabling utility-scale renewable generation in the NSW market, while the South Australian and Victorian distribution networks will be important in managing the distributed energy resources.

Morgans notes SAPN and VPN remain the centrepiece of the business. A reduction in earnings and operating cash flow is expected for both these businesses when the next regulatory control periods commence in 2020/21. Capital expenditure should drive growth in the regulated asset base, ultimately anchoring long-term revenue. The company continues to review M&A opportunities.

Morgans maintains a Hold rating and reduces the target to $2.32 from $2.34.

Target price is $2.32 Current Price is $2.37 Difference: minus $0.05 (current price is over target).
If SKI meets the Morgans target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.41, suggesting upside of 1.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.1

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

UBS rates SPK as Neutral (3) -

UBS believes the current share price is implying terminal margins of 32% which appears optimistic, even after factoring in improving short-term trends in the broadband market.

The broker raises estimates for FY19-21 earnings by 3-4% to reflect an increase in average broadband margins and the withdrawal of the six months half-price offer. The broker also upgrades FY20 capital expenditure estimates for 5G spectrum by NZ$65m.

Neutral retained. Target rises to NZ$3.85 from NZ$3.70.

Current Price is $3.90. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.0

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

Macquarie rates TNE as Neutral (3) -

FY18 net profit was ahead of Macquarie's expectations. Strong momentum continues in the software-as-a-service business across the Asia-Pacific region, particularly in the government and education verticals. The UK business remains in turnaround mode.

Macquarie suggests existing relationships in core verticals should deliver further upside, with major contributors to license fees being local government and education. The broker maintains a Neutral rating and raises the target by 21% to $5.74.

Target price is $5.74 Current Price is $5.67 Difference: $0.07
If TNE meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $5.59, suggesting downside of -1.5% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Morgans rates TNE as Hold (3) -

FY18 produced strong growth and was in line with expectations. Revenue growth was 9.3% and operating earnings (EBITDA) rose 14.5%. Morgans notes the margin of 22.3% was the highest reported in a decade, showing the benefits of scale.

The broker believes the fundamentals remain strong and the main risk is the volatility in investor sentiment. Hold rating maintained. Target is raised to $5.01 from $4.82.

Target price is $5.01 Current Price is $5.67 Difference: minus $0.66 (current price is over target).
If TNE meets the Morgans target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.59, suggesting downside of -1.5% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Ord Minnett rates TNE as Buy (1) -

FY18 revenue and earnings were ahead of Ord Minnett's expectations. The broker senses that management is increasingly confident regarding momentum in the cloud.

This is encouraging, as it is the migration of new and existing customers to the cloud that underpins the broker's positive investment thesis.

Ord Minnett reiterates a Buy rating and raises the target to $6.00 from $5.45.

Target price is $6.00 Current Price is $5.67 Difference: $0.33
If TNE meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $5.59, suggesting downside of -1.5% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

UBS rates TNE as Neutral (3) -

FY18 results were slightly ahead of expectations, with net profit growth at the top end of the 10-15% guidance range. The focus for UBS is on operating momentum.

The broker notes valuation has not de-rated in line with global peers and evidence of an acceleration in momentum is required to support a more positive investment view.

Neutral rating maintained. Target rises to $5.60 from $4.80.

Target price is $5.60 Current Price is $5.67 Difference: minus $0.07 (current price is over target).
If TNE meets the UBS target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.59, suggesting downside of -1.5% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Citi rates TWE as Sell (5) -

Citi suspects the market is overly optimistic about how quickly profits can improve in the Americas. After visiting a range of industry participants, the broker gauged shelf share has been sustained, amid upside for the 19 Crimes brand, but sales have declined in an number of the large volume brands such as Beringer, BV Coastal and Lindemans.

The broker acknowledges the US Supreme Court case, that could allow retailers to ship wine across state borders, may dramatically change the power of wine distributors and provide upside risk. The other upside risk would be a large-scale US wine acquisition.

Nevertheless, the broker believes, all up, the risks are skewed to the downside and retains a Sell rating. Target is $14.50.

Target price is $14.50 Current Price is $13.58 Difference: $0.92
If TWE meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $18.40, suggesting upside of 35.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.4

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