Australian Broker Call

Macquarie rates ALL as Outperform (1) -

The FY18 result missed Macquarie's expectations amid higher costs. Growth was slower than the broker expected in the second half but the company still continued to take share in Class II and Class III.

The broker expects adjacencies should materialise in FY19. Surprisingly, segment profit margins were compressed in the second half despite growth in higher-margin gaming operations.

The company only provided qualitative guidance, expecting continued growth and expansion in North America.

Outperform rating and $34 target maintained.

Target price is $34.00 Current Price is $25.47 Difference: $8.53
If ALL meets the Macquarie target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $35.29, suggesting upside of 38.6% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.8

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

Macquarie rates AMI as Initiation of coverage with Outperform (1) -

Aurelia Metals is expected to produce around 200,000 ounces per annum of gold equivalent over the next three years following the Peak acquisition.

Declining capital expenditure is expected to significantly improve free cash flow, with Macquarie calculating the free cash flow yield will rise to around 18% in FY20/21.

Costs are expected to halve over time because of increases in the base metal by-product revenue.

Macquarie initiates coverage with an Outperform rating and $0.90 target.

Target price is $0.90 Current Price is $0.68 Difference: $0.22
If AMI meets the Macquarie target it will return approximately 32% (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

Ord Minnett rates CGF as Lighten (4) -

Ord Minnett observes the recent PE re-rating was driven by an expectation of future growth from legislative change and expansion in distribution for annuity products.

However, the broker believes the quest for growth has pressured margins to the point where return on equity is not covering the cost of capital.

The incoming CEO is expected to address the situation immediately but, in turn, this may create a headwind for the growth lever.

A Lighten rating is maintained and the target lowered to $8.00 from $9.55, to reflect reduced growth prospects.

Target price is $8.00 Current Price is $9.83 Difference: minus $1.83 (current price is over target).
If CGF meets the Ord Minnett target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.48, suggesting upside of 16.8% (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

Deutsche Bank rates CKF as Buy (1) -

The company experienced a strong rebound in sales in the first half, driven by a recovery in Western Australia and traction on menu and delivery initiatives.

Margins in Australia were ahead of Deutsche Bank's estimates while weak European margins reflected the investment currently underway.

The broker consider the European opportunity highly attractive and likely to drive earnings growth over the medium term.

Target is raised to $7.50 from $6.30. Buy rating maintained.

Target price is $7.50 Current Price is $7.22 Difference: $0.28
If CKF meets the Deutsche Bank target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $7.40, suggesting upside of 2.5% (ex-dividends)

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

Morgans rates CKF as Hold (3) -

Collins Foods' result was in line with the broker thanks to stronger KFC margins at home offsetting a softer performance in Europe. Looking ahead, the company expects to roll out its delivery offering to 100 domestic stores over the next six months and to continue working on improvements in Europe.

Revisions to expectations in both regions see the broker trim earnings forecasts and its target to $6.90 from $6.92. Despite the optionality offered by KFC Europe and by Taco Bell the broker sees the current trading multiple a fair value. Hold retained.

Target price is $6.90 Current Price is $7.22 Difference: minus $0.32 (current price is over target).
If CKF 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 $7.40, suggesting upside of 2.5% (ex-dividends)

The company's fiscal year ends in April.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.7

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

UBS rates CKF as Buy (1) -

First half results beat UBS estimates and KFC Australia impressed with operating earnings growth of 24%, supported by 14% growth in stores. An unusually hot summer in Europe affected sales, down -2.5%.

In the medium term the broker expects both the Australian Taco Bell business and KFC Europe will enjoy operating leverage from an increasing number of stores, based on relatively fixed corporate costs and improved operations in Germany.

No earnings guidance was provided. The broker maintains a Buy rating and raises the target to $7.80 from $6.30.

Target price is $7.80 Current Price is $7.22 Difference: $0.58
If CKF meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $7.40, suggesting upside of 2.5% (ex-dividends)

The company's fiscal year ends in April.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.7

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

Macquarie rates CMW as Underperform (5) -

The company has announced an equity raising to pay down debt and fund the CEREIT acquisition. The $300m equity raising will be via a rights issue. Macquarie calculates this is around -5% dilutive to FY19 earnings in isolation.

However the downside to FY20 is more severe, largely reflecting EUR1.1bn in mandates that are due to expire in 2019. As the profit base is still declining the broker believes there is pressure on the distribution.

Underperform rating is maintained. Target is reduced to $0.98 from $1.

Target price is $0.98 Current Price is $1.03 Difference: minus $0.05 (current price is over target).
If CMW meets the Macquarie target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.04, suggesting upside of 1.0% (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

Ord Minnett rates COL as Initiation of coverage with Hold (3) -

Ord Minnett believes the food retail industry is improving while liquor earnings should grow off a low base. The broker believes Coles is somewhat defensive and provides some appeal but the valuation is not attractive.

Ord Minnett initiates coverage with a Hold rating and $13.25 target. Significant cost savings are considered long dated, requiring food inflation to drive earnings growth.

Meanwhile, convenience earnings continue to decline on the back of fuel prices and volumes.

Target price is $13.25 Current Price is $12.45 Difference: $0.8
If COL meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $13.02, suggesting upside of 4.6% (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

Credit Suisse rates CRN as Initiation of coverage with Outperform (1) -

Coronado Global Resources is a metallurgical coal business with a diversified footprint. Credit Suisse believes all 2019 financial metrics screen cheap, with the company trading on a dividend yield of 18%.

The main financial risk is around prevailing coal prices. Current fundamentals appear compelling although liquidity risk is a material headwind.

Credit Suisse initiates coverage with an Outperform rating and $4.10 target.

Target price is $4.10 Current Price is $3.07 Difference: $1.03
If CRN meets the Credit Suisse target it will return approximately 34% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 1.0

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

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

Morgan Stanley believes the entry into the transplant market would leverage the company's core expertise in re-purposing existing products.

CSL has two new markets targeted for 2020-23, including Berinert in acute transplant rejection and Clazakizumab in chronic transplant rejection.

Morgan Stanley calculates the implementation of transplant projects makes up around $12 a share of its bull case. CSL112, which is higher risk but, potentially, also higher reward, is currently $25 of the $264 bull case valuation.

Transplant prospects and CSL112 dominate the outlook and are considered key to slowing down the declining return on equity. Equal-weight and $189 target retained. Industry view: In line.

Target price is $189.00 Current Price is $180.64 Difference: $8.36
If CSL meets the Morgan Stanley target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $213.33, suggesting upside of 18.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.6

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

Ord Minnett rates CSL as Accumulate (2) -

Ord Minnett has reviewed the potential of the emerging transplant franchise. The broker assesses a US$1bn market opportunity that should support growth in the medium term as other therapies mature or face competitive challenges.

The broker does not revise estimates at this point, given the uncertainty in what will clearly be a competitive area. Accumulate rating and $215 target maintained.

Target price is $215.00 Current Price is $180.64 Difference: $34.36
If CSL meets the Ord Minnett target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $213.33, suggesting upside of 18.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.6

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

Deutsche Bank rates CSR as Buy (1) -

CSR will sell Viridian Glass for $155m. The company will retain the property at Ingleburn, leased to Viridian. Following completion of the transaction a sale process for the property will commence.

Deutsche Bank is positive about the divestment, as it enables the company to exit a structurally challenged industry and allow management to focus on the core business.

The broker retains a Buy rating and $3.80 target.

Target price is $3.80 Current Price is $3.13 Difference: $0.67
If CSR meets the Deutsche Bank target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $3.67, suggesting upside of 17.1% (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 CSR as Outperform (1) -

The company will sell Viridian Glass to Crescent Capital for $155m. The transaction excludes the Ingleburn property, which will be put up for sale subsequently. The deal will mean CSR exits glass.

Macquarie observes this will provide more balance sheet capacity while the prospect of capital management exists down the track.

The broker raises the target to $4.60 from $4.40. Outperform maintained.

Target price is $4.60 Current Price is $3.13 Difference: $1.47
If CSR meets the Macquarie target it will return approximately 47% (excluding dividends, fees and charges).

Current consensus price target is $3.67, suggesting upside of 17.1% (ex-dividends)

The company's fiscal year ends in March.

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

Morgan Stanley rates CSR as Downgrade to Underweight from Equal-weight (5) -

Morgan Stanley observes the sale of Viridian Glass ends a difficult chapter for CSR. Cash flow may facilitate future capital management although concerns around Australian housing and aluminium makes the broker cautious.

CSR has sold its Viridian business for $155m and a future sale of the property is estimated to deliver $60m. While the sale removes one issue, the broker suggests other pressures are now mounting.

Rating is downgraded to Underweight from Equal-weight. Target is reduced to $3.00 from $3.75. Industry view: Cautious.

Target price is $3.00 Current Price is $3.13 Difference: minus $0.13 (current price is over target).
If CSR meets the Morgan Stanley target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.67, suggesting upside of 17.1% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.2

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

Citi rates DCG as Buy (1) -

Revenue is expected to more than double by FY20 on Citi's estimates although there is risk that project execution and margins could be negatively affected by faster-than-expected growth.

The broker lowers margin assumptions by -20-30 basis points to reflect the risks in project delivery. The broker believes the company needs to invest in additional staffing and systems to maintain growth.

Buy rating maintained. Target is reduced to $1.10 from $1.18.

Target price is $1.10 Current Price is $0.67 Difference: $0.43
If DCG meets the Citi target it will return approximately 64% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Macquarie rates DOW as Outperform (1) -

Macquarie believes the recent sell-off in the shares is overdone. The share price weakness reflects delays to the Royal Adelaide Hospital as well as sector concerns after the engineering problems at Lendlease ((LLC)) and the administration of RCR Tomlinson ((RCR)).

However, Macquarie asserts Downer has a good track record of risk management and benefits from scale and diversity and, over time, fewer competitors should lead to more rationality in the industry.

Outperform rating and $8.01 target maintained.

Target price is $8.01 Current Price is $6.37 Difference: $1.64
If DOW meets the Macquarie target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $7.95, suggesting upside of 24.8% (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

Ord Minnett rates FMG as Accumulate (2) -

After a site visit, Ord Minnett believes the market should be more confident in the company's mine plan and ability to extract the benefits of the new high-grade product, which it estimates could add up to US$500m per annum in revenue.

Ord Minnett maintains an Accumulate rating based on the attractive valuation metrics, but acknowledges the iron ore price backdrop and move towards risk-off sentiment could be near-term headwinds. Target is $5.50.

Target price is $5.50 Current Price is $4.03 Difference: $1.47
If FMG meets the Ord Minnett target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $4.63, suggesting upside of 14.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.3

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

Citi rates HT1 as Neutral (3) -

After the sale of Adshel, the company is now a much smaller radio business. The broker believes the company is in a position to make significant acquisitions, funded by cash/debt, or conduct a buyback even after paying out its full tax liability.

Still, Citi is wary of radio trends heading into 2019 and maintains a Neutral rating. Target is raised to $1.90 from $1.74.

Target price is $1.90 Current Price is $1.87 Difference: $0.03
If HT1 meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $2.51, suggesting upside of 34.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

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

Morgan Stanley observes 2018 is turning out to be messy. Earnings are clouded by accounting issues, refurbishments and M&A. The broker reduces forecasts following the October downgrade, given an accelerated decline in the number of deaths in June-August.

A soft finish to 2018 will mean easier comparables will be cycled in 2019. Morgan Stanley reduces the target to $12.00 from $12.60. Rating is Equal-weight. In-Line industry view.

Target price is $12.00 Current Price is $11.91 Difference: $0.09
If IVC meets the Morgan Stanley target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $11.73, suggesting downside of -1.5% (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

Citi rates JBH as Sell (5) -

Citi reiterates a Sell rating and $21.30 target, post the trading update from rival Harvey Norman ((HVN)). The broker believes JB Hi-Fi will be hard pressed to print positive sales numbers in the December quarter given it is cycling 10% growth from the corresponding quarter in FY18.

Smart phones are now likely declining as a category, as the replacement cycle pushes out towards 4-5 years. The broker also suspects the business is losing share in TV.

Target price is $21.30 Current Price is $23.36 Difference: minus $2.06 (current price is over target).
If JBH meets the Citi target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $25.62, suggesting upside of 9.7% (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

Credit Suisse rates LNK as Upgrade to Outperform from Neutral (1) -

The company has had an eventful 18 months, with several large acquisitions, equity raising and regulatory changes. Credit Suisse estimates that M&A is the largest driver of growth and PEXA the most significant contributor.

Organic growth is also expected to contribute over coming years, driven by inflation-linked pricing and growth in industry fund members. The broker's analysis centres on FY22 earnings but the growth trajectory is unlikely to be even.

The pull back in the share price has increased the value appeal and the broker upgrades to Outperform from Neutral. Target is unchanged at $8.30.

Target price is $8.30 Current Price is $7.03 Difference: $1.27
If LNK meets the Credit Suisse target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $8.42, suggesting upside of 19.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.6

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

Citi rates MND as Neutral (3) -

The company's trading update was better than Citi expected and the outlook is improving in core markets. The stock trades at an 18% premium to the market despite the cyclical and execution risk.

Hence, while demand is improving, Citi maintains a Neutral rating. Target is raised to $14.30 from $13.95.

Target price is $14.30 Current Price is $14.29 Difference: $0.01
If MND meets the Citi target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $14.46, suggesting upside of 1.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.2

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

Citi rates NWH as Buy (1) -

The company's trading update signals earnings margin should improve in the second half. Citi believes this update underscores the company's execution, considering the labour availability constraints and wage pressures.

The broker reiterates a Buy rating and raises the target to $2.25 from $2.10.

Target price is $2.25 Current Price is $1.79 Difference: $0.46
If NWH meets the Citi target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $2.23, suggesting upside of 24.8% (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

Citi rates OML as Buy (1) -

The company has confirmed the renewal of the Brisbane City Council 10-year contract with Adshel. Citi believes this is a great outcome, given this was the largest contract and accounted for close to 10% of Adshel business. JCDecaux did not bid for this contract.

This decision signals to Citi that there may be a new level of rationality in the outdoor advertising market particularly if the two leaders are not aggressively chasing share.

The broker retains a Buy rating, expecting the company to benefit from structural growth in the industry. Target is $5.75.

Target price is $5.75 Current Price is $4.38 Difference: $1.37
If OML meets the Citi target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $5.81, suggesting upside of 32.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.9

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

Ord Minnett rates OML as Accumulate (2) -

The Brisbane City Council will retain the Adshel advertising contract, a material proportion of the company's business. Ord Minnett believes the announcement alleviates some concerns surrounding near-term earnings forecasts, industry market structure and competition.

The broker maintains an Accumulate rating and $5.40 target. The broker believes the consolidation in the sector over the past six months is positive with a more stable duopoly unlikely to mean churn occurs on the larger contracts.

Target price is $5.40 Current Price is $4.38 Difference: $1.02
If OML meets the Ord Minnett target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $5.81, suggesting upside of 32.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.9

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

Morgans rates QUB as Hold (3) -

At its AGM, Qube noted the performance of its 50%-owned Patrick business had driven results ahead of FY19 internal expectations. The broker has materially revised on expectation of stronger revenue growth and margin expansion.

Upgrading Patrick modelling leads to a target increase to $2.85 from $2.59. Hold retained.

Target price is $2.85 Current Price is $2.69 Difference: $0.16
If QUB meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $2.72, suggesting upside of 1.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

Macquarie rates RIO as Outperform (1) -

Rio Tinto has formally approved the Koodaideri stage I development. Metrics are slightly better than Macquarie expected, largely because of a lift in capacity.

The US$2.6bn investment will deliver a 43mtpa iron ore mine, overcoming the depletion from other mines within the Pilbara business.

Macquarie has already factored in development to forecasts and emphasises this is replacement, not growth, tonnage.

Long-term production forecasts of 340mtpa for Pilbara iron ore are unchanged. Macquarie maintains an Outperform rating and $92 target.

Target price is $92.00 Current Price is $73.32 Difference: $18.68
If RIO meets the Macquarie target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $88.90, suggesting upside of 21.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Ord Minnett rates WES as Downgrade to Lighten from Hold (4) -

Following a review of its investment thesis post the de-merger of Coles ((COL)), Ord Minnett has a cautious outlook on Wesfarmers and questions capital allocation and the lack of valuation support.

The broker finds the appropriate PE multiple difficult to determine but believes a de-rating is likely, given the removal of a more defensive earnings stream and portfolio diversity.

Bunnings appears to be trading at a higher multiple versus other housing-related companies and other divisions appear to be more discount multiple businesses.

The broker downgrades to Lighten from Hold and reduces the target to $29 from $47.

Target price is $29.00 Current Price is $31.52 Difference: minus $2.52 (current price is over target).
If WES meets the Ord Minnett target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $35.57, suggesting upside of 12.8% (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