Australian Broker Call

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December 12, 2017

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COMPANIES DISCUSSED IN THIS ISSUE

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

Last Updated: 11:16 AM

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 Downgrade to Sell from Neutral Citi
CWY - CLEANAWAY WASTE MANAGEMENT Upgrade to Buy from Neutral UBS
AGL  AGL ENERGY LIMITED

Infrastructure & Utilities

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Overnight Price: $25.49

Citi rates AGL as Buy (1) -

Concerns have recently been expressed regarding the company's market concentration, implying domestic growth could become increasingly difficult, Citi observes. AGL is also approaching peak earnings, as wholesale electricity prices enter backwardation.

This suggests to the broker that AGL may possibly look to raise equity and enter a high growth market offshore to protect or grow its earnings. Nevertheless, Citi would need to witness compelling value creation to offset the risk, as opportunities of scale are likely to be difficult to find or expensive to buy.

Buy rating and $26.88 target maintained.

Target price is $26.88 Current Price is $25.49 Difference: $1.39
If AGL meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $27.48, suggesting upside of 7.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Citi forecasts a full year FY18 dividend of 126.00 cents and EPS of 157.80 cents.
At the last closing share price the estimated dividend yield is 4.94%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.15.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 154.9, implying annual growth of 92.4%.

Current consensus DPS estimate is 117.7, implying a prospective dividend yield of 4.6%.

Current consensus EPS estimate suggests the PER is 16.5.

Forecast for FY19:

Citi forecasts a full year FY19 dividend of 133.00 cents and EPS of 177.60 cents.
At the last closing share price the estimated dividend yield is 5.22%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.35.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 180.6, implying annual growth of 16.6%.

Current consensus DPS estimate is 136.1, implying a prospective dividend yield of 5.3%.

Current consensus EPS estimate suggests the PER is 14.1.

Market Sentiment: 0.8

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


Macquarie rates AGL as Outperform (1) -

The company has announced its replacement plan for Liddell which includes 1050 MW of renewable, 750 MW of gas peakers and 250 MW of batteries. AGL has quantified the expenditure at around $1.4bn.

Capital intensity is delayed until 2019 with spending then continuing until 2023. Macquarie suggests the core elements of the plan were well flagged. Moreover, it does not strain the capital expenditure profile and will enhance the ability to firm up the renewables portfolio.

Outperform. Target is $25.40.

Target price is $25.40 Current Price is $25.49 Difference: minus $0.09 (current price is over target).
If AGL meets the Macquarie target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $27.48, suggesting upside of 7.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Macquarie forecasts a full year FY18 dividend of 116.00 cents and EPS of 154.70 cents.
At the last closing share price the estimated dividend yield is 4.55%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.48.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 154.9, implying annual growth of 92.4%.

Current consensus DPS estimate is 117.7, implying a prospective dividend yield of 4.6%.

Current consensus EPS estimate suggests the PER is 16.5.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 137.00 cents and EPS of 182.90 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 13.94.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 180.6, implying annual growth of 16.6%.

Current consensus DPS estimate is 136.1, implying a prospective dividend yield of 5.3%.

Current consensus EPS estimate suggests the PER is 14.1.

Market Sentiment: 0.8

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


UBS rates AGL as Buy (1) -

AGL has reiterated its intention to close Liddell by 2022 and replace lost capacity with a series of projects over three stages, including increased Bayswater output, power purchase agreements, new gas-fired capacity and battery or hydro storage.

It's a credible plan, but the broker believes more growth will be needed to offset lost Liddell earnings. Meanwhile, the government wants AGL to sell Liddell so that battle's not over yet. The broker retains Buy and a $29.20 target.

Target price is $29.20 Current Price is $25.49 Difference: $3.71
If AGL meets the UBS target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $27.48, suggesting upside of 7.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

UBS forecasts a full year FY18 dividend of 115.00 cents and EPS of 154.00 cents.
At the last closing share price the estimated dividend yield is 4.51%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 154.9, implying annual growth of 92.4%.

Current consensus DPS estimate is 117.7, implying a prospective dividend yield of 4.6%.

Current consensus EPS estimate suggests the PER is 16.5.

Forecast for FY19:

UBS forecasts a full year FY19 dividend of 131.00 cents and EPS of 175.00 cents.
At the last closing share price the estimated dividend yield is 5.14%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 180.6, implying annual growth of 16.6%.

Current consensus DPS estimate is 136.1, implying a prospective dividend yield of 5.3%.

Current consensus EPS estimate suggests the PER is 14.1.

Market Sentiment: 0.8

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

ANZ  AUSTRALIA & NEW ZEALAND BANKING GROUP

Banks

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Overnight Price: $28.70

ADDED

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

The announced sale of Australian life insurance operations to international insurer Zurich does not come as a surprise. Morgan Stanley points out the deal should be dilutive to the tune of -2.5% but releasing capital to shareholders should compensate for this and make it a broadly neutral deal.

Morgan Stanley sees a $3bn buyback in late 2018 as a real prospect. Rating is Equal-weight. Target is $28.50. Sector view is In-Line.

Target price is $28.50 Current Price is $28.70 Difference: minus $0.2 (current price is over target).
If ANZ meets the Morgan Stanley target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $30.44, suggesting upside of 6.1% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY18:

Morgan Stanley forecasts a full year FY18 dividend of 160.00 cents and EPS of 227.00 cents.
At the last closing share price the estimated dividend yield is 5.57%.
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 234.0, implying annual growth of 6.3%.

Current consensus DPS estimate is 160.6, implying a prospective dividend yield of 5.6%.

Current consensus EPS estimate suggests the PER is 12.3.

Forecast for FY19:

Morgan Stanley forecasts a full year FY19 dividend of 163.00 cents and EPS of 237.00 cents.
At the last closing share price the estimated dividend yield is 5.68%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.11.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 241.3, implying annual growth of 3.1%.

Current consensus DPS estimate is 163.2, implying a prospective dividend yield of 5.7%.

Current consensus EPS estimate suggests the PER is 11.9.

Market Sentiment: 0.2

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

ASG  AUTOSPORTS GROUP LIMITED

Automobiles & Components

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Overnight Price: $1.88

Macquarie rates ASG as Outperform (1) -

Macquarie reviews forecasts following recent VFACTS data. Market conditions are mixed, while acquisitions represent a key growth driver for the company. Organic growth is supported by back-end services and parts.

The broker considers the recent weakness in the stock a compelling risk/reward opportunity. Outperform retained. Target is reduced to $2.75 from $3.20.

Target price is $2.75 Current Price is $1.88 Difference: $0.87
If ASG meets the Macquarie target it will return approximately 46% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Macquarie forecasts a full year FY18 dividend of 10.70 cents and EPS of 16.50 cents.
At the last closing share price the estimated dividend yield is 5.69%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.39.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 12.00 cents and EPS of 18.50 cents.
At the last closing share price the estimated dividend yield is 6.38%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.16.

Market Sentiment: 1.0

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

AWE  AWE LIMITED

NatGas

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Overnight Price: $0.82

Citi rates AWE as Downgrade to Sell from Neutral (5) -

Mineral Resources ((MIN)) has confirmed an all-scrip offer for AWE, with AWE shareholders receiving one MIN share for every 22.325 shares held.

This values AWE at $0.80 a share as of Friday's close and compares with the bid from China Energy Reserve and Chemical at $0.73 per share, cash.

So close to Christmas, Citi is not sure that investors awaiting a higher offer will be rewarded by Santa and downgrades to Sell/High Risk from Neutral/High Risk rating. Target is $0.72.

Target price is $0.72 Current Price is $0.82 Difference: minus $0.1 (current price is over target).
If AWE meets the Citi target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.57, suggesting downside of -30.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Citi forecasts a full year FY18 dividend of 0.00 cents and EPS of minus 0.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 91.11.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -12.4, 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 FY19:

Citi forecasts a full year FY19 dividend of 0.00 cents and EPS of minus 0.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 820.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 51.1, 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 1.6.

Market Sentiment: -0.2

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


Deutsche Bank rates AWE as Hold (3) -

A second bidder has emerged, Mineral Resources ((MIN)). The company has offered one share for every 22.325 AWE shares held.

Deutsche Bank suggests Mineral Resources is interested in AWE to vertically integrate the energy supply chain, including the use of LNG plants to provide power solutions to a wide range of end users.

Hold rating retained. Target is $0.45.

Target price is $0.45 Current Price is $0.82 Difference: minus $0.37 (current price is over target).
If AWE meets the Deutsche Bank target it will return approximately minus 45% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.57, suggesting downside of -30.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Deutsche Bank forecasts a full year FY18 dividend of 0.00 cents and EPS of minus 4.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 20.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -12.4, 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 FY19:

Deutsche Bank forecasts a full year FY19 dividend of 0.00 cents and EPS of minus 2.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 41.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 51.1, 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 1.6.

Market Sentiment: -0.2

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


Morgan Stanley rates AWE as Underweight (5) -

AWE has indicated that Mineral Resources ((MIN)) has launched an all-scrip offer, valuing the stock at $484m, a 10% premium to Friday's close.

Morgan Stanley notes this is the fourth bid for AWE in the past four years, China Energy Reserve and Chemicals being the latest at $0.73 a share.

Morgan Stanley observes, although AWE's undeveloped gas assets are not close to Wodgina, there could be opportunities to swap assets with other northern gas producers. Given WA is currently long gas, the timing of the bid appears to the broker to be a combination of opportunistic and strategic intentions.

Underweight. Target is $0.45. Industry view: In-Line.

Target price is $0.45 Current Price is $0.82 Difference: minus $0.37 (current price is over target).
If AWE meets the Morgan Stanley target it will return approximately minus 45% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.57, suggesting downside of -30.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Morgan Stanley forecasts a full year FY18 dividend of 0.00 cents and EPS of minus 1.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 82.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -12.4, 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 FY19:

Morgan Stanley forecasts a full year FY19 dividend of 0.00 cents and EPS of 2.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 41.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 51.1, 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 1.6.

Market Sentiment: -0.2

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


UBS rates AWE as No Rating (-1) -

Mineral Resources ((MIN)) has joined the race to acquire AWE with a scrip offer valued currently at 80c, making it a premium to the prior 71c cash offer from China. MinRes does not require due diligence, having already scrutinised the assets during Origin Energy's ((ORG)) Lattice sale process.

The AWE board has recommended shareholders ignore both bids. The broker is advising and hence is currently restricted on making a recommendation.

Current Price is $0.82. Target price not assessed.

Current consensus price target is $0.57, suggesting downside of -30.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

UBS forecasts a full year FY18 dividend of 0.00 cents and EPS of minus 2.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 31.54.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -12.4, 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 FY19:

UBS forecasts a full year FY19 dividend of 0.00 cents and EPS of 0.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 820.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 51.1, 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 1.6.

Market Sentiment: -0.2

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

CLQ  CLEAN TEQ HOLDINGS LIMITED

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Overnight Price: $1.18

Macquarie rates CLQ as Outperform (1) -

The company has announced ICBC as a full financing partner for its Sunrise project, with commitments now at US $500m. Macquarie notes the stock has fallen -25% in the past four weeks, matching a -12% decline in nickel prices.

However, cobalt prices have risen a further 25%, increasing cobalt's share of forecast revenue for the Sunrise project to 60%.

Outperform retained. Target is $2.20.

Target price is $2.20 Current Price is $1.18 Difference: $1.02
If CLQ meets the Macquarie target it will return approximately 86% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Macquarie forecasts a full year FY18 dividend of 0.00 cents and EPS of minus 2.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 45.38.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 0.00 cents and EPS of minus 1.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 62.11.

Market Sentiment: 0.5

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

CMA  CENTURIA METROPOLITAN REIT

REITs

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Overnight Price: $2.44

Morgans rates CMA as Add (1) -

The company has acquired two new assets in NSW for $119.1m, to be partly funded via a $60m non-renounceable entitlement offer at $2.39. The equity raising is expected to be neutral to FY18 distributable earnings.

Morgans believes the A-REIT offers an attractive distribution yield of 7.4%, which is underpinned by rental income with the majority being fixed increases of 3.0%.

Add rating. Target raised to $2.58 from $2.56.

Target price is $2.58 Current Price is $2.44 Difference: $0.14
If CMA meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Morgans forecasts a full year FY18 dividend of 18.10 cents and EPS of 18.70 cents.
At the last closing share price the estimated dividend yield is 7.42%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.05.

Forecast for FY19:

Morgans forecasts a full year FY19 dividend of 18.30 cents and EPS of 18.80 cents.
At the last closing share price the estimated dividend yield is 7.50%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.98.

Market Sentiment: 1.0

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

CMW  CROMWELL PROPERTY GROUP

Infra & Property Developers

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Overnight Price: $1.02

Macquarie rates CMW as Underperform (5) -

The company has made a $170m equity placement to private investors, representing around 10% of the current shares on issue. Cromwell has also completed the IPO of the Cromwell European REIT.

Macquarie is positively disposed towards the completion of this IPO, as it provides evidence of successful execution by management, while the equity placement will reduce the financial leverage.

Nevertheless, with a distribution in excess of free cash flow and headwinds from vacancies in the domestic portfolio the broker stays with an Underperform rating. Target  is $0.90.

Target price is $0.90 Current Price is $1.02 Difference: minus $0.12 (current price is over target).
If CMW meets the Macquarie target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.98, suggesting downside of -4.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Macquarie forecasts a full year FY18 dividend of 8.30 cents and EPS of 7.10 cents.
At the last closing share price the estimated dividend yield is 8.14%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.37.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.0, implying annual growth of -49.3%.

Current consensus DPS estimate is 8.2, implying a prospective dividend yield of 8.0%.

Current consensus EPS estimate suggests the PER is 12.8.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 8.50 cents and EPS of 7.00 cents.
At the last closing share price the estimated dividend yield is 8.33%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.7, implying annual growth of -3.7%.

Current consensus DPS estimate is 8.2, implying a prospective dividend yield of 8.0%.

Current consensus EPS estimate suggests the PER is 13.2.

Market Sentiment: -0.3

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


Ord Minnett rates CMW as Hold (3) -

The company has issued $170m in shares to a private investor based in Singapore at a -5.5% discount to the current share price. Proceeds will be used to repay debt. The recipients of the shares are also cornerstone investors in the company's recent IPO of a REIT in Singapore.

The IPO carries a number of positives, Ord Minnett suggests, but still does not diminish the lack of transparency around the transaction and the dilution to existing investors.

The broker also believes the cost of capital is likely to increase as a result of the transaction. Hold rating and $1.05 target retained.

This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.

Target price is $1.05 Current Price is $1.02 Difference: $0.03
If CMW meets the Ord Minnett target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $0.98, suggesting downside of -4.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Ord Minnett forecasts a full year FY18 dividend of 8.00 cents and EPS of 8.00 cents.
At the last closing share price the estimated dividend yield is 7.84%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.0, implying annual growth of -49.3%.

Current consensus DPS estimate is 8.2, implying a prospective dividend yield of 8.0%.

Current consensus EPS estimate suggests the PER is 12.8.

Forecast for FY19:

Ord Minnett forecasts a full year FY19 dividend of 8.00 cents and EPS of 7.00 cents.
At the last closing share price the estimated dividend yield is 7.84%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.7, implying annual growth of -3.7%.

Current consensus DPS estimate is 8.2, implying a prospective dividend yield of 8.0%.

Current consensus EPS estimate suggests the PER is 13.2.

Market Sentiment: -0.3

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

CWY  CLEANAWAY WASTE MANAGEMENT LIMITED

Industrial Sector Contractors & Engineers

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Overnight Price: $1.47

Credit Suisse rates CWY as Neutral (3) -

A merger of Cleanaway and Tox Free ((TOX)) has been on the cards for many years, Credit Suisse notes, and has finally materialised. The offer price is $3.425.

Credit Suisse observes the transaction gives Cleanaway access to some higher quality business streams. The broker calculates around 21-25% accretion to earnings per share in FY18.

Neutral retained. Target is raised to $1.40 from $1.32.

Target price is $1.40 Current Price is $1.47 Difference: minus $0.07 (current price is over target).
If CWY meets the Credit Suisse target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.57, suggesting upside of 6.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Credit Suisse forecasts a full year FY18 dividend of 2.49 cents and EPS of 5.30 cents.
At the last closing share price the estimated dividend yield is 1.69%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 5.0, implying annual growth of 8.7%.

Current consensus DPS estimate is 2.3, implying a prospective dividend yield of 1.6%.

Current consensus EPS estimate suggests the PER is 29.4.

Forecast for FY19:

Credit Suisse forecasts a full year FY19 dividend of 2.86 cents and EPS of 6.36 cents.
At the last closing share price the estimated dividend yield is 1.95%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.11.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.4, implying annual growth of 28.0%.

Current consensus DPS estimate is 2.7, implying a prospective dividend yield of 1.8%.

Current consensus EPS estimate suggests the PER is 23.0.

Market Sentiment: 0.6

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


Deutsche Bank rates CWY as Buy (1) -

The company's proposed equity-funded acquisition of competitor, Tox Free ((TOX)) at $3.425 is positive in Deutsche Bank's opinion. This increases exposure to the improving and higher returning liquids and industrial business.

Cleanaway will undertake a $590m underwritten entitlement offer and has also reaffirmed FY18 guidance. Deutsche Bank retains a Buy rating and raises the target to $1.65 from $1.60.

Target price is $1.65 Current Price is $1.47 Difference: $0.18
If CWY meets the Deutsche Bank target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $1.57, suggesting upside of 6.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Deutsche Bank forecasts a full year FY18 dividend of 2.00 cents and EPS of 5.00 cents.
At the last closing share price the estimated dividend yield is 1.36%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.40.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 5.0, implying annual growth of 8.7%.

Current consensus DPS estimate is 2.3, implying a prospective dividend yield of 1.6%.

Current consensus EPS estimate suggests the PER is 29.4.

Forecast for FY19:

Deutsche Bank forecasts a full year FY19 dividend of 2.00 cents and EPS of 6.00 cents.
At the last closing share price the estimated dividend yield is 1.36%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.4, implying annual growth of 28.0%.

Current consensus DPS estimate is 2.7, implying a prospective dividend yield of 1.8%.

Current consensus EPS estimate suggests the PER is 23.0.

Market Sentiment: 0.6

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


Macquarie rates CWY as No Rating (-1) -

The company will acquire Tox Free ((TOX)) at $3.425 a share, which represents a 21% premium to the last closing price. The acquisition is expected to be 27% accretive to earnings per share.

Cleanaway has also signalled that FY18 earnings will be in line with current market expectations, excluding the acquisition.

Macquarie is currently restricted from a rating and target.

Current Price is $1.47. Target price not assessed.

Current consensus price target is $1.57, suggesting upside of 6.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Macquarie forecasts a full year FY18 dividend of 2.80 cents and EPS of 5.50 cents.
At the last closing share price the estimated dividend yield is 1.90%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.73.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 5.0, implying annual growth of 8.7%.

Current consensus DPS estimate is 2.3, implying a prospective dividend yield of 1.6%.

Current consensus EPS estimate suggests the PER is 29.4.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 3.20 cents and EPS of 6.50 cents.
At the last closing share price the estimated dividend yield is 2.18%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.62.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.4, implying annual growth of 28.0%.

Current consensus DPS estimate is 2.7, implying a prospective dividend yield of 1.8%.

Current consensus EPS estimate suggests the PER is 23.0.

Market Sentiment: 0.6

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


Ord Minnett rates CWY as Hold (3) -

The company intends to acquire Tox Free ((TOX)) for $3.425 a share. Ord Minnett considers the acquisition price fairly full and value accretion from the transaction is highly reliant on the synergies that remain over the medium to longer term.

The broker concedes the waste management industry in Australia has always been a prime candidate for consolidation but it is also an example where earnings per share and value accretion are not always aligned.

Hold. Target is raised to $1.54 from $1.36.

This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.

Target price is $1.54 Current Price is $1.47 Difference: $0.07
If CWY meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $1.57, suggesting upside of 6.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Ord Minnett forecasts a full year FY18 dividend of 2.00 cents and EPS of 4.00 cents.
At the last closing share price the estimated dividend yield is 1.36%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 36.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 5.0, implying annual growth of 8.7%.

Current consensus DPS estimate is 2.3, implying a prospective dividend yield of 1.6%.

Current consensus EPS estimate suggests the PER is 29.4.

Forecast for FY19:

Ord Minnett forecasts a full year FY19 dividend of 3.00 cents and EPS of 6.00 cents.
At the last closing share price the estimated dividend yield is 2.04%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.4, implying annual growth of 28.0%.

Current consensus DPS estimate is 2.7, implying a prospective dividend yield of 1.8%.

Current consensus EPS estimate suggests the PER is 23.0.

Market Sentiment: 0.6

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


UBS rates CWY as Upgrade to Buy from Neutral (1) -

Cleanaway has made a cash bid for Tox Free Solutions  ((TOX)) at $3.425, which amounts to a 28% premium. UBS had considered Tox' assets to be undervalued and an acquisition would diversify Cleanaway's earnings base and provide significant synergies.

UBS also considers consensus earnings forecasts for Cleanaway to be too low. The broker has not yet factored a successful takeover into forecasts, but has added a 50% chance to its valuation, increasing its target to $1.64 from $1.38, sufficient for an upgrade to Buy.

Target price is $1.64 Current Price is $1.47 Difference: $0.17
If CWY meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $1.57, suggesting upside of 6.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

UBS forecasts a full year FY18 dividend of 2.00 cents and EPS of 5.00 cents.
At the last closing share price the estimated dividend yield is 1.36%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.40.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 5.0, implying annual growth of 8.7%.

Current consensus DPS estimate is 2.3, implying a prospective dividend yield of 1.6%.

Current consensus EPS estimate suggests the PER is 29.4.

Forecast for FY19:

UBS forecasts a full year FY19 dividend of 2.00 cents and EPS of 7.00 cents.
At the last closing share price the estimated dividend yield is 1.36%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.4, implying annual growth of 28.0%.

Current consensus DPS estimate is 2.7, implying a prospective dividend yield of 1.8%.

Current consensus EPS estimate suggests the PER is 23.0.

Market Sentiment: 0.6

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

HT1  HT&E LIMITED

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Overnight Price: $1.93

Deutsche Bank rates HT1 as Buy (1) -

The company has confirmed it is on track to meet consensus forecasts for operating earnings (EBITDA) for 2017 of $118-119m.

Deutsche Bank lowers estimates, to take into account the impact on Adshel in 2017 from the Yarra Trams transition. Target is reduced to $2.85 from $2.90. Buy maintained.

Target price is $2.90 Current Price is $1.93 Difference: $0.97
If HT1 meets the Deutsche Bank target it will return approximately 50% (excluding dividends, fees and charges).

Current consensus price target is $2.69, suggesting upside of 39.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Deutsche Bank forecasts a full year FY17 dividend of 8.00 cents and EPS of 21.00 cents.
At the last closing share price the estimated dividend yield is 4.15%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.19.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.0, implying annual growth of N/A.

Current consensus DPS estimate is 7.1, implying a prospective dividend yield of 3.7%.

Current consensus EPS estimate suggests the PER is 9.6.

Forecast for FY18:

Deutsche Bank forecasts a full year FY18 dividend of 10.00 cents and EPS of 20.00 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 9.65.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.5, implying annual growth of -2.5%.

Current consensus DPS estimate is 7.2, implying a prospective dividend yield of 3.7%.

Current consensus EPS estimate suggests the PER is 9.9.

Market Sentiment: 0.8

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


Macquarie rates HT1 as Outperform (1) -

HT&E has indicated it is on track to meet consensus expectations for EBITDA of $118-119m. Macquarie likes the company's exposure to two of the healthiest sectors in the media market, outdoor and radio.

The broker also notes the company remains a highly attractive acquisition target in the context of changing media ownership laws. Outperform rating. Macquarie lowers the target to $2.40 from $2.45.

Target price is $2.40 Current Price is $1.93 Difference: $0.47
If HT1 meets the Macquarie target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $2.69, suggesting upside of 39.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Macquarie forecasts a full year FY17 dividend of 8.00 cents and EPS of 19.10 cents.
At the last closing share price the estimated dividend yield is 4.15%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.10.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.0, implying annual growth of N/A.

Current consensus DPS estimate is 7.1, implying a prospective dividend yield of 3.7%.

Current consensus EPS estimate suggests the PER is 9.6.

Forecast for FY18:

Macquarie forecasts a full year FY18 dividend of 7.20 cents and EPS of 18.00 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 10.72.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.5, implying annual growth of -2.5%.

Current consensus DPS estimate is 7.2, implying a prospective dividend yield of 3.7%.

Current consensus EPS estimate suggests the PER is 9.9.

Market Sentiment: 0.8

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

MIN  MINERAL RESOURCES LIMITED

Iron Ore

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Overnight Price: $16.85

Morgan Stanley rates MIN as Overweight (1) -

AWE ((AWE)) has indicated Mineral Resources has launched an all-scrip offer, valuing the stock at $484m, a 10% premium to Friday's close. Morgan Stanley notes the market reaction is clear, with market capitalisation losing -$274m or -57% of the offer for AWE equity.

Morgan Stanley observes, although AWE's undeveloped gas assets are not close to Wodgina, there could be opportunities to swap assets with other northern gas producers. Given WA is currently long gas, the timing of the bid appears to the broker to be a combination of opportunistic and strategic intentions.

Overweight. Target is reduced to $20.30 from $22.30. Industry view is Attractive.

Target price is $20.30 Current Price is $16.85 Difference: $3.45
If MIN meets the Morgan Stanley target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $19.43, suggesting upside of 15.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Morgan Stanley forecasts a full year FY18 dividend of 59.20 cents and EPS of 124.00 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 13.59.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 131.4, implying annual growth of 22.1%.

Current consensus DPS estimate is 67.2, implying a prospective dividend yield of 4.0%.

Current consensus EPS estimate suggests the PER is 12.8.

Forecast for FY19:

Morgan Stanley forecasts a full year FY19 dividend of 116.60 cents and EPS of 265.00 cents.
At the last closing share price the estimated dividend yield is 6.92%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 206.7, implying annual growth of 57.3%.

Current consensus DPS estimate is 101.2, implying a prospective dividend yield of 6.0%.

Current consensus EPS estimate suggests the PER is 8.2.

Market Sentiment: 0.7

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

NST  NORTHERN STAR RESOURCES LTD

Gold & Silver

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Overnight Price: $5.67

Credit Suisse rates NST as Neutral (3) -

The company has acquired 16.4% of Echo Resources ((EAR)) on market for an average price of $0.29 per share.

Credit Suisse observes Echo offers an option on a $20m/6-month refurbishment of the Bronzewing mill, fed by a portion of the 27.4 mt gold resource spread across several deposits.

Consolidation of the Yandal region appears to the broker to be in Northern Star's sights.

Neutral rating retained. Target is $4.55.

Target price is $4.55 Current Price is $5.67 Difference: minus $1.12 (current price is over target).
If NST meets the Credit Suisse target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.90, suggesting downside of -13.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Credit Suisse forecasts a full year FY18 dividend of 10.03 cents and EPS of 44.26 cents.
At the last closing share price the estimated dividend yield is 1.77%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.81.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 36.5, implying annual growth of 1.7%.

Current consensus DPS estimate is 9.7, implying a prospective dividend yield of 1.7%.

Current consensus EPS estimate suggests the PER is 15.5.

Forecast for FY19:

Credit Suisse forecasts a full year FY19 dividend of 10.00 cents and EPS of 51.16 cents.
At the last closing share price the estimated dividend yield is 1.76%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.08.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 43.1, implying annual growth of 18.1%.

Current consensus DPS estimate is 10.2, implying a prospective dividend yield of 1.8%.

Current consensus EPS estimate suggests the PER is 13.2.

Market Sentiment: -0.3

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

RAN  RANGE INTERNATIONAL LIMITED

Mining Sector Contracting

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Overnight Price: $0.07

Morgans rates RAN as Hold (3) -

Morgans is disappointed with the company's business update, as issues have occurred with the commissioning of the raw material pre-processing system.

A review is underway as management assesses the impact of higher raw material costs on the economics of current orders. Another issue is the non-payment of a large order by a Chinese customer, which the broker asserts needs to be rectified given the stretched cash position of the company.

Hold rating maintained but Morgans advises investors to be extremely cautious. Target drops to 7c from 26c.

Target price is $0.07 Current Price is $0.07 Difference: $0
If RAN meets the Morgans target it will return approximately 0% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY17:

Morgans forecasts a full year FY17 dividend of 0.00 cents and EPS of minus 13.08 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 0.54.

Forecast for FY18:

Morgans forecasts a full year FY18 dividend of 0.00 cents and EPS of minus 0.04 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 179.49.

Market Sentiment: 0.0

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

TOX  TOX FREE SOLUTIONS LIMITED

Industrial Sector Contractors & Engineers

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Overnight Price: $3.41

Ord Minnett rates TOX as Hold (3) -

The company has entered into a scheme implementation agreement with Cleanaway Waste ((CWY)), whereby Cleanaway will acquire Tox Free for $3.425 a share.

Ord Minnett suggests it unlikely another competitive bid for the company will emerge, given the full multiple that is being paid and the limited number of industry participants that could target a similar level of synergies.

The broker retains a Hold rating and raises the target to $3.43 from $2.15.

This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.

Target price is $3.45 Current Price is $3.41 Difference: $0.04
If TOX meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $2.70, suggesting downside of -20.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Ord Minnett forecasts a full year FY18 dividend of 10.00 cents and EPS of 12.00 cents.
At the last closing share price the estimated dividend yield is 2.93%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.42.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.8, implying annual growth of 80.3%.

Current consensus DPS estimate is 9.5, implying a prospective dividend yield of 2.8%.

Current consensus EPS estimate suggests the PER is 26.6.

Forecast for FY19:

Ord Minnett forecasts a full year FY19 dividend of 8.00 cents and EPS of 14.00 cents.
At the last closing share price the estimated dividend yield is 2.35%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.8, implying annual growth of 7.8%.

Current consensus DPS estimate is 9.3, implying a prospective dividend yield of 2.7%.

Current consensus EPS estimate suggests the PER is 24.7.

Market Sentiment: 0.3

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

WFD  WESTFIELD CORPORATION

Infra & Property Developers

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Overnight Price: $8.50

Ord Minnett rates WFD as Accumulate (2) -

Ord Minnett observes increased activity globally in the regional mall space in the form of mergers and acquisitions. The activity, the broker suggests, reflects a material discount to fundamental valuations in the sector.

High-quality mall operators have been oversold on the risks around the launch of Amazon in Australia and long-term structural challenges, the broker suggests. Accumulate maintained. Westfield's target rises to $10.60 from $10.30.

This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.

Target price is $10.60 Current Price is $8.50 Difference: $2.1
If WFD meets the Ord Minnett target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $9.04, suggesting upside of 6.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Ord Minnett forecasts a full year FY17 dividend of 34.33 cents and EPS of 40.93 cents.
At the last closing share price the estimated dividend yield is 4.04%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.77.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 42.6, implying annual growth of N/A.

Current consensus DPS estimate is 33.1, implying a prospective dividend yield of 3.9%.

Current consensus EPS estimate suggests the PER is 20.0.

Forecast for FY18:

Ord Minnett forecasts a full year FY18 dividend of 34.07 cents and EPS of 44.55 cents.
At the last closing share price the estimated dividend yield is 4.01%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.08.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 44.9, implying annual growth of 5.4%.

Current consensus DPS estimate is 34.1, implying a prospective dividend yield of 4.0%.

Current consensus EPS estimate suggests the PER is 18.9.

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

Market Sentiment: 0.4

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

Summaries
AGL AGL ENERGY Buy - Citi Overnight Price $25.49
Outperform - Macquarie Overnight Price $25.49
Buy - UBS Overnight Price $25.49
ANZ ANZ BANKING GROUP Equal-weight - Morgan Stanley Overnight Price $28.70
ASG AUTOSPORTS GROUP Outperform - Macquarie Overnight Price $1.88
AWE AWE Downgrade to Sell from Neutral - Citi Overnight Price $0.82
Hold - Deutsche Bank Overnight Price $0.82
Underweight - Morgan Stanley Overnight Price $0.82
No Rating - UBS Overnight Price $0.82
CLQ CLEAN TEQ HOLDINGS Outperform - Macquarie Overnight Price $1.18
CMA CENTURIA METROPOLITAN REIT Add - Morgans Overnight Price $2.44
CMW CROMWELL PROPERTY Underperform - Macquarie Overnight Price $1.02
Hold - Ord Minnett Overnight Price $1.02
CWY CLEANAWAY WASTE MANAGEMENT Neutral - Credit Suisse Overnight Price $1.47
Buy - Deutsche Bank Overnight Price $1.47
No Rating - Macquarie Overnight Price $1.47
Hold - Ord Minnett Overnight Price $1.47
Upgrade to Buy from Neutral - UBS Overnight Price $1.47
HT1 HT&E LTD Buy - Deutsche Bank Overnight Price $1.93
Outperform - Macquarie Overnight Price $1.93
MIN MINERAL RESOURCES Overweight - Morgan Stanley Overnight Price $16.85
NST NORTHERN STAR Neutral - Credit Suisse Overnight Price $5.67
RAN RANGE INTERNATIONAL Hold - Morgans Overnight Price $0.07
TOX TOX FREE SOLUTIONS Hold - Ord Minnett Overnight Price $3.41
WFD WESTFIELD CORP Accumulate - Ord Minnett Overnight Price $8.50
RATING SUMMARY
Rating No. Of Recommendations
1. Buy

11

2. Accumulate

1

3. Hold

8

5. Sell

3

Tuesday 12 December 2017

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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.