Australian Broker Call

Citi rates A2M as Sell (5) -

Citi expects concerns around excess inventory in daigou channels will be visible in the first half result. The broker reiterates a Sell rating.

Citi is increasingly convinced there is excess inventory in the daigou channels and sales are likely to slow. Target rises to $9.65 from $9.50.

Target price is $9.65 Current Price is $10.65 Difference: minus $1 (current price is over target).
If A2M 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 $11.50, suggesting upside of 8.0% (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: 0.3

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

Credit Suisse rates A2M as Neutral (3) -

Operating highlights in FY18 include revenue in infant formula, up 84%, and market share gains in China. Less helpful were losses in the US and UK. Credit Suisse notes break-even in the US is now expected in FY21 while scale in the UK remains elusive.

The broker believes more compelling value is required to compensate investors for the risks. Neutral rating maintained. Target rises to NZ$12.20 from NZ$11.90.

Current Price is $10.65. Target price not assessed.

Current consensus price target is $11.50, suggesting upside of 8.0% (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: 0.3

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

Deutsche Bank rates A2M as Buy (1) -

FY18 results were slightly ahead of estimates. Deutsche Bank continues to like the business model, track record and growth opportunities and reiterates a Buy rating.

Deutsche Bank suggests recent issues with daigou are clearing. Target price is unchanged at NZ$13.50.

Current Price is $10.65. Target price not assessed.

Current consensus price target is $11.50, suggesting upside of 8.0% (ex-dividends)

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: 0.3

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

Macquarie rates A2M as Outperform (1) -

A2 Milk's FY18 result outpaced guidance by a nose, driven by 68% growth in infant formula sales and 13% growth in liquid milk sales. Other nutrition sales rose 89%.

Management guides to continued growth across all channels in FY19 and a step up in prices, which should boost margins. The US market is now firmly in managements sights.

The broker tweaks earnings forecasts and increases the target price to $12.50 from $12.40. Outperform rating retained.

Target price is $12.50 Current Price is $10.65 Difference: $1.85
If A2M meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $11.50, suggesting upside of 8.0% (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: 0.3

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

Morgans rates A2M as Add (1) -

FY18 results were slightly ahead of forecasts. A favourable product mix supported strong expansion in gross profit and earnings margins, Morgans observes. No formal FY19 guidance was provided but the broker notes the tone from the management team is upbeat.

Growth is expected to be underpinned by further market share gains across all markets and channels. Add rating maintained. Target rises to $12.35 from $11.85.

Target price is $12.35 Current Price is $10.65 Difference: $1.7
If A2M meets the Morgans target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $11.50, suggesting upside of 8.0% (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: 0.3

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

UBS rates A2M as Neutral (3) -

A2's 100% increase in earnings in the period beat the broker by 2% driven by stronger results in A&NZ and China. It was a transformative year, and the focus is now on FY19 given a sequential slowing in revenue trends.

UBS believes the 31% growth guidance for China is conservative as the new label launch has gone well. The outlook is positive in China and A&NZ should enjoy price rises. The broker retains Neutral on fair valuation. Target rises to NZ$11.80 from NZ$11.20.

Current Price is $10.65. Target price not assessed.

Current consensus price target is $11.50, suggesting upside of 8.0% (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: 0.3

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

Citi rates AAD as Buy (1) -

The net loss of -$91m was broadly in line with forecasts and the guidance provided in late July. Citi notes a strong start in FY19 for Main Event with sales growth improving to 2.2%.

The broker retains a Buy rating and believes a turnaround is on track. Target is $2.40.

Target price is $2.40 Current Price is $1.89 Difference: $0.51
If AAD meets the Citi target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $1.97, suggesting upside of 4.1% (ex-dividends)

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 AAD as Hold (3) -

Deutsche Bank has reduced FY19/20 EBITDA estimates by -1% following the company's FY18 results.

The company's recent trading update indicated an improved second half at Main Event but sharply rising costs impacted earnings. The recovery at Dreamworld continues to be challenging but Deutsche Bank expects this will take some time.

Deutsche Bank maintains a Hold rating and $1.95 target.

Target price is $1.95 Current Price is $1.89 Difference: $0.06
If AAD meets the Deutsche Bank target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $1.97, suggesting upside of 4.1% (ex-dividends)

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) -

FY18 operating earnings were in line with forecasts. As management has guided to modest expansion in Main Event in FY19 Ord Minnett raises EBITDA forecasts by 4%. However, like-for-like sales growth, a driver of sentiment in the broker's opinion, remains uncertain.

Ord Minnett considers consensus earnings forecasts overly ambitious and maintains a Lighten rating. Target rises to $1.65 from $1.52.

Target price is $1.65 Current Price is $1.89 Difference: minus $0.24 (current price is over target).
If AAD meets the Ord Minnett target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.97, suggesting upside of 4.1% (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

Citi rates ABC as Sell (5) -

First half results met expectations, although guidance for 2018 overall has missed estimates. Given the rich valuation multiples, slowing growth outlook and imminent departures of both the CEO and CFO, Citi believes the stock is overvalued and maintains a Sell rating.

The company is bullish on market conditions but lacks a re-rating catalyst, in the broker's view. Target is raised to $5.50 from $5.20.

Target price is $5.50 Current Price is $6.25 Difference: minus $0.75 (current price is over target).
If ABC 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 $6.04, suggesting downside of -3.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.5

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

Credit Suisse rates ABC as Neutral (3) -

First half results were below forecasts. Nevertheless, the company has reported above-CPI price outcomes across all products, which somewhat contradicts the softer guidance, Credit Suisse observes.

The broker suggests further upside is constrained as residential activity has peaked, and while infrastructure expenditure may be an offset the company has indicated it would be "bold" to predict further growth in NSW. Neutral rating and $6.60 target maintained.

Target price is $6.60 Current Price is $6.25 Difference: $0.35
If ABC meets the Credit Suisse target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $6.04, suggesting downside of -3.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.5

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

Deutsche Bank rates ABC as Hold (3) -

First half results were below Deutsche Bank's forecasts due to lower concrete products EBIT. The broker is less worried about lower lime margins as they should recover in the second half as contract prices reset.

Management provided 2018 NPAT guidance for $200-210m, at the lower end of consensus. The broker remains concerned around the issue of a failure at the Birkenhead cement mill which followed on from product quality issues in 2017.

Hold rating retained and target reduced to $5.80 from $5.85.

Target price is $5.80 Current Price is $6.25 Difference: minus $0.45 (current price is over target).
If ABC meets the Deutsche Bank target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.04, suggesting downside of -3.3% (ex-dividends)

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.5

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

Macquarie rates ABC as Downgrade to Neutral from Outperform (3) -

Adelaide Brighton's first-half result fell short of the broker and guidance also disappointed. Macquarie notes the retirement of the CEO and CFO has left the company temporarily rudderless. The group declared a 4c special dividend as expected.

The broker eases FY18 and FY19 estimates -6% to reflect weaker contributions from joint ventures and property and weaker operational performance. On the upside the broker notes better price traction and an 8% jump in cement sales.

FY18/19 earnings estimates fall -6% and target price cut to $6.45 from $7. Downgrade to Neutral from Outperform reflecting the management uncertainty.

Target price is $6.45 Current Price is $6.25 Difference: $0.2
If ABC meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $6.04, suggesting downside of -3.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.5

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

Morgan Stanley rates ABC as Underweight (5) -

First half results were ahead of expectations although 2018 guidance is only in line. Morgan Stanley is also disappointed that both the CFO and CEO are leaving the company.

The broker believes the underlying market remains strong, particularly on the east coast. Underweight maintained. Target is $6.00. Industry view: Cautious.

Target price is $6.00 Current Price is $6.25 Difference: minus $0.25 (current price is over target).
If ABC 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 $6.04, suggesting downside of -3.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.5

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

Ord Minnett rates ABC as Lighten (4) -

First half results were ahead of estimates. Net profit guidance for 2018 of $200-210m covers Ord Minnett's unchanged estimates.

The departures of the CFO and CEO, coupled with a lack of valuation support and fading macro economic tailwinds, means the broker maintains a Lighten rating. Target edges down to $5.90 from $6.00.

Target price is $5.90 Current Price is $6.25 Difference: minus $0.35 (current price is over target).
If ABC meets the Ord Minnett target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.04, suggesting downside of -3.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.5

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

Deutsche Bank rates AIZ as Sell (5) -

FY18 results were in line with guidance. The key issue for Deutsche Bank is higher fuel costs as hedging rolls off. The company has guided to a decline in FY19 pre-tax profit of -3-21%.

Sell rating.

Current Price is $3.03. Target price not assessed.

Current consensus price target is N/A

Forecast for FY18:

Forecast for FY19:

This company reports in NZD. 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

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

Altium's underlying earnings result beat UBS by 3%, but drilling down finds a stronger picture than first impressions and incrementally positive outlook commentary suggest, the broker declares. FY19 margin growth is expected to be tempered by investment initiatives but current momentum is hard to ignore.

Altium is displacing its larger competitors faster than UBS expected, making the company's goal of 100,000 subs by 2025 look possible, although the broker does not forecast out that far. The broker increases earnings forecasts but notes a rising tax rate will temper profit.

Target rises to $22.00 from $18.50. Upgrade to Neutral from Sell.

Target price is $22.00 Current Price is $29.38 Difference: minus $7.38 (current price is over target).
If ALU meets the UBS target it will return approximately minus 25% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $19.65, suggesting downside of -33.1% (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 APA as Buy (1) -

FY18 results were ahead of expectations. Deutsche Bank notes new projects have started to contribute to operating results. The broker observes the company has not been too distracted by the CKI bid and expects further concessions will be made.

Deutsche Bank would not be surprised if CKI offered to put the majority of its gas network assets under regulation to appease regulators. Buy rating maintained with the target at the bid level of $11.

Target price is $11.00 Current Price is $9.40 Difference: $1.6
If APA meets the Deutsche Bank target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $10.37, suggesting upside of 10.3% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

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

Macquarie rates APA as No Rating (-1) -

APA Group's FY18 earnings beat the broker by a nose, but Macquarie notes the beat was struck on weaker quality. Capitalised interest expense rose sharply.

FY19 guidance is for a 2-7% increase in earnings and an interest expense of $510m. The broker sees trading and currency headwinds for FY19. Balance sheet is sound, gearing sits at 65.4% with rates locked in at 5.65%.

Due to research restrictions Macquarie cannot provide a rating or target at this stage.

Current Price is $9.40. Target price not assessed.

Current consensus price target is $10.37, suggesting upside of 10.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

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

Ord Minnett rates APA as No Rating (-1) -

Ord Minnett updates its model to include the FY18 result and guidance for FY19 operating earnings. The broker is currently restricted on research and therefore cannot provide a rating or target.

Current Price is $9.40. Target price not assessed.

Current consensus price target is $10.37, suggesting upside of 10.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

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

UBS rates APA as Neutral (3) -

APA's 12% profit increase beat the broker by 4%. Operational earnings exceeded guidance. FY19 guidance suggests a slow ramp-up in earnings as growth projects come on line, but full benefits are not expected until FY20, the broker notes.

The CKI consortium bid still requires ACCC, FIRB and shareholder approval. The broker believes these will be granted, hence a target price increase to $10.00 from $8.45. Neutral retained.

Target price is $10.00 Current Price is $9.40 Difference: $0.6
If APA meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $10.37, suggesting upside of 10.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

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

Ord Minnett rates APE as Hold (3) -

First half results were in line with guidance provided in July. Ord Minnett notes mixed regional results from car retailing while margins showed some signs of a recovery and stemmed the decline that has continued since the second half of 2015.

The broker believes the company remains well-positioned to make accretive acquisitions over the medium term. Given the negative recent trends in new car sales a Hold rating is maintained. Target is reduced to $8.30 from $8.40.

Target price is $8.30 Current Price is $7.89 Difference: $0.41
If APE meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $8.63, suggesting upside of 9.3% (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

Ord Minnett rates APT as Buy (1) -

FY18 results were either in line or slightly ahead of estimates. The company has announced the acquisition of 90% of ClearPay Finance, a UK-based business. Afterpay Touch is also raising $108.1m via an institutional placement.

Ord Minnett maintains a Buy rating and $18.50 target.

Target price is $18.50 Current Price is $18.55 Difference: minus $0.05 (current price is over target).
If APT meets the Ord Minnett target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.5

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

Ord Minnett rates ARB as Lighten (4) -

Underlying net profit in FY18 was broadly in line with forecasts. The broker notes, once again, the business delivered double-digit revenue growth. Despite this, the broker maintains a Lighten rating as there is little upside envisaged from a potential re-rating and an increasing earnings profile. Target is raised to $17.00 from $15.50.

Target price is $17.00 Current Price is $19.87 Difference: minus $2.87 (current price is over target).
If ARB meets the Ord Minnett target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $20.58, suggesting upside of 3.6% (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 ATL as Add (1) -

FY18 results were in line with forecasts. FY19 guidance for net profit of $22-24m suggests 13-23% growth. Morgans re-models estimates but makes modest increases to forecasts.

The broker maintains an Add rating and reduces the target to $1.94 from $1.98.

Target price is $1.94 Current Price is $1.60 Difference: $0.34
If ATL meets the Morgans target it will return approximately 21% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

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

Ord Minnett rates ATL as Hold (3) -

FY18 results were driven by strong contributions from the Australian, New Zealand and Canadian businesses. Ord Minnett expects conditions to remain favourable.

The broker maintains a Hold rating and reduces the target to $1.64 from $1.71. While the stock appears well-positioned for future growth opportunities the broker considers this adequately reflected in the share price.

Target price is $1.64 Current Price is $1.60 Difference: $0.04
If ATL meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

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

Macquarie rates BAP as Outperform (1) -

Bapcor's FY18 result met the broker, buoyed by strong trading, price increases and network expansion. Margins rose 80 basis points to 14.4% due to strong operational traction. 

The company has reported a strong start to FY19 and Macquarie expects the upper end of guidance to be reached, noting strong opportunities for organic growth and economies of scale.

Target price jumps to $7.80 from $6.60 and Outperform rating retained.

Target price is $7.80 Current Price is $6.89 Difference: $0.91
If BAP meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $7.20, suggesting upside of 4.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

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

Morgan Stanley rates BAP as Overweight (1) -

Bapcor delivered on expectations in FY18. FY19 guidance is for earnings of $170m and net profit growth of 9-14%.

Overweight rating is reiterated. Target is $7.00. Industry view: In-line.

Target price is $7.00 Current Price is $6.89 Difference: $0.11
If BAP meets the Morgan Stanley target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $7.20, suggesting upside of 4.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

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

Morgans rates BAP as Hold (3) -

FY18 results were in line with estimates. Morgans considers the organic growth on offer robust and notes the likelihood of low double-digit growth over the next few years.? FY19 EBITDA guidance is $170m, up 13%.

Hold rating maintained. Target is raised to $6.90 from $6.86.

Target price is $6.90 Current Price is $6.89 Difference: $0.01
If BAP meets the Morgans target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $7.20, suggesting upside of 4.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

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

UBS rates BAP as Neutral (3) -

The broker saw a strong result from Bapcor, but we only have commentary to go on to assume a "beat". Earnings growth across all divisions was solid, as was cash conversion at 92%.

The broker expects FY19 earnings growth in excess of 10% as the company continues to consolidate the Trade channel, increase private label penetration and roll out stores. The rollout pace has slowed but this does not bother the broker.

Neutral retained on valuation, target rises to $7.10 from $7.00.

Target price is $7.10 Current Price is $6.89 Difference: $0.21
If BAP meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $7.20, suggesting upside of 4.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

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

Deutsche Bank rates BHP as Buy (1) -

FY18 results slightly disappointed Deutsche Bank. Cost guidance for the Queensland coal unit was higher than expected. FY19 cost guidance across the major divisions is largely in line with estimates.

The broker removes the US onshore business from its estimates and increases coking coal cost assumptions. As a result FY19 and FY20 estimates for EBITDA are reduced by -9% and -6% respectively. Buy rating and $32 target.

Target price is $32.00 Current Price is $32.53 Difference: minus $0.53 (current price is over target).
If BHP meets the Deutsche Bank target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $35.54, suggesting upside of 9.2% (ex-dividends)

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: 0.8

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

Macquarie rates BIN as Outperform (1) -

Bingo Industries' FY18 results were in line with adjusted prospectus estimates and the broker.

Macquarie lowers FY19 EPS estimates by -11% to reflect the DADI acquisition, initial dilution from a pre-emptive entitlement offer and margin pressure on redevelopments. FY20 and FY21 estimates rise 8% and 21% respectively.

Target price rises to $3.20 from $3.00. Outperform retained.

Target price is $3.20 Current Price is $3.01 Difference: $0.19
If BIN meets the Macquarie target it will return approximately 6% (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 CAR as Sell (5) -

FY18 results were in line and the broker upgrades estimates for FY19-20 by 2-3%. New management and a change in strategy meant Webmotors doubled its operating earnings in the second half.

Citi maintains a Sell rating and raises the target to $14 from $13.25.

Target price is $14.00 Current Price is $15.29 Difference: minus $1.29 (current price is over target).
If CAR meets the Citi target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $15.15, suggesting downside of -0.9% (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 CAR as Neutral (3) -

FY18 results were broadly in line with Credit Suisse. Latin American businesses grew strongly. The broker increases outer-year earnings forecasts because of the improved outlook for SK Encar and prolonged growth in dealer business.

Neutral maintained. Target is raised to $15.00 from $13.50.

Target price is $15.00 Current Price is $15.29 Difference: minus $0.29 (current price is over target).
If CAR meets the Credit Suisse target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $15.15, suggesting downside of -0.9% (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 CAR as Neutral (3) -

Carsales' FY18 result pleased the broker with earnings rising 15.9%, following consolidation of SK Encar.

The company logged accelerated depth product penetration in Dealer and Private markets with momentum appearing solid into FY19. The broker notes room for expansion of top-tier products which are trading in the low single digit range.

Earnings per share forecasts rise 1.4% for FY19 and 3% for FY20. Target price rises to $15.25 from $14. Neutral rating retained.

Target price is $15.25 Current Price is $15.29 Difference: minus $0.04 (current price is over target).
If CAR 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 $15.15, suggesting downside of -0.9% (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

Morgan Stanley rates CAR as Overweight (1) -

FY18 results were in line with expectations. The company has indicated the start of first half trading has been positive. No specific guidance was provided. Morgan Stanley expects the shares to trade higher.

Overweight rating, Attractive industry view and $16.50 target maintained.

Target price is $16.50 Current Price is $15.29 Difference: $1.21
If CAR meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $15.15, suggesting downside of -0.9% (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 CAR as Add (1) -

FY18 results were ahead of forecasts. Morgans incorporates slightly higher estimates for FY19, noting a strong pipeline of new products for launch which should help lift average yields per customer.

Add rating maintained. Target is raised to $17.05 from $16.76.

Target price is $17.05 Current Price is $15.29 Difference: $1.76
If CAR meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $15.15, suggesting downside of -0.9% (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

Ord Minnett rates CAR as Hold (3) -

FY18 results were in line with Ord Minnett estimates. The broker is encouraged by the momentum in the international business, particularly as growth in key metrics is strong.

More is expected in FY19 but the broker considers the stock fully priced and maintains a Hold rating. Target rises to $15.77 from $14.15.

Target price is $15.77 Current Price is $15.29 Difference: $0.48
If CAR meets the Ord Minnett target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $15.15, suggesting downside of -0.9% (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

UBS rates CAR as Neutral (3) -

Carsales' in-line result was solid, the broker suggests. Management's guidance commentary was for a solid outlook for the core domestic business and solid earnings growth in Korea. Brazil stands out with a "strong" outlook.

All is as the broker expected. Neutral and $14.00 target retained.

Target price is $14.00 Current Price is $15.29 Difference: minus $1.29 (current price is over target).
If CAR meets the UBS target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $15.15, suggesting downside of -0.9% (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

Citi rates CCL as Neutral (3) -

First half earnings were slightly softer than expected. Nevertheless, Citi finds the improvement in Australia encouraging although visibility beyond 2018 is unclear.

The broker believes, while economic factors are partly to blame, the business needs to gain traction in categories other than soft drinks. Neutral rating and $9.50 target maintained.

Target price is $9.50 Current Price is $9.81 Difference: minus $0.31 (current price is over target).
If CCL meets the Citi target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.05, suggesting downside of -7.7% (ex-dividends)

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.5

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

Credit Suisse rates CCL as Downgrade to Neutral from Outperform (3) -

First half result was soft, as expected. Credit Suisse believes the stock is now priced correctly for what is is on offer, which is low single-digit growth in earnings per share.

Rating is downgraded to Neutral from Outperform. Target is $9.80. Credit Suisse upgrades expectations for PNG and downgrades Indonesia, concerned that the company has not ignited the top-line in the latter.

Target price is $9.80 Current Price is $9.81 Difference: minus $0.01 (current price is over target).
If CCL meets the Credit Suisse target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.05, suggesting downside of -7.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.5

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

Deutsche Bank rates CCL as Sell (5) -

First half results were mixed, in the broker's view, with signs of volume stabilisation in the Australian business and benign impact from the container deposit scheme.

New products are helping but there seems to be a requirement for heavy price investment. With earnings still declining and the path to sustainable growth unclear Deutsche Bank sees downside risk with the stock trading on an 18x PE multiple.

While the dividend yield is reasonable the broker does not believe there is sufficient free cash flow to cover it this year. Sell rating and $8.50 target retained.

Target price is $8.50 Current Price is $9.81 Difference: minus $1.31 (current price is over target).
If CCL meets the Deutsche Bank target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.05, suggesting downside of -7.7% (ex-dividends)

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.5

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

Macquarie rates CCL as Underperform (5) -

Coca-Cola Amatil's first-half top-line result beat the broker by 3.5%, thanks to strong performances in Australia, NZ and Fiji, although net profit was a slight miss. The beat was struck on low quality drivers, and lower net interest and minorities, Macquarie notes.

The broker expects earnings to be constrained by a higher reinvestment of cost savings, noting the return on operating expenditure is unknown. EPS forecasts across FY18/19/20 rise 1%.

Macquarie expects continued strength in A/NZ will offset weakness in Indonesia and the Corporate/Food markets. Price target rises 1.5% to $9. Underperform rating retained.

Target price is $9.00 Current Price is $9.81 Difference: minus $0.81 (current price is over target).
If CCL meets the Macquarie target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.05, suggesting downside of -7.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.5

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

Morgan Stanley rates CCL as Upgrade to Equal-weight from Underweight (3) -

First half earnings for Australian beverages were better than Morgan Stanley expected. The broker believes the valuation relative to the ASX industrials remains reasonable albeit expensive on an absolute basis.

The broker believes the company's brand leadership and new products have enabled the business to navigate the container deposit scheme impact better than previously expected. The broker upgrades to Equal-weight from Underweight. Target is raised to $9.60 from $8.00. Cautious industry view.

Target price is $9.60 Current Price is $9.81 Difference: minus $0.21 (current price is over target).
If CCL meets the Morgan Stanley target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.05, suggesting downside of -7.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.5

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

Morgans rates CCL as Hold (3) -

First half results were soft but in line with expectations. No specific 2018 guidance was provided but the company remains cautious about the outlook for Australian beverages. A strategic review has commenced on the options for SPC.

Morgans wants further evidence that the headwinds facing Australian beverages are easing, although acknowledges modest top-line growth evident in the report could be an early sign of improvement. Hold rating and $8.96 target maintained.

Target price is $8.96 Current Price is $9.81 Difference: minus $0.85 (current price is over target).
If CCL meets the Morgans target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.05, suggesting downside of -7.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.5

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

Ord Minnett rates CCL as Lighten (4) -

First half net profit was ahead of forecasts. Australian beverages exceeded Ord Minnett's estimates while earnings from Indonesia and PNG fell short.

While volume trends are improving in Australian beverages, Ord Minnett notes margin investment remains significant. The broker maintains a Lighten rating and raises the target to $8.75 from $8.25.

Target price is $8.75 Current Price is $9.81 Difference: minus $1.06 (current price is over target).
If CCL meets the Ord Minnett target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.05, suggesting downside of -7.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.5

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

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

Corporate costs, losses for SPC and weakness in Indonesia meant Coca-Cola Amatil's result fell short of UBS. The Australian division beat the broker by 3% but was still down -9% year on year due to heightened investment, which will continue to year's end.

Investment will then moderate in 2019, but which time structural headwinds in fizzy drink popularity will accelerate, UBS believes, while Indonesia is expected to continue weighing. Given year to date outperformance of the index, the broker moves to Sell from Neutral. Target falls to $8.30 from $8.40.

Target price is $8.30 Current Price is $9.81 Difference: minus $1.51 (current price is over target).
If CCL meets the UBS target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.05, suggesting downside of -7.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.5

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

Citi rates CHC as Buy (1) -

FY18 results beat upgraded guidance. For FY19 management expects growth of 5-7% and Citi retains forecasts at the upper end of the range. The broker reiterates a Buy rating. The broker envisages upside risk to forecasts from acquisitions and performance fees.

The target is raised to $7.68 from $7.63.

Target price is $7.68 Current Price is $6.78 Difference: $0.9
If CHC meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $6.69, suggesting downside of -1.3% (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

Macquarie rates CHC as Outperform (1) -

Charter Hall Group's FY18 result and FY19 guidance outpaced the broker.

The broker notes strong conditions for the Office market, and likely scale benefits from the Folkstone ((FLK)) purchase, which will be funded by cash and debt. FY19 to FY21 EPS forecasts rise 2% to reflect higher active fees.

Price target rises to $7.27 from $7. Outperform rating retained.

Target price is $7.27 Current Price is $6.78 Difference: $0.49
If CHC meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $6.69, suggesting downside of -1.3% (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 CHC as Downgrade to Hold from Accumulate (3) -

Higher corporate costs have caused Charter Hall's FY18 operating result to miss Ord Minnett's expectation by some -3%. Guidance is for 5-7% growth in FY19, but the analysts point out including the proposed acquisition of Folkestone ((FLK)) this could turn into 8-10% growth for the year.

The analysts note the shares have significantly outperformed over the year past as investors switched their preference to office and industrial assets, which represent 60% of Assets under Management at Charter Hall.

Post share price outperformance, Ord Minnett downgrades to Hold from Accumulate. Target price unchanged at $6.90.

Target price is $6.90 Current Price is $6.78 Difference: $0.12
If CHC meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $6.69, suggesting downside of -1.3% (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 CHC as Neutral (3) -

Charter Hall's 5% earnings growth was in line with the broker and FY19 guidance of 5-7% meets consensus, improving to 8-10% if the Folkestone acquisition goes ahead. The broker sees the logic in the acquisition but finds it unnecessary given complexity and small size.

It also contributes to a more limited balance sheet. The group continues to deliver stand-out sector growth, the broker suggests, but it's all priced in. Neutral retained, target rises to $6.70 from $6.10.

Target price is $6.70 Current Price is $6.78 Difference: minus $0.08 (current price is over target).
If CHC 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 $6.69, suggesting downside of -1.3% (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

Macquarie rates CTD as Neutral (3) -

Corporate Travel Management's FY18 result was broadly in line, reporting a net profit marginally ahead of the broker.

The company posted strong revenue growth across Australia, New Zealand, Europe and the US, and a mixed/flat performance in Asia. Macquarie increases EPS forecasts by 6% and 8% for FY19 and FY20.

Target raised to $30 from $26. Neutral rating retained, the stock trading at a 70% premium to emerging industrials.

Target price is $30.00 Current Price is $29.71 Difference: $0.29
If CTD meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $31.10, suggesting upside of 4.7% (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

Morgan Stanley rates CTD as Overweight (1) -

FY18 results were in line with Morgan Stanley. The broker notes cash conversion was strong. FY19 guidance of $144-150m is up 15-20% and  the broker's estimates are at the mid point.

Morgan Stanley reiterates an Overweight rating, In-Line industry view and $31 target.

Target price is $31.00 Current Price is $29.71 Difference: $1.29
If CTD meets the Morgan Stanley target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $31.10, suggesting upside of 4.7% (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

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

Morgans was impressed with FY18 earnings, noting second half growth of 21% is significant for a company of this size. All regions were largely in line with forecasts. FY19 guidance is for EBITDA of $144-150m, up 15-20%.

Morgans downgrades to Hold from Add because of the strong appreciation in the share price. Catalysts include further accretive acquisitions. Target is reduced to $32.00 from $32.25.

Target price is $32.00 Current Price is $29.71 Difference: $2.29
If CTD meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $31.10, suggesting upside of 4.7% (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 CTD as Downgrade to Hold from Buy (3) -

FY18 results were broadly in line and provide further evidence for Ord Minnett of the success of the business model. The challenge the broker perceives is that the company is now of sufficient size it could be competing with large global travel management companies on a more frequent basis.

The broker believes the market will be all about scale in coming years, as the industry moves towards a new distribution system. Earnings estimates are upgraded by 5% for FY19. Rating is downgraded to Hold from Buy on valuation grounds. Target rises to $30.30 from $24.36.

Target price is $30.30 Current Price is $29.71 Difference: $0.59
If CTD meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $31.10, suggesting upside of 4.7% (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 CTD as Downgrade to Neutral from Buy (3) -

Corporate Travel's result was hard to fault, UBS suggests, featuring impressive organic growth of 19%. The only blip was that margin growth contributed more than expected versus revenue growth.

FY19 guidance is for 15-20% growth, both organic and the Lotus acquisition. More acquisitions are expected and technology rollouts in the US and Asia and a new SME product in Australia should help maintain momentum, the broker believes.

But it's all in the price. Target rises to $32.20 from $27.50. Downgrade to Neutral from Buy.

Target price is $32.20 Current Price is $29.71 Difference: $2.49
If CTD meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $31.10, suggesting upside of 4.7% (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

Morgans rates CWP as Hold (3) -

FY18 results were slightly ahead of recent guidance. While formal guidance was not provided for FY19, Morgans notes an earnings step up is supported by very strong pre-sales and commercial sites sales.

The broker observes a visible level of earnings being delivered out to FY21 and maintains a Hold rating on valuation. Target is reduced to $6.60 from $6.70.

Target price is $6.60 Current Price is $6.22 Difference: $0.38
If CWP meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges).

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 CWY as Buy (1) -

FY18 earnings were ahead of forecasts. The dividend was stronger than Deutsche Bank expected, as was the contribution from Toxfree.

Deutsche Bank acknowledges the stock appears relatively expensive but, given a defensive business, growth opportunities and the multiples being paid for arguably inferior business models, maintains a Buy rating. Target is $1.70.

Target price is $1.70 Current Price is $1.97 Difference: minus $0.27 (current price is over target).
If CWY meets the Deutsche Bank target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.90, suggesting downside of -3.5% (ex-dividends)

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

Macquarie rates CWY as Outperform (1) -

Cleanaway Waste Management's FY18 results were slightly ahead of the broker's estimates. Macquarie eases EPS estimates across FY19 and FY20 by -7% and -3% respectively, reflecting depreciation guidance.

Target price rises to $2.40 from $2. Outperform rating retained, the broker appreciating the thematics underpinning the company's business.

Target price is $2.40 Current Price is $1.97 Difference: $0.43
If CWY meets the Macquarie target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $1.90, suggesting downside of -3.5% (ex-dividends)

The company's fiscal year ends in June.

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 CWY as Hold (3) -

FY18 results were ahead of expectations. Morgans downgrades FY19 earnings forecasts by -3% to align with management indications but strengthens longer-term forecasts to reflect impairment assumptions.

Hold rating maintained, as the share price exceeds estimates of fair value. Target is raised to $1.86 from $1.78.

Target price is $1.86 Current Price is $1.97 Difference: minus $0.11 (current price is over target).
If CWY meets the Morgans target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.90, suggesting downside of -3.5% (ex-dividends)

The company's fiscal year ends in June.

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 CWY as Hold (3) -

FY18 earnings were ahead of forecasts. Ord Minnett appreciates the near-term tailwinds for earnings but believes the stock has re-rated significantly while meaningful free cash flow is still a couple of years away.

Management remains confident that the impact of the changes to China's contamination standards for importation of recycled materials will subside through FY19. Hold rating maintained. Target rises to $1.85 from $1.62.

Target price is $1.85 Current Price is $1.97 Difference: minus $0.12 (current price is over target).
If CWY meets the Ord Minnett target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.90, suggesting downside of -3.5% (ex-dividends)

The company's fiscal year ends in June.

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 CWY as Downgrade to Neutral from Buy (3) -

Cleanaway posted an impressive result, UBS suggests, with revenue growth beating forecasts. This despite the costs involved in new contract mobilisation amid the China recycling crisis.

With all divisions back to growth and upside from the Toxfree acquisition, the broker is positive on earnings growth and sees a sound strategy. The stock's valuation does not look overly expensive compared to US peers and UBS sees only marginal share price upside form here and thus downgrades to Neutral from Buy.

Target rises to $2.15 from $1.90.

Target price is $2.15 Current Price is $1.97 Difference: $0.18
If CWY meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $1.90, suggesting downside of -3.5% (ex-dividends)

The company's fiscal year ends in June.

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 DTL as Hold (3) -

FY18 results were in line with guidance. Morgans increases FY19 forecasts by 3%. The broker expects the company to return to EPS growth in FY19. Risks relate to strength in customer demand.

The broker retains a Hold rating on valuation. Target is steady at $1.67.

Target price is $1.67 Current Price is $1.63 Difference: $0.04
If DTL meets the Morgans target it will return approximately 2% (excluding dividends, fees and charges).

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

Citi rates FBU as Neutral (3) -

FY18 targets were met although Citi notes margin pressures have emerged. Still, with a return to profit and divestment plans well underway the broker believes capital management initiatives are the key catalyst.

The broker estimates FY19 guidance implies a -4% fall in underlying EBIT. The broker maintains a Neutral rating. Target is reduced to NZ$6.30 from NZ$6.50.

Current Price is $5.84. Target price not assessed.

Current consensus price target is $6.36, suggesting upside of 8.9% (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: -0.2

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

Deutsche Bank rates FBU as Hold (3) -

The company's FY18 loss of -NZ$710 was at the upper end of the guidance range. Guidance for FY19 is for flat EBIT after adjusting for the abnormally strong housing development gains.

Due to improved medium-term earnings expectations the target price is raised to NZ$6.37 from NZ$5.66. Hold retained.

Current Price is $5.84. Target price not assessed.

Current consensus price target is $6.36, suggesting upside of 8.9% (ex-dividends)

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: -0.2

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's FY18 result met guidance and consensus. Revenue, as expected, was down across the board but the company expects to reinstate the dividend in FY19.

The broker increases EPS estimates for FY19/20/21 by 3%, 3% and 8% respectively, reflecting higher Australia, Construction and Residential contributions.

Macquarie cannot provide a target price or recommendation due to research restrictions.

Current Price is $5.84. Target price not assessed.

Current consensus price target is $6.36, suggesting upside of 8.9% (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: -0.2

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) -

FY18 results were in line but disappointed Morgan Stanley in terms of the composition and quality. A positive outcome on divestments may be a catalyst.

With the last few years hampered by construction losses, FY19 is shaping up as a transition year, in the broker's opinion.

Equal-weight rating maintained. Target is reduced to $6.36 from $6.60. Cautious industry view.

Target price is $6.36 Current Price is $5.84 Difference: $0.52
If FBU meets the Morgan Stanley target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $6.36, suggesting upside of 8.9% (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: -0.2

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

UBS rates FBU as Neutral (3) -

Fletcher's result was in line with the broker. While cash conversion was strong in FY18 it is expected to be poor in FY19 on inability to pass through cost increases.

This concerns the broker, given guidance for margin expansion across most divisions. The broker now believes the NZ housing construction market will peak in FY20-21, rather than in FY19 as previously assumed. But a guided turnaround in Australia needs to show up in the numbers.

The broker sees longer term value but retains Neutral. Target rises to NZ$6.60 from NZ$6.30.

Current Price is $5.84. Target price not assessed.

Current consensus price target is $6.36, suggesting upside of 8.9% (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: -0.2

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

Macquarie rates FLT as Underperform (5) -

At first glance, it appears today's FY18 release beat Macquarie's numbers on many metrics but missed by some -4.5%-4.9% on the numbers that count for many short term market watchers: net profits and earnings per share.

Macquarie analysts do point out the result itself is still positioned near the top of management's guidance, and the dividend is also better than expected. The analysts do not believe today's result will meaningfully impact on consensus forecasts, while suggesting this was needed to support the elevated share price. Underperform. Target $47.50.

Target price is $47.50 Current Price is $61.84 Difference: minus $14.34 (current price is over target).
If FLT meets the Macquarie target it will return approximately minus 23% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $57.69, suggesting downside of -6.7% (ex-dividends)

The company's fiscal year ends in June.

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 FXL as Neutral (3) -

FlexiGroup's result was slightly ahead of the broker but within the guidance range. There were lots of moving parts, but they were moving in the right direction, the broker suggests.

Management has delivered on its announced initiatives to date and further momentum is expected from digitalisation initiatives in FY19. While valuation is not demanding, the broker wants more clarity on brand investment across FY19-20 in order to be more positive.

Neutral retained, target rises to $2.20 from $1.85.

Target price is $2.20 Current Price is $2.19 Difference: $0.01
If FXL meets the UBS target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $2.49, suggesting upside of 13.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

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

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

The company will establish a property trust for hospitals, which Morgan Stanley expects will unlock value and dilute the focus on the challenging industry fundamentals. FY18 results were slightly ahead of expectations.

While the near-term outlook is challenging the broker notes the company is confident regarding forecasts for 10% growth in operating earnings in FY19. Equal-weight rating maintained. Target is raised to $2.37 from $2.15. Industry view is In-Line.

Target price is $2.37 Current Price is $2.21 Difference: $0.16
If HSO meets the Morgan Stanley target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $2.25, suggesting upside of 2.0% (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 IDR as Hold (3) -

FY18 results were in line with guidance. FY19 guidance comprises distributions of 17c per share. Morgans believes the portfolio metrics are solid and potential catalysts include corporate activity and positive news flow on leasing deals.

Hold rating and $2.67 target maintained.

Target price is $2.67 Current Price is $2.68 Difference: minus $0.01 (current price is over target).
If IDR meets the Morgans target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.62, suggesting downside of -2.1% (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

UBS rates IDR as Neutral (3) -

It was a good result from Industria, in line with the broker, featuring strong cash flow in excess of distribution. FY19 guidance was also pleasing.

The REIT offers a steady 6.5% yield, growing at 3%, and is trading close to net tangible asset value, the broker notes. The broker likes the space (suburban offices and business parks) and notes Growthpoint's ((GOZ)) presence on the register limits downside.

Neutral retained, target rises to $2.67 from $2.57.

Target price is $2.67 Current Price is $2.68 Difference: minus $0.01 (current price is over target).
If IDR meets the UBS target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.62, suggesting downside of -2.1% (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

Macquarie rates IEL as Outperform (1) -

In initial response to the released FY18 report, Macquarie analysts believe the numbers are solid, largely in line with expectations, and the outlook remains positive.

The analysts remind investors their FY19 estimates already factor in additional growth investment as the company expands its global network and capabilities. Outperform. Target $9.75.

Target price is $9.75 Current Price is $9.72 Difference: $0.03
If IEL meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $8.68, suggesting downside of -10.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.2

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

Citi rates ING as Neutral (3) -

FY18 results were slightly weaker than expected. Citi notes the main issue facing the company is the extent to which prices will need to rise in order to offset increases in feed costs.

Australian prices declined in FY18 and, while the company has cited an adverse mix as the cause, Citi remains uncertain about the extent to which price rises can be passed through.

The broker maintains a Neutral rating and raises the target to $3.85 from $3.70.

Target price is $3.85 Current Price is $3.78 Difference: $0.07
If ING meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $3.75, suggesting downside of -0.8% (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

Credit Suisse rates ING as Neutral (3) -

FY18 results were solid although Credit Suisse notes signs of challenges in FY19 because of higher input costs.

The company has increased prices through all channels in Australia and the broker believes these can be passed through and, along with efficiency gains, will offset most of the impact of higher costs.

Neutral rating maintained. Target is reduced to $3.90 from $4.10.

Target price is $3.90 Current Price is $3.78 Difference: $0.12
If ING meets the Credit Suisse target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $3.75, suggesting downside of -0.8% (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

Macquarie rates ING as Neutral (3) -

Inghams Group's FY18 full-year profit fell just shy of the broker.

Growth and margins improved and the broker says the company is handling cost pressures well and net debt and cash conversion continues apace. The company's net debt fell nearly $50 million in the second half, well below gearing targets.

The broker expects high cash conversion augurs well for capital returns, the stock's 11.6 cents per share fully franked dividend outpacing the broker's forecast 10c per share. The company will return $125 million (33c per share) to shareholders. ING will proceed with an on-market buyback of up to 5% of issued capital post the Mitavite sale.

Broker cuts earnings per share forecast -5.8% and -5.7% for FY19 and FY29. Target price steady. Neutral rating retained, the broker noting an attractive valuation, despite headwinds, at 12.8x FY19 earnings and the capital return and buyback.

Target price is $4.00 Current Price is $3.78 Difference: $0.22
If ING meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $3.75, suggesting downside of -0.8% (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

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

FY18 results were below expectations. Given the healthy balance sheet the company has announced a share buyback of up to 5% of the shares and Morgan Stanley estimates this to be 3-4% accretive over FY19-20.

Equal-weight. Target is $3.60. Industry view: Cautious.

Target price is $3.60 Current Price is $3.78 Difference: minus $0.18 (current price is over target).
If ING meets the Morgan Stanley target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.75, suggesting downside of -0.8% (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

Morgans rates ING as Hold (3) -

FY18 results were largely in line with expectations. Given the prospect of declining earnings in FY19 and potential for challenging operating conditions to persist Morgans believes a cautious view is justified.

No guidance was provided but an oversupplied NZ market and rising electricity, gas, insurance and feed costs suggest to the broker a number of headwinds are looming. Hold maintained. Target is reduced to $3.75 from $4.20.

Target price is $3.75 Current Price is $3.78 Difference: minus $0.03 (current price is over target).
If ING meets the Morgans target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.75, suggesting downside of -0.8% (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 ING as Sell (5) -

Inghams' underlying result fell -2% short of the broker. Australia was stronger but NZ was -13% lower on oversupply issues which aren't expected to improve until the second half 19. The company announced a 33c special dividend and off market buyback, subject to the sale of Mitavite.

With that out of the way, Inghams is a good business, the broker believes, but cost-outs will not keep up with cost pressures (feed and utilities) in FY19 and management uncertainty remains post the departure of the CEO.

While valuation is not demanding, the broker retains Sell. Target falls to $3.30 from $3.40.

Target price is $3.40 Current Price is $3.78 Difference: minus $0.38 (current price is over target).
If ING meets the UBS target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.75, suggesting downside of -0.8% (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

Morgan Stanley rates IOF as Underweight (5) -

The company has received a notice from Blackstone stating it is prepared to increase the consideration payable per security to $5.45 a share under the scheme to acquire the company.

The revised offer is 8% above Morgan Stanley's target but the broker envisages better value elsewhere, given the limited visibility on whether Blackstone's conditions could be met.

Morgan Stanley rates the stock Underweight with an Industry view of Cautious. Target price is steady at $4.95.

Target price is $4.95 Current Price is $5.08 Difference: minus $0.13 (current price is over target).
If IOF meets the Morgan Stanley target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.73, suggesting downside of -6.8% (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

Macquarie rates ISD as Underperform (5) -

Long time troubled iSentia has come out with a shockingly bad FY18 report, in initial response by Macquarie analysts described as "materially lower" than what they had been expecting.

On a rough calculation, combining FY18 and FY19 guidance, Macquarie analysts estimate today's market release is worth some -31% in terms of to be expected reduction in market consensus forecasts post the event.

Macquarie analysts continue to expect the company will have to ramp up investment to save this company's bacon, implying the bottom is not yet behind it. Underperform. Target 88c.

Target price is $0.88 Current Price is $0.48 Difference: $0.4
If ISD meets the Macquarie target it will return approximately 83% (excluding dividends, fees and charges).

Current consensus price target is $0.99, suggesting upside of 106.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

Citi rates LLC as Buy (1) -

FY18 was slightly ahead of expectations. Citi believes increased numbers of urban regeneration projects support the earnings visibility of the business.

The broker estimates the number of these projects contributing to earnings has the potential to increase to 15 by FY21, ensuring the company is less reliant on prevailing market conditions.

Buy rating and $22.36 target maintained.

Target price is $22.36 Current Price is $20.06 Difference: $2.3
If LLC meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $21.20, suggesting upside of 5.7% (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

Macquarie rates LLC as Outperform (1) -

Lend Lease Group's FY18 full-year result beat the broker by 3%, thanks to a lower tax rate.

The broker tips 8% growth in FY19 driven by residential settlements and, despite a slip in provisions, the broker retains an Outperform rating, noting a growing market and the respectable 14x price-earnings multiple.

FY19 to FY21  earnings per share forecasts rise 1%-2%. Target price falls -3% to to $21.36 from $22, to reflect a sharper than expected rise in net debt.

Target price is $21.36 Current Price is $20.06 Difference: $1.3
If LLC meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $21.20, suggesting upside of 5.7% (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

Morgan Stanley rates LLC as Overweight (1) -

FY18 results were ahead of estimates. Morgan Stanley found the construction result in Australia underwhelming but the absence of additional losses from engineering projects was a positive.

The broker believes attention is likely to focus on the momentum in real assets, development, investment and management.

Overweight. Target is $23.05. Industry view is Cautious.

Target price is $23.05 Current Price is $20.06 Difference: $2.99
If LLC meets the Morgan Stanley target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $21.20, suggesting upside of 5.7% (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

Ord Minnett rates LLC as Hold (3) -

FY18 results were slightly ahead of forecasts. Ord Minnett notes, the main news, is the establishment of a residential build-for-rent JV with First State Super in the US. This will be capitalised with US$1bn in equity, US $500m from each partner.

The vehicle has acquired the company's US apartment buildings under construction which will add to realised profits in FY19. Ord Minnett maintains a Hold rating as the stock is trading above the target, which is raised to $19.75 from $19.60.

Target price is $19.75 Current Price is $20.06 Difference: minus $0.31 (current price is over target).
If LLC meets the Ord Minnett target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $21.20, suggesting upside of 5.7% (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

UBS rates LLC as Neutral (3) -

Second half profit growth of 5% was consistent with the first half, but quality was poor, the broker suggests. While The result actually exceed the broker's forecast, it took higher investment management revaluations to offset a "very poor" construction result.

This is a concern, given a backlog hinting at growth. Offshore businesses and new asset classes offer upside, but volatility in local construction keeps the broker on Neutral and an unchanged $19.50 target.

Target price is $19.50 Current Price is $20.06 Difference: minus $0.56 (current price is over target).
If LLC meets the UBS target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $21.20, suggesting upside of 5.7% (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 LOV as Buy (1) -

International expansion is progressing faster than Citi expected, partially offset by a slowdown in like-for-like sales growth. Sales growth slowed to 4% in the fourth quarter and has continued to slow in the early weeks of FY19.

The company has indicated that operating leverage will be constrained in the short term as investment is required for new markets. Citi reiterates a Buy rating and reduces the target to $12.30 from $13.45.

Target price is $12.30 Current Price is $10.63 Difference: $1.67
If LOV meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $10.38, suggesting downside of -2.3% (ex-dividends)

The company's fiscal year ends in June.

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

Macquarie rates LOV as Outperform (1) -

Lovisa Holding's FY18 full-year result pleased the broker, thanks to strong product execution and strength in all territories.

Macquarie tips a 130 basis point rise in margin to 22.2% and seven or more store openings in each market in US, Spain and France.

The broker reduces FY19 earnings per share forecasts  -3% and FY20 is steady, as rollout accelerates. Target price rises to $11.50 from $8.80 to reflect a risk-adjusted pilot market rollout (adding $1.50 cents per share).

Outperform rating retained, the broker noting the globally proven retail concept and rollout potential of 2000+ stores.

Target price is $8.80 Current Price is $10.63 Difference: minus $1.83 (current price is over target).
If LOV meets the Macquarie target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.38, suggesting downside of -2.3% (ex-dividends)

The company's fiscal year ends in June.

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

Morgan Stanley rates LOV as Underweight (5) -

FY18 results were strong but Morgan Stanley notes a much softer start to FY19. Particularly strong comparables will make FY19 even more challenging, in the broker's opinion.

Reiterate Underweight. Target is $9.50. Industry view is In-Line.

Target price is $9.50 Current Price is $10.63 Difference: minus $1.13 (current price is over target).
If LOV meets the Morgan Stanley target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.38, suggesting downside of -2.3% (ex-dividends)

The company's fiscal year ends in June.

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 LOV as Hold (3) -

FY18 results were in line with expectations. Management expects to accelerate its store roll-out in FY19. Morgans notes commentary, to date, indicates FY19 like-for-like sales are tracking below the target growth rate of 3-5%.

The broker remains attracted to the business model and believes a premium is warranted in the stock for the significant offshore opportunity. Hold rating maintained on valuation grounds. Target is raised to $10.93 from $10.74.

Target price is $10.93 Current Price is $10.63 Difference: $0.3
If LOV meets the Morgans target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $10.38, suggesting downside of -2.3% (ex-dividends)

The company's fiscal year ends in June.

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

Macquarie rates MMS as Neutral (3) -

McMillan Shakespeare's FY18 full-year result met the broker. The company flags increased capital and operational expenditure of $27.6 million between FY19-FY21, yielding a benefit of $20 million to $25 million.

Macquarie's earnings-per-share forecasts rise 1.3% for FY19 and 9.1% for FY20. Target price eases to $16.54 from $16.94.

Neutral rating retained, the broker citing the pay-off from the additional capital and operational expenditure.

Target price is $16.54 Current Price is $15.35 Difference: $1.19
If MMS meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $16.89, suggesting upside of 10.0% (ex-dividends)

The company's fiscal year ends in June.

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

Credit Suisse rates MND as Neutral (3) -

FY18 results were in line with Credit Suisse estimates. The broker is cautious about FY19, given the company's commentary.

Trends in margins are also a headwind for the bottom line and a greater contribution from maintenance work is not expected to change the outlook. Neutral rating and $15.10 target entertained.

Target price is $15.10 Current Price is $14.77 Difference: $0.33
If MND meets the Credit Suisse target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $14.16, suggesting downside of -4.2% (ex-dividends)

The company's fiscal year ends in June.

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 MOE as Accumulate (2) -

First half earnings were in line with Ord Minnett estimates and up strongly. The broker expects the second half will be a busy period for the company as it looks to divest Redcape and use the recently-obtained credit license to grow personnel in the advisory business.

Accumulate maintained. Target is raised to $6.67 from $6.18.

Target price is $6.67 Current Price is $5.96 Difference: $0.71
If MOE meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.5

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

Deutsche Bank rates MP1 as Buy (1) -

FY18 results were in line with expectations. Deutsche Bank observes the company continues to lead the global SDN market, with installations in over 221 data centres globally. Buy rating maintained. Target is $5.

Target price is $5.00 Current Price is $4.03 Difference: $0.97
If MP1 meets the Deutsche Bank target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $4.91, suggesting upside of 21.8% (ex-dividends)

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 MP1 as Buy (1) -

Megaport's earnings loss was in line with the broker but revenues fell short by -5%. The structural thematic of accelerated growth momentum in the public cloud should nevertheless continue to drive revenue growth,the broker notes, with the US expected to reach profitability by late FY20.

US customers are taking up new services faster than has been in evidence in Australia. With the company's data centres all at various stages of maturity, the broker sees increasing operating leverage as the portfolio matures. Buy retained, target rises to $5.25 from $5.20.

Target price is $5.20 Current Price is $4.03 Difference: $1.17
If MP1 meets the UBS target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $4.91, suggesting upside of 21.8% (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

Ord Minnett rates MQG as Hold (3) -

Ord Minnett updates estimates following the sale of Quadrant Energy to Santos ((STO)) for US$2.5bn. Macquarie has a 21.8% stake in Quadrant. The broker estimates Macquarie could recognise a pre-tax, pre-bonus gain on sale of around $220m.

Contingent payments are not factored in at this point. Hold rating and $117 target maintained.

Target price is $117.00 Current Price is $123.94 Difference: minus $6.94 (current price is over target).
If MQG meets the Ord Minnett target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $117.83, suggesting downside of -4.9% (ex-dividends)

The company's fiscal year ends in March.

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 NCM as Buy (1) -

Underlying profit in FY18 was up 16% and Citi expects higher and more stable production and FY19 which should generate 35% growth in earnings per share. The broker maintains a Buy rating and reduces the target to $26.20 from $26.70.

Target price is $26.20 Current Price is $20.08 Difference: $6.12
If NCM meets the Citi target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $21.32, suggesting upside of 6.2% (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: 0.1

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

Macquarie rates NCM as Underperform (5) -

Newcrest Mining's FY18 earnings outpaced the broker by 10%, although production and cost guidance disappointed. Cash flow met guidance.

Macquarie downgrades FY19 gold and copper production forecasts by -2% and -5% and raises AISC forecast 7%. Updated guidance on grades at Cadia and Telfer triggered a -5% cut to the FY20 gold and copper forecasts.

The broker reduces FY19 and FY20 earnings forecasts by -14% and -26%, while FY21 and FY22 fall -2% and -27%.

Price target falls to $18 from $20 and Underperform rating retained.

Target price is $18.00 Current Price is $20.08 Difference: minus $2.08 (current price is over target).
If NCM meets the Macquarie target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $21.32, suggesting upside of 6.2% (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: 0.1

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

Morgan Stanley rates NEA as Overweight (1) -

Morgan Stanley notes the company expects FY19 to be breaking even on cash flow, which is a clear positive and a point of inflection versus the cash losses in recent periods.

The broker envisages lower churn and double-digit growth in subscribers. Overweight reiterated. Target is $1.80. Industry view: In-Line.

Target price is $1.80 Current Price is $1.71 Difference: $0.09
If NEA meets the Morgan Stanley target it will return approximately 5% (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

Morgan Stanley rates NEA as Overweight (1) -

The FY18 report had been pre-guided so no surprises there, explain the analysts. The outlook suggest Nearmap will reach cash flow break-even in FY19 and that is positive enough for Morgan Stanley.

Overweight rating not simply retained, but reiterated. Industry view In-Line. Price target $1.80. Earnings estimates have been pushed higher on the back of FY19 guidance.

Target price is $1.80 Current Price is $1.71 Difference: $0.09
If NEA meets the Morgan Stanley target it will return approximately 5% (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 NSR as Underperform (5) -

National Storage REIT's full-year operating earnings per share outpaced the broker by 1% but the outlook for FY19 disappointed, given the dilution from a recapitalisation announced with the result.

The recapitalisation changes the platform gearing from 38% to 30%.

Earnings-per-share forecasts fall -5.4% in FY19, -4.4% in FY20 and -5.7% in FY21, to reflect the equity-raising dilution and weak underlying growth. Target price rises 4% to $1.29 to reflect a higher net tangible asset backing.

Underperform rating retained, the broker perceiving limited growth in the portfolio and expecting a capital injection may be necessary to fund further growth.

Target price is $1.29 Current Price is $1.78 Difference: minus $0.49 (current price is over target).
If NSR meets the Macquarie target it will return approximately minus 28% (excluding dividends, fees and charges - negative figures indicate an expected loss).