Australian Broker Call

Credit Suisse rates APX as Initiation of coverage with Neutral (3) -

The broker has initiated coverage of Appen, balancing a 5.1x 2019 revenue forecast with discounted cash flow to come up with a target of $23.00. This is close to the trading price so the broker begins on Neutral.

Valuation is full after a significant re-rate but the broker does not believe the business model is enjoying the high operating leverage potential of tech sector peers. Near term momentum appears to be to the upside but the broker remains alert for deteriorating industry structure.

Target price is $23.00 Current Price is $22.94 Difference: $0.06
If APX meets the Credit Suisse target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $26.33, suggesting upside of 14.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Citi rates ASX as Sell (5) -

Post FY19 release, Citi analysts have incorporated slightly lower revenue, higher costs and higher than previously forecast interest income. The result is for minor reductions to forecasts. The analysts cannot reconcile the valuation, thus the Sell rating remains intact.

Price target improves to $67 from $63. Citi analysts suggest the announced special dividend is likely to provide ongoing support for the share price, as does the dividend yield.

Target price is $67.00 Current Price is $84.65 Difference: minus $17.65 (current price is over target).
If ASX meets the Citi target it will return approximately minus 21% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $67.56, suggesting downside of -20.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.7

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

Credit Suisse rates ASX as Underperform (5) -

ASX reported earnings below expectation, with revenues falling short and costs above forecast. A special dividend from the proceeds of the sale of the IRESS ((IRE)) stake will provide comfort to investors given the company's ongoing capex intentions, the broker suggests.

Those plans offer upside but are long-dated. Meanwhile ASX is enjoying elevated trading activity and interest income that is unlikely to persist. Underperform retained, target unchanged at $60.

Target price is $60.00 Current Price is $84.65 Difference: minus $24.65 (current price is over target).
If ASX meets the Credit Suisse target it will return approximately minus 29% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $67.56, suggesting downside of -20.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.7

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

Macquarie rates ASX as Underperform (5) -

FY19 results were slightly below expectations. While the stock continues to deliver fairly predictable returns in a low interest rate environment, Macquarie considers the current multiple too stretched for a business with a mid single-digit earnings growth profile and 2.7% yield.

Underperform retained. Target rises to $68.00 from $65.50. The broker envisages headwinds for interest and dividend income in FY20, given the higher than usual collateral balances during the year, sale of the IRESS ((IRE)) stake and a lower cash rate.

Target price is $68.00 Current Price is $84.65 Difference: minus $16.65 (current price is over target).
If ASX meets the Macquarie target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $67.56, suggesting downside of -20.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.7

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

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

FY19 results were slightly below Morgan Stanley's estimates. The special dividend of $1.29 was also below estimates. Guidance is for FY20 operating expenditure growth of 6-8% and capital expenditure of $75-80m.

Equal-weight retained. Target is $64. Industry view: In-Line.

Target price is $64.00 Current Price is $84.65 Difference: minus $20.65 (current price is over target).
If ASX meets the Morgan Stanley target it will return approximately minus 24% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $67.56, suggesting downside of -20.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.7

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

Ord Minnett rates ASX as Hold (3) -

FY19 net profit was slightly ahead of forecasts. Ord Minnett notes strong headline revenue growth across all divisions.

Despite some earnings reductions from unsustainable margin income and elevated expenses, the broker believes the stock offers safety that the market appears to value and maintains a Hold rating. Target is reduced to $79 from $80.

Target price is $79.00 Current Price is $84.65 Difference: minus $5.65 (current price is over target).
If ASX meets the Ord Minnett target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $67.56, suggesting downside of -20.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.7

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

UBS rates ASX as Sell (5) -

FY19 net profit was weaker than expected. UBS notes cost growth continued to outpace revenue growth for the third consecutive year.

Although investments are supporting infrastructure upgrades other initiatives are less clear to the broker. Value risks are considered skewed to the downside and a Sell rating and $66.70 target are maintained.

Target price is $66.70 Current Price is $84.65 Difference: minus $17.95 (current price is over target).
If ASX meets the UBS target it will return approximately minus 21% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $67.56, suggesting downside of -20.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.7

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

Citi rates BKL as Sell (5) -

FY19 was a clear "miss", with Citi analysts' forecast missed by no less than -13%. The analysts are now questioning whether Blackmores is not about to "miss the boat to China"? Clearly, management is struggling to capitalise on the China opportunity, they point out.

There are other opportunities across Asia, Citi analysts are willing to concede, but sales to China were -17% below their forecast. Operating cash flow disappointed as inventories bulked up. Sell rating retained. Price target drops by -24% to $63.

The biggest risk to their rather bearish assessment, the analysts surmise, is if the company announces a partnership with a local distributor in China, as this could improve reach and sales. For now, the analysts are anticipating further sales declines into H1 FY20.

Target price is $63.00 Current Price is $66.80 Difference: minus $3.8 (current price is over target).
If BKL meets the Citi target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $77.18, suggesting upside of 15.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.2

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

Credit Suisse rates BKL as Neutral (3) -

It's getting harder for exporters to China to maintain viable margins in the face of regulation and competition. A weakening Chinese economy also does not bode well, the broker notes. Blackmores' earnings fell only mildly short but the revenue trend is the concern, leading the broker to cut earnings forecasts by -12%. The company is also planning price increases, which may not help.

Revenue growth in "Other Asia" stood out but the broker cuts its target to $69 from $85, retaining Neutral.

Target price is $69.00 Current Price is $66.80 Difference: $2.2
If BKL meets the Credit Suisse target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $77.18, suggesting upside of 15.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.2

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

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

FY19 net profit of $55m was weaker than Morgan Stanley expected. The broker notes de-stocking and channel disruption from new laws in China appear to have continued in the fourth quarter.

The support for sales that was expected from a strong flu season in Australia does not appear to have materialised. Morgan Stanley maintains an Equal-weight rating and $84 target. Industry view is: Cautious.

Target price is $84.00 Current Price is $66.80 Difference: $17.2
If BKL meets the Morgan Stanley target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $77.18, suggesting upside of 15.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.2

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

Morgans rates BKL as Hold (3) -

FY19 results were well below expectations, with the fourth quarter particularly weak. Morgans also finds FY20 guidance vague.

Challenges are expected to continue into the first half with the company dependent on price rises and cost savings to generate an improvement in the second half.

The broker maintains a Hold rating but highlights that certainty over earnings is low and the trading multiple is full compared with the growth profile.

The broker expects FY20 underlying net profit to fall a further -2.8%, with growth to resume in FY21. Target is reduced to $66.10 from $83.75.

Target price is $66.10 Current Price is $66.80 Difference: minus $0.7 (current price is over target).
If BKL 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 $77.18, suggesting upside of 15.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.2

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

Credit Suisse rates BRG as Neutral (3) -

Breville's typically solid result was largely in line. A reduction in NZ promotional activity led to slower A&NZ revenue growth, the broker notes, but new products drove revenue acceleration in North America and Europe, with the UK and Germany particularly strong.

Cash conversion plunged but only because the company is stockpiling inventory ahead of Brexit. The Sage rollout is progressing well but is not without risk, the broker warns. In America, the broker sees Breville as well placed to pass on tariffs. Neutral retained, target rises to $17.11 from $16.44.

Target price is $17.11 Current Price is $16.29 Difference: $0.82
If BRG meets the Credit Suisse target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $17.03, suggesting upside of 4.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.1

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

Macquarie rates BRG as Neutral (3) -

FY19 results were in line with expectations. Macquarie considers the stock is delivering on revenue growth but remains fully valued.

Inventory has increased to support European expansion, US order patterns and in preparation for a potential shock with Brexit.

Neutral rating maintained. Target is raised to $18.07 from $16.20. FY20 estimates for earnings per share are raised by 2.6% and FY21 by 2.0%.

Target price is $18.07 Current Price is $16.29 Difference: $1.78
If BRG meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $17.03, suggesting upside of 4.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.1

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

UBS rates BRG as Neutral (3) -

FY19 results were strong, with robust performance in Europe and North America. UBS believes the impact of US tariffs on demand remains a risk that needs to be monitored.

The weak cash performance in the second half is also likely to be extended as a result of importing goods ahead of the December 15 US tariff imposition and an ongoing drag from Brexit preparation and European launches.

Neutral maintained. Target rises to $17.85 from $14.30.

Target price is $17.85 Current Price is $16.29 Difference: $1.56
If BRG meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $17.03, suggesting upside of 4.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.1

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

Ord Minnett rates COH as Lighten (4) -

Upon initial assessment, Ord Minnett believes today's FY19 release contained little surprises. The headline performance might have slightly beaten forecasts, the FY20 guidance is broadly in-line.

The company seems to have lost some market share but the analysts related this to the fact it didn't have an MRI compatible implant, until it caught up with the competition.

Target price is $162.00 Current Price is $209.23 Difference: minus $47.23 (current price is over target).
If COH meets the Ord Minnett target it will return approximately minus 23% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $175.13, suggesting downside of -16.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.7

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

Credit Suisse rates CWY as Downgrade to Underperform from Neutral (5) -

Cleanaway's FY19 result was largely in line with forecasts but FY20 guidance has been impacted by China's new policies on exported waste.

These have led to volatile recycled material prices and increased waste sorting costs, Credit Suisse notes. Management has refrained from reaffirming margin assumptions.

The broker downgrades to Underperform from Neutral, cutting its target to $1.85 from $2.15.

Target price is $1.85 Current Price is $2.12 Difference: minus $0.27 (current price is over target).
If CWY meets the Credit Suisse target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.25, suggesting upside of 6.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

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) -

Net profit in FY19 slightly missed Macquarie's estimates. The outlook is softer, given the company's view of a weaker economic environment amid issues with China National Sword.

Still, the broker believes this offers an opportunity and there is a path to solid investment-led growth in recycling, alternative treatment and disposal projects.

Outperform maintained. Target is reduced to $2.60 from $2.80.

Target price is $2.60 Current Price is $2.12 Difference: $0.48
If CWY meets the Macquarie target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $2.25, suggesting upside of 6.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

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 Upgrade to Add from Hold (1) -

FY19 results missed growth expectations as revenue was softer than expected. However, Morgans believes the share price has overshot on the downside and upgrades to Add from Hold. The company expects underlying operating earnings growth in FY20 to moderate slightly.

The broker notes the balance sheet is strong but, in a period where capital return initiatives are becoming increasingly common, the company prefers to retain its firepower to fund growth. Target is reduced to $2.31 from $2.56.

Target price is $2.31 Current Price is $2.12 Difference: $0.19
If CWY meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $2.25, suggesting upside of 6.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

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 Upgrade to Accumulate from Hold (2) -

FY19 earnings were below Ord Minnett's forecasts. The broker suspects any general economic softness is likely to be a near-term headwind.

The Australian waste management industry is poised for structural change, with Cleanaway Waste ideally positioned to take advantage of any changes, in the broker's view.

Rating is upgraded to Accumulate from Hold and the target raised to $2.30 from $2.10.

Target price is $2.30 Current Price is $2.12 Difference: $0.18
If CWY meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $2.25, suggesting upside of 6.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

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 Neutral (3) -

FY19 results were commendable, UBS believes, albeit slightly below estimates. Management has tempered expectations for FY20 in the light of softer economic conditions and increased sorting costs.

The company expects all segments to deliver earnings growth, nevertheless. UBS maintains a Neutral rating, although envisages more than 7% upside to the share price.

Target is reduced to $2.20 from $2.30. The broker believes Cleanaway Waste offers defensive growth characteristics with the added benefit of the Toxfree acquisition.

Target price is $2.20 Current Price is $2.12 Difference: $0.08
If CWY meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $2.25, suggesting upside of 6.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.3

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

Morgan Stanley rates ELO as Overweight (1) -

FY19 guidance was in line with expectations as the company had provided preliminary figures. The company added 265 new customers in the year. Morgan Stanley notes unit economics remain strong and customer retention is steady.

The reinvestment trajectory remains high. Guidance is for revenue of $53-55m in FY20, in line with expectations. Morgan Stanley liked the materially improved disclosure and the clarity on guidance.

Overweight rating reiterated, In-Line industry view. Target is raised to $9 from $8.

Target price is $9.00 Current Price is $7.00 Difference: $2
If ELO meets the Morgan Stanley target it will return approximately 29% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

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

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

It appears FY19 revealed itself as a small "miss" by circa -3%%, but Citi's downgrade to Sell from Neutral has been inspired by the elevated share price. The company released full FY19 production numbers only last month, point out the analysts.

Citi analysts point out the share price has enjoyed a jolly good ride on the back of the balance sheet deleveraging over years past, but that story is nearing its end. Higher wage costs are reducing future estimates. Target drops by -10c to $4.20.

Target price is $4.20 Current Price is $5.23 Difference: minus $1.03 (current price is over target).
If EVN meets the Citi target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.02, suggesting downside of -23.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.6

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

Credit Suisse rates EVN as Underperform (5) -

Evolution Mining reported in line with forecasts. Cash exceeded debt, leading to an increased dividend with more to come as management no longer intends to build excess cash.

FY20 guidance suggests a similar year to FY19. The broker retains a $2.60 target, well below the trading price. Underperform retained.

Target price is $2.60 Current Price is $5.23 Difference: minus $2.63 (current price is over target).
If EVN meets the Credit Suisse target it will return approximately minus 50% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.02, suggesting downside of -23.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.6

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

Macquarie rates EVN as Underperform (5) -

FY19 results were in line with expectations. This underlines another strong performance, Macquarie asserts, albeit on a smaller production base versus the prior year and with some early signs of cost inflation.

The broker believes, as one of the lowest cost gold producers, the company is well set to capitalise on the current gold price.

The change in dividend policy is in line with the intention of returning surplus cash to shareholders. Underperform rating and $4.20 target maintained.

Target price is $4.20 Current Price is $5.23 Difference: minus $1.03 (current price is over target).
If EVN meets the Macquarie target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.02, suggesting downside of -23.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.6

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

Morgan Stanley rates EVN as Underweight (5) -

Morgan Stanley was pleased with the FY19 dividend, with a new dividend policy being flagged. Results were in line with expectations. The dividend will now allow payments of 50% of free cash flow to shareholders.

However, this is unlikely to have much impact on FY20-21 yield, the broker suggests. Underweight maintained. Industry view is Attractive. Target is $3.30.

Target price is $3.30 Current Price is $5.23 Difference: minus $1.93 (current price is over target).
If EVN meets the Morgan Stanley target it will return approximately minus 37% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.02, suggesting downside of -23.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.6

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

Morgans rates EVN as Hold (3) -

FY19 results were broadly in line with guidance. The company achieved a 48% operating earnings margin. Morgans believes the rapid appreciation in the gold price and gold stocks is well-founded, given the material shift in gold market fundamentals.

This is largely because of global uncertainty and volatile currency markets. The broker has changed its valuation methodology and, as a result, the target is lifted to $4.77 from $3.44. Hold maintained.

Target price is $4.77 Current Price is $5.23 Difference: minus $0.46 (current price is over target).
If EVN 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 $4.02, suggesting downside of -23.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.6

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

Ord Minnett rates EVN as Hold (3) -

FY19 results were in line with expectations. Ord Minnett updates the model to incorporate FY20 guidance for gold production of 725-775,000 ounces at an all-in sustaining cost of $890-940/oz.

Earnings forecast for FY20 and FY21 are raised by 1%. Hold rating maintained. Target is reduced to $4.80 from $4.90 because of slightly higher capital expenditure assumptions.

Target price is $4.80 Current Price is $5.23 Difference: minus $0.43 (current price is over target).
If EVN meets the Ord Minnett target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.02, suggesting downside of -23.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.6

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

UBS rates EVN as Neutral (3) -

FY19 results were in line with expectations. The company has decided to lift cash returns via a new dividend policy of 50% of free cash flow rather than earnings.

As the balance sheet is in a net cash position of $42m, UBS points out this is now flowing to shareholders as higher dividends.

The broker believes the higher dividends are the reason why Evolution Mining is the most preferred under its Australian gold sector coverage. Neutral rating maintained with a $4.25 target.

Target price is $4.25 Current Price is $5.23 Difference: minus $0.98 (current price is over target).
If EVN meets the UBS target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.02, suggesting downside of -23.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.6

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

Ord Minnett rates HLS as Accumulate (2) -

On initial review, Ord Minnett believes the FY19 performance was broadly in-line, but it came with a rather underwhelming guidance for the year ahead. Declared final dividend also seems to have fallen well short of its expectation.

Not helping its cause, the company has again restated past numbers, in order to comply with AASB15, with negative consequences for underlying EBIT and net profits for FY18.

Target price is $3.50 Current Price is $2.93 Difference: $0.57
If HLS meets the Ord Minnett target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $3.19, suggesting upside of 8.9% (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 IPH as Outperform (1) -

The merger with Xenith IP is considered strategically and financially compelling, following confirmation of the transaction consideration structure.

Macquarie assesses it to be 15% and 17% accretive to FY20 and FY21. The merger will position IPH as the leading independent IP firm throughout Australasia with a 41% market share.

Macquarie retains an Outperform rating and raises the target to $8.95 from $7.10.

Target price is $8.95 Current Price is $8.27 Difference: $0.68
If IPH meets the Macquarie target it will return approximately 8% (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 IVC as Upgrade to Neutral from Sell (3) -

InvoCare's interim report came out below expectations and has triggered reductions for future estimates. Citi has decided to upgrade to Neutral from Sell, inspired by the share price fall, while leaving its price target unchanged at $13.75.

All in all, the analysts continue to expect a normalisation of the death rate, which should make management's task a lot easier in the years ahead. They note the company did not provide any guidance, but also there is a significant amount of operational leverage that will kick in with better numbers.

Target price is $13.75 Current Price is $14.35 Difference: minus $0.6 (current price is over target).
If IVC meets the Citi target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $13.91, suggesting downside of -3.1% (ex-dividends)

The company's fiscal year ends in December.

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 IVC as Upgrade to Outperform from Neutral (1) -

First half net profit was below Macquarie's estimates. With a 60% skew to the second half the broker believes 2019 guidance is still achievable.

Rating is upgraded to Outperform from Neutral as, in the current market environment, defensive characteristics and earnings visibility are attractive and the stock is now at a better entry point.

Macquarie reduces the target to $15.60 from $16.00. Acquisitions are expected to help offset softer industry volumes.

Target price is $15.60 Current Price is $14.35 Difference: $1.25
If IVC meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $13.91, suggesting downside of -3.1% (ex-dividends)

The company's fiscal year ends in December.

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 IVC as Equal-weight (3) -

Given a strong flu season Morgan Stanley had hoped the first half result would be better than it was. The miss on estimates was compounded by organic share decline in Australia.

Volumes in Australian funerals were up 5.5% and acquisitions accounted for 7.5% of volumes in the first half, implying a share loss. Morgan Stanley maintains an Equal-weight rating. Target is $13. In-Line industry view.

Target price is $13.00 Current Price is $14.35 Difference: minus $1.35 (current price is over target).
If IVC meets the Morgan Stanley target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $13.91, suggesting downside of -3.1% (ex-dividends)

The company's fiscal year ends in December.

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 IVC as Hold (3) -

First half results were weaker than expected. All operating divisions delivered growth and the market continues to revert to the long-term trend.

Morgans finds the continued improvement in market conditions positive, although the winter trading period will be key to the performance in the second half.

Hold maintained. Target is reduced to $13.63 from $14.46.

Target price is $13.63 Current Price is $14.35 Difference: minus $0.72 (current price is over target).
If IVC meets the Morgans target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $13.91, suggesting downside of -3.1% (ex-dividends)

The company's fiscal year ends in December.

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 IVC as Hold (3) -

First half results were below forecasts. Ord Minnett found the result difficult to analyse, given the implementation of new accounting standards.

Operating cash flow fell meaningfully and cash conversion was down below 70%. Management was unable to provide guidance for 2019 given the important late winter months are still to be traded.

Hold maintained. Target is reduced to $13.50 from $14.30.

Target price is $13.50 Current Price is $14.35 Difference: minus $0.85 (current price is over target).
If IVC 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 $13.91, suggesting downside of -3.1% (ex-dividends)

The company's fiscal year ends in December.

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 NCM as No Rating (-1) -

On initial view, Newcrest Mining's FY19 performance missed the mark on Ord Minnett's forecasts, by some -9%, but the analysts are quick in adding the result was broadly in-line with market consensus. Higher than anticipated depreciation seems to be responsible.

Among the various positives cited is also the fact the gold miner revealed its lowest reported all-in sustaining cost of US$738/oz. Volume guidance seems to be in-line with slightly lower costs.

Ord Minnett remains under research restriction.

Current Price is $36.19. Target price not assessed.

Current consensus price target is $25.58, suggesting downside of -29.3% (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: -0.8

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

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

The portfolio performance and distributions were in line with expectations in the first half. Morgan Stanley observes the company is on track for 550MW under management by 2020, which underpins steady distributions over the forecast period.

The company's plants generated 388GW hours during the first half. Equal-weight retained. Industry view: Cautious. Target is raised to $1.38 from $1.36.

Target price is $1.38 Current Price is $1.29 Difference: $0.09
If NEW meets the Morgan Stanley target it will return approximately 7% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

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 ONT as Add (1) -

FY19 results were solid, Morgans observes. The broker notes the company has increased its debt capacity, making reference to further consolidation activity, which suggests an interesting 12 months ahead in the dental sector.

Morgans continues to believe the company is the highest quality operator within the dental segment. Add maintained. Target is raised to $6.93 from $6.85.

Target price is $6.93 Current Price is $6.07 Difference: $0.86
If ONT meets the Morgans target it will return approximately 14% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

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

Citi rates ORA as Neutral (3) -

Orora's FY19 release proved below market expectations, triggering a sizable response in the share price (-16%) with Citi analysts commenting the market may have come to the conclusion this company has now moved into ex-growth mode.

Citi is anticipating a year of negative growth, which would be the first since the company's separated and listed six years ago. Despite this, the analysts also note a cheap looking valuation and 5% dividend yield, the combination is deemed sufficient to retain the Neutral rating.

Target price drops to $2.90 from $3.30.

Target price is $2.90 Current Price is $2.76 Difference: $0.14
If ORA meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $3.11, suggesting upside of 12.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.5

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

Credit Suisse rates ORA as Neutral (3) -

In the wake of Orora's result the broker has cut earnings forecasts by -14%, which to the broker "seems incredulous". However trading conditions are very difficult and there was no sales growth in either A&NZ or North America in the second half, revealing cost pressures.

The broker expects "paltry" FY20 sales growth, leaving the company exposed to cost inflation. Neutral retained, target falls to $2.80 from $3.45.

Target price is $2.80 Current Price is $2.76 Difference: $0.04
If ORA meets the Credit Suisse target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $3.11, suggesting upside of 12.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.5

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

Macquarie rates ORA as Outperform (1) -

A weaker North American result more than offset a resilient Australasian business, Macquarie observes. FY19 results were in line with expectations.

The broker's revised estimates for FY20 earnings (EBIT) are flat on a constant currency basis. Macquarie suspects most of the issues are cyclical, not structural and these is a sustainable $0.13 dividend offering 4.8% yield.

Target is reduced to $3.25 from $3.54. Outperform maintained.

Target price is $3.25 Current Price is $2.76 Difference: $0.49
If ORA meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $3.11, suggesting upside of 12.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.5

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

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

FY19 earnings were below Morgan Stanley's estimates. Australasia was modestly ahead but North America was soft. No guidance was provided. Further challenging conditions are expected in FY20, amid cost pressures.

Morgan Stanley assesses the difficult outlook is now encapsulated in the share price and upgrades to Equal-weight from Underweight. Price target is reduced to $3.00 from $3.20. Sector view is Cautious.

Target price is $3.00 Current Price is $2.76 Difference: $0.24
If ORA meets the Morgan Stanley target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $3.11, suggesting upside of 12.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.5

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

Morgans rates ORA as Add (1) -

FY19 results were below expectations. Australasia stood out with earnings up 6% while North America was weak. While disappointed, Morgans believes the stock still offers good value over the medium term.

Once headwinds reverse in FY21, the broker expects earnings growth to accelerate. Add rating maintained. Target is reduced to $2.97 from $3.47.

Target price is $2.97 Current Price is $2.76 Difference: $0.21
If ORA meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $3.11, suggesting upside of 12.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.5

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

Ord Minnett rates ORA as Upgrade to Accumulate from Hold (2) -

FY19 net profit was below estimates. Cash conversion was also lower than expected. Ord Minnett was disappointed with the performance in North America, where the earnings (EBIT) margin fell to 4.5% from 5.6%. Australasian earnings were ahead of forecasts.

Nevertheless, after the sell-off in the share price, the broker envisages value at current levels and upgrades to Accumulate from Hold. Target is reduced to $3.00 from $3.40.

Target price is $3.00 Current Price is $2.76 Difference: $0.24
If ORA meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $3.11, suggesting upside of 12.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.5

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

Morgans rates OSH as Add (1) -

The PNG government has escalated its rhetoric, Morgans observes, announcing it was renegotiating the Papua gas agreement just two weeks after saying it would honour the existing agreement.

The broker believes this creates real uncertainty around the degree of political risk in PNG. The worst-case scenario could mean the deterioration of fiscal terms to a point where the joint venture delays or shelves the expansion plans.

Regardless, uncertainty is likely to mean Oil Search trades at a discount to value until a resolution. Morgans maintains an Add rating and reduces the target to $8.34 from $9.00.

Target price is $8.34 Current Price is $6.31 Difference: $2.03
If OSH meets the Morgans target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $7.82, suggesting upside of 23.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.3

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

Morgans rates OTW as Add (1) -

FY19 results were strong but operating earnings (EBITDA) was -12% below Morgans' forecasts. Management is targeting 15% organic revenue growth in incremental contributions from acquisitions.

Morgans maintains an Add rating and reduces the target to $5.16 from $5.77.

Target price is $5.16 Current Price is $4.08 Difference: $1.08
If OTW meets the Morgans target it will return approximately 26% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

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

Citi rates QBE as Buy (1) -

Post interim report release, Citi analysts comment QBE Insurance is starting to develop a track record of improvement across all key divisions. Lower bond yield are creating a headwind for the insurer, but the analysts nevertheless believe there are plenty of reasons to feel "encouraged".

Buy rating retained. Price target lifts to $13.45 from $13.30 on higher forecasts. Citi analysts believe the improvement in underlying attritional loss ratio in particular  bodes well for QBE's future, while investors should not expect a significant pick up in volumes in Australia.

Target price is $13.45 Current Price is $12.05 Difference: $1.4
If QBE meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $12.89, suggesting upside of 6.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.6

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

Credit Suisse rates QBE as Neutral (3) -

QBE's profit fell short of the broker but the broker acknowledges it was a clear beat of consensus. The insurance margin was in line with expectation.

The company delivered a solid underwriting result but the issue is one of headwinds for investment income in a low yield world and thus downside risk to earnings, the broker notes. Neutral and $12.55 target retained.

Target price is $12.55 Current Price is $12.05 Difference: $0.5
If QBE meets the Credit Suisse target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $12.89, suggesting upside of 6.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.6

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

Macquarie rates QBE as Neutral (3) -

First half results revealed the company performing well despite global headwinds. However, Macquarie suspects the second half could be more challenging as investment markets are under pressure and commodity prices for soybeans are close to triggering insurance claims.

Neutral rating maintained. On the positive side, the balance sheet is strong with an ongoing buyback and improving dividends. Target is reduced to $12.10 from $12.20.

Target price is $12.10 Current Price is $12.05 Difference: $0.05
If QBE meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $12.89, suggesting upside of 6.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.6

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

Morgan Stanley rates QBE as Overweight (1) -

Strong execution and constructive fundamentals are underpinning the business and Morgan Stanley believes the concerns over yield are reflected in the share price.

Notwithstanding an adverse crop performance and known risks to lenders mortgage insurance, the broker believes the de-risked portfolio is showing greater resilience. Insurance profit beat Morgan Stanley's estimates in the first half.

Overweight rating maintained. Target is raised to $13.00 from $12.70. Industry view is In-Line.

Target price is $13.00 Current Price is $12.05 Difference: $0.95
If QBE meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $12.89, suggesting upside of 6.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.6

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

Morgans rates QBE as Add (1) -

First half results were ahead of estimates but messy, Morgans points out. Interest-rate movements affected reported numbers.

Morgans reduces 2019 and 2020 estimates for earnings per share by -1% and -14% to reflect lower bond yield forecasts and a pullback in top-line growth assumptions.

There is further evidence of improving underlying business trends and the broker maintains an Add rating. Target rises to $12.61 from $12.48.

Target price is $12.61 Current Price is $12.05 Difference: $0.56
If QBE meets the Morgans target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $12.89, suggesting upside of 6.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.6

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

Ord Minnett rates QBE as Accumulate (2) -

First half results were soft but revealed underlying improvement in the insurance margin. Ord Minnett still expects a tailwind for margin although the pace of improvement in the second half may be slower.

The broker estimates margins can rise to 9.2% in 2020. Accumulate maintained. Target is reduced to $13 from $14.

Target price is $13.00 Current Price is $12.05 Difference: $0.95
If QBE meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $12.89, suggesting upside of 6.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.6

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

UBS rates QBE as Buy (1) -

UBS believes the first half result, which beat estimates, demonstrates the achievement of more consistent earnings. More importantly, leverage to an improving global commercial premium rate cycle was evident.

The broker envisages combined operating ratio improvements are outpacing the headwinds from lower bond yields. Buy rating and $13.50 target maintained.

Target price is $13.50 Current Price is $12.05 Difference: $1.45
If QBE meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $12.89, suggesting upside of 6.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.6

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

Ord Minnett rates SGR as Buy (1) -

Ord Minnett, upon initial assessment, believes the FY19 financials look slightly better than expected. In particular the final dividend seems a lot higher. But not everything is a positive, with the analysts highlighting operating cash flow is weak and cash conversion is a miss.

Also, VIP gains in QLD were insufficient to offset underperformance in Sydney VIP. To management's credit, cost targets seem to have been achieved.

Target price is $5.05 Current Price is $3.80 Difference: $1.25
If SGR meets the Ord Minnett target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $4.82, suggesting upside of 26.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.8

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

Citi rates SUL as Buy (1) -

Citi analysts are suggesting they are looking past the "soft" performance in FY19, on underlying basis, towards better sales momentum that should kick in for FY20. A stabilisation for the BCF operations is part of this forecast.

The analysts point out, with online sales for Rebel growing to beyond 9% from only 3% two years ago, this is putting pressure on margins. This is unlikely to get better in FY20 as online sales are likely to grow further.

Buy rating retained. Target drops to $9.90 from $10. At face value the result met expectations, but it was supported by a lower tax rate and the release of prior year provisions, the analysts explain.

Target price is $9.90 Current Price is $9.71 Difference: $0.19
If SUL meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $9.68, suggesting downside of -0.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.6

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

Credit Suisse rates SUL as Neutral (3) -

Management comments suggested an improving consumer environment, which the broker puts down as the reason why Super Retail's share price rallied yesterday, of all days. But the result was a miss, with Auto as usual carrying the can to overcome weakness in Sports and BCF, and while the company is investing in digital capacity, the broker sees margin implications as unclear.

Credit Suisse has lifted outer year forecasts to reflect this investment but near term sees earnings growth as it rolls out its online strategy. Target rises to $9.50 from $9.02, Neutral retained.

Target price is $9.50 Current Price is $9.71 Difference: minus $0.21 (current price is over target).
If SUL 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 $9.68, suggesting downside of -0.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.6

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

Macquarie rates SUL as Neutral (3) -

FY19 results were slightly below Macquarie's estimates. The broker notes trends weakened in the second half, with earnings (EBIT) down -7% and margins contracting to 8.1%. BCF remains the key detractor.

Current trading trends appear marginally positive to the broker but management is notably cautious about extrapolating this, describing the consumer as "fragile". Macquarie maintains a Neutral rating and raises the target to $8.60 from $7.90.

Target price is $8.60 Current Price is $9.71 Difference: minus $1.11 (current price is over target).
If SUL meets the Macquarie target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.68, suggesting downside of -0.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.6

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

Morgan Stanley rates SUL as Overweight (1) -

FY19 net profit was in line with Morgan Stanley's estimates while earnings (EBIT) was below, driven by weaker margins in Macpac.

The focus is on the first six weeks of sales growth in FY20, with the broker noting Supercheap was up 3% and Rebel up 2%, in line with expectations. BCF was up 5% and ahead of of expectations while Macpac was down -3% versus expectations but up 5% because of a shift in winter promotions.

Overweight rating maintained. Target is $10. Industry View: Cautious.

Target price is $10.00 Current Price is $9.71 Difference: $0.29
If SUL meets the Morgan Stanley target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $9.68, suggesting downside of -0.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.6

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

Morgans rates SUL as Upgrade to Add from Hold (1) -

FY19 results were in line with Morgans. The broker expects benign growth in FY20, with management noting there are some positive signs in consumer behaviour at the start of the new financial year.

Morgans envisages upside to the current multiples and upgrades to Add from Hold. Target is raised to $9.87 from $9.01.

Target price is $9.87 Current Price is $9.71 Difference: $0.16
If SUL meets the Morgans target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $9.68, suggesting downside of -0.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.6

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

Ord Minnett rates SUL as Upgrade to Accumulate from Hold (2) -

FY19 results were below forecasts although Ord Minnett notes the external environment is improving.

The broker believes the company has an attractive business mix, anchored by a resilient automotive business and sports segments that are benefiting from cost savings.

While outdoor has been disappointing, BCF is showing signs of stabilising and Macpac has been a strong performer despite tough comparables.

Rating is upgraded to Accumulate from Hold and the target raised to $10.00 from $9.50.

Target price is $10.00 Current Price is $9.71 Difference: $0.29
If SUL meets the Ord Minnett target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $9.68, suggesting downside of -0.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.6

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

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

Underlying earnings (EBIT) were below estimates in FY19 but FY20 trading in the early stages is encouraging and UBS upgrades to Buy from Neutral.

The upgrade reflects accelerating momentum in July sales, with no material shift in discounting as well as upside from tax reductions. The broker raises the target to $9.90 from $9.00.

Target price is $9.90 Current Price is $9.71 Difference: $0.19
If SUL meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $9.68, suggesting downside of -0.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.6

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

Citi rates SYD as Sell (5) -

Sydney Airport's interim report was close enough to Citi's estimates to be labeled "in line", with the analysts observing marginally softer revenues were offset by lower costs and lower interest expense.

The analysts add management's guidance implies a mild skew towards H2 for the year. Very few changes have been made. Citi still thinks the risk is to the downside, while valuation looks elevated.

Sell rating retained. The analysts see little potential for upside dividend surprise, in particular post FY22. Solid cost control is cited as one highlight of the released report. Price target lifts to $7.06 from $6.95.

Target price is $7.06 Current Price is $8.11 Difference: minus $1.05 (current price is over target).
If SYD meets the Citi target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.98, suggesting downside of -1.6% (ex-dividends)

The company's fiscal year ends in December.

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 SYD as Neutral (3) -

First half results were ahead of Macquarie's estimates. The broker expects costs to continue to fall but traffic is tough in the second half and there are risks emerging around the economy.

Momentum in property is expected to take another 12 months. Neutral maintained. Target is raised to $8.53 from $8.13.

Target price is $8.53 Current Price is $8.11 Difference: $0.42
If SYD meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $7.98, suggesting downside of -1.6% (ex-dividends)

The company's fiscal year ends in December.

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

Morgan Stanley rates SYD as Overweight (1) -

Morgan Stanley observes the diversity and resilience of the business underpins the distribution despite a soft near-term domestic passenger outlook. The company has moved to reduce costs, given a challenging aeronautical market.

Net operating receipts were in line with estimates in FY19. Overweight rating maintained. Target is raised to $8.50 from $8.28. Industry view: Cautious.

Target price is $8.50 Current Price is $8.11 Difference: $0.39
If SYD meets the Morgan Stanley target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $7.98, suggesting downside of -1.6% (ex-dividends)

The company's fiscal year ends in December.

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 SYD as Add (1) -

First half results were broadly in line with expectations. International passengers comprised 38% and contributed 70% of revenue. Net operating receipts increased 5%.

This did not cover the first half distribution of 19.5c per security but the 2019 distribution is expected to be fully covered. Morgans was pleased with the strengthening of credit metrics. Add rating maintained. Target is steady at $8.71.

Target price is $8.71 Current Price is $8.11 Difference: $0.6
If SYD meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $7.98, suggesting downside of -1.6% (ex-dividends)

The company's fiscal year ends in December.

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 SYD as Hold (3) -

First half results were ahead of expectations. Ord Minnett believes Sydney Airport has good investment opportunities, particularly on the non-aeronautical side of the business.

However slowing passenger growth is affecting earnings growth, and tax will be a drag from 2022.

The stock is trading at a 4.8% forecast dividend yield, which the broker expects to grow at 4.0-4.5% per annum over the medium term. Hold maintained with a $7.90 target.

Target price is $7.90 Current Price is $8.11 Difference: minus $0.21 (current price is over target).
If SYD meets the Ord Minnett target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.98, suggesting downside of -1.6% (ex-dividends)

The company's fiscal year ends in December.

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 SYD as Neutral (3) -

UBS observes cash flow growth of 5% in the June half reflected lower-than-usual international traffic growth that was countered partly by flat costs. Domestic traffic declined -1.5%.

UBS continues to forecasts flat traffic outcomes for the rest of the year. Neutral rating and $8.50 target maintained.

Target price is $8.50 Current Price is $8.11 Difference: $0.39
If SYD meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $7.98, suggesting downside of -1.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Credit Suisse rates TLS as Neutral (3) -

Telstra's result beat the broker on better than expected performances across several segments, including Mobile. FY20 guidance fell short for fixed line and NBN receipts but lower than expected capex guidance is a key positive, the broker suggests.

Signs for Mobile are improving but the impact of new plans won't be felt until end-FY20. Target rises to $3.70 from $3.25, Neutral retained.

Target price is $3.70 Current Price is $3.76 Difference: minus $0.06 (current price is over target).
If TLS 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 $3.73, suggesting downside of -0.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.1

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

Morgan Stanley rates TLS as Underweight (5) -

Morgan Stanley found FY19 results in line and unsurprising which, given a stock like Telstra is valued for the predictability of yield, can be construed as good news.

Mobile revenue was up 1.6%. Guidance for FY20 revenue is $25.7-27.7bn with underlying operating earnings (EBITDA) of $7.3-7.8bn.

Underweight rating. Target is $3.20. Industry view: In-Line.

Target price is $3.20 Current Price is $3.76 Difference: minus $0.56 (current price is over target).
If TLS meets the Morgan Stanley target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.73, suggesting downside of -0.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.1

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

Morgans rates TLS as Add (1) -

FY19 results were in line with expectations. Morgans upgrades forecasts by 6% to better reflect cost control in conjunction with higher NBN one-off gains.

The broker believes the business is now 50% of the way through the negative impact of the NBN, with around 70% of the company's fixed-line subscribers on the NBN.

Earnings are expected to grow meaningfully in FY20 but underlying operating earnings (EBITDA) are likely to be down around -8%, Morgans assesses. Add rating maintained. Target rises to $4.49 from $4.47.

Target price is $4.49 Current Price is $3.76 Difference: $0.73
If TLS meets the Morgans target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $3.73, suggesting downside of -0.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.1

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

Ord Minnett rates TLS as Upgrade to Accumulate from Hold (2) -

FY19 results and FY20 guidance, at first glance, are better than Ord Minnett expected. However, once the impact of new lease accounting standards are incorporated, guidance is slightly below expectations.

Management has targeted lower capital intensity in the outer years post the NBN migration. This leads Ord Minnett to raise the target to $4.25 from $3.55. Rating is upgraded to Accumulate from Hold.

Target price is $4.25 Current Price is $3.76 Difference: $0.49
If TLS meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $3.73, suggesting downside of -0.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.1

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

UBS rates TLS as Neutral (3) -

UBS found both positives and negatives in the FY19 result but believes it will take time for market repair to show up in the numbers.

FY19 operating earnings were slightly ahead of UBS estimates, but almost entirely because of the timing of mobile impacts and an unexpected non-cash accounting boost.

FY20 estimates for earnings per share are reduced by -10%. Neutral rating and $4 target maintained.

Target price is $4.00 Current Price is $3.76 Difference: $0.24
If TLS meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $3.73, suggesting downside of -0.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.1

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

Citi rates TWE as Sell (5) -

Upon initial assessment of FY19 release, Citi analysts had noted FY19 performance proved slightly better than expectations, see Broker Call Report yesterday.. They, however, believe FY20 will prove more challenging.

Citi analysts have been sceptical about valuation and market forecasts for a while now, and they hold on to that view. Hence, the Sell rating remains in place. Target price lifts to $15.60 from $14.90.

Citi's forecasts remain below consensus, as the analysts remain cautious about what Treasury Wine might achieve in terms of revenue growth in both the Asia and Americas segments.

Target price is $15.60 Current Price is $17.10 Difference: minus $1.5 (current price is over target).
If TWE 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 $18.66, suggesting upside of 9.1% (ex-dividends)

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.5

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

Credit Suisse rates TWE as Outperform (1) -

The broker notes Treasury Wine's revenue per case rose by $9 in FY19 from FY18 while costs rose only $6, reflecting a mix-shift to more premium wines and solid cost containment. The broker believes FY20 growth guidance of 15% is achievable while FY21 should see a bumper year for domestic and California vintages, assuming demand is there.

The broker believes market share gains can be achieved in China but overall market demand is under threat from a slowing economy.  Outperform retained, target falls to $19.30 from $19.85.

Target price is $19.30 Current Price is $17.10 Difference: $2.2
If TWE meets the Credit Suisse target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $18.66, suggesting upside of 9.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.5

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

Macquarie rates TWE as Outperform (1) -

FY19 earnings were in line with guidance and Macquarie's estimates. FY20 growth guidance of 15-20% has been reiterated. The broker points out this is backed up by improved cash flow.

The broker believes the risks for FY20 and FY21 earnings per share are skewed to the upside, supported by strong supply of luxury products, growth initiatives in China and margin improvement in the US.

Outperform maintained. Target is reduced to $19.05 from $19.56.

Target price is $19.05 Current Price is $17.10 Difference: $1.95
If TWE meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $18.66, suggesting upside of 9.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.5

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

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

Cash conversion was the highlight for Morgan Stanley in the FY19 results. Earnings guidance was met and FY20 guidance is maintained. Adjusted net profit was below the broker's estimates, given significantly higher interest expense.

The Americas fell short of estimates and the broker believes, as the new model is bedded down, the company will negotiate a challenging market. Equal-weight rating and Cautious industry view maintained. Target is $17.

Target price is $17.00 Current Price is $17.10 Difference: minus $0.1 (current price is over target).
If TWE meets the Morgan Stanley target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.66, suggesting upside of 9.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.5

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

Morgans rates TWE as Add (1) -

FY19 results were strong and in line with guidance, Morgans observes. FY20 guidance for 15-20% growth is reiterated.

Asia stood out and was better than Morgans expected and the US has started to illustrate the benefits of its route-to-market changes.

Morgans maintains an Add rating and $19.15 target.

Target price is $19.15 Current Price is $17.10 Difference: $2.05
If TWE meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $18.66, suggesting upside of 9.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.5

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

Ord Minnett rates TWE as Accumulate (2) -

FY19 net profit was slightly below Ord Minnett's forecasts. The broker is confident earnings growth will be towards a high end of the company's guidance range of 15-20%.

Cash conversion, a key issue at the first half result, was addressed by stronger-than-expected cash conversion of 75.6% in the full year result and this is expected to continue in FY20.

Accumulate maintained. Target rises to $20.00 from $17.50.

Target price is $20.00 Current Price is $17.10 Difference: $2.9
If TWE meets the Ord Minnett target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $18.66, suggesting upside of 9.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.5

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

UBS rates TWE as Buy (1) -

FY19 earnings were in line with expectations and FY20 guidance has been reiterated for 15-20% growth. UBS considers guidance is conservative, given the US momentum and growth in Australasia and China.

The broker retains a Buy rating, noting an attractive valuation and improving cash flow. Target is raised to $20.50 from $19.00.

Target price is $20.50 Current Price is $17.10 Difference: $3.4
If TWE meets the UBS target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $18.66, suggesting upside of 9.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.5

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

Citi rates WHC as Buy (1) -

It turns out, Whitehaven Coal's FY19 performance clearly missed Citi's forecast, but was slightly above market consensus. Hence, earnings estimates have been culled, pulling the price target down to $4 from $4.75.

The analysts note the share price has tracked lower in line with falling coal prices, but they remain "constructive" on the outlook for coal prices near term. Buy rating maintained.

Post FY19 release and conference call with management, Citi analysts have lowered volume forecasts and lifted costs, which depresses estimates for the years ahead (and quite substantially too).

Target price is $4.00 Current Price is $3.20 Difference: $0.8
If WHC meets the Citi target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $4.42, suggesting upside of 38.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.9

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

Credit Suisse rates WHC as Outperform (1) -

The highlight of Whitehaven's result was another strong dividend as the company leverages off an under-geared balance sheet to reward shareholders at a time of coal price weakness, the broker suggests. But Credit Suisse can't see any rebound in coal prices in the near term.

Yet with a strong balance sheet, weaker A$ and a lack of major capex ahead the broker believes the company can keep up the dividends while awaiting coal price relief down the track. Hence Outperform retained, while target falls to $4.40 from $5.00.

Target price is $4.40 Current Price is $3.20 Difference: $1.2
If WHC meets the Credit Suisse target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $4.42, suggesting upside of 38.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.9

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

Macquarie rates WHC as Outperform (1) -

FY19 earnings were in line with estimates. A higher special dividend has boosted cash returns to shareholders.

Saleable coal production forecasts for FY20 are lower than Macquarie expected while costs are higher than forecast. The broker highlights that forecasts do not yet include Vickery or Winchester South.

Outperform rating maintained. Target is reduced to $4.00 from $4.20.

Target price is $4.00 Current Price is $3.20 Difference: $0.8
If WHC meets the Macquarie target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $4.42, suggesting upside of 38.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.9

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

Morgan Stanley rates WHC as Overweight (1) -

FY19 earnings were ahead of Morgan Stanley's estimates. The main surprise was the dividend. Lower FY20 guidance is disappointing, leading to the broker downgrading forecasts.

Morgan Stanley increases sustaining and growth capital expenditure estimates at operating mines in line with guidance.

The broker maintains an Overweight rating, Attractive industry view and $4.75 target.

Target price is $4.75 Current Price is $3.20 Difference: $1.55
If WHC meets the Morgan Stanley target it will return approximately 48% (excluding dividends, fees and charges).

Current consensus price target is $4.42, suggesting upside of 38.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.9

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

Morgans rates WHC as Add (1) -

FY19 results slightly exceeded expectations. The main surprise for Morgans was the strong dividend, with a total final dividend of $0.30 per share.

However, capital management upside from now on has been reduced. The main headwind is a sluggish coal price in the short term, although the broker believes the -30% discount applied by the market is excessive.

Accumulate maintained. Target is reduced to $4.70 from $4.98.

Target price is $4.70 Current Price is $3.20 Difference: $1.5
If WHC meets the Morgans target it will return approximately 47% (excluding dividends, fees and charges).

Current consensus price target is $4.42, suggesting upside of 38.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.9

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

UBS rates WHC as Buy (1) -

Net profit in FY19 was ahead of UBS estimates. The company chose to pay out 88% of earnings for the year, declaring a final total dividend of $0.30 per share.

Cost guidance is higher going forward and volume forecasts are lower than the broker expected. This has led to a cut to FY20/21 earnings estimates of more than -20%.

Buy rating is maintained. Target is lowered to $4.30 from $4.70.

Target price is $4.30 Current Price is $3.20 Difference: $1.1
If WHC meets the UBS target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $4.42, suggesting upside of 38.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.9

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

Citi rates WPL as Sell (5) -

Woodside Petroleum's "weak" result has been followed up through reduced estimates. Citi analysts have been predicting a weaker outlook for the energy producer for quite a while. They are now talking weaker earnings "into perpetuity".

Higher production costs and depreciation across the group are here to stay, the analysts argue, and the latter is having a negative impact on future dividend forecasts. On Citi's revised assumptions, teh forecast dividend yield averages circa 4.5% out to 2024.

Citi holds a bearish view on LNG and believes investors should prefer businesses that can deliver stronger returns on capital. It suggests Woodside is stretching the balance sheet. The broker thus prefers Santos ((STO)) and Beach Energy ((BPT)). Target $29.56 (up from $29.13).

Target price is $29.56 Current Price is $31.22 Difference: minus $1.66 (current price is over target).
If WPL meets the Citi target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $33.28, suggesting upside of 6.6% (ex-dividends)

The company's fiscal year ends in December.

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

Credit Suisse rates WPL as Outperform (1) -

Woodside reported operating cash flow in line with the broker but the cost of the Pluto turnaround, non-recurring production costs and exploration expense were all greater than the broker expected. The 80% payout ratio met the broker's assumption.

Credit Suisse sees costs as returning to normal but with gloomy market conditions, Woodside no longer looks as "safe" an investment as it was compared to peers. The DRP has been reactivated but the broker does not see a need for a raising. Outperform retained on the quality of the base business, without any near term upside particularly evident. Target falls to $37.33 from $37.67.

Target price is $37.33 Current Price is $31.22 Difference: $6.11
If WPL meets the Credit Suisse target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $33.28, suggesting upside of 6.6% (ex-dividends)

The company's fiscal year ends in December.

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 WPL as Neutral (3) -

First half earnings were weaker than expected. Macquarie expects the ramp up of Greater Enfield should boost the second half while JV discussions on Browse and Scarborough are ongoing.

The broker believes weak energy prices have increased the downside risk for 2019 and 2020 forecasts. Neutral rating maintained. Target is reduced to $33.30 from $35.40.

Target price is $33.30 Current Price is $31.22 Difference: $2.08
If WPL meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $33.28, suggesting upside of 6.6% (ex-dividends)

The company's fiscal year ends in December.

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 WPL as Equal-weight (3) -

First half net profit was below Morgan Stanley's estimates. The company's growth intentions have been reaffirmed, with the dividend re-investment program being reignited.

The broker believes this could drive a shift in the shareholder register, particularly should oil move lower on macro concerns. While the company appears committed to its growth plans there are questions the broker has regarding timeline and cost structure.

Equal-weight maintained. Target is reduced to $32.70 from $34.10. Industry view: In-Line.

Target price is $32.70 Current Price is $31.22 Difference: $1.48
If WPL meets the Morgan Stanley target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $33.28, suggesting upside of 6.6% (ex-dividends)

The company's fiscal year ends in December.

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

Morgans rates WPL as Upgrade to Add from Hold (1) -

First half results were weaker than Morgans expected. The result was driven by extra costs attributed to Pluto. The broker has gained some confidence in the prospect of the Browse JV signing a gas processing agreement with the North West Shelf.

While finding fears around longer-term LNG supply risks justified, Morgans also envisages upside for global LNG demand. The broker upgrades to Add from Hold and reduces the target to $34.97 from $35.24.

Target price is $34.97 Current Price is $31.22 Difference: $3.75
If WPL meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $33.28, suggesting upside of 6.6% (ex-dividends)

The company's fiscal year ends in December.

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

Ord Minnett rates WPL as Upgrade to Hold from Lighten (3) -

First half financials were weaker than expected. Moreover, management commentary did little to ease Ord Minnett's concerns about the viability of development projects.

Still, the stock is trading below the broker's risk-weighted valuation, leading to an upgrade to Hold from Lighten. Target is reduced to $32.50 from $33.70.

Target price is $32.50 Current Price is $31.22 Difference: $1.28
If WPL meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $33.28, suggesting upside of 6.6% (ex-dividends)

The company's fiscal year ends in December.

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

UBS rates WPL as Neutral (3) -

First half underlying net profit was below UBS estimates. The broker observes the growth timeline is unchanged but there is a risk of slippage if a delay is encountered in the processing agreement between Browse and the North West Shelf.

The broker is witnessing signs of cost inflation creeping in but, at this stage, it is too early to confirm if this is a trend or one-off. Neutral rating maintained. Target is reduced to $32.60 from $34.30.

Target price is $32.60 Current Price is $31.22 Difference: $1.38
If WPL meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $33.28, suggesting upside of 6.6% (ex-dividends)

The company's fiscal year ends in December.

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