Ann: NWH Half Year Results Release, page-107

Brokers cautious but all see upside in SP.

	Column 1	Column 2	Column 3	Column 4	Column 5	Column 6
0	Macquarie	02/03/2015	3	Neutral	$0.42	82.6%
1	Given the uncertainty of the Roy Hill rail contract outcome, NRW has booked the entire project at zero margin, the broker notes. This led to a big loss, which included plant and goodwill write-downs. The company is targeting cost cuts given the order book is down on the previous year. The balance sheet is solid but the Roy Hill negotiations are critical, and NRW simply needs more work, the broker suggests. Target falls to 42c from 57c and Neutral retained. Target price is $0.42 Current Price is $0.24 Difference: $0.185 If NWH meets the Macquarie target it will return approximately 79% (excluding dividends, fees and charges).
2	UBS	02/03/2015	1	Buy	$0.63	173.9%
3	First half results were weak and affected by the Roy Hill contract, where no margin was recognised. The broker expects the stock will trade in a vacuum until a conclusion is reached on Roy Hill, expected at the end of March. On the back of the first half result, UBS reduces FY15 estimates to an adjusted loss of $17m. FY16 and FY17 estimates are reduced by 3.6% and 2.0% respectively. A Buy rating is retained. Target is steady at 63c. Target price is $0.63 Current Price is $0.24 Difference: $0.395 If NWH meets the UBS target it will return approximately 168% (excluding dividends, fees and charges).
4	Credit Suisse	02/03/2015	3	Upgrade to Neutral from Underperform	$0.30	30.4%
5	First half results disappointed the broker. Credit Suisse has downgraded forecasts for FY15 and assumes no profit is recognised on resolution of the Roy Hill rail contract. The valuation now tempts the broker to become positive but the unknowns pose too much risk. Hence, rating is upgraded to Neutral from Underperform and the target reduced to 30c from $1.03. Target price is $0.30 Current Price is $0.24 Difference: $0.065 If NWH meets the Credit Suisse target it will return approximately 28% (excluding dividends, fees and charges).
6	Deutsche Bank	02/03/2015	3	Hold	$0.30	30.4%
7	First half results were materially below forecasts, largely because of the dispute over the Roy Hill rail formation project where no margin has been recognised. Deutsche Bank acknowledges potential for a positive resolution but believes the broader outlook remains challenging. A Hold rating is retained. Target is lowered to 30c from 58c. Target price is $0.30 Current Price is $0.24 Difference: $0.065 If NWH meets the Deutsche Bank target it will return approximately 28% (excluding dividends, fees and charges).