Australian Broker Call
February 08, 2017
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COMPANIES DISCUSSED IN THIS ISSUE
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The number next to the symbol represents the number of brokers covering it for this report -(if more than 1)
Last Updated: 02:04 PM
Your daily news report on the latest recommendation, valuation, forecast and opinion changes.
This report includes concise but limited reviews of research recently published by Stockbrokers, which should be considered as information concerning likely market behaviour rather than advice on the securities mentioned. Do not act on the contents of this Report without first reading the important information included at the end.
For more info about the different terms used by stockbrokers, as well as the different methodologies behind similar sounding ratings, download our guide HERE
Today's Upgrades and Downgrades
| EVN - | EVOLUTION MINING | Downgrade to Hold from Buy | Deutsche Bank |
| OGC - | OCEANAGOLD | Downgrade to Hold from Buy | Deutsche Bank |
| OSH - | OIL SEARCH | Upgrade to Outperform from Underperform | Credit Suisse |
| RRL - | REGIS RESOURCES | Downgrade to Sell from Hold | Deutsche Bank |
| RWH - | ROYAL WOLF | Downgrade to Neutral from Outperform | Credit Suisse |
| Downgrade to Hold from Buy | Deutsche Bank | ||
| Downgrade to Neutral from Outperform | Macquarie | ||
| SCP - | SHOPPING CENTRES AUS | Downgrade to Hold from Accumulate | Ord Minnett |
| TCL - | TRANSURBAN GROUP | Downgrade to Hold from Add | Morgans |
Credit Suisse rates AQG as Outperform (1) -
2016 net profit was in line with expectations and there was no dividend. The cash balance has been reconfirmed at US$215m.
The company continues to enjoy a favourable tax outlook and the next catalysts Credit Suisse is looking for are the sulphide development and exploration success to extend oxide production.
The broker makes no changes other than to update on reported results and reduce forecast depreciation & amortisation. Outperform and $5.30 target retained.
Target price is $5.30 Current Price is $2.73 Difference: $2.57
If AQG meets the Credit Suisse target it will return approximately 94% (excluding dividends, fees and charges).
Current consensus price target is $4.23, suggesting upside of 46.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 0.00 cents and EPS of 17.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 5.5, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 52.5. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 10.78 cents and EPS of 18.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.9, implying annual growth of 116.4%. Current consensus DPS estimate is 3.5, implying a prospective dividend yield of 1.2%. Current consensus EPS estimate suggests the PER is 24.3. |
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 AQG as Neutral (3) -
Alacer beat the broker on underlying earnings although profit fell short due to higher tax. Lower than expected capex on the Copler sulphide project meant a beat on cash.
That project remains on track and is a major catalyst, the broker suggests, although first gold is not expected until later in 2018. In the meantime it will be a consolidation year for Alacer. Neutral retained. Target rises to $2.90 from $2.40.
Target price is $2.90 Current Price is $2.73 Difference: $0.17
If AQG meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $4.23, suggesting upside of 46.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 0.00 cents and EPS of 4.14 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 5.5, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 52.5. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 0.00 cents and EPS of minus 3.74 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.9, implying annual growth of 116.4%. Current consensus DPS estimate is 3.5, implying a prospective dividend yield of 1.2%. Current consensus EPS estimate suggests the PER is 24.3. |
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 AQG as Buy (1) -
UBS believes the sell-off in the stock last year following delayed production was overdone. The main risk to 2017 guidance is considered to be the receipt of a permit needed to access around 20,000 ounces of gold production.
The sulphide project remains key to the broker's Buy recommendation. With oxide production back on track and development of the sulphide project on time and budget, the broker believes the stock will continue to re-rate higher in 2017.
While expecting some investors to remain cautious about Turkey, ultimately the broker believes the risk is well priced into the stock. Target is $4.60.
Target price is $4.60 Current Price is $2.73 Difference: $1.87
If AQG meets the UBS target it will return approximately 68% (excluding dividends, fees and charges).
Current consensus price target is $4.23, suggesting upside of 46.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 0.00 cents and EPS of 8.02 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 5.5, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 52.5. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 0.00 cents and EPS of 21.37 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.9, implying annual growth of 116.4%. Current consensus DPS estimate is 3.5, implying a prospective dividend yield of 1.2%. Current consensus EPS estimate suggests the PER is 24.3. |
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 AZJ as Neutral (3) -
After reviewing the company's UT5 draft access undertaking UBS concludes the most contentious issues are likely to be around the treatment of inflation and the risk premium that should be attached to the CQCN network.
The broker believes there is downside risk to current forecasts, given that the maximum allowable revenue being applied for is just 4% above estimates.
Conversely, if the company is successful in its application, the broker estimates 6% upside to FY18 forecasts forr earnings per share.
UBS retains a Neutral rating and $4.50 target.
Target price is $4.50 Current Price is $4.95 Difference: minus $0.45 (current price is over target).
If AZJ meets the UBS target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.74, suggesting downside of -5.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 26.00 cents and EPS of 26.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.1, implying annual growth of 667.6%. Current consensus DPS estimate is 25.9, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 19.2. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 27.00 cents and EPS of 27.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.5, implying annual growth of 5.4%. Current consensus DPS estimate is 27.4, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 18.2. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates CSR as Neutral (3) -
The broker has updated CSR earnings forecasts to reflect upgrades to aluminium price forecasts. The broker remains cautious on overall earnings trends but suggests a strong aluminium price will support earnings.
Neutral retained. Target rises to $4.60 from $4.40.
Target price is $4.60 Current Price is $4.34 Difference: $0.26
If CSR meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $4.06, suggesting downside of -6.0% (ex-dividends)
The company's fiscal year ends in March.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 28.00 cents and EPS of 36.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 37.0, implying annual growth of 31.2%. Current consensus DPS estimate is 26.3, implying a prospective dividend yield of 6.1%. Current consensus EPS estimate suggests the PER is 11.7. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 21.00 cents and EPS of 32.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 36.5, implying annual growth of -1.4%. Current consensus DPS estimate is 25.2, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 11.8. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates CWN as Outperform (1) -
Credit Suisse has adjusted downwards the average price realised for the Melco joint-venture shares and increased dividend distributions in response to the company's announcement in December.
The broker has identified $70m in profit preservation/expansion but hesitates to upgrade at this stage because of revenue uncertainty. Outperform retained. Target is reduced to $12.50 from $13.00.
Target price is $12.50 Current Price is $11.22 Difference: $1.28
If CWN meets the Credit Suisse target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $12.46, suggesting upside of 11.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 129.00 cents and EPS of 49.77 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 53.8, implying annual growth of -58.7%. Current consensus DPS estimate is 101.6, implying a prospective dividend yield of 9.1%. Current consensus EPS estimate suggests the PER is 20.8. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 51.00 cents and EPS of 50.22 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 54.7, implying annual growth of 1.7%. Current consensus DPS estimate is 51.2, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 20.4. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates DCN as Outperform (1) -
Fresh drilling results from Cameron Well suggest that deposit has the potential to become the second open pit ore source at Mt Morgans, the broker believes. Construction will shortly begin at Mt Morgans, with production targeted for early 2018.
The broker suggests there is valuation upside to its base case from additional ore sources. Outperform retained. Target rises to $3.00 from $2.70.
Target price is $3.00 Current Price is $2.48 Difference: $0.52
If DCN meets the Macquarie target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $3.05, suggesting upside of 23.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 0.00 cents and EPS of minus 4.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -5.5, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is N/A. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 0.00 cents and EPS of 10.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 8.0, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 30.9. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates EVN as Downgrade to Hold from Buy (3) -
The Australian mining sector continues to make improvements in costs, with 75% of companies beating Deutsche Bank's cost estimates the December quarter. The gold sector led the way.
The broker's preference remains with the gold sector and Evolution Mining is downgraded to Hold from Buy on valuation. Target is $2.40.
Target price is $2.40 Current Price is $2.40 Difference: $0
If EVN meets the Deutsche Bank target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $2.50, suggesting upside of 7.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 3.00 cents and EPS of 16.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.1, implying annual growth of N/A. Current consensus DPS estimate is 3.9, implying a prospective dividend yield of 1.7%. Current consensus EPS estimate suggests the PER is 13.7. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 3.00 cents and EPS of 22.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.1, implying annual growth of 35.1%. Current consensus DPS estimate is 4.3, implying a prospective dividend yield of 1.8%. Current consensus EPS estimate suggests the PER is 10.1. |
Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates IVC as Hold (3) -
The company has decided developing a new entry into the US funeral market is too difficult, probably costing more than the originally budgeted $8m and Morgans analysts like the evidence of financial discipline.
They await the upcoming interim release and meanwhile stick to Hold rating and $12.85 price target.
Target price is $12.85 Current Price is $12.97 Difference: minus $0.12 (current price is over target).
If IVC 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 $12.99, suggesting upside of 0.2% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Morgans forecasts a full year FY16 dividend of 40.00 cents and EPS of 49.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 49.5, implying annual growth of -1.2%. Current consensus DPS estimate is 40.9, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 26.2. |
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 39.00 cents and EPS of 53.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 53.7, implying annual growth of 8.5%. Current consensus DPS estimate is 44.1, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 24.1. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates IVC as Lighten (4) -
The company has scaled back its US operation, closing its southern California funeral business but continuing with cremation services.
Management does not believe the US funeral business would reach break even by mid-2018 and within the capital limit allocated to the business.
Ord Minnett was always sceptical of the US business model and the plan to grow in that market. Lighten rating and $12 target retained.
Target price is $12.00 Current Price is $12.97 Difference: minus $0.97 (current price is over target).
If IVC 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 $12.99, suggesting upside of 0.2% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Ord Minnett forecasts a full year FY16 dividend of 42.00 cents and EPS of 58.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 49.5, implying annual growth of -1.2%. Current consensus DPS estimate is 40.9, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 26.2. |
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 46.00 cents and EPS of 60.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 53.7, implying annual growth of 8.5%. Current consensus DPS estimate is 44.1, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 24.1. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates KMD as Buy (1) -
The company has slightly upgraded its guidance provided back in November. Kathmandu now expects first half net profit of NZ$9.9m versus prior guidance of NZ $9.4m.
Deutsche Bank is encouraged by the update, which highlights a good performance in Australia over the Christmas period in an apparel market that was generally weak.
The broker believes the strategic initiatives around targeted marketing and new product management are working. Management is also believed to have a credible strategy for pursuing low-risk offshore expansion.
Buy rating retained. Target Is NZ$2.25.
Current Price is $1.84. Target price not assessed.
Current consensus price target is $2.05, suggesting upside of 11.3% (ex-dividends)
The company's fiscal year ends in July.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 11.27 cents and EPS of 16.91 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.3, implying annual growth of N/A. Current consensus DPS estimate is 11.0, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 10.6. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 12.08 cents and EPS of 18.59 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.0, implying annual growth of 9.8%. Current consensus DPS estimate is 12.0, implying a prospective dividend yield of 6.5%. Current consensus EPS estimate suggests the PER is 9.7. |
This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates KMD as Outperform (1) -
Kathmandu's first half trading update suggests a result better than feared. Strong sales and tight expense control have offset margin pressure from higher USD sourcing costs, the broker notes.
The update reduces some uncertainty surrounding a profit turnaround under new management, the broker suggests. Valuation remains undemanding. Outperform and $2.20 target retained.
Target price is $2.20 Current Price is $1.84 Difference: $0.36
If KMD meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $2.05, suggesting upside of 11.3% (ex-dividends)
The company's fiscal year ends in July.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 11.74 cents and EPS of 17.09 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.3, implying annual growth of N/A. Current consensus DPS estimate is 11.0, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 10.6. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 12.21 cents and EPS of 18.13 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.0, implying annual growth of 9.8%. Current consensus DPS estimate is 12.0, implying a prospective dividend yield of 6.5%. Current consensus EPS estimate suggests the PER is 9.7. |
This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates MQG as Sell (5) -
Guidance for FY17 has been maintained to be broadly in line with FY16. Citi notes both annuity-style and capital market-facing businesses remain behind their FY16 profit benchmarks.
The broker believes the current monetary and asset cycle will make the next wave of growth more challenging than in the past. Sell rating maintained with $67.75 target.
Target price is $67.75 Current Price is $82.75 Difference: minus $15 (current price is over target).
If MQG meets the Citi target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $81.11, suggesting downside of -2.9% (ex-dividends)
The company's fiscal year ends in March.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 380.00 cents and EPS of 579.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 611.2, implying annual growth of -6.7%. Current consensus DPS estimate is 410.0, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 13.7. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 350.00 cents and EPS of 536.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 618.8, implying annual growth of 1.2%. Current consensus DPS estimate is 426.0, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 13.5. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates MQG as Neutral (3) -
Following the company's operational briefing, Credit Suisse notes reported profit guidance highlights the reliance in the fourth quarter on lower impairments & provisions and/or the continuation of sustained underlying franchise momentum.
The broker considers the stock fairly valued and at the end of what has been a multi-year earnings upgrade cycle. Key risks include a downturn in capital markets activity and emergence of a risk-off market environment.
Credit Suisse retains a Neutral rating and $95 target.
Target price is $95.00 Current Price is $82.75 Difference: $12.25
If MQG meets the Credit Suisse target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $81.11, suggesting downside of -2.9% (ex-dividends)
The company's fiscal year ends in March.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 430.00 cents and EPS of 626.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 611.2, implying annual growth of -6.7%. Current consensus DPS estimate is 410.0, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 13.7. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 440.00 cents and EPS of 656.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 618.8, implying annual growth of 1.2%. Current consensus DPS estimate is 426.0, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 13.5. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates MQG as Hold (3) -
The trading update appeared a little soft relative to Deutsche Bank's expectations. Yet the broker believes Macquarie Group has sufficient levers to pull to meet guidance.
While the stock is well positioned for the long term, with limited upside to the target and some questions regarding where asset prices are heading in the medium term, the broker retains a Hold rating. Target is raised to $86.00 from $82.70.
Target price is $86.00 Current Price is $82.75 Difference: $3.25
If MQG meets the Deutsche Bank target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $81.11, suggesting downside of -2.9% (ex-dividends)
The company's fiscal year ends in March.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 420.00 cents and EPS of 610.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 611.2, implying annual growth of -6.7%. Current consensus DPS estimate is 410.0, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 13.7. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 440.00 cents and EPS of 632.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 618.8, implying annual growth of 1.2%. Current consensus DPS estimate is 426.0, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 13.5. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates MQG as Hold (3) -
Macquarie has re-affirmed guidance for the year and Morgans is happy with it, making no changes to forecasts, target or recommendation.
Target price is $77.05 Current Price is $82.75 Difference: minus $5.7 (current price is over target).
If MQG meets the Morgans target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $81.11, suggesting downside of -2.9% (ex-dividends)
The company's fiscal year ends in March.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 435.00 cents and EPS of 617.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 611.2, implying annual growth of -6.7%. Current consensus DPS estimate is 410.0, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 13.7. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 460.00 cents and EPS of 652.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 618.8, implying annual growth of 1.2%. Current consensus DPS estimate is 426.0, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 13.5. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates MQG as Hold (3) -
The company has reiterated guidance for FY17 earnings to be similar to FY16.
The commentary reinforced Ord Minnett's view that the investment bank's earnings profile will become more dependent on transactions as assets that are supporting earnings are sold and the group deploys uncommitted funds to re-build its inventory.
The broker retains a Hold rating and $78 target.
Target price is $78.00 Current Price is $82.75 Difference: minus $4.75 (current price is over target).
If MQG meets the Ord Minnett target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $81.11, suggesting downside of -2.9% (ex-dividends)
The company's fiscal year ends in March.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 390.00 cents and EPS of 608.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 611.2, implying annual growth of -6.7%. Current consensus DPS estimate is 410.0, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 13.7. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 EPS of 609.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 618.8, implying annual growth of 1.2%. Current consensus DPS estimate is 426.0, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 13.5. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates MQG as Buy (1) -
The trading update was soft, in UBS' view, as Macquarie Group described its quarterly performance as "satisfactory" which usually implies a weaker period. The company continues to expect its full year performance to be broadly in line with last year.
The broker believes some market participants may be disappointed with the update but believes the softer quarter was more a result of timing. Buy rating retained. Target rises to $89 from $82.
Target price is $89.00 Current Price is $82.75 Difference: $6.25
If MQG meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $81.11, suggesting downside of -2.9% (ex-dividends)
The company's fiscal year ends in March.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 375.00 cents and EPS of 625.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 611.2, implying annual growth of -6.7%. Current consensus DPS estimate is 410.0, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 13.7. |
Forecast for FY18:
UBS forecasts a full year FY18 EPS of 651.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 618.8, implying annual growth of 1.2%. Current consensus DPS estimate is 426.0, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 13.5. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates OGC as Downgrade to Hold from Buy (3) -
The Australian mining sector continues to make improvements in costs, with 75% of companies beating Deutsche Bank's cost estimates the December quarter. The gold sector led the way.
The broker's preference remains with the gold sector and OceanaGold is downgraded to Hold from Buy on valuation. Targets slips to $4.10 from $4.20.
Target price is $4.10 Current Price is $4.40 Difference: minus $0.3 (current price is over target).
If OGC meets the Deutsche Bank target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.60, suggesting upside of 6.1% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Deutsche Bank forecasts a full year FY16 dividend of 5.34 cents and EPS of 30.72 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 32.3, implying annual growth of N/A. Current consensus DPS estimate is 4.6, implying a prospective dividend yield of 1.1%. Current consensus EPS estimate suggests the PER is 13.4. |
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 5.34 cents and EPS of 46.75 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 45.1, implying annual growth of 39.6%. Current consensus DPS estimate is 4.2, implying a prospective dividend yield of 1.0%. Current consensus EPS estimate suggests the PER is 9.6. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates OSH as Upgrade to Outperform from Underperform (1) -
Oil Search now appears to Credit Suisse to be the best play on oil and the stock is upgraded to Outperform from Underperform. When growth matters in the sector again, the broker believes this is a stock that potentially has value upside.
The broker believes a trading opportunity exists on the potential for reserves to be upgraded with the results. The broker cautions that the upgrade in recommendation should not be mistaken for a belief that 2017 will be plain sailing for the company.
Target is raised to $7.25 from $5.90.
Target price is $7.25 Current Price is $6.95 Difference: $0.3
If OSH meets the Credit Suisse target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $8.07, suggesting upside of 16.9% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Credit Suisse forecasts a full year FY16 dividend of 3.78 cents and EPS of 8.35 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.9, implying annual growth of N/A. Current consensus DPS estimate is 4.0, implying a prospective dividend yield of 0.6%. Current consensus EPS estimate suggests the PER is 69.7. |
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 10.75 cents and EPS of 26.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.5, implying annual growth of 167.7%. Current consensus DPS estimate is 11.1, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 26.1. |
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 PTM as Neutral (3) -
January data showed outflows and fund performance continued to impact on funds under management growth, the broker notes. Major funds continue to underperform.
The broker ranks Platinum last among the listed wealth managers. Target rises to $4.85 from $4.80. Neutral retained.
Target price is $4.85 Current Price is $4.99 Difference: minus $0.14 (current price is over target).
If PTM meets the Macquarie target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.79, suggesting downside of -4.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 27.00 cents and EPS of 28.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.5, implying annual growth of -13.8%. Current consensus DPS estimate is 28.0, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 16.9. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 28.00 cents and EPS of 29.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.9, implying annual growth of 1.4%. Current consensus DPS estimate is 27.9, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 16.7. |
Market Sentiment: -0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans - Cessation of coverage
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 0.00 cents and EPS of minus 0.40 cents. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 0.00 cents and EPS of 0.00 cents. |
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates RRL as Downgrade to Sell from Hold (5) -
The Australian mining sector continues to make improvements in costs, with 75% of companies beating Deutsche Bank's cost estimates the December quarter. The gold sector led the way.
The broker's preference remains with the gold sector and Regis Resources is downgraded to Sell from Hold on valuation. Target is $2.80.
Target price is $2.80 Current Price is $3.58 Difference: minus $0.78 (current price is over target).
If RRL meets the Deutsche Bank target it will return approximately minus 22% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $3.23, suggesting downside of -7.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 12.00 cents and EPS of 21.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.2, implying annual growth of 8.2%. Current consensus DPS estimate is 12.6, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 14.4. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 15.00 cents and EPS of 24.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.9, implying annual growth of 31.8%. Current consensus DPS estimate is 17.0, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 10.9. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates RWH as Downgrade to Neutral from Outperform (3) -
The first half result slightly beat Credit Suisse estimates. The broker continues to believe the company is close to a trough in earnings but there are timing risks and growth appears hard to find in many areas.
Following the share price appreciation since the FY16 result and negative revisions to earnings per share, the broker believes the valuation is fair at this juncture and downgrades to Neutral from Outperform. Target is raised to $1.45 from $1.40.
Target price is $1.45 Current Price is $1.40 Difference: $0.05
If RWH meets the Credit Suisse target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $1.51, suggesting upside of 8.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 5.50 cents and EPS of 8.91 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.4, implying annual growth of 19.0%. Current consensus DPS estimate is 5.3, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 14.9. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 6.77 cents and EPS of 10.46 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.2, implying annual growth of 19.1%. Current consensus DPS estimate is 6.6, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 12.5. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates RWH as Downgrade to Hold from Buy (3) -
First half results highlight an ongoing tough operational environment. Deutsche Bank notes, while the company has increased its share of the construction sector, the resources sector decline has largely offset it.
Additionally, there is increased competition in the container sales business, resulting in reduced volumes.
The broker reduces the target to $1.45 from $1.70 and downgrades the rating to Hold from Buy, as the stock is trading close to valuation.
Target price is $1.45 Current Price is $1.40 Difference: $0.05
If RWH meets the Deutsche Bank target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $1.51, suggesting upside of 8.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 5.00 cents and EPS of 12.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.4, implying annual growth of 19.0%. Current consensus DPS estimate is 5.3, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 14.9. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 7.00 cents and EPS of 14.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.2, implying annual growth of 19.1%. Current consensus DPS estimate is 6.6, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 12.5. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates RWH as Downgrade to Neutral from Outperform (3) -
Royal Wolf's result was slightly ahead of expectation thanks to a one-off payment from Titan. Growth in leasing revenues was a positive, Macquaire notes, offset by limited progress in disposing of surplus camp assets.
The market remains challenging, hence asset disposal is required to accelerate profit growth and timing here is uncertain, Macquarie suggests. Target rises to $1.45 from $1.40 but as the share price is closing in, rating downgraded to Neutral.
Target price is $1.45 Current Price is $1.40 Difference: $0.05
If RWH meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $1.51, suggesting upside of 8.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 4.70 cents and EPS of 8.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.4, implying annual growth of 19.0%. Current consensus DPS estimate is 5.3, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 14.9. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 5.50 cents and EPS of 10.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.2, implying annual growth of 19.1%. Current consensus DPS estimate is 6.6, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 12.5. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates RWH as Accumulate (2) -
First half underlying operating earnings were ahead of Ord Minnett's forecasts but a higher depreciation charge meant EBIT was down -7.3% on a year earlier and in line with forecasts.
The broker observes positive pricing momentum in the leasing business was soured by weak cash flow. This cash flow result is of concern to the broker and the business continues to face the challenging operating environment.
Accumulate rating retained, given the potential upside to valuation and the target of $1.70.
Target price is $1.70 Current Price is $1.40 Difference: $0.3
If RWH meets the Ord Minnett target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $1.51, suggesting upside of 8.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 6.00 cents and EPS of 8.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.4, implying annual growth of 19.0%. Current consensus DPS estimate is 5.3, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 14.9. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 7.00 cents and EPS of 10.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.2, implying annual growth of 19.1%. Current consensus DPS estimate is 6.6, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 12.5. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates SCP as Sell (5) -
FY17 guidance has been lifted to 14.6c per security. Citi believes this is conservative and a major driver of the upgrade has been the redeployment of proceeds from the sale of the New Zealand portfolio.
The core business continues to generate moderate growth. The stock now trades modestly above the broker's target, keeping the recommendation Neutral. Target is raised to $2.16 from $2.15.
Target price is $2.16 Current Price is $2.24 Difference: minus $0.08 (current price is over target).
If SCP 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 $2.16, suggesting downside of -1.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 13.10 cents and EPS of 14.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 14.6, implying annual growth of -42.5%. Current consensus DPS estimate is 13.0, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 14.9. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 13.60 cents and EPS of 15.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.1, implying annual growth of 3.4%. Current consensus DPS estimate is 13.6, implying a prospective dividend yield of 6.2%. Current consensus EPS estimate suggests the PER is 14.4. |
Market Sentiment: -0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates SCP as Underperform (5) -
Shopping Centres' distributable earnings were in line with the broker's forecast. FY17 guidance has been upgraded to 14.6cps from 14.4cps having leased the vacant Mt Gambier Masters site to Bunnings.
There was no news on what the fund intends to do with its 4.9% stake in Charter Hall Retail ((CQR)). In the meantime, the broker sees only modest earnings growth in the supermarket space and distributions not fully cash covered. Target rises to $2.13 from $1.89. Underpeform retained.
Target price is $2.13 Current Price is $2.24 Difference: minus $0.11 (current price is over target).
If SCP meets the Macquarie target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $2.16, suggesting downside of -1.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 13.10 cents and EPS of 15.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 14.6, implying annual growth of -42.5%. Current consensus DPS estimate is 13.0, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 14.9. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 13.10 cents and EPS of 14.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.1, implying annual growth of 3.4%. Current consensus DPS estimate is 13.6, implying a prospective dividend yield of 6.2%. Current consensus EPS estimate suggests the PER is 14.4. |
Market Sentiment: -0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates SCP as Downgrade to Hold from Accumulate (3) -
The first half result signalled an unexpected slowdown in specialty store sales growth relative to the company's strong performance over the last few years, Ord Minnett observes.
The broker is not sure whether this is because of a slower sales environment in the business geographies or a maturing of the relatively young portfolio.
As the broker awaits further clarity on the drivers of this slowdown, the rating is downgraded to Hold from Accumulate. Target falls to $2.30 from $2.36.
Target price is $2.30 Current Price is $2.24 Difference: $0.06
If SCP meets the Ord Minnett target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $2.16, suggesting downside of -1.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 13.00 cents and EPS of 15.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 14.6, implying annual growth of -42.5%. Current consensus DPS estimate is 13.0, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 14.9. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 14.00 cents and EPS of 15.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.1, implying annual growth of 3.4%. Current consensus DPS estimate is 13.6, implying a prospective dividend yield of 6.2%. Current consensus EPS estimate suggests the PER is 14.4. |
Market Sentiment: -0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates SCP as Neutral (3) -
First half results slightly beat UBS estimates. While pleased with the specialty leasing metrics, the broker notes supermarket sales are anaemic and specialty sales are slowing.
The broker was not surprised that guidance for earnings per share was upgraded to 14.6c and believes previous guidance was conservative post the announcement of a stake in Charter Hall Retail ((CQR)).
A Neutral rating and $2.32 target are maintained.
Target price is $2.32 Current Price is $2.24 Difference: $0.08
If SCP meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $2.16, suggesting downside of -1.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 13.00 cents and EPS of 14.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 14.6, implying annual growth of -42.5%. Current consensus DPS estimate is 13.0, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 14.9. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 13.90 cents and EPS of 15.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.1, implying annual growth of 3.4%. Current consensus DPS estimate is 13.6, implying a prospective dividend yield of 6.2%. Current consensus EPS estimate suggests the PER is 14.4. |
Market Sentiment: -0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates SEK as Neutral (3) -
Credit Suisse expects the company to reiterate its guidance for FY17 net profit of $215-220m. The broker reduces FY18 profit estimates by -4.8% to $226m because of lower Seek Learning forecasts and currency moves.
A Neutral rating is retained. Target is lowered to $15.00 from $15.30.
Target price is $15.00 Current Price is $14.61 Difference: $0.39
If SEK meets the Credit Suisse target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $15.84, suggesting upside of 8.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 42.00 cents and EPS of 54.19 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 57.8, implying annual growth of -44.3%. Current consensus DPS estimate is 39.7, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 25.2. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 45.00 cents and EPS of 63.79 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 69.0, implying annual growth of 19.4%. Current consensus DPS estimate is 45.2, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 21.1. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates SHL as Sell (5) -
The company has entered into two partnerships in hospitals in the US. Citi observes these partnerships with hospitals are a way for the private laboratory operators to continue growing in an otherwise slow-growth industry.
The stock does not represent a favourable risk/reward, in the broker's view, given the looming regulatory/pricing risk across geographies. Sell rating and $19.33 target retained.
Target price is $19.33 Current Price is $21.18 Difference: minus $1.85 (current price is over target).
If SHL 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 $23.00, suggesting upside of 7.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 80.00 cents and EPS of 109.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 109.0, implying annual growth of -0.9%. Current consensus DPS estimate is 77.4, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 19.7. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 86.00 cents and EPS of 119.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 121.0, implying annual growth of 11.0%. Current consensus DPS estimate is 83.8, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 17.7. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates TCL as Buy (1) -
First half underlying EBITDA was ahead of Citi's estimates. Distribution guidance has been increased to 51.5c per security.
The increased guidance reflects the strength of the cash flow in the first half and the broker suspects this will reduce the expected capital requirements for the Western Distributor post financial close.
Citi continues to envisage upside for the stock as it continues to deliver on growth options. Buy rating retained. Target rises to $12.25 from $11.75.
Target price is $12.25 Current Price is $11.04 Difference: $1.21
If TCL meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $11.72, suggesting upside of 8.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 51.50 cents and EPS of 21.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.2, implying annual growth of 304.0%. Current consensus DPS estimate is 51.6, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 53.2. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 57.00 cents and EPS of 23.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.7, implying annual growth of 32.2%. Current consensus DPS estimate is 55.9, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 40.3. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates TCL as Outperform (1) -
Credit Suisse expects the company to deliver over 10% dividend growth in each of the next five years. Transurban has raised its dividend guidance by 2% for FY17, supported in the broker's view by a solid first half operating performance and a capital release.
Credit Suisse reiterates an Outperform rating but trims the target to $12.30 from $12.50 on lower US express Lane estimates.
Target price is $12.30 Current Price is $11.04 Difference: $1.26
If TCL meets the Credit Suisse target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $11.72, suggesting upside of 8.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 51.50 cents and EPS of 13.69 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.2, implying annual growth of 304.0%. Current consensus DPS estimate is 51.6, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 53.2. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 57.00 cents and EPS of 15.89 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.7, implying annual growth of 32.2%. Current consensus DPS estimate is 55.9, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 40.3. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates TCL as Hold (3) -
First half results were largely in line with Deutsche Bank's forecast. Traffic performance and margins were particularly pleasing at CityLink and Hills M2.
Deutsche Bank increases the target to $10.05 from $9.65, based on the upward revision to the FY17 distribution guidance to 51.5c. Hold rating is retained based on valuation.
Target price is $10.05 Current Price is $11.04 Difference: minus $0.99 (current price is over target).
If TCL meets the Deutsche Bank target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $11.72, suggesting upside of 8.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 52.00 cents and EPS of 17.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.2, implying annual growth of 304.0%. Current consensus DPS estimate is 51.6, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 53.2. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 56.00 cents and EPS of 30.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.7, implying annual growth of 32.2%. Current consensus DPS estimate is 55.9, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 40.3. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates TCL as Outperform (1) -
At an operational level, it was a solid result from Transurban, the broker suggests. Increased cash flow prompted a dividend increase. In the near term, earnings confidence will be aided by details regarding the I395 and Western Distributor.
Medium term it's the ongoing delivery of core revenue growth and development of the next wave of expansion projects. Outperform and $12.40 target retained.
Target price is $12.40 Current Price is $11.04 Difference: $1.36
If TCL meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $11.72, suggesting upside of 8.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 51.50 cents and EPS of 46.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.2, implying annual growth of 304.0%. Current consensus DPS estimate is 51.6, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 53.2. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 54.50 cents and EPS of 57.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.7, implying annual growth of 32.2%. Current consensus DPS estimate is 55.9, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 40.3. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates TCL as Equal-weight (3) -
The company has lifted its distribution guidance for FY17 to 51.5c per securitiy on underlying free cash flow growth, reiterating its strong pipeline and disciplined acquisition strategy.
Yet Morgan Stanley retains a Cautious industry view and Equal-weight rating, viewing the growth in ride sharing - high occupancy vehicles are toll exempt on northern Virginian roads - and the ATO review on stapled trust structures as risks that should be monitored.
Target is raised to $11.45 from $11.22.
Target price is $11.45 Current Price is $11.04 Difference: $0.41
If TCL meets the Morgan Stanley target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $11.72, suggesting upside of 8.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 52.00 cents and EPS of 16.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.2, implying annual growth of 304.0%. Current consensus DPS estimate is 51.6, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 53.2. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 55.00 cents and EPS of 24.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.7, implying annual growth of 32.2%. Current consensus DPS estimate is 55.9, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 40.3. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates TCL as Downgrade to Hold from Add (3) -
Stockbroker Morgans has downgraded to Hold from Add while revising its price target downwards to $11.16. The result beat expectations, but it's the subsequent rally in the share price that is responsible for the downgrade.
Target price is $11.16 Current Price is $11.04 Difference: $0.12
If TCL meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $11.72, suggesting upside of 8.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 51.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.2, implying annual growth of 304.0%. Current consensus DPS estimate is 51.6, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 53.2. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 55.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.7, implying annual growth of 32.2%. Current consensus DPS estimate is 55.9, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 40.3. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates TCL as Buy (1) -
The first half result was slightly better than UBS expected. Free cash flow was boosted by a $170m one-off capital release from re-gearing the M7 road in Sydney.
Should the Western Distributor reach financial close this year the broker expects the company to find around $6bn in development capital over FY17-22.
The result has reversed some of the companies yield-driven underperformance but the broker believes it still offers good value. Buy rating retained. Target rises to $12.40 from $12.30.
Target price is $12.40 Current Price is $11.04 Difference: $1.36
If TCL meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $11.72, suggesting upside of 8.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 51.50 cents and EPS of 6.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.2, implying annual growth of 304.0%. Current consensus DPS estimate is 51.6, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 53.2. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 56.50 cents and EPS of 10.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.7, implying annual growth of 32.2%. Current consensus DPS estimate is 55.9, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 40.3. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates WPL as Overweight (1) -
Morgan Stanley suspects the growth plans that are underway may exceed investor expectations over time. The broker believes the LNG investment can deliver returns and longer-dated assets will become a value-driver this year.
The broker believes the company's M&A strategy over the past year was the right one and expects Woodside to focus on oil opportunities outside of Australia that are either producing or have near-term development potential.
The broker updates its valuations on Senegal, Scarborough, Myanmar and North West Shelf backfill. Target rises to $40.00 from $34.09. Overweight rating and In-Line industry view retained.
Target price is $40.00 Current Price is $31.60 Difference: $8.4
If WPL meets the Morgan Stanley target it will return approximately 27% (excluding dividends, fees and charges).
Current consensus price target is $32.18, suggesting upside of 2.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Morgan Stanley forecasts a full year FY16 dividend of 108.20 cents and EPS of 133.58 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 137.6, implying annual growth of N/A. Current consensus DPS estimate is 111.0, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 22.8. |
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 94.84 cents and EPS of 117.55 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 162.4, implying annual growth of 18.0%. Current consensus DPS estimate is 130.5, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 19.4. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates WSA as Neutral (3) -
Western Areas stuck down one drill at Neptune and hit nickel sulphides, which is encouraging, and suggests to the broker Cosmos could be materially upgraded. Higher nickel prices will nevertheless be needed to make the project viable.
On that score, prices remain subdued while the impact of Philippines shutdowns is confirmed. The miner remains cash flow positive and can ride out current weakness, the broker notes. Neutral and $2.60 target retained.
Target price is $2.60 Current Price is $2.61 Difference: minus $0.01 (current price is over target).
If WSA meets the Macquarie target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $2.57, suggesting downside of -0.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 0.00 cents and EPS of 1.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 3.1, implying annual growth of N/A. Current consensus DPS estimate is 0.3, implying a prospective dividend yield of 0.1%. Current consensus EPS estimate suggests the PER is 83.4. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 4.00 cents and EPS of 12.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 13.7, implying annual growth of 341.9%. Current consensus DPS estimate is 3.6, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 18.9. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Summaries
| AQG - | ALACER GOLD | Outperform - Credit Suisse | Overnight Price $2.73 |
| Neutral - Macquarie | Overnight Price $2.73 | ||
| Buy - UBS | Overnight Price $2.73 | ||
| AZJ - | AURIZON HOLDINGS | Neutral - UBS | Overnight Price $4.95 |
| CSR - | CSR | Neutral - Macquarie | Overnight Price $4.34 |
| CWN - | CROWN RESORTS | Outperform - Credit Suisse | Overnight Price $11.22 |
| DCN - | DACIAN GOLD | Outperform - Macquarie | Overnight Price $2.48 |
| EVN - | EVOLUTION MINING | Downgrade to Hold from Buy - Deutsche Bank | Overnight Price $2.40 |
| IVC - | INVOCARE | Hold - Morgans | Overnight Price $12.97 |
| Lighten - Ord Minnett | Overnight Price $12.97 | ||
| KMD - | KATHMANDU | Buy - Deutsche Bank | Overnight Price $1.84 |
| Outperform - Macquarie | Overnight Price $1.84 | ||
| MQG - | MACQUARIE GROUP | Sell - Citi | Overnight Price $82.75 |
| Neutral - Credit Suisse | Overnight Price $82.75 | ||
| Hold - Deutsche Bank | Overnight Price $82.75 | ||
| Hold - Morgans | Overnight Price $82.75 | ||
| Hold - Ord Minnett | Overnight Price $82.75 | ||
| Buy - UBS | Overnight Price $82.75 | ||
| OGC - | OCEANAGOLD | Downgrade to Hold from Buy - Deutsche Bank | Overnight Price $4.40 |
| OSH - | OIL SEARCH | Upgrade to Outperform from Underperform - Credit Suisse | Overnight Price $6.95 |
| PTM - | PLATINUM | Neutral - Macquarie | Overnight Price $4.99 |
| RNO - | RHINOMED | Cessation of coverage - Morgans | Overnight Price $0.02 |
| RRL - | REGIS RESOURCES | Downgrade to Sell from Hold - Deutsche Bank | Overnight Price $3.58 |
| RWH - | ROYAL WOLF | Downgrade to Neutral from Outperform - Credit Suisse | Overnight Price $1.40 |
| Downgrade to Hold from Buy - Deutsche Bank | Overnight Price $1.40 | ||
| Downgrade to Neutral from Outperform - Macquarie | Overnight Price $1.40 | ||
| Accumulate - Ord Minnett | Overnight Price $1.40 | ||
| SCP - | SHOPPING CENTRES AUS | Sell - Citi | Overnight Price $2.24 |
| Underperform - Macquarie | Overnight Price $2.24 | ||
| Downgrade to Hold from Accumulate - Ord Minnett | Overnight Price $2.24 | ||
| Neutral - UBS | Overnight Price $2.24 | ||
| SEK - | SEEK | Neutral - Credit Suisse | Overnight Price $14.61 |
| SHL - | SONIC HEALTHCARE | Sell - Citi | Overnight Price $21.18 |
| TCL - | TRANSURBAN GROUP | Buy - Citi | Overnight Price $11.04 |
| Outperform - Credit Suisse | Overnight Price $11.04 | ||
| Hold - Deutsche Bank | Overnight Price $11.04 | ||
| Outperform - Macquarie | Overnight Price $11.04 | ||
| Equal-weight - Morgan Stanley | Overnight Price $11.04 | ||
| Downgrade to Hold from Add - Morgans | Overnight Price $11.04 | ||
| Buy - UBS | Overnight Price $11.04 | ||
| WPL - | WOODSIDE PETROLEUM | Overweight - Morgan Stanley | Overnight Price $31.60 |
| WSA - | WESTERN AREAS | Neutral - Macquarie | Overnight Price $2.61 |
RATING SUMMARY
| Rating | No. Of Recommendations |
| 1. Buy | 13 |
| 2. Accumulate | 1 |
| 3. Hold | 21 |
| 4. Reduce | 1 |
| 5. Sell | 5 |
Wednesday 08 February 2017
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The content of this information does in no way reflect the opinions of
FNArena, or of its journalists. In fact we don't have any opinion about
the stock market, its value, future direction or individual shares. FNArena solely reports about what the main experts in the market note, believe
and comment on. By doing so we believe we provide intelligent investors
with a valuable tool that helps them in making up their own minds, reading
market trends and getting a feel for what is happening beneath the surface.
This document is provided for informational purposes only. It does not
constitute an offer to sell or a solicitation to buy any security or other
financial instrument. FNArena employs very experienced journalists who
base their work on information believed to be reliable and accurate, though
no guarantee is given that the daily report is accurate or complete. Investors
should contact their personal adviser before making any investment decision.
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