Australian Broker Call
August 16, 2017
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COMPANIES DISCUSSED IN THIS ISSUE
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Last Updated: 12:44 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
| CGF - | CHALLENGER | Downgrade to Neutral from Outperform | Credit Suisse |
| CQR - | CHARTER HALL RETAIL | Downgrade to Underperform from Neutral | Macquarie |
Citi rates ANZ as Buy (1) -
ANZ Bank's Q3 was a "beat" with much lower bad and doubtful debts responsible for it. See also yesterday's Broker Call Report for Citi's initial assessment.
Citi analysts are forecasting a $2.5bn of buybacks in FY18. This is why ANZ is their top pick among the banks, followed by (in order of preference) Westpac ((WBC)), National Australia Bank ((NAB)) and then Commbank ((CBA)). Buy. Target price $31.50.
Target price is $31.50 Current Price is $29.81 Difference: $1.69
If ANZ meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $30.76, suggesting upside of 1.8% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 165.00 cents and EPS of 226.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 229.5, implying annual growth of 13.3%. Current consensus DPS estimate is 161.1, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 13.2. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 170.00 cents and EPS of 231.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 233.6, implying annual growth of 1.8%. Current consensus DPS estimate is 163.3, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 12.9. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates ANZ as Neutral (3) -
Following the third quarter update Credit Suisse upgrades FY17 earnings estimates by 1%.
While earnings were better than expected in the quarter this was entirely driven by bad debts and the broker acknowledges the underlying result is compositionally soft.
Neutral rating and $31 target retained.
Target price is $31.00 Current Price is $29.81 Difference: $1.19
If ANZ meets the Credit Suisse target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $30.76, suggesting upside of 1.8% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 163.00 cents and EPS of 238.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 229.5, implying annual growth of 13.3%. Current consensus DPS estimate is 161.1, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 13.2. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 165.00 cents and EPS of 245.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 233.6, implying annual growth of 1.8%. Current consensus DPS estimate is 163.3, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 12.9. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates ANZ as Hold (3) -
ANZ's third-quarter after-tax profit outpaced the broker's expectations - 0.5% above the quarterly average - thanks to a low bad and doubtful debt expense of $243m.
Deutsche believes the bank is on track to beat the broker's second-half net profit forecast of $3.45bn.
The result was weaker on a pre-provision basis but in line with Deutsche's forecast. Revenue and costs both eased proportionately during the period. Capital provisions were slightly below par, with a CET1 ratio of 9.8% but the broker believes ANZ is on track to hit 10.7% by year-end.
Hold rating retained as is the $30.60 target price.
Target price is $30.60 Current Price is $29.81 Difference: $0.79
If ANZ meets the Deutsche Bank target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $30.76, suggesting upside of 1.8% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 160.00 cents and EPS of 225.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 229.5, implying annual growth of 13.3%. Current consensus DPS estimate is 161.1, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 13.2. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 160.00 cents and EPS of 231.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 233.6, implying annual growth of 1.8%. Current consensus DPS estimate is 163.3, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 12.9. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates ANZ as Overweight (1) -
Morgan Stanley is talking "solid trading update", pointing towards lower loan losses, an increase in underlying margins, a further decline in expenses and improving returns.
Cash profit beat the broker's expectation by 4%. Pre-provision the beat was less than 1%. The analysts expect 2H17 DRP neutralisation, but think the bank will
need to announce further asset sales before considering a buyback.
Overweight rating retained. Target is $30.00 (unchanged). Sector view is In-Line.
Target price is $30.00 Current Price is $29.81 Difference: $0.19
If ANZ meets the Morgan Stanley target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $30.76, suggesting upside of 1.8% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 160.00 cents and EPS of 223.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 229.5, implying annual growth of 13.3%. Current consensus DPS estimate is 161.1, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 13.2. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 163.00 cents and EPS of 231.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 233.6, implying annual growth of 1.8%. Current consensus DPS estimate is 163.3, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 12.9. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates ANZ as Accumulate (2) -
Third quarter cash earnings were slightly ahead of the run rate required to reach Ord Minnett's second-half estimate of $3.6bn. The bank's CET1 ratio is already above APRA's revised capital base line and there is potential for further capital release, highlight the analysts.
The broker expects the bank to return surplus capital to shareholders over the medium term. Accumulate recommendation and target of $32 remain untouched.
Target price is $32.00 Current Price is $29.81 Difference: $2.19
If ANZ meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $30.76, suggesting upside of 1.8% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 160.00 cents and EPS of 242.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 229.5, implying annual growth of 13.3%. Current consensus DPS estimate is 161.1, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 13.2. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 163.00 cents and EPS of 250.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 233.6, implying annual growth of 1.8%. Current consensus DPS estimate is 163.3, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 12.9. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates ANZ as Neutral (3) -
The trading update revealed third quarter cash net profit of $1.79bn. UBS believes one trend worth watching is the upward trajectory of mortgage arrears which appears to be driven from Western Australia and Queensland.
The broker expects consumer arrears to continue to deteriorate as the impact of consumer leverage, mortgage re-pricing and subdued income growth becomes evident.
Neutral. Target $30.50.
Target price is $30.50 Current Price is $29.81 Difference: $0.69
If ANZ meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $30.76, suggesting upside of 1.8% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 160.00 cents and EPS of 228.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 229.5, implying annual growth of 13.3%. Current consensus DPS estimate is 161.1, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 13.2. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 160.00 cents and EPS of 232.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 233.6, implying annual growth of 1.8%. Current consensus DPS estimate is 163.3, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 12.9. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates BEN as Hold (3) -
Bendigo and Adelaide Bank met the broker's expectations.
The highlight was the 6 basis point margin improvement (Deutsche's estimate was 3bps) - up 5.2%, thanks to mortgage repricing, tailwinds from deposit spreads and removal of the drag of holding excess liquid assets. Bad and doubtful debts fell -3.1%.
On the downside, advanced accreditation is looking no closer, and the resulting benefits fewer. Target price rises 5.1% to $11.25 from $10.70. Hold rating retained.
Target price is $11.25 Current Price is $12.25 Difference: minus $1 (current price is over target).
If BEN meets the Deutsche Bank target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $11.44, suggesting downside of -7.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 68.00 cents and EPS of 91.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 90.4, implying annual growth of 2.1%. Current consensus DPS estimate is 69.2, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 13.7. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 68.00 cents and EPS of 93.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 90.7, implying annual growth of 0.3%. Current consensus DPS estimate is 70.5, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 13.7. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates BLA as Add (1) -
Blue Sky's 56% profit increase was in line with guidance and the broker. Asset under management momentum is strong, with insto investment notable more recently.
The fund is well-positioned to hit its $5bn FY19 AUM target, the broker suggests, supported by its deal pipeline, its ability to attract insto interest and a supportive macro backdrop. Add retained. Target rises to $11.18 from $8.50.
Target price is $11.18 Current Price is $9.89 Difference: $1.29
If BLA meets the Morgans target it will return approximately 13% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 31.00 cents and EPS of 51.00 cents. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 37.00 cents and EPS of 62.00 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates BLA as Buy (1) -
FY17 results beat Ord Minnett forecasts. The broker envisages the breadth of institutional investors provides further validation of the business model and approach.
Demand for alternatives is showing no signs of abating across wholesale and institutional investors and the broker believes the company is in the front seat for flows and to grow profit.
Buy rating retained. Target is raised to $11.00 from $7.87.
Target price is $11.00 Current Price is $9.89 Difference: $1.11
If BLA meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 33.20 cents and EPS of 51.00 cents. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 44.30 cents and EPS of 65.10 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates CGF as Downgrade to Neutral from Outperform (3) -
FY17 results disappointed Credit Suisse. Some of the underlying drivers were weaker than expected and guidance has signalled these might continue. June quarter annuity sales were surprisingly weak, down -35% from a year ago.
Credit Suisse lowers FY18 net profit forecast by -4.3%. Management continues to execute on a growth strategy and the broker acknowledges the 8-12% growth implied by guidance is a rarity.
The broker envisages increased risk of slowing domestic sales in the short term and downgrades to Neutral from Outperform. Target is reduced to $12.70 from $13.50.
Target price is $12.70 Current Price is $12.35 Difference: $0.35
If CGF meets the Credit Suisse target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $11.94, suggesting downside of -0.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 34.00 cents and EPS of 68.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 67.6, implying annual growth of N/A. Current consensus DPS estimate is 35.7, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 17.8. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 37.00 cents and EPS of 72.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 72.5, implying annual growth of 7.2%. Current consensus DPS estimate is 37.9, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 16.6. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates CGF as Hold (3) -
Deutsche maintains a Hold rating on Challenger Financial and pegs a $12.30 price target.
The broker notes Challenger - the largest manufacturer of annuities in Australia - will soon have products available on AMP ((AMP)) and BT ((BTT)) platforms, giving it access to two thirds of the planners in the country.
Meanwhile, Challenger's net profit jumped 21% on the previous corresponding period, thanks to strong results from the Life division.
Target price is $12.30 Current Price is $12.35 Difference: minus $0.05 (current price is over target).
If CGF meets the Deutsche Bank target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $11.94, suggesting downside of -0.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 35.00 cents and EPS of 66.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 67.6, implying annual growth of N/A. Current consensus DPS estimate is 35.7, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 17.8. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 38.00 cents and EPS of 72.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 72.5, implying annual growth of 7.2%. Current consensus DPS estimate is 37.9, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 16.6. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates CGF as Outperform (1) -
FY17 results were below Macquarie's expectations. The impact of life margins and a higher tax rate were only partly offset by the results from funds management.
Despite the miss on earnings and the further risk that exists the broker believes the potential for book growth of over 10% in the medium term remains attractive. Outperform retained. Target is reduced to $13.02 from $13.72.
Target price is $13.02 Current Price is $12.35 Difference: $0.67
If CGF meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $11.94, suggesting downside of -0.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 35.50 cents and EPS of 69.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 67.6, implying annual growth of N/A. Current consensus DPS estimate is 35.7, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 17.8. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 37.00 cents and EPS of 75.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 72.5, implying annual growth of 7.2%. Current consensus DPS estimate is 37.9, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 16.6. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates CGF as Hold (3) -
Challenger's result fell -1% short of consensus on a weaker fourth quarter and FY18 guidance is softer than expected. It was still a strong performance nevertheless, the broker suggests, featuring 12% asset growth and 6% profit growth.
The key positive is the lengthening of new business maturities out to 10.8 years which will see the maturity run-off rate drop to 25% in FY18 from 33% in FY16. The broker has otherwise cut forecasts and its target to $12.23 from $12.56. Hold retained.
Target price is $12.23 Current Price is $12.35 Difference: minus $0.12 (current price is over target).
If CGF 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 $11.94, suggesting downside of -0.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 35.40 cents and EPS of 66.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 67.6, implying annual growth of N/A. Current consensus DPS estimate is 35.7, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 17.8. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 39.20 cents and EPS of 72.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 72.5, implying annual growth of 7.2%. Current consensus DPS estimate is 37.9, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 16.6. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates CGF as Lighten (4) -
FY17 results were in line with Ord Minnett forecasts. The broker remain supportive of the company's raising of capital at current multiples but believes the share price is expensive.
The company is also struggling to meet market expectations of earnings growth, in what are arguably relatively favourable times, note the analysts. Lighten rating retained. Target is reduced to $9.10 from $9.30.
Target price is $9.10 Current Price is $12.35 Difference: minus $3.25 (current price is over target).
If CGF meets the Ord Minnett target it will return approximately minus 26% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $11.94, suggesting downside of -0.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 33.00 cents and EPS of 63.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 67.6, implying annual growth of N/A. Current consensus DPS estimate is 35.7, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 17.8. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 37.00 cents and EPS of 69.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 72.5, implying annual growth of 7.2%. Current consensus DPS estimate is 37.9, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 16.6. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates CGF as Neutral (3) -
FY17 results were below UBS estimates. The broker believes the company has simultaneously pre-funded the next 3-5 years of growth and improved its resilience to asset market volatility while enhancing strategic growth options.
FY18 guidance for pre-tax profit of $545-565m is -3% below UBS estimates. The broker retains a Neutral rating. Target is reduced to $12.35 from $12.80.
Target price is $12.35 Current Price is $12.35 Difference: $0
If CGF meets the UBS target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $11.94, suggesting downside of -0.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 35.00 cents and EPS of 68.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 67.6, implying annual growth of N/A. Current consensus DPS estimate is 35.7, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 17.8. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 39.00 cents and EPS of 74.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 72.5, implying annual growth of 7.2%. Current consensus DPS estimate is 37.9, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 16.6. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates CIP as Add (1) -
Centuria Industrial's result was in line with recently revised guidance. FY18 distribution guidance is below FY17 due to increased vacancies and DRP dilution. The broker expects the focus from here will be on reducing gearing and leasing vacant space.
Portfolio rotation is also expected in order to improve quality. Add retained on an attractive 7.9% yield paid quarterly. Target falls to $2.54 from $2.58.
Target price is $2.54 Current Price is $2.48 Difference: $0.06
If CIP meets the Morgans target it will return approximately 2% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 19.40 cents and EPS of 19.80 cents. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 19.60 cents and EPS of 20.00 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates CL1 as Buy (1) -
FY17 results were ahead of Ord Minnett's forecasts, driven by volume and good cost control.
The broker highlights the emerging organic growth, which warrants careful consideration, while non-SMSF still offers significant upside potential for the medium term.
Ord Minnett retains a Buy rating and reduces the target of $3.80 from $3.86.
Target price is $3.80 Current Price is $2.95 Difference: $0.85
If CL1 meets the Ord Minnett target it will return approximately 29% (excluding dividends, fees and charges).
Current consensus price target is $3.52, suggesting upside of 21.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 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 8.4, implying annual growth of N/A. Current consensus DPS estimate is 5.5, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 34.6. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 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 10.0, implying annual growth of 19.0%. Current consensus DPS estimate is 7.0, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 29.1. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates CMA as Initiation of coverage with Add (1) -
Centuria Metropolitan is a REIT focused primarily on metro office assets. The fund's 18 assets are spread across the country. The broker finds an FY18 distribution yield of 7.4% attractive, underpinned by a majority of leases on fixed-increase rents.
Further accretive acquisitions are expected and inclusion in the ASX300 REIT index is a possibility. The broker initiates coverage with an Add rating and $2.56 target.
Target price is $2.56 Current Price is $2.39 Difference: $0.17
If CMA meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 18.10 cents and EPS of 18.60 cents. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 18.30 cents and EPS of 18.80 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates CQR as Downgrade to Underperform from Neutral (5) -
FY17 operating earnings were in line with Macquarie's estimates. FY18 guidance is below expectations as the broker had previously anticipated growth around 3% whereas the company has guided to a flat year.
While the stock remains a relatively defensive proposition and the majority of its income is supported by large non-discretionary retailers, given limited growth and high gearing Macquarie moves to Underperform from Neutral. Target is reduced by -5% to $4.01.
Target price is $4.01 Current Price is $4.07 Difference: minus $0.06 (current price is over target).
If CQR meets the Macquarie target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.17, suggesting upside of 4.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 28.20 cents and EPS of 29.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.4, implying annual growth of N/A. Current consensus DPS estimate is 28.4, implying a prospective dividend yield of 7.1%. Current consensus EPS estimate suggests the PER is 13.2. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 28.50 cents and EPS of 29.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.5, implying annual growth of 0.3%. Current consensus DPS estimate is 28.1, implying a prospective dividend yield of 7.0%. Current consensus EPS estimate suggests the PER is 13.1. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates CQR as Underweight (5) -
Underweight rating retained with the analysts highlighting investors have to wait for another year for FFO growth because FY18 will be impacted by further asset sales and weak fundamentals.
The analysts do acknowledge the juicy yield on offer should provide some support. Thus far, the asset recycling strategy is not yet delivering convincing results, in their opinion.
Industry view is Cautious. Target remains $4.20.
Target price is $4.20 Current Price is $4.07 Difference: $0.13
If CQR meets the Morgan Stanley target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $4.17, suggesting upside of 4.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 28.10 cents and EPS of 29.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.4, implying annual growth of N/A. Current consensus DPS estimate is 28.4, implying a prospective dividend yield of 7.1%. Current consensus EPS estimate suggests the PER is 13.2. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 27.30 cents and EPS of 30.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.5, implying annual growth of 0.3%. Current consensus DPS estimate is 28.1, implying a prospective dividend yield of 7.0%. Current consensus EPS estimate suggests the PER is 13.1. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates CQR as Hold (3) -
FY17 earnings were in line with Ord Minnett. FY18 operating earnings guidance is flat, weaker than the broker expected.
Ord Minnett maintains a Hold rating and lowers the target to $4.00 from $4.30, because of a -5% downgrade to estimated earnings per share.
Target price is $4.00 Current Price is $4.07 Difference: minus $0.07 (current price is over target).
If CQR meets the Ord Minnett target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.17, suggesting upside of 4.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 28.00 cents and EPS of 30.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.4, implying annual growth of N/A. Current consensus DPS estimate is 28.4, implying a prospective dividend yield of 7.1%. Current consensus EPS estimate suggests the PER is 13.2. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 28.00 cents and EPS of 31.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.5, implying annual growth of 0.3%. Current consensus DPS estimate is 28.1, implying a prospective dividend yield of 7.0%. Current consensus EPS estimate suggests the PER is 13.1. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates CQR as Neutral (3) -
UBS was disappointed with the FY17 result, given two years of flat growth despite being a net buyer of assets and having a falling cost of debt.
The broker reduces forecasts for earnings per share by around -5% for FY18-21. Neutral retained. Target is $4.50.
Target price is $4.50 Current Price is $4.07 Difference: $0.43
If CQR meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $4.17, suggesting upside of 4.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 28.20 cents and EPS of 30.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.4, implying annual growth of N/A. Current consensus DPS estimate is 28.4, implying a prospective dividend yield of 7.1%. Current consensus EPS estimate suggests the PER is 13.2. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 28.40 cents and EPS of 30.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.5, implying annual growth of 0.3%. Current consensus DPS estimate is 28.1, implying a prospective dividend yield of 7.0%. Current consensus EPS estimate suggests the PER is 13.1. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates DMP as Sell (5) -
FY17 results missed Citi estimates. The broker lowers forecasts for earnings per share by -11% for FY18 and -14% for FY19.
While guidance is achievable, the broker notes Australian margins are near a peak, and Europe is complex in regard to successfully executing across all its regions.
The broker suspects guidance may be conservative and forecasts 22% growth in net profit for FY18 before any impact from the share buy-back.
Citi believes the extent of upside is moderate compared with historical periods. Sell rating retained. Target is reduced to $40.10 from $45.50.
Target price is $40.10 Current Price is $41.50 Difference: minus $1.4 (current price is over target).
If DMP meets the Citi target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $51.19, suggesting upside of 18.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 114.60 cents and EPS of 161.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 159.1, implying annual growth of N/A. Current consensus DPS estimate is 113.0, implying a prospective dividend yield of 2.6%. Current consensus EPS estimate suggests the PER is 27.3. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 137.60 cents and EPS of 191.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 195.3, implying annual growth of 22.8%. Current consensus DPS estimate is 133.2, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 22.2. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates DMP as Sell (5) -
Domino's Pizza's FY17 release fell well short of the broker and consensus on multiple metrics, weak European sales and slowing Australia/NZ sales taking their toll.
Deutsche says the $300m buy-back which delivers a 3% to 4% earnings yield will barely be earnings-per-share accretive and will result in too much debt. The broker maintains the view that Domino's is taking too much from the profit pool.
Deutsche expects the Australian slowdown to continue in FY18 and points to weak guidance. Sell retained. Target falls to $38 from $50.
Target price is $38.00 Current Price is $41.50 Difference: minus $3.5 (current price is over target).
If DMP meets the Deutsche Bank target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $51.19, suggesting upside of 18.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 93.00 cents and EPS of 132.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 159.1, implying annual growth of N/A. Current consensus DPS estimate is 113.0, implying a prospective dividend yield of 2.6%. Current consensus EPS estimate suggests the PER is 27.3. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 115.00 cents and EPS of 163.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 195.3, implying annual growth of 22.8%. Current consensus DPS estimate is 133.2, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 22.2. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates DMP as Overweight (1) -
Morgan Stanley acknowledges the stock has taken a hit in FY17, as technical problems affected its digital roll-out and poor promotional planning led to a miss on earnings estimates.
The broker believes the European problems are likely to prove temporary, although the Australasian slowdown is inevitable and occurring sooner than expected.
The broker believes the market will again look at the long-term opportunity. Morgan Stanley suspects 20% guidance for FY18 net profit growth is conservative, as it implies declining margins which is considered highly unlikely given operating leverage.
Price target is lowered to $55 from $80. Overweight. Sector view is Cautious.
Target price is $55.00 Current Price is $41.50 Difference: $13.5
If DMP meets the Morgan Stanley target it will return approximately 33% (excluding dividends, fees and charges).
Current consensus price target is $51.19, suggesting upside of 18.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 125.00 cents and EPS of 169.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 159.1, implying annual growth of N/A. Current consensus DPS estimate is 113.0, implying a prospective dividend yield of 2.6%. Current consensus EPS estimate suggests the PER is 27.3. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 152.00 cents and EPS of 214.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 195.3, implying annual growth of 22.8%. Current consensus DPS estimate is 133.2, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 22.2. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates DMP as Hold (3) -
Domino's 28.8% profit increase missed guidance of 32.5% and sales results missed in all regions. The broker believes lower FY18 guidance of 20% is quite achievable via footprint and sales growth and the realisation of 100% of earnings from Japan.
The "miss" will lead to a re-basing of consensus earnings forecasts, the broker suggests, but also a re-basing of the company's PE multiple, given the disappointment. But after falling nearly -20% on the day, that multiple is now re-based.
Hold retained. Target falls to $47.21 from $65.62.
Target price is $47.21 Current Price is $41.50 Difference: $5.71
If DMP meets the Morgans target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $51.19, suggesting upside of 18.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 117.00 cents and EPS of 169.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 159.1, implying annual growth of N/A. Current consensus DPS estimate is 113.0, implying a prospective dividend yield of 2.6%. Current consensus EPS estimate suggests the PER is 27.3. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 114.00 cents and EPS of 205.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 195.3, implying annual growth of 22.8%. Current consensus DPS estimate is 133.2, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 22.2. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates DMP as Hold (3) -
FY17 earnings were below growth guidance, with Europe and Japan the main divisions that missed forecasts. FY18 profit growth guidance of around 20% was provided, also below Ord Minnett estimates.
Ord Minnett awaits further evidence of the company's success in Europe on a same-store sales and EBITDA margin basis, which would then support the significant potential implied in the region. Hold retained. Target is reduced to $43 from $59.
Target price is $43.00 Current Price is $41.50 Difference: $1.5
If DMP meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $51.19, suggesting upside of 18.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 112.00 cents and EPS of 158.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 159.1, implying annual growth of N/A. Current consensus DPS estimate is 113.0, implying a prospective dividend yield of 2.6%. Current consensus EPS estimate suggests the PER is 27.3. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 140.00 cents and EPS of 200.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 195.3, implying annual growth of 22.8%. Current consensus DPS estimate is 133.2, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 22.2. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates DMP as Buy (1) -
UBS was not impressed with the FY17 result as each region missed guidance and cash flow was weaker.
FY18 guidance implies around -11% downgrades to consensus estimates, disappointing in the broker's opinion given the company upgraded guidance at the first half results.
A $300m buy-back was announced, and is expected to support the share price, but is only modestly accretive. UBS retains a Buy rating and reduces the target to $60 from $71.
Target price is $60.00 Current Price is $41.50 Difference: $18.5
If DMP meets the UBS target it will return approximately 45% (excluding dividends, fees and charges).
Current consensus price target is $51.19, suggesting upside of 18.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 116.20 cents and EPS of 165.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 159.1, implying annual growth of N/A. Current consensus DPS estimate is 113.0, implying a prospective dividend yield of 2.6%. Current consensus EPS estimate suggests the PER is 27.3. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 140.30 cents and EPS of 198.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 195.3, implying annual growth of 22.8%. Current consensus DPS estimate is 133.2, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 22.2. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates FBU as Buy (1) -
Citi expects operating earnings expectations for FY18 will lift on the better margin performance in the second half of FY17. Profit was ahead of Citi's forecasts while total operating earnings were in line.
Target is steady at NZ$9.40. Buy rating retained.
Current Price is $7.62. Target price not assessed.
Current consensus price target is $9.00, suggesting upside of 17.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 42.50 cents and EPS of 63.84 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 64.1, implying annual growth of N/A. Current consensus DPS estimate is 39.1, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 11.9. |
Forecast for FY19:
Citi forecasts a full year FY19 EPS of 67.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 65.8, implying annual growth of 2.7%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 11.6. |
This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates FTT as Add (1) -
Factor's result was slightly better than the broker expected. The company currently holds sufficient cash reserves to fund operations ahead of key test results.
The next key catalyst is the result of the phase 2b venous leg ulcer trial due in six months. The broker retains Add, suggesting this one is for higher risk investors. Target rises to 10c from 9.7c.
Target price is $0.10 Current Price is $0.06 Difference: $0.04
If FTT meets the Morgans target it will return approximately 67% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 0.00 cents and EPS of minus 0.90 cents. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 0.00 cents and EPS of minus 0.80 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates FXL as Neutral (3) -
Citi observes FY18 guidance for cash net profit of $85-90m implies a downgrade of -6-12% to consensus estimates.
While the valuation is clearly compelling the broker cannot recommend the stock until Certegy is stabilised and the company executes on the higher value, longer-term promises that have been made.
Neutral retained. Target is raised to $1.87 from $1.78.
Target price is $1.87 Current Price is $1.75 Difference: $0.12
If FXL meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $1.91, suggesting upside of 10.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 7.80 cents and EPS of 23.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.0, implying annual growth of N/A. Current consensus DPS estimate is 7.8, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 7.5. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 9.00 cents and EPS of 25.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.0, implying annual growth of 8.7%. Current consensus DPS estimate is 9.0, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 6.9. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates FXL as Neutral (3) -
FY17 results were in line with Credit Suisse. The FY18 outlook has confirmed that Certegy will drag, with a forecast decline of -20-26% in net profit in that area worse than the broker expected.
The broker does not fault management's strategy and optimism that Certegy can be improved through digitisation but remains cautious about the potential competitive pressures. Neutral rating retained. Target is reduced to $1.75 from $1.85.
Target price is $1.75 Current Price is $1.75 Difference: $0
If FXL meets the Credit Suisse target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $1.91, suggesting upside of 10.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 8.00 cents and EPS of 23.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.0, implying annual growth of N/A. Current consensus DPS estimate is 7.8, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 7.5. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 10.00 cents and EPS of 26.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.0, implying annual growth of 8.7%. Current consensus DPS estimate is 9.0, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 6.9. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates FXL as Buy (1) -
FlexiGroup reported at the low end of guidance, thanks to margin pressures in Certegy. While group guidance was reaffirmed, Certegy gave guidance for a -23% fall. The parent company has some ambitious initiatives, but Deutsche believes the proof will remain in the pudding.
Nevertheless, Deutsche notes FlexiGroup's valuation remains compelling at a price-earnings multiple of 7.3x, the stock returning a yield of 5%.
Broker retains a Buy rating. Target price falls -8.7% to $2.10.
Target price is $2.10 Current Price is $1.75 Difference: $0.35
If FXL meets the Deutsche Bank target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $1.91, suggesting upside of 10.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 9.00 cents and EPS of 23.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.0, implying annual growth of N/A. Current consensus DPS estimate is 7.8, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 7.5. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 10.00 cents and EPS of 25.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.0, implying annual growth of 8.7%. Current consensus DPS estimate is 9.0, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 6.9. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates FXL as Neutral (3) -
FY17 cash net profit was at the very low end of guidance and below Macquarie's estimates. The broker believes the company is suffering from under-investment by previous management across a range of areas.
The broker believes re-investing in the business is crucial to ensure the company can compete in a world where end-to-end digitisation is a necessity. Neutral retained. Target is reduced to $1.81 from $2.18.
Target price is $1.81 Current Price is $1.75 Difference: $0.06
If FXL meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $1.91, suggesting upside of 10.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 6.90 cents and EPS of 23.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.0, implying annual growth of N/A. Current consensus DPS estimate is 7.8, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 7.5. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 8.60 cents and EPS of 24.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.0, implying annual growth of 8.7%. Current consensus DPS estimate is 9.0, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 6.9. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates FXL as Add (1) -
Flexigroup's result was in line with the broker, at the lower end of the guidance range. FY18 guidance features organic growth offset by material cost increases for Certegy and further investment in Oxipay and Ireland. Growth is expected to return in FY19.
The broker thought FY17 might be the turning point after three years of declines, but is not yet comfortable. However, if management executes well then valuation is undemanding. Add retained. Target falls to $2.15 from $2.20.
Target price is $2.15 Current Price is $1.75 Difference: $0.4
If FXL meets the Morgans target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $1.91, suggesting upside of 10.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 8.00 cents and EPS of 23.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.0, implying annual growth of N/A. Current consensus DPS estimate is 7.8, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 7.5. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 8.00 cents and EPS of 25.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.0, implying annual growth of 8.7%. Current consensus DPS estimate is 9.0, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 6.9. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates FXL as Neutral (3) -
FY17 results were in line with UBS. The broker believes the focus for the next 12 months will be on consolidating the brands and rationalising systems and processes. Nevertheless, initiatives will come at a cost and taken above the line in FY18.
The broker reduces forecasts for earnings per share by -7-16% for FY18-20. Neutral rating retained. Target is reduced to $1.80 from $2.17.
Target price is $1.80 Current Price is $1.75 Difference: $0.05
If FXL meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $1.91, suggesting upside of 10.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 7.00 cents and EPS of 22.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.0, implying annual growth of N/A. Current consensus DPS estimate is 7.8, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 7.5. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 8.50 cents and EPS of 23.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.0, implying annual growth of 8.7%. Current consensus DPS estimate is 9.0, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 6.9. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates GPT as Neutral (3) -
It is Citi's assessment that GPT not only delivered a good result, it was one of the better ones this season. The analysts saw a solid operational performance, a strong NTA uplift plus a guidance upgrade.
The sole reason as to why the rating remains Neutral is because of valuation. Price target moves to $5.30 from $5.16. Citi analysts continue to believe GPT has capacity to do a buyback.
Target price is $5.16 Current Price is $4.95 Difference: $0.21
If GPT meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $5.18, suggesting upside of 3.7% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 24.60 cents and EPS of 30.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.3, implying annual growth of -47.7%. Current consensus DPS estimate is 24.8, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 16.5. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 25.80 cents and EPS of 32.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.4, implying annual growth of 3.6%. Current consensus DPS estimate is 25.9, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 15.9. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates GPT as Hold (3) -
GPT slightly outpaced the broker, funds from operations growing 4%, compared with Deutsche's forecast of 0%, thanks to a strong performance from the Office and Retail divisions.
GPT has upgraded full-year funds from operations forecasts - a figure Deutsche believes to be conservative. Target price rises 1.2% to $4.88 from $4.82. Hold retained.
Target price is $4.88 Current Price is $4.95 Difference: minus $0.07 (current price is over target).
If GPT meets the Deutsche Bank target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $5.18, suggesting upside of 3.7% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 25.00 cents and EPS of 31.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.3, implying annual growth of -47.7%. Current consensus DPS estimate is 24.8, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 16.5. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 27.00 cents and EPS of 32.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.4, implying annual growth of 3.6%. Current consensus DPS estimate is 25.9, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 15.9. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates GPT as Outperform (1) -
First half results were ahead of Macquarie's estimates and FY17 guidance has been upgraded, as expected. The drivers of the upgrade appear to be higher capitalised interest and better underlying growth.
The broker welcomes this, given market caution towards A-REITs and a poor start to the industrials earnings season.
The broker observes lots of options on the balance sheet with buy-backs or acquisitions likely. Outperform retained. Target is raised to $5.53 from $5.18.
Target price is $5.53 Current Price is $4.95 Difference: $0.58
If GPT meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $5.18, suggesting upside of 3.7% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 24.60 cents and EPS of 29.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.3, implying annual growth of -47.7%. Current consensus DPS estimate is 24.8, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 16.5. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 25.70 cents and EPS of 30.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.4, implying annual growth of 3.6%. Current consensus DPS estimate is 25.9, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 15.9. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates GPT as Underweight (5) -
GPT beat the broker by 1.9% with office strong, industrial recovering and retail a surprise positive given re-lease spreads turning negative, likely due to reduced expenses.
The broker has increased funds from operations forecasts to above guidance but at 3.5%, FFO growth remains at the bottom end of the broker's REIT coverage universe.
Cost-outs and asset revaluations have now run their course and buyback support is less likely. The broker retains Underperform and a $4.80 target. Industry View: Cautious.
Target price is $4.80 Current Price is $4.95 Difference: minus $0.15 (current price is over target).
If GPT meets the Morgan Stanley target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $5.18, suggesting upside of 3.7% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 24.70 cents and EPS of 29.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.3, implying annual growth of -47.7%. Current consensus DPS estimate is 24.8, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 16.5. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 25.80 cents and EPS of 29.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.4, implying annual growth of 3.6%. Current consensus DPS estimate is 25.9, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 15.9. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates GPT as Hold (3) -
First half results were ahead of Ord Minnett's forecasts. 2017 guidance has been increased to 30.8c per security.
Despite the positives the broker finds better value elsewhere in the sector. Hold retained. Target is $5.25.
Target price is $5.25 Current Price is $4.95 Difference: $0.3
If GPT meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $5.18, suggesting upside of 3.7% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 25.00 cents and EPS of 31.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.3, implying annual growth of -47.7%. Current consensus DPS estimate is 24.8, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 16.5. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 25.00 cents and EPS of 32.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.4, implying annual growth of 3.6%. Current consensus DPS estimate is 25.9, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 15.9. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates GPT as Buy (1) -
First half results were ahead of UBS estimates. After a closer look the broker is less impressed, noting a number of one-offs in the office portfolio and retail income growth driven predominantly by savings on expenses.
Buy rating retained. Target is $5.30.
Target price is $5.30 Current Price is $4.95 Difference: $0.35
If GPT meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $5.18, suggesting upside of 3.7% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 24.80 cents and EPS of 30.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.3, implying annual growth of -47.7%. Current consensus DPS estimate is 24.8, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 16.5. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 25.80 cents and EPS of 31.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.4, implying annual growth of 3.6%. Current consensus DPS estimate is 25.9, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 15.9. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates HSN as Neutral (3) -
The company will acquire Norwegian peer Enoro for $96m. Enoro supplies billing solutions, meter data management systems and analytics to energy customers in Scandinavia. Credit Suisse believes this is a sound strategic move but the multiple is loftier than usual.
The company pre-released FY17 results with guidance for operating earnings of $45m on revenue of $174m. Credit Suisse raises FY18 and FY19 forecasts for earnings per share by 4.7% and 3.5% respectively. Neutral rating retained. Target is $3.70.
Target price is $3.70 Current Price is $3.70 Difference: $0
If HSN meets the Credit Suisse target it will return approximately 0% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 5.00 cents and EPS of 15.44 cents. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 6.40 cents and EPS of 18.64 cents. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates IOF as Neutral (3) -
Credit Suisse expects full-year free funds from operations of $181.1m or 29.5c per share in FY17. The company will report on August 24.
Credit Suisse retains a Neutral rating and raises the target to $4.53 from $4.48, to capture rolling forward for the 12 months to June 2018.
Target price is $4.53 Current Price is $4.76 Difference: minus $0.23 (current price is over target).
If IOF meets the Credit Suisse target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.69, suggesting downside of -1.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 20.00 cents and EPS of 29.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 28.2, implying annual growth of -64.9%. Current consensus DPS estimate is 20.1, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 16.8. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 21.00 cents and EPS of 31.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.6, implying annual growth of 5.0%. Current consensus DPS estimate is 20.8, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 16.0. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates MNF as Overweight (1) -
Morgan Stanley analysts saw MNF delivering a FY17 result ahead of guidance as well as market consensus. It was, however, merely in-line with what Morgan Stanley had penciled in.
The key positive from the result, in the analysts' opinion, is growth acceleration in domestic wholesale. Their key concern relates to the unexpected spike in capex, as well as what to expect in terms of returns.
Overweight rating not just retained, but reiterated. Target price remains unchanged at $6.15. In-Line sector view.
Target price is $6.15 Current Price is $5.02 Difference: $1.13
If MNF meets the Morgan Stanley target it will return approximately 23% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 11.00 cents and EPS of 23.00 cents. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 13.00 cents and EPS of 26.00 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates PLG as Accumulate (2) -
FY17 earnings were ahead of Ord Minnett's forecasts. FY18 guidance for earnings per share is 8.5-8.7c, implying 13-16% growth or 4-6% on a pro forma basis.
Growth rates are lower than Ord Minnett expected and transaction profits are required to sustain growth into FY19 and beyond.
Ord Minnett maintains an Accumulate rating and $0.95 target.
Target price is $0.95 Current Price is $0.84 Difference: $0.11
If PLG meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 7.00 cents and EPS of 9.00 cents. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 7.00 cents and EPS of 7.00 cents. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates S32 as Buy (1) -
Ahead of the company's FY17 report on August 24 Ord Minnett remains concerned that consensus estimates appear high for FY18, suggesting the market may not be factoring in recent aluminium and alumina cost inflation.
In addition, the stock has had a good run and is now pushing against valuation. The broker raises the target to $3.10 from $3.00. Buy retained.
Target price is $3.10 Current Price is $3.02 Difference: $0.08
If S32 meets the Ord Minnett target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $2.99, suggesting upside 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 14.53 cents and EPS of 31.69 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 28.0, implying annual growth of N/A. Current consensus DPS estimate is 11.9, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 10.6. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 11.88 cents and EPS of 18.49 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 22.0, implying annual growth of -21.4%. Current consensus DPS estimate is 10.4, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 13.5. |
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
Citi rates SGF as Buy (1) -
SG Fleet's full-year result romped in 3% ahead of the broker and consensus, slightly edging out guidance.
The company noted a promising start to FY18, citing a strong pipeline of fleet and novated business. Management expects both organic and M&A growth.
Deutsche maintains a Buy recommendation and bumps up the target price 6% to $4.85 from $4.59.
Target price is $4.85 Current Price is $4.04 Difference: $0.81
If SGF meets the Citi target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $4.45, suggesting upside of 8.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 18.50 cents and EPS of 25.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.3, implying annual growth of N/A. Current consensus DPS estimate is 18.5, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 15.0. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 20.00 cents and EPS of 28.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.0, implying annual growth of 9.9%. Current consensus DPS estimate is 19.9, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 13.7. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates SGF as Outperform (1) -
FY17 net profit was marginally above Macquarie's estimates. No guidance for FY18 was provided although the company indicated it had made a promising start with a strong pipeline of private sector and government business for fleet management.
The broker remains attracted to the capital-light business model and retains an Outperform rating. Target is raised 2.6% to $4.40.
Target price is $4.40 Current Price is $4.04 Difference: $0.36
If SGF meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $4.45, suggesting upside of 8.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 19.10 cents and EPS of 29.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.3, implying annual growth of N/A. Current consensus DPS estimate is 18.5, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 15.0. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 20.30 cents and EPS of 31.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.0, implying annual growth of 9.9%. Current consensus DPS estimate is 19.9, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 13.7. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates SGF as Equal-weight (3) -
It is Morgan Stanley's assessment that SG Fleet reported a strong FY17 result. The analysts direct investors' attention to the fact the overall competitive environment improved since the H1 result.
The analysts have drawn increased confidence from the result; earnings estimates have been lifted by 4% in FY18/19. Looking ahead, the broker sees growth to come from NLC synergies, NSW Govt fleet contract and new contract wins.
Equal-weight rating retained. Target moves to $4.10 from $3.60. Industry view is In-Line.
Target price is $4.10 Current Price is $4.04 Difference: $0.06
If SGF meets the Morgan Stanley target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $4.45, suggesting upside of 8.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 17.90 cents and EPS of 27.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.3, implying annual growth of N/A. Current consensus DPS estimate is 18.5, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 15.0. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 19.50 cents and EPS of 30.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.0, implying annual growth of 9.9%. Current consensus DPS estimate is 19.9, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 13.7. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates STO as Buy (1) -
Citi analysts have updated their modeling after the company announced yet additional impairments. The changes implemented have had no impact on the Buy rating or $4.24 price target.
Target price is $4.24 Current Price is $3.28 Difference: $0.96
If STO meets the Citi target it will return approximately 29% (excluding dividends, fees and charges).
Current consensus price target is $3.74, suggesting upside of 13.8% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 10.04 cents and EPS of 16.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.5, implying annual growth of N/A. Current consensus DPS estimate is 2.7, implying a prospective dividend yield of 0.8%. Current consensus EPS estimate suggests the PER is 19.9. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 10.17 cents and EPS of 20.34 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.0, implying annual growth of 15.2%. Current consensus DPS estimate is 6.4, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 17.3. |
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
Credit Suisse rates STO as Outperform (1) -
The company has announced a post-tax, non-cash impairment of US$690m, on the back of oil prices. Credit Suisse observes the impairment was somewhat offset by a US$330m write-back of the Cooper Basin, which is very positive.
The company has indicated that, despite a lower oil price, cost efficiencies and performance improvements have allowed assumptions for increased drilling activity and production.
Outperform retained. Target is $3.60.
Target price is $3.60 Current Price is $3.28 Difference: $0.32
If STO meets the Credit Suisse target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $3.74, suggesting upside of 13.8% (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 19.71 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.5, implying annual growth of N/A. Current consensus DPS estimate is 2.7, implying a prospective dividend yield of 0.8%. Current consensus EPS estimate suggests the PER is 19.9. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 7.86 cents and EPS of 19.66 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.0, implying annual growth of 15.2%. Current consensus DPS estimate is 6.4, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 17.3. |
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 STO as Outperform (1) -
The company intends to book a US$690m non-cash impairment at its half-year results. Macquarie had forecast an impairment but this appears slightly larger than anticipated.
Ultimately, the broker believes the announcement is positive, with impairments driven by pricing. Upside in the Cooper Basin reserves is now anticipated, although this is not expected to be reflected until the 2017 result.
Outperform retained. Target is $4.30.
Target price is $4.30 Current Price is $3.28 Difference: $1.02
If STO meets the Macquarie target it will return approximately 31% (excluding dividends, fees and charges).
Current consensus price target is $3.74, suggesting upside of 13.8% (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 18.09 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.5, implying annual growth of N/A. Current consensus DPS estimate is 2.7, implying a prospective dividend yield of 0.8%. Current consensus EPS estimate suggests the PER is 19.9. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 3.04 cents and EPS of 7.66 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.0, implying annual growth of 15.2%. Current consensus DPS estimate is 6.4, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 17.3. |
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
Morgan Stanley rates STO as Overweight (1) -
Lowered oil price assumptions have led Santos to write-down the value of GLNG by US$870m and AAL by US$150m, but Cooper Basin sees a positive write-back of US$330m.
The net write-down brings book value closer to market valuation, the broker notes. Overweight and $3.99 target retained. Industry View: In Line.
Target price is $3.99 Current Price is $3.28 Difference: $0.71
If STO meets the Morgan Stanley target it will return approximately 22% (excluding dividends, fees and charges).
Current consensus price target is $3.74, suggesting upside of 13.8% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 3.96 cents and EPS of 11.88 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.5, implying annual growth of N/A. Current consensus DPS estimate is 2.7, implying a prospective dividend yield of 0.8%. Current consensus EPS estimate suggests the PER is 19.9. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 3.96 cents and EPS of 7.92 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.0, implying annual growth of 15.2%. Current consensus DPS estimate is 6.4, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 17.3. |
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
Citi rates TLS as Sell (5) -
Ahead of the FY17 release, Citi analysts have implemented last minute adjustments to their modeling. No changes have been made to $4 price target and the Sell rating.
Note Citi's forecast is for a cut in dividend to 25c from 31c from FY18 onwards.
Target price is $4.00 Current Price is $4.24 Difference: minus $0.24 (current price is over target).
If TLS 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 $4.33, suggesting upside of 1.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 31.00 cents and EPS of 25.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.0, implying annual growth of -34.6%. Current consensus DPS estimate is 31.1, implying a prospective dividend yield of 7.3%. Current consensus EPS estimate suggests the PER is 13.8. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 25.00 cents and EPS of 24.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 32.4, implying annual growth of 4.5%. Current consensus DPS estimate is 29.6, implying a prospective dividend yield of 6.9%. Current consensus EPS estimate suggests the PER is 13.2. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates TLS as Buy (1) -
In a sector review, Deutsche has cut Telstra's target price from $4.51 to $4.40 but maintains a Buy rating, expecting downside risk to consensus FY18 expectations as competition ratchets up.
Deutsche expects Optus and Vodafone may gain revenue momentum in the mobile market at the expense of Telstra's market share. Telstra is also pegged to be the loser with NBN churn.
Margin pressures is forecast, the broker predicting a -240 basis point fall for Telstra.
Target price is $4.40 Current Price is $4.24 Difference: $0.16
If TLS meets the Deutsche Bank target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $4.33, suggesting upside of 1.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 31.00 cents and EPS of 33.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.0, implying annual growth of -34.6%. Current consensus DPS estimate is 31.1, implying a prospective dividend yield of 7.3%. Current consensus EPS estimate suggests the PER is 13.8. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 31.00 cents and EPS of 33.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 32.4, implying annual growth of 4.5%. Current consensus DPS estimate is 29.6, implying a prospective dividend yield of 6.9%. Current consensus EPS estimate suggests the PER is 13.2. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates TPM as Buy (1) -
Deutsche has cut TPG's target price to $8.24 from $9.71 but maintains a Buy rating, as part of a sector review.
Despite an incrementally improved view on the sector, the broker reckons heightened competition will pressure TPG's broadband margins and tips a -328 basis point fall to 36.5%.
Otherwise, the broker holds a positive view expecting margin growth in FTTB services, corporate market growth, and a positive return from Singapore. Deutsche says that if management delivers on ROI, a multiple re-rating could occur.
Deutsche's 2018 earnings per share forecast rose from 25.20 cents to 38.30 cents. FY18 dividend forecast is 13.40c per share.
Target price is $8.24 Current Price is $5.68 Difference: $2.56
If TPM meets the Deutsche Bank target it will return approximately 45% (excluding dividends, fees and charges).
Current consensus price target is $6.64, suggesting upside of 15.5% (ex-dividends)
The company's fiscal year ends in July.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 16.00 cents and EPS of 46.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 46.9, implying annual growth of 19.3%. Current consensus DPS estimate is 15.8, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 12.2. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 13.40 cents and EPS of 38.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 39.0, implying annual growth of -16.8%. Current consensus DPS estimate is 13.8, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 14.7. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates WBC as Overweight (1) -
The broker believes there is upside risk to consensus forecasts from Westpac's June round of mortgage repricing, lower deposit costs, strong market income, lower loan losses and good cost control. The broker is more positive on the margin outlook.
The bank should reach the unquestionably strong capital requirement in FY18 but there is a risk further increased mortgage risk weighting could impact Westpac more than the smaller two majors. Westpac nevertheless remains the broker's preference of the four. Target rises to $33.40 from $32.70.
Overweight retained. Industry View: In Line.
Target price is $33.40 Current Price is $32.19 Difference: $1.21
If WBC meets the Morgan Stanley target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $33.68, suggesting upside of 3.6% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 188.00 cents and EPS of 236.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 237.7, implying annual growth of 5.8%. Current consensus DPS estimate is 188.0, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 13.7. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 188.00 cents and EPS of 242.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 243.6, implying annual growth of 2.5%. Current consensus DPS estimate is 188.9, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 13.3. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Summaries
| ANZ - | ANZ BANKING GROUP | Buy - Citi | Overnight Price $29.81 |
| Neutral - Credit Suisse | Overnight Price $29.81 | ||
| Hold - Deutsche Bank | Overnight Price $29.81 | ||
| Overweight - Morgan Stanley | Overnight Price $29.81 | ||
| Accumulate - Ord Minnett | Overnight Price $29.81 | ||
| Neutral - UBS | Overnight Price $29.81 | ||
| BEN - | BENDIGO AND ADELAIDE BANK | Hold - Deutsche Bank | Overnight Price $12.25 |
| BLA - | BLUE SKY ALT INV | Add - Morgans | Overnight Price $9.89 |
| Buy - Ord Minnett | Overnight Price $9.89 | ||
| CGF - | CHALLENGER | Downgrade to Neutral from Outperform - Credit Suisse | Overnight Price $12.35 |
| Hold - Deutsche Bank | Overnight Price $12.35 | ||
| Outperform - Macquarie | Overnight Price $12.35 | ||
| Hold - Morgans | Overnight Price $12.35 | ||
| Lighten - Ord Minnett | Overnight Price $12.35 | ||
| Neutral - UBS | Overnight Price $12.35 | ||
| CIP - | CENTURIA INDUSTRIAL REIT | Add - Morgans | Overnight Price $2.48 |
| CL1 - | CLASS | Buy - Ord Minnett | Overnight Price $2.95 |
| CMA - | CENTURIA METROPOLITAN REIT | Initiation of coverage with Add - Morgans | Overnight Price $2.39 |
| CQR - | CHARTER HALL RETAIL | Downgrade to Underperform from Neutral - Macquarie | Overnight Price $4.07 |
| Underweight - Morgan Stanley | Overnight Price $4.07 | ||
| Hold - Ord Minnett | Overnight Price $4.07 | ||
| Neutral - UBS | Overnight Price $4.07 | ||
| DMP - | DOMINO'S PIZZA | Sell - Citi | Overnight Price $41.50 |
| Sell - Deutsche Bank | Overnight Price $41.50 | ||
| Overweight - Morgan Stanley | Overnight Price $41.50 | ||
| Hold - Morgans | Overnight Price $41.50 | ||
| Hold - Ord Minnett | Overnight Price $41.50 | ||
| Buy - UBS | Overnight Price $41.50 | ||
| FBU - | FLETCHER BUILDING | Buy - Citi | Overnight Price $7.62 |
| FTT - | FACTOR THERAPEUTICS | Add - Morgans | Overnight Price $0.06 |
| FXL - | FLEXIGROUP | Neutral - Citi | Overnight Price $1.75 |
| Neutral - Credit Suisse | Overnight Price $1.75 | ||
| Buy - Deutsche Bank | Overnight Price $1.75 | ||
| Neutral - Macquarie | Overnight Price $1.75 | ||
| Add - Morgans | Overnight Price $1.75 | ||
| Neutral - UBS | Overnight Price $1.75 | ||
| GPT - | GPT | Neutral - Citi | Overnight Price $4.95 |
| Hold - Deutsche Bank | Overnight Price $4.95 | ||
| Outperform - Macquarie | Overnight Price $4.95 | ||
| Underweight - Morgan Stanley | Overnight Price $4.95 | ||
| Hold - Ord Minnett | Overnight Price $4.95 | ||
| Buy - UBS | Overnight Price $4.95 | ||
| HSN - | HANSEN TECHNOLOGIES | Neutral - Credit Suisse | Overnight Price $3.70 |
| IOF - | INVESTA OFFICE | Neutral - Credit Suisse | Overnight Price $4.76 |
| MNF - | MNF GROUP | Overweight - Morgan Stanley | Overnight Price $5.02 |
| PLG - | PROPERTYLINK GROUP | Accumulate - Ord Minnett | Overnight Price $0.84 |
| S32 - | SOUTH32 | Buy - Ord Minnett | Overnight Price $3.02 |
| SGF - | SG FLEET | Buy - Citi | Overnight Price $4.04 |
| Outperform - Macquarie | Overnight Price $4.04 | ||
| Equal-weight - Morgan Stanley | Overnight Price $4.04 | ||
| STO - | SANTOS | Buy - Citi | Overnight Price $3.28 |
| Outperform - Credit Suisse | Overnight Price $3.28 | ||
| Outperform - Macquarie | Overnight Price $3.28 | ||
| Overweight - Morgan Stanley | Overnight Price $3.28 | ||
| TLS - | TELSTRA CORP | Sell - Citi | Overnight Price $4.24 |
| Buy - Deutsche Bank | Overnight Price $4.24 | ||
| TPM - | TPG TELECOM | Buy - Deutsche Bank | Overnight Price $5.68 |
| WBC - | WESTPAC BANKING | Overweight - Morgan Stanley | Overnight Price $32.19 |
RATING SUMMARY
| Rating | No. Of Recommendations |
| 1. Buy | 27 |
| 2. Accumulate | 2 |
| 3. Hold | 22 |
| 4. Reduce | 1 |
| 5. Sell | 6 |
Wednesday 16 August 2017
Access Broker Call Report Archives here
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