Australian Broker Call
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February 16, 2018
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COMPANIES DISCUSSED IN THIS ISSUE
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The number next to the symbol represents the number of brokers covering it for this report -(if more than 1)
THIS REPORT WILL BE UPDATED SHORTLY
Last Updated: 12:17 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
| BRG - | BREVILLE GROUP | Upgrade to Outperform from Neutral | Credit Suisse |
| Upgrade to Buy from Hold | Ord Minnett | ||
| EVT - | EVENT HOSPITALITY | Upgrade to Neutral from Sell | Citi |
| HSO - | HEALTHSCOPE | Neutral | Citi |
| NCM - | NEWCREST MINING | Upgrade to Buy from Neutral | Citi |
| ORG - | ORIGIN ENERGY | Upgrade to Accumulate from Hold | Ord Minnett |
| Upgrade to Buy from Neutral | UBS | ||
| S32 - | SOUTH32 | Downgrade to Underperform from Neutral | Macquarie |
| Downgrade to Reduce from Hold | Morgans | ||
| SAR - | SARACEN MINERAL | Upgrade to Outperform from Neutral | Macquarie |
| SUN - | SUNCORP | Upgrade to Outperform from Neutral | Credit Suisse |
| Upgrade to Add from Hold | Morgans |
Overnight Price: $1.66
Deutsche Bank rates 3PL as Buy (1) -
First half earnings were ahead of Deutsche Bank estimates. The company appears on track to deliver further progress in FY19 with new products and anoptimised sales force, the broker notes.
A key catalysts is likely to be the plan to divest the 40% stake in Learnosity, given the limited value currently ascribed by the market. Buy rating maintained. Target is raised to $1.80 from $1.20.
Target price is $1.80 Current Price is $1.66 Difference: $0.14
If 3PL meets the Deutsche Bank target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $1.78, suggesting upside of 7.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 0.00 cents and EPS of 6.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 5.4, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 30.7. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 0.00 cents and EPS of 6.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 5.7, implying annual growth of 5.6%. Current consensus DPS estimate is 0.6, implying a prospective dividend yield of 0.4%. Current consensus EPS estimate suggests the PER is 29.1. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates 3PL as Overweight (1) -
Morgan Stanley observes first half sales growth of 14% was inflated by the timing of the Reading Eggs sales. The broker assumes price and seasonal churn in the second half deliver 8% sales growth.
The broker lifts estimates for earnings per share by 10-13% for FY18-20. If the company can deliver a re-acceleration of subscriber growth and double-digit sales growth the broker would expect a big re-rating of the stock.
Target rises to $2.30 from $2.20. Overweight rating. Industry view is In-Line.
Target price is $2.30 Current Price is $1.66 Difference: $0.64
If 3PL meets the Morgan Stanley target it will return approximately 39% (excluding dividends, fees and charges).
Current consensus price target is $1.78, suggesting upside of 7.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 0.00 cents and EPS of 5.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 5.4, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 30.7. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 0.00 cents and EPS of 5.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 5.7, implying annual growth of 5.6%. Current consensus DPS estimate is 0.6, implying a prospective dividend yield of 0.4%. Current consensus EPS estimate suggests the PER is 29.1. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $8.47
Deutsche Bank rates A2M as Hold (3) -
Deutsche Bank expects a strong first half EBITDA of NZ$120m when the company reports on February 21.
To date the brand has experienced exponential growth in China but to achieve aspirations the next test, in the broker's view is whether volume can be scaled up at a materially higher price in the offline MBS channel.
Hold rating retained. Target rises to NZ$9.20 from NZ$8.10.
Current Price is $8.47. Target price not assessed.
Current consensus price target is $8.57, suggesting upside of 1.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 0.00 cents and EPS of 22.37 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 21.4, implying annual growth of N/A. Current consensus DPS estimate is 3.1, implying a prospective dividend yield of 0.4%. Current consensus EPS estimate suggests the PER is 39.6. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 0.00 cents and EPS of 28.89 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 28.3, implying annual growth of 32.2%. Current consensus DPS estimate is 7.5, implying a prospective dividend yield of 0.9%. Current consensus EPS estimate suggests the PER is 29.9. |
This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $56.66
Citi rates ASX as Neutral (3) -
Citi lifts earnings-per-share forecasts across FY18 and FY20 by 2% after ASX issued improved forecasts for issuer services, technical services and settlements. This takes the valuation to $51.60 from $50.30.
The broker lifts the target price to $56.75 from $55.30, expecting growth of 6% in FY18 and onward, noting a solid start in the second half in capital raisings, and cash and futures trading.
It also flags blockchain and listings as growth drivers in the medium term. Rating Neutral.
Target price is $56.75 Current Price is $56.66 Difference: $0.09
If ASX meets the Citi target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $54.46, suggesting downside of -3.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 215.00 cents and EPS of 238.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 237.6, implying annual growth of 5.8%. Current consensus DPS estimate is 211.9, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 23.8. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 227.10 cents and EPS of 252.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 247.9, implying annual growth of 4.3%. Current consensus DPS estimate is 221.0, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 22.9. |
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates ASX as Underperform (5) -
First half results were ahead of Credit Suisse forecasts. Upside surprises included re-pricing benefits for issuer services and higher-than-expected growth in information & technical services.
The broker notes management is focused on seeking out incremental growth opportunities. Underperform rating is retained. Target is raised to $54 from $51.
Target price is $54.00 Current Price is $56.66 Difference: minus $2.66 (current price is over target).
If ASX 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 $54.46, suggesting downside of -3.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 214.00 cents and EPS of 238.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 237.6, implying annual growth of 5.8%. Current consensus DPS estimate is 211.9, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 23.8. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 218.00 cents and EPS of 242.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 247.9, implying annual growth of 4.3%. Current consensus DPS estimate is 221.0, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 22.9. |
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates ASX as Hold (3) -
First half results were stronger than expected. Lower expenses and higher fees drove the beat to Deutsche Bank estimates.
The company is continuing to guide to full-year expense growth of 8%, implying a catch up on investment and expenditure in the second half.
Hold rating maintained. Target rises to $55.90 from $54.50.
Target price is $55.90 Current Price is $56.66 Difference: minus $0.76 (current price is over target).
If ASX 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 $54.46, suggesting downside of -3.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 203.00 cents and EPS of 239.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 237.6, implying annual growth of 5.8%. Current consensus DPS estimate is 211.9, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 23.8. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 208.00 cents and EPS of 248.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 247.9, implying annual growth of 4.3%. Current consensus DPS estimate is 221.0, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 22.9. |
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates ASX as Underperform (5) -
ASX' result beat the broker thanks to better than expected revenue growth from secondary raisings and trading services. Subdued market activity in the half meant a decline in equity post-trade services revenue.
The second half will likely see a trade-off from the recent bout of market volatility, the broker suggests, with volumes up but listings down. As the stock is trading at a 30% premium to the All Industrials (ex-banks) against an historical average of 17%, the broker retains Underperform.
Target rises to $52.67 from $50.00.
Target price is $52.67 Current Price is $56.66 Difference: minus $3.99 (current price is over target).
If ASX meets the Macquarie target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $54.46, suggesting downside of -3.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 213.00 cents and EPS of 237.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 237.6, implying annual growth of 5.8%. Current consensus DPS estimate is 211.9, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 23.8. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 221.00 cents and EPS of 245.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 247.9, implying annual growth of 4.3%. Current consensus DPS estimate is 221.0, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 22.9. |
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates ASX as Equal-weight (3) -
Morgan Stanley's estimates post the first half result are largely unchanged. A lift in depreciation & amortisation estimates is broadly offset by upgrades to revenue and interest income.
Equal-weight retained. Target is $55.50. Industry view: In-Line.
Target price is $55.50 Current Price is $56.66 Difference: minus $1.16 (current price is over target).
If ASX meets the Morgan Stanley target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $54.46, suggesting downside of -3.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 215.90 cents and EPS of 240.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 237.6, implying annual growth of 5.8%. Current consensus DPS estimate is 211.9, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 23.8. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 234.80 cents and EPS of 261.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 247.9, implying annual growth of 4.3%. Current consensus DPS estimate is 221.0, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 22.9. |
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates ASX as Hold (3) -
First half results were below forecasts. Buoyant and increasingly volatile markets suggest revenue trends should remain favourable in the near term, with upside potential in the medium term from initiatives such as distributed ledger technology.
Hold rating maintained. Target is raised to $58.50 from $58.00.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $58.50 Current Price is $56.66 Difference: $1.84
If ASX meets the Ord Minnett target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $54.46, suggesting downside of -3.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 208.00 cents and EPS of 235.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 237.6, implying annual growth of 5.8%. Current consensus DPS estimate is 211.9, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 23.8. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 217.00 cents and EPS of 245.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 247.9, implying annual growth of 4.3%. Current consensus DPS estimate is 221.0, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 22.9. |
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates ASX as Sell (5) -
First half NPAT of $230.5m was up 5.1% on the pcp and 5% ahead of UBS estimates. First half cost growth of 6.8% is behind the FY18 guidance of 8%, implying a pick-up in the second half.
UBS has raised EPS forecasts by 3% but retains its mid-single digit growth outlook. This, together with a potential rise in capex, sees the broker retain a Sell rating. Target is raised to $53.25 from $52.90.
Target price is $53.25 Current Price is $56.66 Difference: minus $3.41 (current price is over target).
If ASX meets the UBS target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $54.46, suggesting downside of -3.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 215.00 cents and EPS of 239.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 237.6, implying annual growth of 5.8%. Current consensus DPS estimate is 211.9, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 23.8. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 223.00 cents and EPS of 247.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 247.9, implying annual growth of 4.3%. Current consensus DPS estimate is 221.0, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 22.9. |
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
BRG BREVILLE GROUP LIMITED
Household & Personal Products
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Overnight Price: $13.75
Credit Suisse rates BRG as Upgrade to Outperform from Neutral (1) -
First half results were ahead of Credit Suisse estimates. The broker has reviewed its thesis and notes sales growth is accelerating and the company is successfully cycling periods of strong launches of new product.
The broker suggests management is deploying capital wisely and upgrades to Outperform from Neutral. Guidance signals softer second half growth and the broker acknowledges the company will be impacted by the transition in Germany/Austria.
Target is raised to $13.50 from $12.70.
Target price is $13.50 Current Price is $13.75 Difference: minus $0.25 (current price is over target).
If BRG meets the Credit Suisse target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $13.56, suggesting downside of -1.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 30.50 cents and EPS of 46.45 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 45.6, implying annual growth of 10.1%. Current consensus DPS estimate is 32.6, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 30.2. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 37.03 cents and EPS of 53.27 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 52.5, implying annual growth of 15.1%. Current consensus DPS estimate is 37.0, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 26.2. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates BRG as Neutral (3) -
Breville's result beat the broker on better than expected revenue growth in North America and Rest of World. The revenue beat was partly offset by lower margins due to marketing and R&D.
The company is executing its strategy well, the broker suggests, but current valuation leaves little scope for disappointment. Neutral retained, target rises to $12.40 from $10.70.
Target price is $12.40 Current Price is $13.75 Difference: minus $1.35 (current price is over target).
If BRG meets the Macquarie target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $13.56, suggesting downside of -1.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 34.50 cents and EPS of 46.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 45.6, implying annual growth of 10.1%. Current consensus DPS estimate is 32.6, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 30.2. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 37.60 cents and EPS of 50.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 52.5, implying annual growth of 15.1%. Current consensus DPS estimate is 37.0, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 26.2. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates BRG as Upgrade to Buy from Hold (1) -
Normalised H1 profit fell a little short of market consensus, as well as Ord Minnett's forecast, signal the analysts. But if one excludes a one-off tax charge, it was actually a minor beat.
Ord Minnett is projecting robust growth for H2, and acceleration in FY19 on the entry into new markets and successful launch of new products. Even the prospect of increased spending on marketing and R&D cannot temper their enthusiasm.
The most attractive feature of Breville's growth, states Ord Minnett, is that it is self-funded and global. Despite a premium valuation, Ord Minnett upgrades to Buy from Hold (that's two steps into one move). Target price jumps to $15.60 from $11.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $15.60 Current Price is $13.75 Difference: $1.85
If BRG meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $13.56, suggesting downside of -1.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 34.00 cents and EPS of 46.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 45.6, implying annual growth of 10.1%. Current consensus DPS estimate is 32.6, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 30.2. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 40.00 cents and EPS of 54.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 52.5, implying annual growth of 15.1%. Current consensus DPS estimate is 37.0, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 26.2. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates BRG as Neutral (3) -
The company reported a strong first half result with a robust top line, although marketing costs increased as the company transforms its operating model.
Breville will enter the German and Austrian market at a direct level, having ceased supplying the previous third party distributor, and the broker estimates this could cost up to $7m in FY18 but could deliver $7m EBIT by FY22.
Neutral retained and target raised to $12.75 from $11.95.
Target price is $12.75 Current Price is $13.75 Difference: minus $1 (current price is over target).
If BRG meets the UBS target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $13.56, suggesting downside of -1.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 31.50 cents and EPS of 44.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 45.6, implying annual growth of 10.1%. Current consensus DPS estimate is 32.6, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 30.2. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 33.50 cents and EPS of 52.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 52.5, implying annual growth of 15.1%. Current consensus DPS estimate is 37.0, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 26.2. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $3.73
Macquarie rates CLW as Underperform (5) -
Charter Halls' Long WALE REIT operating earnings met the broker's forecast and FY guidance was reaffirmed. Charter Hall is not considering a buyback at this stage.
The REIT appears attractive against net tangible asset value but its bond like characteristics mean it will not perform well in a rising rate environment, the broker notes. Underperform retained, target falls to $3.82 from $3.94.
Target price is $3.82 Current Price is $3.73 Difference: $0.09
If CLW meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $4.14, suggesting upside of 11.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 26.30 cents and EPS of 27.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.1, implying annual growth of 14.1%. Current consensus DPS estimate is 26.3, implying a prospective dividend yield of 7.1%. Current consensus EPS estimate suggests the PER is 13.8. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 27.40 cents and EPS of 28.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 28.1, implying annual growth of 3.7%. Current consensus DPS estimate is 27.7, implying a prospective dividend yield of 7.4%. Current consensus EPS estimate suggests the PER is 13.3. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates CLW as Accumulate (2) -
First half results were in line with guidance. The renewal of Electrolux in Adelaide removed a key lease expiry risk in 2024.
Ord Minnett asserts the recent decline in the share price raises the question of whether the trust should buy back stock, given it's trading at a -7% discount to its revised NTA, and the answer is not straightforward.
The broker retains an Accumulate rating and $4.35 target.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $4.35 Current Price is $3.73 Difference: $0.62
If CLW meets the Ord Minnett target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $4.14, suggesting upside of 11.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 27.00 cents and EPS of 27.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.1, implying annual growth of 14.1%. Current consensus DPS estimate is 26.3, implying a prospective dividend yield of 7.1%. Current consensus EPS estimate suggests the PER is 13.8. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 28.00 cents and EPS of 28.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 28.1, implying annual growth of 3.7%. Current consensus DPS estimate is 27.7, implying a prospective dividend yield of 7.4%. Current consensus EPS estimate suggests the PER is 13.3. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates CLW as Neutral (3) -
First half results were in line with UBS estimates and 1.8% above PDS forecasts. Guidance for FY18 operating EPS remains unchanged at 26.4c, 3.9% above FY17 annualised and target pay ratio is 100% of operating earnings.
The company could debt fund an $80m acquisition while maintaining balance sheet gearing at 35% which would be 2.5% accretive to DPS, in the broker's opinion.
Neutral rating and $4.25 target maintained.
Target price is $4.25 Current Price is $3.73 Difference: $0.52
If CLW meets the UBS target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $4.14, suggesting upside of 11.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 26.30 cents and EPS of 26.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.1, implying annual growth of 14.1%. Current consensus DPS estimate is 26.3, implying a prospective dividend yield of 7.1%. Current consensus EPS estimate suggests the PER is 13.8. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 27.60 cents and EPS of 27.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 28.1, implying annual growth of 3.7%. Current consensus DPS estimate is 27.7, implying a prospective dividend yield of 7.4%. Current consensus EPS estimate suggests the PER is 13.3. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $17.61
Deutsche Bank rates CPU as Sell (5) -
First half results were strong and full-year guidance has been lifted to 12.5% growth in earnings per share.
Deutsche Bank upgrades forecasts but remains concerned about the medium-term expectations for margins in mortgage servicing. Hence, a Sell rating is maintained. Target rises to $15.10 from $13.00.
Target price is $15.10 Current Price is $17.61 Difference: minus $2.51 (current price is over target).
If CPU meets the Deutsche Bank target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $16.15, suggesting downside of -8.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 36.27 cents and EPS of 82.91 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 78.7, implying annual growth of N/A. Current consensus DPS estimate is 42.2, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 22.4. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 34.98 cents and EPS of 88.09 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 86.9, implying annual growth of 10.4%. Current consensus DPS estimate is 44.6, implying a prospective dividend yield of 2.5%. Current consensus EPS estimate suggests the PER is 20.3. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $2.76
Citi rates EVN as Buy (1) -
Evolution Mining reported 2% below Citi's earnings before interest and tax estimates.
A hefty tax bill dragged on the after-tax figures but proceeds from the Edna sale cut gearing to a cruisy 10%.
Citi expects Evolution to hit a net cash position during the first half of 2019, which maintains its 50% of net profit after tax dividend policy - yielding 3.2%-4.2%. The broker flags potential for a rise in yield.
The broker maintains a Buy rating, forecasting stronger revenue after upgrading its gold price forecast. Target price rises to $3.45 from $3.05
Target price is $3.45 Current Price is $2.76 Difference: $0.69
If EVN meets the Citi target it will return approximately 25% (excluding dividends, fees and charges).
Current consensus price target is $2.78, suggesting upside of 0.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 8.00 cents and EPS of 15.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.6, implying annual growth of 25.0%. Current consensus DPS estimate is 7.7, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 16.6. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 9.00 cents and EPS of 18.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.1, implying annual growth of 9.0%. Current consensus DPS estimate is 8.9, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 15.2. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates EVN as Neutral (3) -
First half net profit was in line with Credit Suisse. The broker notes the business is performing strongly and the previously-released quarterly report left no surprise for the financial result.
Neutral rating. Target is $2.52.
Target price is $2.52 Current Price is $2.76 Difference: minus $0.24 (current price is over target).
If EVN meets the Credit Suisse target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $2.78, suggesting upside of 0.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 8.50 cents and EPS of 17.22 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.6, implying annual growth of 25.0%. Current consensus DPS estimate is 7.7, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 16.6. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 10.50 cents and EPS of 21.31 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.1, implying annual growth of 9.0%. Current consensus DPS estimate is 8.9, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 15.2. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates EVN as Hold (3) -
First half underlying EBITDA was slightly ahead of estimates. Deutsche Bank lowers FY18 and FY19 estimates for earnings per share by -14% and -13% respectively after adjusting for the amortisation of inventory at Ernest Henry.
The broker maintains a Hold rating on valuation. Target is $2.40.
Target price is $2.40 Current Price is $2.76 Difference: minus $0.36 (current price is over target).
If EVN meets the Deutsche Bank target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $2.78, suggesting upside of 0.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 7.00 cents and EPS of 15.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.6, implying annual growth of 25.0%. Current consensus DPS estimate is 7.7, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 16.6. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 8.00 cents and EPS of 15.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.1, implying annual growth of 9.0%. Current consensus DPS estimate is 8.9, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 15.2. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates EVN as Neutral (3) -
Evolution's result beat the broker by 3% and a 3.5c dividend was much better than a 2c forecast. Lower exploration and amortisation costs were the difference while cash flow and debt met expectations.
The broker now expects an 8c full-year dividend. Strong earnings suggest the possibility of further capital management but the broker expects Evolution to focus on its balance sheet and internal projects. FY18 earnings and production guidance should easily be met.
Neutral retained on valuation. Target unchanged at $3.00.
Target price is $3.00 Current Price is $2.76 Difference: $0.24
If EVN meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $2.78, suggesting upside of 0.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 8.00 cents and EPS of 16.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.6, implying annual growth of 25.0%. Current consensus DPS estimate is 7.7, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 16.6. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 12.00 cents and EPS of 22.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.1, implying annual growth of 9.0%. Current consensus DPS estimate is 8.9, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 15.2. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates EVN as Buy (1) -
Evolution's first half results were in line with UBS estimates. D&A was lower than expected, leading to a higher NPAT of $125m.
FY18 guidance of 750-805koz at $820-870/oz remains unchanged. Net debt continues to fall and the broker sees the company net cash by late FY19, driven by the broker's "somewhat conservative" gold price forecasts.
Buy and $3.16 target maintained.
Target price is $3.16 Current Price is $2.76 Difference: $0.4
If EVN meets the UBS target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $2.78, suggesting upside of 0.6% (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 14.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.6, implying annual growth of 25.0%. Current consensus DPS estimate is 7.7, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 16.6. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 6.00 cents and EPS of 14.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.1, implying annual growth of 9.0%. Current consensus DPS estimate is 8.9, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 15.2. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
EVT EVENT HOSPITALITY AND ENTERTAINMENT LTD
Travel, Leisure & Tourism
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Overnight Price: $13.36
Citi rates EVT as Upgrade to Neutral from Sell (3) -
Event Hospitality and Entertainment's first-half outpaced the broker, prompting an upward revision in the rating to Neutral from Sell, and a sharp increase in the target rice to $13.20 from $11.70.
City notes the -14% retreat in the share price since July. The hotels division performed strongly and the broker notes a reduction in costs and says that while the outlook has calmed, risks remain.
The broker applies a 10% premium to its price-earnings valuation to reflect its confidence in the new CEO's direction.
Target price is $13.20 Current Price is $13.36 Difference: minus $0.16 (current price is over target).
If EVT meets the Citi target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 52.50 cents and EPS of 78.00 cents. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 54.00 cents and EPS of 79.00 cents. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
FBU FLETCHER BUILDING LIMITED
Building Products & Services
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Overnight Price: $6.44
Morgan Stanley rates FBU as Overweight (1) -
The increase to the company's provision for building & interiors was substantially larger than Morgan Stanley anticipated but avoids an equity raising. The broker lowers FY18 earnings estimates to reflect the construction losses as a result of the new provision.
The broker suggests, while risks remain, the latest provision appears conservative and there is value for investors able to look through the uncertainty.
Overweight. Target is reduced to NZ$8.00 from NZ$8.50 and for the ASX listed stock to $7.41 from $7.59. Industry view is: Cautious.
Target price is $7.41 Current Price is $6.44 Difference: $0.97
If FBU meets the Morgan Stanley target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $7.41, suggesting upside of 15.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 0.00 cents and EPS of minus 8.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 4.9, implying annual growth of N/A. Current consensus DPS estimate is 10.8, implying a prospective dividend yield of 1.7%. Current consensus EPS estimate suggests the PER is 131.4. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 23.98 cents and EPS of 47.04 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 53.1, implying annual growth of 983.7%. Current consensus DPS estimate is 25.2, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 12.1. |
This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $7.55
Credit Suisse rates GNC as Outperform (1) -
Credit Suisse downgrades FY18 estimates on the basis of the latest guidance. The broker believes the integration of marketing and the storage & logistics divisions late in 2017, and likely implications for the logistics network, has gone largely unnoticed.
Integration is expected to lead to a reduction in network capacity and the broker argues capacity should be reduced to a level more closely matching grain export marketing requirements. A partial sell down of the interest in ports could also create opportunities.
Outperform maintained. Target raised to $9.06 from $9.02.
Target price is $9.06 Current Price is $7.55 Difference: $1.51
If GNC meets the Credit Suisse target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $8.62, suggesting upside of 14.2% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 38.87 cents and EPS of 26.57 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.7, implying annual growth of -53.0%. Current consensus DPS estimate is 21.7, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 29.4. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 39.05 cents and EPS of 38.34 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 43.9, implying annual growth of 70.8%. Current consensus DPS estimate is 29.0, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 17.2. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates GNC as Buy (1) -
The company expects FY18 underlying EBITDA in the range of $240-265m. Deutsche Bank reduces estimates by -8%, to reflect a weaker outcome in storage & logistics and marketing margins.
The broker calculates the average FY18 crop and disappointing receivables are largely priced into the stock. Buy rating maintained. Target rises to $9.80 from $9.70.
Target price is $9.80 Current Price is $7.55 Difference: $2.25
If GNC meets the Deutsche Bank target it will return approximately 30% (excluding dividends, fees and charges).
Current consensus price target is $8.62, suggesting upside of 14.2% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 12.00 cents and EPS of 25.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.7, implying annual growth of -53.0%. Current consensus DPS estimate is 21.7, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 29.4. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 32.00 cents and EPS of 62.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 43.9, implying annual growth of 70.8%. Current consensus DPS estimate is 29.0, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 17.2. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates GNC as Neutral (3) -
Graincorp has guided to an FY18 profit of $50-70m, below the broker's prior estimate of $75m and consensus of $78m. New guidance includes the benefit of US tax cuts.
The summer crop forecast has again been downgraded due to ongoing dry and hot conditions. Seasonal conditions over the next 3-6 months will be key to FY19. But the broker does not believe the stock will trade much below its mid-cycle valuation, and earnings downside from here is limited.
Neutral retained, target falls to $7.62 from $7.88.
Target price is $7.62 Current Price is $7.55 Difference: $0.07
If GNC meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $8.62, suggesting upside of 14.2% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 13.50 cents and EPS of 27.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.7, implying annual growth of -53.0%. Current consensus DPS estimate is 21.7, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 29.4. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 21.70 cents and EPS of 43.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 43.9, implying annual growth of 70.8%. Current consensus DPS estimate is 29.0, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 17.2. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates GNC as Add (1) -
The company's FY18 operating earnings guidance was weaker than expected, on lower grain export guidance. EBITDA guidance is $240-265m, which is lower than the $390.1m recorded in FY17.
The company's export competitiveness has been affected by high global grain supplies in combination with Australia's high domestic grain prices. Morgans suggests investors should look beyond FY18, given the small east coast crop and difficult export conditions.
The broker retains an Add rating and reduces the target to $8.47 from $8.51.
Target price is $8.47 Current Price is $7.55 Difference: $0.92
If GNC meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $8.62, suggesting upside of 14.2% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 14.00 cents and EPS of 27.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.7, implying annual growth of -53.0%. Current consensus DPS estimate is 21.7, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 29.4. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 22.00 cents and EPS of 45.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 43.9, implying annual growth of 70.8%. Current consensus DPS estimate is 29.0, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 17.2. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates GNC as Neutral (3) -
The company has provided weaker than expected guidance for FY18 at its AGM, with EBITDA guidance now $240-265m and NPAT of $50-70m. The guidance includes an expected $18m one-off tax benefit from the US tax reforms.
The broker believes the company has lost significant share to on-farm storage and has cut long term up country grain receivals forecast from 8.5mt to 8mt and long term EBITDA forecasts by -9%.
Neutral retained. Target falls to $8.15 from $8.85.
Target price is $8.15 Current Price is $7.55 Difference: $0.6
If GNC meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $8.62, suggesting upside of 14.2% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 30.00 cents and EPS of 22.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.7, implying annual growth of -53.0%. Current consensus DPS estimate is 21.7, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 29.4. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 30.00 cents and EPS of 30.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 43.9, implying annual growth of 70.8%. Current consensus DPS estimate is 29.0, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 17.2. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $1.87
Citi rates HSO as Neutral (3) -
Healthscope's first half fell short of the broker on most estimates but Citi upgrades the stock to Neutral from Sell, noting the sharp retreat in the share price and the likelihood of an improved performance in the second half.
The broker doubts the company's capacity to hit second-half guidance given pressure on revenue and recent underperformance.
Target price rises to $1.80 from $1.70
Target price is $1.80 Current Price is $1.87 Difference: minus $0.07 (current price is over target).
If HSO meets the Citi target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $2.01, suggesting upside of 7.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 6.70 cents and EPS of 9.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.8, implying annual growth of 4.3%. Current consensus DPS estimate is 6.8, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 19.1. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 6.70 cents and EPS of 11.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 10.7, implying annual growth of 9.2%. Current consensus DPS estimate is 7.3, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 17.5. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates HSO as Underperform (5) -
First half operating earnings were below Credit Suisse forecasts, affected by lower hospital system volume growth and adverse case mix.
The broker believes the current issues will take some time to resolve, although longer-term drivers of demand for private hospital services remain in place.
Underperform retained. Target is reduced to $1.78 from $1.87.
Target price is $1.78 Current Price is $1.87 Difference: minus $0.09 (current price is over target).
If HSO 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 $2.01, suggesting upside of 7.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 6.90 cents and EPS of 9.93 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.8, implying annual growth of 4.3%. Current consensus DPS estimate is 6.8, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 19.1. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 7.16 cents and EPS of 10.53 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 10.7, implying annual growth of 9.2%. Current consensus DPS estimate is 7.3, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 17.5. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates HSO as Neutral (3) -
Healthscope's result missed the broker by -9% on a weaker hospital performance. FY guidance nevertheless reiterated, with hospitals expected to be flat.
Performance at a number of sites is expected to improve in the second half but if increased volumes and a more favourable case mix don't materialise, the risk is to the downside, the broker notes. There is also a degree of uncertainty of the profitability of Northern Beaches.
The stock appears to be fair value against peers so the broker retains Neutral, preferring Ramsay Health Care ((RHC)). Target falls to $1.90 from $2.00.
Target price is $1.90 Current Price is $1.87 Difference: $0.03
If HSO meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $2.01, suggesting upside of 7.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 6.70 cents and EPS of 9.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.8, implying annual growth of 4.3%. Current consensus DPS estimate is 6.8, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 19.1. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 7.60 cents and EPS of 11.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 10.7, implying annual growth of 9.2%. Current consensus DPS estimate is 7.3, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 17.5. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates HSO as Underweight (5) -
Morgan Stanley observes weak volume trends continue in the first half. The uncertainty regarding the Northern Beaches Hospital means the broker retains an Underweight rating.
Low single-digit growth in private hospital industry volumes has been corroborated by the broker's channel checks. Guidance assumes no improvement in conditions in the second half.
Price target is $1.70. In-Line industry view.
Target price is $1.70 Current Price is $1.87 Difference: minus $0.17 (current price is over target).
If HSO meets the Morgan Stanley target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $2.01, suggesting upside of 7.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 6.90 cents and EPS of 9.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.8, implying annual growth of 4.3%. Current consensus DPS estimate is 6.8, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 19.1. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 7.50 cents and EPS of 10.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 10.7, implying annual growth of 9.2%. Current consensus DPS estimate is 7.3, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 17.5. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates HSO as Add (1) -
First half underlying profit was below Morgans estimates, weighed down by soft operating conditions, cost pressures and case mix in the hospitals division.
The broker believes the company will need to show strong earnings growth in hospitals for confidence to resume and a re-rating to occur and suspects this is not likely to happen until the FY18 results.
Yet, Morgans acknowledges the shares look attractive, especially on a multi-year view. Add rating maintained. Target is reduced to $2.42 from $2.44.
Target price is $2.42 Current Price is $1.87 Difference: $0.55
If HSO meets the Morgans target it will return approximately 29% (excluding dividends, fees and charges).
Current consensus price target is $2.01, suggesting upside of 7.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 6.70 cents and EPS of 10.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.8, implying annual growth of 4.3%. Current consensus DPS estimate is 6.8, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 19.1. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 8.20 cents and EPS of 12.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 10.7, implying annual growth of 9.2%. Current consensus DPS estimate is 7.3, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 17.5. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates HSO as Buy (1) -
Healthscope's first half result was broadly in line with UBS estimates. However, EBITDA was -5% below the broker, driven by weaker than expected margins.
The company reiterated FY18 guidance of Hospital EBITDA broadly in line with FY17, which implies 9% growth in the second half. UBS has cut EPS forecasts for FY18 by -9%, FY19 by -9% and FY20 by -10% on downgrades to Hospital and NZ Pathology EBITDA.
Buy retained and target reduced to $2.50 from $2.72.
Target price is $2.50 Current Price is $1.87 Difference: $0.63
If HSO meets the UBS target it will return approximately 34% (excluding dividends, fees and charges).
Current consensus price target is $2.01, suggesting upside of 7.7% (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 10.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.8, implying annual growth of 4.3%. Current consensus DPS estimate is 6.8, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 19.1. |
Forecast for FY19:
UBS 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 10.7, implying annual growth of 9.2%. Current consensus DPS estimate is 7.3, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 17.5. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $1.74
Citi rates HT1 as Neutral (3) -
HT&E's first-half result beat the broker, thanks to a strong performance from radio but Citi remains a skeptic, citing contract risk (the Sydney trains contract hasn't been renewed) and the likelihood of further tax amendments in the second-half (a $150 million tax bill risk).
Earnings per share estimates fall 15% to 20% to reflect a sharp rise in depreciation and amortisation.
Neutral rating retained. Target price eases 3% to $1.90 form $1.95 to reflect the risk-weighting applied to the tax liability.
Target price is $1.90 Current Price is $1.74 Difference: $0.16
If HT1 meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $2.35, suggesting upside of 35.2% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 7.70 cents and EPS of 13.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.1, implying annual growth of N/A. Current consensus DPS estimate is 6.8, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 10.2. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 9.00 cents and EPS of 14.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.2, implying annual growth of 6.4%. Current consensus DPS estimate is 7.3, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 9.6. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates HT1 as Outperform (1) -
2017 results were in line with guidance. Adshel earnings will be re-based in 2018 but Credit Suisse is uncertain regarding the extent of this.
Adshel revenue and EBITDA grew 8% and 11% respectively in 2017 but Australian revenue was down in the second half because of the loss of the Yarra Trams contract.
Target is $2.20. Outperform maintained as the stock continues to look attractive on valuation grounds.
Target price is $2.20 Current Price is $1.74 Difference: $0.46
If HT1 meets the Credit Suisse target it will return approximately 26% (excluding dividends, fees and charges).
Current consensus price target is $2.35, suggesting upside of 35.2% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 9.02 cents and EPS of 18.04 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.1, implying annual growth of N/A. Current consensus DPS estimate is 6.8, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 10.2. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 11.50 cents and EPS of 19.16 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.2, implying annual growth of 6.4%. Current consensus DPS estimate is 7.3, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 9.6. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates HT1 as Buy (1) -
2017 results were broadly in line with Deutsche Bank. The broker was encouraged by Adshel's results, despite the loss of the Yarra Trams contract.
The broker has also now factored into estimates the dispute with the ATO, as this is proceeding to litigation. Buy rating maintained. Target reduced to $2.70 from $2.85.
Target price is $2.70 Current Price is $1.74 Difference: $0.96
If HT1 meets the Deutsche Bank target it will return approximately 55% (excluding dividends, fees and charges).
Current consensus price target is $2.35, suggesting upside of 35.2% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 9.00 cents and EPS of 18.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.1, implying annual growth of N/A. Current consensus DPS estimate is 6.8, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 10.2. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 9.00 cents and EPS of 19.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.2, implying annual growth of 6.4%. Current consensus DPS estimate is 7.3, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 9.6. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates HT1 as Outperform (1) -
HT&E reported in line with guidance. Improved ratings supported Radio and Adshel started well, the broker notes, with management suggesting the impact of losing the Yarra Trams contract has been slightly less than feared. Conditions in the outdoor market remain supportive.
The broker expects the real Yarra Trams impact will become evident when JCDecaux launches its full digital suite network later in the year. The broker nevertheless retains Outperform and a $2.32 target on the back of positive earnings momentum and a strong position following media reforms.
Target price is $2.32 Current Price is $1.74 Difference: $0.58
If HT1 meets the Macquarie target it will return approximately 33% (excluding dividends, fees and charges).
Current consensus price target is $2.35, suggesting upside of 35.2% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 6.20 cents and EPS of 15.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.1, implying annual growth of N/A. Current consensus DPS estimate is 6.8, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 10.2. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 6.80 cents and EPS of 17.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.2, implying annual growth of 6.4%. Current consensus DPS estimate is 7.3, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 9.6. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $7.77
Macquarie rates IAG as Neutral (3) -
IAG has upgraded FY18 margin guidance while leaving underlying guidance unchanged. The broker believes strong dividends are being supported by elevated and unsustainable reserve releases, which suggests dividends may revert to trend over time.
The balance is support being provided by cost-outs and industry price rises. The broker retains Neutral, increasing its target to $6.55 from $6.05.
Target price is $6.55 Current Price is $7.77 Difference: minus $1.22 (current price is over target).
If IAG meets the Macquarie target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $7.44, suggesting downside of -4.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 35.00 cents and EPS of 45.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 44.4, implying annual growth of 13.8%. Current consensus DPS estimate is 32.7, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 17.5. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 36.00 cents and EPS of 42.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 42.1, implying annual growth of -5.2%. Current consensus DPS estimate is 33.0, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 18.5. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates IPH as Hold (3) -
First half earnings declined -9% and were -21% below Deutsche Bank estimates. The disappointing result was driven by softer patent filing conditions in Australasia, currency movements and a weak contribution from acquisitions.
The company expects the Australasian business to revert back to growth trends of recent years and margins remain a key priority.
The broker retains a Hold rating, given soft earnings momentum and the risk of margin compression. Target is reduced to $4.40 from $5.30.
Target price is $4.40 Current Price is $3.96 Difference: $0.44
If IPH meets the Deutsche Bank target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $4.99, suggesting upside of 26.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 24.00 cents and EPS of 27.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 28.4, implying annual growth of 26.4%. Current consensus DPS estimate is 23.9, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 13.9. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 27.00 cents and EPS of 31.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 32.0, implying annual growth of 12.7%. Current consensus DPS estimate is 26.7, implying a prospective dividend yield of 6.7%. Current consensus EPS estimate suggests the PER is 12.4. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates IPH as Add (1) -
First half results missed Morgans estimates on all key measures. The company expects growth rates to normalise in the second half and the broker suspects FY18 will end up being a re-basing year.
Morgans considers the decline in the share price an over-reaction and, with around 18% upside to the revised target, maintains an Add rating. Target reduced to $4.82 from $5.93.
Target price is $4.82 Current Price is $3.96 Difference: $0.86
If IPH meets the Morgans target it will return approximately 22% (excluding dividends, fees and charges).
Current consensus price target is $4.99, suggesting upside of 26.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 22.00 cents and EPS of 27.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 28.4, implying annual growth of 26.4%. Current consensus DPS estimate is 23.9, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 13.9. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 24.00 cents and EPS of 30.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 32.0, implying annual growth of 12.7%. Current consensus DPS estimate is 26.7, implying a prospective dividend yield of 6.7%. Current consensus EPS estimate suggests the PER is 12.4. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
MTR MANTRA GROUP LIMITED
Travel, Leisure & Tourism
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Overnight Price: $3.86
Deutsche Bank rates MTR as Hold (3) -
The interim report was weaker than expected, but management indicated the arrangement with suitor Accor remains on track for completion by the June quarter. Apparently, Accor is "actively engaged" with the ACCC.
Deutsche Bank has reduced forecasts by -8% as overall conditions remain tough. Hold rating retained. Price target remains in-line with the take-over offer.
Target price is $3.96 Current Price is $3.86 Difference: $0.1
If MTR meets the Deutsche Bank target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $3.84, suggesting downside of -0.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 EPS of 16.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.6, implying annual growth of 15.0%. Current consensus DPS estimate is 11.5, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 21.9. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 EPS of 18.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.3, implying annual growth of 9.7%. Current consensus DPS estimate is 12.5, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 20.0. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates MTR as Hold (3) -
First half results were materially weaker than Morgans expected. However, management is focused on ensuring the Accor Hotels takeover offer proceeds. This is expected to be completed by the June quarter.
The main risk is if the ACCC blocks the transaction. The company has said that Accor is actively engaged with the ACCC and the approval process is on track.
Morgans maintains a Hold rating and sets its target in line with the takeover bid at $3.96, up from $3.10.
Target price is $3.96 Current Price is $3.86 Difference: $0.1
If MTR meets the Morgans target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $3.84, suggesting downside of -0.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 12.00 cents and EPS of 17.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.6, implying annual growth of 15.0%. Current consensus DPS estimate is 11.5, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 21.9. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 13.00 cents and EPS of 19.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.3, implying annual growth of 9.7%. Current consensus DPS estimate is 12.5, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 20.0. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates MTR as Neutral (3) -
First half results missed the broker's expectations, with Hawaii appearing to be the main driver of the miss. No dividend was declared as per scheme details.
The company noted it was not in a position to provide specific earnings guidance in the context of the scheme with Accor. Prior guidance for underlying FY18 EBITDA was for $107-115m.
Focus remains on the ACCC's approval decision, which Accor believes is on track. Meanwhile, the broker retains a Neutral rating and $3.96 target.
Target price is $3.96 Current Price is $3.86 Difference: $0.1
If MTR meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $3.84, suggesting downside of -0.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 11.50 cents and EPS of 18.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.6, implying annual growth of 15.0%. Current consensus DPS estimate is 11.5, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 21.9. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 12.50 cents and EPS of 20.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.3, implying annual growth of 9.7%. Current consensus DPS estimate is 12.5, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 20.0. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $22.22
Citi rates NCM as Upgrade to Buy from Neutral (1) -
Citi analysts cannot decide whether Newcrest's interim performance was in-line or slightly below expectations, but then they highlight underlying profit came out -7% below what had been expected, and no less than -18% below market consensus.
The dividend surprised as it was fully franked. The analysts believe better operational times lay ahead, supported by a more constructive outlook for gold. Cadia and Lihir should support increased gold production to 2020.
In light of the more supportive outlook, Citi has upgraded to Buy from Neutral, target price jumps to $27.10.
Target price is $27.10 Current Price is $22.22 Difference: $4.88
If NCM meets the Citi target it will return approximately 22% (excluding dividends, fees and charges).
Current consensus price target is $21.09, suggesting downside of -5.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 27.21 cents and EPS of 75.27 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 71.0, implying annual growth of N/A. Current consensus DPS estimate is 22.3, implying a prospective dividend yield of 1.0%. Current consensus EPS estimate suggests the PER is 31.3. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 38.87 cents and EPS of 128.64 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 115.0, implying annual growth of 62.0%. Current consensus DPS estimate is 32.2, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 19.3. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates NCM as Underperform (5) -
First half results were largely in line with Credit Suisse. FY18 guidance is unchanged.
Underperform maintained. Target rises to $18.50 from $18.20 on the back of marginally improved Lihir grades and Cadia profile.
Target price is $18.50 Current Price is $22.22 Difference: minus $3.72 (current price is over target).
If NCM meets the Credit Suisse target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $21.09, suggesting downside of -5.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 22.67 cents and EPS of 79.47 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 71.0, implying annual growth of N/A. Current consensus DPS estimate is 22.3, implying a prospective dividend yield of 1.0%. Current consensus EPS estimate suggests the PER is 31.3. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 38.87 cents and EPS of 133.26 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 115.0, implying annual growth of 62.0%. Current consensus DPS estimate is 32.2, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 19.3. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates NCM as Sell (5) -
First half earnings were below expectations. Deutsche Bank reduces estimates for earnings per share in FY18 by -12%.
The broker notes management's desire to use the strong balance sheet to grow the business through significant investment in projects or acquisitions.
Sell rating and $20 target maintained.
Target price is $20.00 Current Price is $22.22 Difference: minus $2.22 (current price is over target).
If NCM meets the Deutsche Bank target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $21.09, suggesting downside of -5.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 22.02 cents and EPS of 79.03 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 71.0, implying annual growth of N/A. Current consensus DPS estimate is 22.3, implying a prospective dividend yield of 1.0%. Current consensus EPS estimate suggests the PER is 31.3. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 29.80 cents and EPS of 148.98 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 115.0, implying annual growth of 62.0%. Current consensus DPS estimate is 32.2, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 19.3. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates NCM as Hold (3) -
First half earnings were below estimates but Ord Minnett has no long-term concerns and the outlook is strong, as the company targets cost and safety improvements.
Hold rating retained. Target is $22.50.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $22.50 Current Price is $22.22 Difference: $0.28
If NCM meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $21.09, suggesting downside of -5.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 23.32 cents and EPS of 58.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 71.0, implying annual growth of N/A. Current consensus DPS estimate is 22.3, implying a prospective dividend yield of 1.0%. Current consensus EPS estimate suggests the PER is 31.3. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 36.27 cents and EPS of 90.69 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 115.0, implying annual growth of 62.0%. Current consensus DPS estimate is 32.2, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 19.3. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
NGI NAVIGATOR GLOBAL INVESTMENTS LIMITED
Wealth Management & Investments
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Overnight Price: $3.62
Macquarie rates NGI as Outperform (1) -
Navigator's profit result slightly beat the broker. Funds under management have grown and flows were positive but costs were up and fees were down, the broker notes.
Navigator needs ongoing FUM flows and performance fee growth to offset increasing costs and a reduced fee rate, the broker suggests. Valuation is nevertheless attractive against listed fund manager peers. Outperform retained, target rises to $3.81 from $3.69.
Target price is $3.81 Current Price is $3.62 Difference: $0.19
If NGI meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 19.56 cents and EPS of 17.49 cents. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 20.08 cents and EPS of 18.79 cents. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $3.33
Deutsche Bank rates ORA as Hold (3) -
First half results were ahead of Deutsche Bank estimates. Australasian earnings were up 11% and ahead of estimates while North American earnings were up 9% and in line with estimates. FY18 guidance is reiterated.
Deutsche Bank increases estimates by 2% for FY18 and maintains a Hold rating and $3.00 target.
Target price is $3.00 Current Price is $3.33 Difference: minus $0.33 (current price is over target).
If ORA meets the Deutsche Bank target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $3.44, suggesting upside of 3.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 12.00 cents and EPS of 17.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.1, implying annual growth of 19.6%. Current consensus DPS estimate is 12.4, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 19.5. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 13.00 cents and EPS of 17.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.2, implying annual growth of 6.4%. Current consensus DPS estimate is 13.2, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 18.3. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $8.94
Credit Suisse rates ORG as Outperform (1) -
First half EBITDA was below Credit Suisse forecasts. The company has raised FY18 energy markets guidance by around 3.5% based on stronger gas portfolio earnings and no material adverse events during summer.
The broker notes the first cash cargo arrived in the half-year from APLNG and de-leveraging is on track. Outperform rating and $9.65 target.
Target price is $9.65 Current Price is $8.94 Difference: $0.71
If ORG meets the Credit Suisse target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $9.56, suggesting upside of 6.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 0.00 cents and EPS of 53.71 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 53.4, implying annual growth of N/A. Current consensus DPS estimate is 4.4, implying a prospective dividend yield of 0.5%. Current consensus EPS estimate suggests the PER is 16.7. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 23.00 cents and EPS of 75.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 73.5, implying annual growth of 37.6%. Current consensus DPS estimate is 23.8, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 12.2. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates ORG as Hold (3) -
First half results were better than expected, but Deutsche Bank notes the strength in the result came mainly from electricity margins and material cash back from APLNG to the partners.
Momentum is moving in the company's favour, with rising wholesale electricity and gas margins. Yet the broker emphasises that competitive action in retail markets means Origin's cost to serve must remain stable.
Hold maintained. Target is raised to $9.20 from $8.70.
Target price is $9.20 Current Price is $8.94 Difference: $0.26
If ORG meets the Deutsche Bank target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $9.56, suggesting upside of 6.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 0.00 cents and EPS of 51.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 53.4, implying annual growth of N/A. Current consensus DPS estimate is 4.4, implying a prospective dividend yield of 0.5%. Current consensus EPS estimate suggests the PER is 16.7. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 0.00 cents and EPS of 75.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 73.5, implying annual growth of 37.6%. Current consensus DPS estimate is 23.8, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 12.2. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates ORG as Neutral (3) -
The broker had been advising on the Lattice sale but is now back from restriction, reinstating a Neutral rating with a $9.21 target.
Origin's result fell short due to a electricity being weak, but guidance was upgraded for Energy Markets an reiterated for APLNG. The utilities space is getting harder, the broker notes, but Origin is better placed than peers. Yet the headwinds of lower electricity prices, renewable energy certificates and excess competition will dampen performance.
Target price is $9.21 Current Price is $8.94 Difference: $0.27
If ORG meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $9.56, suggesting upside of 6.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 10.00 cents and EPS of 58.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 53.4, implying annual growth of N/A. Current consensus DPS estimate is 4.4, implying a prospective dividend yield of 0.5%. Current consensus EPS estimate suggests the PER is 16.7. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 38.00 cents and EPS of 64.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 73.5, implying annual growth of 37.6%. Current consensus DPS estimate is 23.8, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 12.2. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates ORG as Overweight (1) -
First half underlying net profit was ahead of Morgan Stanley's estimates. The company has lifted energy markets FY18 operating earnings guidance by 3.7% at the mid point and reduced APLNG's distribution break-even to US$45/bbl.
Morgan Stanley believes policy risk for Australia's merchant utilities has plateaued but anticipates continued news flow around energy affordability in 2018.
Overweight rating. Target is $10.88. Industry view: Cautious.
Target price is $10.88 Current Price is $8.94 Difference: $1.94
If ORG meets the Morgan Stanley target it will return approximately 22% (excluding dividends, fees and charges).
Current consensus price target is $9.56, suggesting upside of 6.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 0.00 cents and EPS of 54.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 53.4, implying annual growth of N/A. Current consensus DPS estimate is 4.4, implying a prospective dividend yield of 0.5%. Current consensus EPS estimate suggests the PER is 16.7. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 EPS of 73.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 73.5, implying annual growth of 37.6%. Current consensus DPS estimate is 23.8, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 12.2. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates ORG as Hold (3) -
First half earnings were below Morgans estimates. Nevertheless, the broker notes the company did succeed in demonstrating a material improvement in profitability. Positive momentum is expected to continue in the second half.
Energy markets remain the key strength for the company. There are no plans to de-merge in the short term as energy markets supply a solid earnings base to underpin rolling oil price volatility, the broker observes.
Hold retained. Target price rises to $8.52 from $7.52.
Target price is $8.52 Current Price is $8.94 Difference: minus $0.42 (current price is over target).
If ORG meets the Morgans target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $9.56, suggesting upside of 6.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 25.00 cents and EPS of 62.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 53.4, implying annual growth of N/A. Current consensus DPS estimate is 4.4, implying a prospective dividend yield of 0.5%. Current consensus EPS estimate suggests the PER is 16.7. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 38.00 cents and EPS of 68.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 73.5, implying annual growth of 37.6%. Current consensus DPS estimate is 23.8, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 12.2. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates ORG as Upgrade to Accumulate from Hold (2) -
Underlying, reported net profit fell some -13% short of what Ord Minnett analysts had penciled in. But then, the interim report also revealed better-than-expected margins in the electricity portfolio on top of higher than expected sales volumes in the company's gas portfolio.
Another negative highlight were higher-than-expected operational costs. Ord Minnett takes the positive from the fact all parts of the business are showing improvement. The analysts also note Asia-Pacific LNG, commonly referred to as APLNG, continues to ramp up to capacity and has now started distributing cash back to the JV partners.
Reducing debt in combination with a weaker share price has enticed Ord Minnett to upgrade to Accumulate from Hold. Price target remains untouched at $9.65. No dividends are expected before FY20.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $9.65 Current Price is $8.94 Difference: $0.71
If ORG meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $9.56, suggesting upside of 6.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 0.00 cents and EPS of 22.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 53.4, implying annual growth of N/A. Current consensus DPS estimate is 4.4, implying a prospective dividend yield of 0.5%. Current consensus EPS estimate suggests the PER is 16.7. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 0.00 cents and EPS of 96.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 73.5, implying annual growth of 37.6%. Current consensus DPS estimate is 23.8, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 12.2. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates ORG as Upgrade to Buy from Neutral (1) -
First half results were in line with the broker's estimates. The company increased FY18 energy market EBITDA guidance to $1.78-1.85bn, driven by better performance at Eraring and increased domestic gas trading activity.
Following the recent decline in the share price UBS upgrades to Buy from Neutral as it expects lower forecast debt levels will lead to dividend reinstatement in FY19.
UBS retains the $10.40 target.
Target price is $10.40 Current Price is $8.94 Difference: $1.46
If ORG meets the UBS target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $9.56, suggesting upside of 6.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 0.00 cents and EPS of 64.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 53.4, implying annual growth of N/A. Current consensus DPS estimate is 4.4, implying a prospective dividend yield of 0.5%. Current consensus EPS estimate suggests the PER is 16.7. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 36.00 cents and EPS of 72.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 73.5, implying annual growth of 37.6%. Current consensus DPS estimate is 23.8, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 12.2. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $3.35
Citi rates S32 as Sell (5) -
South 32's first half result met the broker, save for the announcement of a US3c special dividend and a US$250 million capital management top-up.
But Citi cites a return of cost pressures to the industry, given exposure to the Alumina/aluminium price and exposure to the Rand. Guidance was weak, triggering a downgrade to forward estimates.
Sell rating retained. Target price steady at $3.50.
Target price is $3.50 Current Price is $3.35 Difference: $0.15
If S32 meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $3.29, suggesting downside of -1.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 18.14 cents and EPS of 31.35 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 17.5, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 12.0. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 11.66 cents and EPS of 23.58 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.0, implying annual growth of -3.6%. Current consensus DPS estimate is 15.8, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 12.4. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates S32 as Underperform (5) -
First half earnings were softer than Credit Suisse expected. The broker concedes it did not adjust enough to account for cost pressures, and the results show cost guidance has been raised and Cannington expectations downgraded.
The broker notes the balance sheet enables management to reward shareholders that are willing to take on the production and cost challenges inherent in the portfolio.
The broker is uncertain how the M&A strategy may develop over the next five years, particularly if there is a period of commodity price pressure affecting the top line. Underperform maintained. Target reduced to $3.30 from $3.50.
Target price is $3.30 Current Price is $3.35 Difference: minus $0.05 (current price is over target).
If S32 meets the Credit Suisse target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $3.29, suggesting downside of -1.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 14.70 cents and EPS of 26.44 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 17.5, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 12.0. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 10.39 cents and EPS of 26.07 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.0, implying annual growth of -3.6%. Current consensus DPS estimate is 15.8, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 12.4. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates S32 as Sell (5) -
Underlying, the H1 performance fell a smidgen short (-1%) while also dividend plus extra fell short of what Deutsche Bank had expected. Stand out negatives are yet another production downgrade for Cannington as well as management guiding for higher costs.
Estimates have been culled by -5-14%. Sell rating retained on valuation. Price target loses 10c to $3.00.
Target price is $3.00 Current Price is $3.35 Difference: minus $0.35 (current price is over target).
If S32 meets the Deutsche Bank target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $3.29, suggesting downside of -1.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 20.73 cents and EPS of 29.80 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 17.5, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 12.0. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 19.43 cents and EPS of 31.09 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.0, implying annual growth of -3.6%. Current consensus DPS estimate is 15.8, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 12.4. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates S32 as Downgrade to Underperform from Neutral (5) -
South32 reported in line with forecasts and announced a special dividend, but FY guidance proved a major negative, Macquarie suggests, due to increased costs. Unit costs across various operations were 10-16% higher than expected.
Currencies are rising in South32's countries of operation, adding to the pressure, and Macquarie is forecasting commodity price declines. The stock continues to look attractive at spot prices, the broker notes, but this is more than outweighed by cost and production risks.
Downgrade to Underperform. target falls to $3.10 from $3.70.
Target price is $3.10 Current Price is $3.35 Difference: minus $0.25 (current price is over target).
If S32 meets the Macquarie target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $3.29, suggesting downside of -1.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 21.76 cents and EPS of 31.09 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 17.5, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 12.0. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 14.90 cents and EPS of 29.93 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.0, implying annual growth of -3.6%. Current consensus DPS estimate is 15.8, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 12.4. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates S32 as Downgrade to Reduce from Hold (5) -
First half results were softer than expected. The deteriorating economics of the company's main assets troubles Morgans. The broker is also concerned that the company is now re-thinking its entire regional operating strategy.
The company has downgraded FY18/19 production guidance for Cannington while outlining major changes to its mine plan.
The broker was surprised by the special dividend. Rating is downgraded to Reduce from Hold. Target is reduced to $2.97 from $3.53.
Target price is $2.97 Current Price is $3.35 Difference: minus $0.38 (current price is over target).
If S32 meets the Morgans target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $3.29, suggesting downside of -1.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 14.25 cents and EPS of 24.62 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 17.5, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 12.0. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 12.96 cents and EPS of 27.21 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.0, implying annual growth of -3.6%. Current consensus DPS estimate is 15.8, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 12.4. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates S32 as Hold (3) -
First half earnings were below expectations and another downgrade has been announced at Cannington. Ord Minnett notes, however, that the balance sheet is strong and this supports a 7.3c dividend plus a 3c special dividend, along with a US$250m increase in the buyback.
The broker believes the shares are trading around fair value and maintains a Hold rating. Target is reduced to $3.30 from $3.85.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $3.30 Current Price is $3.35 Difference: minus $0.05 (current price is over target).
If S32 meets the Ord Minnett target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $3.29, suggesting downside of -1.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 19.43 cents and EPS of 31.09 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 17.5, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 12.0. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 22.02 cents and EPS of 34.98 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.0, implying annual growth of -3.6%. Current consensus DPS estimate is 15.8, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 12.4. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates S32 as Neutral (3) -
First half results were in line with UBD forecasts. The company announced a fully franked interim dividend of US4.3c and a partially franked special dividend of US3.0c.
The company has increased the size of its capital management program by US$250m to US$1bn. The broker notes this was a function of a strong pricing environment rather than intrinisic improvements made in the business.
Production guidance remains unchanges, except at Cannington, where processing guidance has been reduced by -12% in FY18 and FY19. Neutral retained and target reduced to $3.40 from $3.45.
Target price is $3.40 Current Price is $3.35 Difference: $0.05
If S32 meets the UBS target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $3.29, suggesting downside of -1.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 19.43 cents and EPS of 28.50 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 17.5, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 12.0. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 22.02 cents and EPS of 31.09 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.0, implying annual growth of -3.6%. Current consensus DPS estimate is 15.8, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 12.4. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
SAR SARACEN MINERAL HOLDINGS LIMITED
Gold & Silver
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Overnight Price: $1.54
Macquarie rates SAR as Upgrade to Outperform from Neutral (1) -
Saracen has reported high grade extensional drilling results from its Carosue Dam Operations, with notable success at Karari and Whirling Dervish. Karari is becoming a standout, Macquarie suggests, while Whiling Dervish continues to yield good results.
The broker expects the two to provide the cornerstone of a 10+ year mine life at Carosue. Upgrade to Outperform. Target unchanged at $1.90.
Target price is $1.90 Current Price is $1.54 Difference: $0.36
If SAR meets the Macquarie target it will return approximately 23% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 2.00 cents and EPS of 11.50 cents. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 3.00 cents and EPS of 18.20 cents. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $24.14
Citi rates SHL as Sell (5) -
Sonic Healthcare's first half fell shy of the broker, thanks to weak margins.
Citi notes weakness in US markets given regulatory risk and, while the outlook from Australian collections is slightly better, this is likely to be more than offset by fee cuts.
Citi says guidance of earnings before interest, tax, depreciation and amortisation of 6% to 8% is achievable.
Sell reiterated. Target price inches up to $22 from $21 on a roll-forward basis.
Target price is $22.00 Current Price is $24.14 Difference: minus $2.14 (current price is over target).
If SHL meets the Citi target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $24.55, suggesting upside of 1.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 80.00 cents and EPS of 109.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 112.0, implying annual growth of 9.1%. Current consensus DPS estimate is 79.9, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 21.6. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 85.00 cents and EPS of 119.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 119.6, implying annual growth of 6.8%. Current consensus DPS estimate is 84.7, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 20.2. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates SHL as Neutral (3) -
First half EBITDA was below Credit Suisse forecasts. Adjusting for a comparable fewer number of working days in multiple jurisdictions, revenue was in line.
The broker's forecasts for 7.6% growth in operating earnings is at the upper end of guidance and aided by a full-year benefit of the Staber and MLB acquisitions.
Neutral. Target is $24.00.
Target price is $24.00 Current Price is $24.14 Difference: minus $0.14 (current price is over target).
If SHL meets the Credit Suisse target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $24.55, suggesting upside of 1.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 80.00 cents and EPS of 111.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 112.0, implying annual growth of 9.1%. Current consensus DPS estimate is 79.9, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 21.6. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 84.00 cents and EPS of 116.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 119.6, implying annual growth of 6.8%. Current consensus DPS estimate is 84.7, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 20.2. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates SHL as Neutral (3) -
Sonic's underlying earnings fell -3% short of the broker but FY guidance was maintained. Volume growth is improving but fee cuts are offsetting, the broker notes.
Regulatory changes in Europe/US may present acquisitive growth options and Sonic has the balance sheet capacity, the broker notes. Fee pressure nevertheless represents the key risk. Neutral retained. Target rises to $26.50 from $26.20.
Target price is $26.20 Current Price is $24.14 Difference: $2.06
If SHL meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $24.55, suggesting upside of 1.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 77.00 cents and EPS of 107.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 112.0, implying annual growth of 9.1%. Current consensus DPS estimate is 79.9, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 21.6. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 83.00 cents and EPS of 117.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 119.6, implying annual growth of 6.8%. Current consensus DPS estimate is 84.7, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 20.2. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates SHL as Overweight (1) -
First half results were ahead of Morgan Stanley estimates. Earnings were characterised by solid volume growth that was clouded by US and German fee changes.
Funding risks aside, Morgan Stanley believes the market should be prepared to pay a premium for structural volume growth, strong cash generation and the flexibility on the balance sheet.
Overweight maintained. Target is reduced to $27.10 from $27.30. Industry view is In-Line.
Target price is $27.10 Current Price is $24.14 Difference: $2.96
If SHL meets the Morgan Stanley target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $24.55, suggesting upside of 1.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 82.10 cents and EPS of 115.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 112.0, implying annual growth of 9.1%. Current consensus DPS estimate is 79.9, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 21.6. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 85.10 cents and EPS of 120.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 119.6, implying annual growth of 6.8%. Current consensus DPS estimate is 84.7, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 20.2. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates SHL as Add (1) -
First half underlying profit was in line with Morgans. Profitability continues in the domestic laboratory business with strong organic revenue growth and ongoing cost management. The broker believes the impact from regulatory changes in both the US and Germany will be negligible.
The broker maintains an Add rating, envisaging the post-reporting sell-off as a buying opportunity, and raises the target to $26.04 from $25.91.
Target price is $26.04 Current Price is $24.14 Difference: $1.9
If SHL meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $24.55, suggesting upside of 1.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 79.00 cents and EPS of 119.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 112.0, implying annual growth of 9.1%. Current consensus DPS estimate is 79.9, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 21.6. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 86.00 cents and EPS of 130.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 119.6, implying annual growth of 6.8%. Current consensus DPS estimate is 84.7, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 20.2. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates SHL as Hold (3) -
First half net profit was short of expectations as margins in the pathology operations contracted. Imaging had strong top line and margin growth, reflecting a robust demand environment. The broker expects this positive momentum will continue.
Ord Minnett is concerned that the management did not let investors know that a loss of revenue, comparatively, would occur because there were fewer working days in a high fixed-cost business.
Hold maintained. Target is lowered to $23.50 from $24.50.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $23.50 Current Price is $24.14 Difference: minus $0.64 (current price is over target).
If SHL meets the Ord Minnett target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $24.55, suggesting upside of 1.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 79.00 cents and EPS of 113.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 112.0, implying annual growth of 9.1%. Current consensus DPS estimate is 79.9, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 21.6. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 82.00 cents and EPS of 116.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 119.6, implying annual growth of 6.8%. Current consensus DPS estimate is 84.7, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 20.2. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $13.37
Citi rates SUN as Buy (1) -
Suncorp's first-half result disappointed the broker.
Citi expresses concern about margin deterioration (0.9% shy of estimates) but reckons the chances of improvement are high given industry tailwinds and that the benefits of its Business Improvement Program are on the way.
Citi retains a Buy rating and a target price of $15.
Target price is $15.00 Current Price is $13.37 Difference: $1.63
If SUN meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $14.10, suggesting upside of 5.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 77.00 cents and EPS of 78.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 79.6, implying annual growth of -5.1%. Current consensus DPS estimate is 71.7, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 16.8. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 79.00 cents and EPS of 101.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 97.1, implying annual growth of 22.0%. Current consensus DPS estimate is 75.5, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 13.8. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates SUN as Upgrade to Outperform from Neutral (1) -
First half earnings were below Credit Suisse forecasts. The broker has been cautious about the stock over the recent months, fearing a major re-set of the general insurance margin. The re-set was larger than expected but this is now considered likely to be the bottom of the adjustment.
Credit Suisse has avoided buying the value appeal ahead of the re-set and earnings disappointment. Now this over, the valuation is too hard to ignore and the rating is upgraded to Outperform from Neutral. $14.50 target maintained.
Target price is $14.50 Current Price is $13.37 Difference: $1.13
If SUN meets the Credit Suisse target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $14.10, suggesting upside of 5.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 69.00 cents and EPS of 78.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 79.6, implying annual growth of -5.1%. Current consensus DPS estimate is 71.7, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 16.8. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 75.00 cents and EPS of 100.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 97.1, implying annual growth of 22.0%. Current consensus DPS estimate is 75.5, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 13.8. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates SUN as Buy (1) -
First half results were weaker than expected, with net profit down -16%. Results were negatively affected by natural hazard costs and expenses.
Deutsche Bank finds the FY19 targets ambitious. Buy rating maintained on the back of strong top-line growth and the expectations for improved efficiency in FY19. Target is $14.50.
Target price is $14.50 Current Price is $13.37 Difference: $1.13
If SUN meets the Deutsche Bank target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $14.10, suggesting upside of 5.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 73.00 cents and EPS of 92.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 79.6, implying annual growth of -5.1%. Current consensus DPS estimate is 71.7, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 16.8. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 74.00 cents and EPS of 95.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 97.1, implying annual growth of 22.0%. Current consensus DPS estimate is 75.5, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 13.8. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates SUN as Underperform (5) -
Higher operating costs impacted on Suncorp's result, offset by a better than expected dividend and a slightly more positive outlook for FY19, the broker notes. The company could benefit from ongoing cost savings but the broker would like to see these crystallised before becoming more positive.
Suncorp trades at a material discount to IAG ((IAG)) on two-year forward earnings but ongoing operational challenges will continue to weigh in the second half, the broker believes. Underperform retained, target rises to $12.95 from $12.80.
Target price is $12.95 Current Price is $13.37 Difference: minus $0.42 (current price is over target).
If SUN meets the Macquarie target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $14.10, suggesting upside of 5.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 72.00 cents and EPS of 77.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 79.6, implying annual growth of -5.1%. Current consensus DPS estimate is 71.7, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 16.8. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 75.00 cents and EPS of 94.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 97.1, implying annual growth of 22.0%. Current consensus DPS estimate is 75.5, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 13.8. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates SUN as Equal-weight (3) -
Morgan Stanley observes no momentum in underlying margin improvement and suggests, therefore, executing on the business improvement program remains critical. Improving short tail margins, such as in home and motor insurance, is proving tough.
Equal-weight. Target is reduced to $13.00 from $13.20. In-Line sector view.
Target price is $13.00 Current Price is $13.37 Difference: minus $0.37 (current price is over target).
If SUN 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 $14.10, suggesting upside of 5.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 73.00 cents and EPS of 77.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 79.6, implying annual growth of -5.1%. Current consensus DPS estimate is 71.7, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 16.8. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 74.00 cents and EPS of 98.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 97.1, implying annual growth of 22.0%. Current consensus DPS estimate is 75.5, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 13.8. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates SUN as Upgrade to Add from Hold (1) -
First half cash net profit was below expectations. The main disappointment for Morgans was a -2% decline in underlying insurance margin. The broker downgrades FY18 estimates for earnings per share by -12%.
While acknowledging the flaws in the result, Morgans believes this is the low point. Significant reinsurance protections also support the second half. The broker envisages some value returning to the stock and upgrades to Add from Hold. Target is reduced to $14.31 from $14.46.
Target price is $14.31 Current Price is $13.37 Difference: $0.94
If SUN meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $14.10, suggesting upside of 5.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 67.40 cents and EPS of 79.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 79.6, implying annual growth of -5.1%. Current consensus DPS estimate is 71.7, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 16.8. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 77.70 cents and EPS of 101.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 97.1, implying annual growth of 22.0%. Current consensus DPS estimate is 75.5, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 13.8. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates SUN as Accumulate (2) -
First half results were below expectations. Ord Minnett notes trends were weak in most segments.
The broker is sceptical about the full upside from the business improvement plan but expects the rising general insurance cycle should improve trends.
The stock is considered cheap on a price/earnings basis versus peers, and there could be upside if Suncorp sells the life operations at close to embedded value, but Ord Minnett suggests brokers such as Steadfast ((SDF)) may be a better way to play the turnaround in general insurance.
Accumulate maintained. Target is reduced to $14.34 from $15.21.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $14.34 Current Price is $13.37 Difference: $0.97
If SUN meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $14.10, suggesting upside of 5.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 70.00 cents and EPS of 75.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 79.6, implying annual growth of -5.1%. Current consensus DPS estimate is 71.7, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 16.8. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 70.00 cents and EPS of 91.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 97.1, implying annual growth of 22.0%. Current consensus DPS estimate is 75.5, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 13.8. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates SUN as Buy (1) -
First half results were below the broker's expectations, with the bulk of the miss being in Aus Insurance. Weaker underlying ITR margins also disappointed the broker.
UBS has cut FY18 EPS forecast by -12% and FY19 forecast by -2.7%.
Buy rating retained and target reduced to $14.20 from $14.85.
Target price is $14.20 Current Price is $13.37 Difference: $0.83
If SUN meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $14.10, suggesting upside of 5.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 72.00 cents and EPS of 79.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 79.6, implying annual growth of -5.1%. Current consensus DPS estimate is 71.7, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 16.8. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 79.00 cents and EPS of 96.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 97.1, implying annual growth of 22.0%. Current consensus DPS estimate is 75.5, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 13.8. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
TLS TELSTRA CORPORATION LIMITED
Telecommunication
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Overnight Price: $3.44
Citi rates TLS as Sell (5) -
Telstra's first half fell well short of the broker, core earnings before interest, tax, depreciation and amortisation down 8% compared with Citi's estimate of minus 3%.
Citi reports pressure on the mobile business and pressure on margins as average revenue per user fell. Margins fell from 42% to 40% and Citi expects more pressure.
Citi says Telstra would need to double its productivity target to maintain its dividend and doubts this is practical.
The broker cuts core earnings per share 5-15% across FY18 to FY20.
Target price falls to $3.10 from $3.15. Sell retained.
Target price is $3.10 Current Price is $3.44 Difference: minus $0.34 (current price is over target).
If TLS meets the Citi target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $3.65, suggesting upside of 6.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 22.00 cents and EPS of 21.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.9, implying annual growth of -14.2%. Current consensus DPS estimate is 22.0, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 12.3. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 20.00 cents and EPS of 16.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.7, implying annual growth of 6.5%. Current consensus DPS estimate is 21.9, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 11.6. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates TLS as Outperform (1) -
First half results were broadly in line with Credit Suisse. The broker forecasts mobile earnings to remain subdued in the near term but return to growth in the longer term as 5G opens up new use and revenue streams.
The broker believes the dividend is sustainable for at least the next four years. Outperform maintained. Target reduced to $3.95 from $4.00.
Target price is $3.95 Current Price is $3.44 Difference: $0.51
If TLS meets the Credit Suisse target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $3.65, suggesting upside of 6.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 22.00 cents and EPS of 29.53 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.9, implying annual growth of -14.2%. Current consensus DPS estimate is 22.0, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 12.3. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 22.00 cents and EPS of 33.76 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.7, implying annual growth of 6.5%. Current consensus DPS estimate is 21.9, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 11.6. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates TLS as Buy (1) -
First half earnings were better than expected. This was mostly because of higher one-off NBN income and lower expenses.
Deutsche Bank observes, despite competitive market conditions, Telstra is performing better than expected in mobiles and on costs.
Buy rating retained. Target rises to $4.07 from $4.04.
Target price is $4.07 Current Price is $3.44 Difference: $0.63
If TLS meets the Deutsche Bank target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $3.65, suggesting upside of 6.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 22.00 cents and EPS of 31.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.9, implying annual growth of -14.2%. Current consensus DPS estimate is 22.0, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 12.3. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 23.00 cents and EPS of 32.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.7, implying annual growth of 6.5%. Current consensus DPS estimate is 21.9, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 11.6. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates TLS as Neutral (3) -
Telstra's first half result highlighted increasing competitive pressures, the broker suggests, only partially offset by cost cuts. Mobile revenues per user are falling, broadband subscriber growth is slowing and corporate data declines continue.
The broker does not see relief ahead, noting earnings contracted in the half for mobiles, Network Applications & Services and Global Connectivity -- all segments that were supposed to offset the NBN impact on fixed line earnings. NAS should recover, but the broker is cautious on mobiles in particular, despite further cost cuts to come.
Neutral retained, target falls to $3.55 from $3.70.
Target price is $3.55 Current Price is $3.44 Difference: $0.11
If TLS meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $3.65, suggesting upside of 6.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 22.00 cents and EPS of 23.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.9, implying annual growth of -14.2%. Current consensus DPS estimate is 22.0, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 12.3. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 22.00 cents and EPS of 22.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.7, implying annual growth of 6.5%. Current consensus DPS estimate is 21.9, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 11.6. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates TLS as Underweight (5) -
First half numbers were broadly in line with expectations. FY18 guidance has been reiterated, with EBITDA in a range of $10.1-10.6bn expected and a dividend of $0.22 per share.
Target is $3.40. Underweight. Industry view In-Line.
Target price is $3.40 Current Price is $3.44 Difference: minus $0.04 (current price is over target).
If TLS meets the Morgan Stanley target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $3.65, suggesting upside of 6.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 22.00 cents and EPS of 30.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.9, implying annual growth of -14.2%. Current consensus DPS estimate is 22.0, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 12.3. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 22.00 cents and EPS of 33.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.7, implying annual growth of 6.5%. Current consensus DPS estimate is 21.9, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 11.6. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates TLS as Add (1) -
First half results were broadly in line with Morgans, excluding the Ooyala impairment. The broker notes, despite intense competition, the mobile business is doing well and delivering increased subscriber count, albeit at lower price points.
Cost-cutting measures are seen progressing well and helping to offset NBN migration. The broker believes the NBN will, ultimately, not be charging $52 per subscriber per month, and this means that Telstra will not have as large a hole in earnings as many expect.
Morgans maintains an Add rating and raises the target to $4.12 from $4.11.
Target price is $4.12 Current Price is $3.44 Difference: $0.68
If TLS meets the Morgans target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $3.65, suggesting upside of 6.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 22.00 cents and EPS of 29.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.9, implying annual growth of -14.2%. Current consensus DPS estimate is 22.0, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 12.3. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 22.00 cents and EPS of 32.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.7, implying annual growth of 6.5%. Current consensus DPS estimate is 21.9, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 11.6. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates TLS as Hold (3) -
Ord Minnett saw a rather mixed interim report, net profit underwhelmed but at least guidance for the full year was reiterated, comment the analysts. The net addition of 130,000 post-paid mobile subscribers in the half is highlighted as a pleasant surprise.
The negative standout, according to the analysts, was the steep margin decline in fixed broadband. This is the trigger behind reduced estimates for the years ahead. This, in turn, takes projected payout ratio for current dividends to above 100% by FY21.
Increasing competition in mobiles is not helping the latter either. Ord Minnett at this stage is not forecasting another cut in the dividend, but the deteriorating metrics are on the radar, nevertheless. Target price drops to $3.70 from $3.85. Hold.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $3.70 Current Price is $3.44 Difference: $0.26
If TLS meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $3.65, suggesting upside of 6.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 22.00 cents and EPS of 29.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.9, implying annual growth of -14.2%. Current consensus DPS estimate is 22.0, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 12.3. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 22.00 cents and EPS of 38.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.7, implying annual growth of 6.5%. Current consensus DPS estimate is 21.9, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 11.6. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates TLS as Neutral (3) -
First half results were in line with UBS estimates. Mobile EBITDA declined by -1% yoy and the broker sees the potential for the decline to accelerate in the second half and is forecasting a -6% yoy decline in 2H18.
The broker has cut long term earnings by -5-10%, with long term EPS now 22c, which factors execution on the $1.5bn productivity target.
UBS maintains a Neutral rating and reduces the target to $3.30 from $3.60.
Target price is $3.30 Current Price is $3.44 Difference: minus $0.14 (current price is over target).
If TLS meets the UBS target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $3.65, suggesting upside of 6.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 22.00 cents and EPS of 29.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.9, implying annual growth of -14.2%. Current consensus DPS estimate is 22.0, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 12.3. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 22.00 cents and EPS of 30.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.7, implying annual growth of 6.5%. Current consensus DPS estimate is 21.9, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 11.6. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
TOX TOX FREE SOLUTIONS LIMITED
Industrial Sector Contractors & Engineers
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Overnight Price: $3.44
UBS rates TOX as Neutral (3) -
First half results were in line with UBS estimates. Health Services continued to exhibit strong growth, and the pipeline for infrastructure related products sets a solid platform for the next 5 years, the broker believes.
Management reaffirmed guidance of up to 4% EBITDA growth in FY18. The second half should benefit from $3m in overhead reduction. The broker increases FY18 EBITDA forecast by 2%, however, lower D&A and tax results in EPS upgrades of 7% in FY18 and 4% in both FY19 and FY20.
Neutral and $3.50 target retained.
Target price is $3.50 Current Price is $3.44 Difference: $0.06
If TOX meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $2.86, suggesting downside of -16.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 11.00 cents and EPS of 14.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 13.0, implying annual growth of 83.1%. Current consensus DPS estimate is 10.0, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 26.5. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 11.00 cents and EPS of 15.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 14.1, implying annual growth of 8.5%. Current consensus DPS estimate is 9.8, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 24.4. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $2.55
Morgan Stanley rates VCX as Overweight (1) -
First half results were in line with Morgan Stanley's estimates. Soft headline metrics were offset by greater evidence of a more active approach to the portfolio.
As 20% of the portfolio is either in, or about to enter, development, and there is scope for mixed use, the stock remains the broker's preferred pure-play retail exposure.
Overweight. Target is $2.90. Industry view: Cautious.
Target price is $2.90 Current Price is $2.55 Difference: $0.35
If VCX meets the Morgan Stanley target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $2.87, suggesting upside of 12.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 16.30 cents and EPS of 17.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.6, implying annual growth of 4.8%. Current consensus DPS estimate is 16.2, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 13.0. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 16.80 cents and EPS of 18.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.7, implying annual growth of -4.6%. Current consensus DPS estimate is 16.8, implying a prospective dividend yield of 6.6%. Current consensus EPS estimate suggests the PER is 13.6. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $31.08
Macquarie rates WPL as Underperform (5) -
Woodside posted a small miss of the broker's forecast but only on an accounting adjustment. The announced capital raising to fund the acquisition of Exxon's 50% Scarborough stake overshadowed.
The broker notes the head of exploration has gone, Browse has been delayed again and Woodside will raise $2bn to by a dry field Exxon has owned since 1979 but couldn't make economic. The company has paid a high price for a flat to declining production outlook, the broker suggests.
The broker also notes the raising is equivalent to all the dividends paid over the last 2.5 years. Underperform retained. Target falls to $27.50 from $29.50.
Target price is $27.50 Current Price is $31.08 Difference: minus $3.58 (current price is over target).
If WPL meets the Macquarie target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $30.45, suggesting downside of -2.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 164.53 cents and EPS of 207.28 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 184.0, implying annual growth of N/A. Current consensus DPS estimate is 136.3, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 16.9. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 136.03 cents and EPS of 172.04 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 181.8, implying annual growth of -1.2%. Current consensus DPS estimate is 130.3, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 17.1. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Summaries
| 3PL | 3P LEARNING | Buy - Deutsche Bank | Overnight Price $1.66 |
| Overweight - Morgan Stanley | Overnight Price $1.66 | ||
| A2M | THE A2 MILK CO | Hold - Deutsche Bank | Overnight Price $8.47 |
| ASX | ASX | Neutral - Citi | Overnight Price $56.66 |
| Underperform - Credit Suisse | Overnight Price $56.66 | ||
| Hold - Deutsche Bank | Overnight Price $56.66 | ||
| Underperform - Macquarie | Overnight Price $56.66 | ||
| Equal-weight - Morgan Stanley | Overnight Price $56.66 | ||
| Hold - Ord Minnett | Overnight Price $56.66 | ||
| Sell - UBS | Overnight Price $56.66 | ||
| BRG | BREVILLE GROUP | Upgrade to Outperform from Neutral - Credit Suisse | Overnight Price $13.75 |
| Neutral - Macquarie | Overnight Price $13.75 | ||
| Upgrade to Buy from Hold - Ord Minnett | Overnight Price $13.75 | ||
| Neutral - UBS | Overnight Price $13.75 | ||
| CLW | CHARTER HALL LONG WALE REIT | Underperform - Macquarie | Overnight Price $3.73 |
| Accumulate - Ord Minnett | Overnight Price $3.73 | ||
| Neutral - UBS | Overnight Price $3.73 | ||
| CPU | COMPUTERSHARE | Sell - Deutsche Bank | Overnight Price $17.61 |
| EVN | EVOLUTION MINING | Buy - Citi | Overnight Price $2.76 |
| Neutral - Credit Suisse | Overnight Price $2.76 | ||
| Hold - Deutsche Bank | Overnight Price $2.76 | ||
| Neutral - Macquarie | Overnight Price $2.76 | ||
| Buy - UBS | Overnight Price $2.76 | ||
| EVT | EVENT HOSPITALITY | Upgrade to Neutral from Sell - Citi | Overnight Price $13.36 |
| FBU | FLETCHER BUILDING | Overweight - Morgan Stanley | Overnight Price $6.44 |
| GNC | GRAINCORP | Outperform - Credit Suisse | Overnight Price $7.55 |
| Buy - Deutsche Bank | Overnight Price $7.55 | ||
| Neutral - Macquarie | Overnight Price $7.55 | ||
| Add - Morgans | Overnight Price $7.55 | ||
| Neutral - UBS | Overnight Price $7.55 | ||
| HSO | HEALTHSCOPE | Neutral - Citi | Overnight Price $1.87 |
| Underperform - Credit Suisse | Overnight Price $1.87 | ||
| Neutral - Macquarie | Overnight Price $1.87 | ||
| Underweight - Morgan Stanley | Overnight Price $1.87 | ||
| Add - Morgans | Overnight Price $1.87 | ||
| Buy - UBS | Overnight Price $1.87 | ||
| HT1 | HT&E LTD | Neutral - Citi | Overnight Price $1.74 |
| Outperform - Credit Suisse | Overnight Price $1.74 | ||
| Buy - Deutsche Bank | Overnight Price $1.74 | ||
| Outperform - Macquarie | Overnight Price $1.74 | ||
| IAG | INSURANCE AUSTRALIA | Neutral - Macquarie | Overnight Price $7.77 |
| IPH | IPH | Hold - Deutsche Bank | Overnight Price $3.96 |
| Add - Morgans | Overnight Price $3.96 | ||
| MTR | MANTRA GROUP | Hold - Deutsche Bank | Overnight Price $3.86 |
| Hold - Morgans | Overnight Price $3.86 | ||
| Neutral - UBS | Overnight Price $3.86 | ||
| NCM | NEWCREST MINING | Upgrade to Buy from Neutral - Citi | Overnight Price $22.22 |
| Underperform - Credit Suisse | Overnight Price $22.22 | ||
| Sell - Deutsche Bank | Overnight Price $22.22 | ||
| Hold - Ord Minnett | Overnight Price $22.22 | ||
| NGI | NAVIGATOR GLOBAL INVESTMENTS | Outperform - Macquarie | Overnight Price $3.62 |
| ORA | ORORA | Hold - Deutsche Bank | Overnight Price $3.33 |
| ORG | ORIGIN ENERGY | Outperform - Credit Suisse | Overnight Price $8.94 |
| Hold - Deutsche Bank | Overnight Price $8.94 | ||
| Neutral - Macquarie | Overnight Price $8.94 | ||
| Overweight - Morgan Stanley | Overnight Price $8.94 | ||
| Hold - Morgans | Overnight Price $8.94 | ||
| Upgrade to Accumulate from Hold - Ord Minnett | Overnight Price $8.94 | ||
| Upgrade to Buy from Neutral - UBS | Overnight Price $8.94 | ||
| S32 | SOUTH32 | Sell - Citi | Overnight Price $3.35 |
| Underperform - Credit Suisse | Overnight Price $3.35 | ||
| Sell - Deutsche Bank | Overnight Price $3.35 | ||
| Downgrade to Underperform from Neutral - Macquarie | Overnight Price $3.35 | ||
| Downgrade to Reduce from Hold - Morgans | Overnight Price $3.35 | ||
| Hold - Ord Minnett | Overnight Price $3.35 | ||
| Neutral - UBS | Overnight Price $3.35 | ||
| SAR | SARACEN MINERAL | Upgrade to Outperform from Neutral - Macquarie | Overnight Price $1.54 |
| SHL | SONIC HEALTHCARE | Sell - Citi | Overnight Price $24.14 |
| Neutral - Credit Suisse | Overnight Price $24.14 | ||
| Neutral - Macquarie | Overnight Price $24.14 | ||
| Overweight - Morgan Stanley | Overnight Price $24.14 | ||
| Add - Morgans | Overnight Price $24.14 | ||
| Hold - Ord Minnett | Overnight Price $24.14 | ||
| SUN | SUNCORP | Buy - Citi | Overnight Price $13.37 |
| Upgrade to Outperform from Neutral - Credit Suisse | Overnight Price $13.37 | ||
| Buy - Deutsche Bank | Overnight Price $13.37 | ||
| Underperform - Macquarie | Overnight Price $13.37 | ||
| Equal-weight - Morgan Stanley | Overnight Price $13.37 | ||
| Upgrade to Add from Hold - Morgans | Overnight Price $13.37 | ||
| Accumulate - Ord Minnett | Overnight Price $13.37 | ||
| Buy - UBS | Overnight Price $13.37 | ||
| TLS | TELSTRA CORP | Sell - Citi | Overnight Price $3.44 |
| Outperform - Credit Suisse | Overnight Price $3.44 | ||
| Buy - Deutsche Bank | Overnight Price $3.44 | ||
| Neutral - Macquarie | Overnight Price $3.44 | ||
| Underweight - Morgan Stanley | Overnight Price $3.44 | ||
| Add - Morgans | Overnight Price $3.44 | ||
| Hold - Ord Minnett | Overnight Price $3.44 | ||
| Neutral - UBS | Overnight Price $3.44 | ||
| TOX | TOX FREE SOLUTIONS | Neutral - UBS | Overnight Price $3.44 |
| VCX | VICINITY CENTRES | Overweight - Morgan Stanley | Overnight Price $2.55 |
| WPL | WOODSIDE PETROLEUM | Underperform - Macquarie | Overnight Price $31.08 |
RATING SUMMARY
| Rating | No. Of Recommendations |
| 1. Buy | 33 |
| 2. Accumulate | 3 |
| 3. Hold | 37 |
| 5. Sell | 19 |
Friday 16 February 2018
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