Australian Broker Call
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November 16, 2020
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COMPANIES DISCUSSED IN THIS ISSUE
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The number next to the symbol represents the number of brokers covering it for this report -(if more than 1).
Last Updated: 05:00 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.
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Today's Upgrades and Downgrades
LOV - | Lovisa | Upgrade to Neutral from Sell | Citi |
TCL - | Transurban Group | Downgrade to Hold from Accumulate | Ord Minnett |
Overnight Price: $1.37
Morgan Stanley rates 3PL as Overweight (1) -
3P Learning has received a conditional proposal of $1.45 per share from the private Ed-tech company BYJU. The board had previously recommended a $1.35 per share acquisition by IXL due to complete on November 20 but is now considering the proposal from BYJU.
Morgan Stanley believes there is a risk of neither proposal resulting in a transaction but sees greater scope for competitive tension.
The broker maintains its Overweight rating with a target price of $1.50. Industry view: In-line.
Target price is $1.50 Current Price is $1.37 Difference: $0.13
If 3PL meets the Morgan Stanley target it will return approximately 9% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 dividend of 0.00 cents and EPS of 9.00 cents. |
Forecast for FY22:
Morgan Stanley forecasts a full year FY22 EPS of 6.00 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $101.85
Morgan Stanley rates APT as Overweight (1) -
Observing signs of a pre-Christmas rush, Morgan Stanley has upgraded its revenue and gross margin value forecasts for the second quarter. In the first four months of FY21, the broker expects active users to rise to 11.9m. Overall, the FY21 revenue forecast rises by 6%.
The broker highlights Afterpay's partnership with Stripe would enable merchants in more than 120 countries to connect with Afterpay while its partnership with Wix.com would help SMEs establish an online presence with no additional Afterpay integration costs.
On the home front, Afterpay's partnership with Westpac is expected to reduce processing costs.
Morgan Stanley retains its Overweight rating with the target rising to $120 from $115. Industry view: In-line.
Target price is $120.00 Current Price is $101.85 Difference: $18.15
If APT meets the Morgan Stanley target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $93.22, suggesting downside of -8.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 dividend of 0.00 cents and EPS of 20.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.9, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 1024.2. |
Forecast for FY22:
Morgan Stanley forecasts a full year FY22 dividend of 0.00 cents and EPS of 59.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 43.2, implying annual growth of 336.4%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 234.7. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $17.09
Ord Minnett rates AUB as Initiation of coverage with Buy (1) -
Ord Minnett initiates coverage on the insurance brokerage agency AUG Group with a Buy recommendation and a target price of $20.
AUB Group's business units include Australian broking, New Zealand broking and underwriting agencies.
The broker prefers brokers within the insurance sector and in particular the AUB Group because of the strong earnings growth potential (both organic and inorganic) displayed by the group even in the current environment.
This, adds the broker, highlights the resilience of the company’s business model.
Target price is $20.00 Current Price is $17.09 Difference: $2.91
If AUB meets the Ord Minnett target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $18.59, suggesting upside of 6.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY21:
Ord Minnett forecasts a full year FY21 EPS of 82.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 78.7, implying annual growth of 22.8%. Current consensus DPS estimate is 51.0, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 22.3. |
Forecast for FY22:
Ord Minnett forecasts a full year FY22 EPS of 86.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 82.2, implying annual growth of 4.4%. Current consensus DPS estimate is 51.5, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 21.3. |
Market Sentiment: 1.0
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: $26.05
Ord Minnett rates BRG as Hold (3) -
Breville Group provided earnings guidance for FY21, something the group has avoided in the past during the Christmas trading period. Management guided to FY21 operating earnings of $128-$132m, in line with the market’s expectations.
Ord Minnett considers the revenue growth impressive and expects the company will continue this trajectory in the near and medium-term.
The broker maintains a Hold rating, viewing the stock as relatively fully priced. Target is raised to $24 from $22.00.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $24.00 Current Price is $26.05 Difference: minus $2.05 (current price is over target).
If BRG meets the Ord Minnett target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $27.63, suggesting upside of 4.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY21:
Ord Minnett forecasts a full year FY21 dividend of 46.00 cents and EPS of 64.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 63.9, implying annual growth of 26.5%. Current consensus DPS estimate is 43.9, implying a prospective dividend yield of 1.7%. Current consensus EPS estimate suggests the PER is 41.3. |
Forecast for FY22:
Ord Minnett forecasts a full year FY22 dividend of 50.00 cents and EPS of 71.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 72.1, implying annual growth of 12.8%. Current consensus DPS estimate is 49.3, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 36.6. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $14.14
Ord Minnett rates CHC as Accumulate (2) -
Charter Hall Group has formed a new partnership with Dutch pension fund PGGM to acquire around $800m of industrial property through acquisition of assets.
The development reaffirms Ord Minnett’s view that capital sources are allocating or planning to allocate equity to relevant property sectors in far higher quantities than seen before the pandemic.
Ord Minnett reaffirms its Accumulate recommendation with a target price of $16.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $16.00 Current Price is $14.14 Difference: $1.86
If CHC meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $14.21, suggesting downside of -1.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY21:
Ord Minnett forecasts a full year FY21 dividend of 38.00 cents and EPS of 55.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 54.5, implying annual growth of -26.6%. Current consensus DPS estimate is 37.9, implying a prospective dividend yield of 2.6%. Current consensus EPS estimate suggests the PER is 26.5. |
Forecast for FY22:
Ord Minnett forecasts a full year FY22 dividend of 41.00 cents and EPS of 75.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 66.0, implying annual growth of 21.1%. Current consensus DPS estimate is 40.0, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 21.9. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $3.95
Macquarie rates CIA as Outperform (1) -
Champion Iron has approved the Bloom Lake Phase 2 expansion. Macquarie points out this will double the miner's production capacity to circa 15mtpa from circa 7.5mtpa.
Macquarie considers Champion Iron's decision to approve the Bloom Lake Phase II expansion encouraging, and considers the timeline and capex to be better than the broker's previous assumptions.
The broker believes the project can be funded from the miner's cash balance and cash flow generation if iron-ore prices remain buoyant.
Target rises to $4.80 from $4.40, Outperform retained.
Target price is $4.80 Current Price is $3.95 Difference: $0.85
If CIA meets the Macquarie target it will return approximately 22% (excluding dividends, fees and charges).
The company's fiscal year ends in March.
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 0.00 cents and EPS of 80.54 cents. |
Forecast for FY22:
Macquarie forecasts a full year FY22 dividend of 0.00 cents and EPS of 52.64 cents. |
This company reports in CAD. 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
DHG DOMAIN HOLDINGS AUSTRALIA LIMITED
Real Estate
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Overnight Price: $4.48
Macquarie rates DHG as Outperform (1) -
Domain Holdings Australia reported a better than expected lift in revenue growth. Macquarie considers the group well placed to benefit from the rebounding volumes post-covid-19 given its cost discipline.
With Domain executing its strategy around yield improvement, the broker sees scope for value creation in the medium-term.
Outperform rating is retained. Target rises to $5.25 from $4.00.
Target price is $5.25 Current Price is $4.48 Difference: $0.77
If DHG meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $4.12, suggesting downside of -7.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 0.00 cents and EPS of 5.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 5.8, implying annual growth of N/A. Current consensus DPS estimate is 3.4, implying a prospective dividend yield of 0.8%. Current consensus EPS estimate suggests the PER is 76.4. |
Forecast for FY22:
Macquarie forecasts a full year FY22 dividend of 9.20 cents and EPS of 11.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.8, implying annual growth of 69.0%. Current consensus DPS estimate is 7.3, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 45.2. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $14.28
Macquarie rates LLC as Outperform (1) -
Responding to media reports about cost overruns of -$3.3bn in the Melbourne Metro project and the Victorian Government contributing $1bn to the overruns, Macquarie estimates Lendlease Group's share of these net losses will be about circa -$500m.
The group took provisions for such losses, deemed "broadly sufficient" by the broker.
Outperform retained with a target price of $13.98.
Target price is $13.98 Current Price is $14.28 Difference: minus $0.3 (current price is over target).
If LLC meets the Macquarie target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $13.89, suggesting downside of -3.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 32.40 cents and EPS of 64.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 71.1, implying annual growth of N/A. Current consensus DPS estimate is 34.0, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 20.2. |
Forecast for FY22:
Macquarie forecasts a full year FY22 dividend of 43.50 cents and EPS of 86.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 95.4, implying annual growth of 34.2%. Current consensus DPS estimate is 46.3, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 15.1. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates LLC as Equal-weight (3) -
Lendlease confirmed reaching a non-binding agreement with the Victorian government on cost overruns in the Melbourne Metro project in June.
The group, a one-third partner to the Cross Yarra Partnership, also stated taking into account the agreement with the Victorian government when it booked the -$550m exit costs in FY20.
Morgan Stanley believes the agreement implies Lendlease may not have to bear any more expenses in relation to the Melbourne Metro project.
Equal-weight rating is maintained with a $13.55 target. Industry view: In-line.
Target price is $13.55 Current Price is $14.28 Difference: minus $0.73 (current price is over target).
If LLC meets the Morgan Stanley target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $13.89, suggesting downside of -3.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 dividend of 31.00 cents and EPS of 70.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 71.1, implying annual growth of N/A. Current consensus DPS estimate is 34.0, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 20.2. |
Forecast for FY22:
Morgan Stanley forecasts a full year FY22 dividend of 38.00 cents and EPS of 84.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 95.4, implying annual growth of 34.2%. Current consensus DPS estimate is 46.3, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 15.1. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $11.48
Citi rates LOV as Upgrade to Neutral from Sell (3) -
Citi upgrades to Neutral from Sell as the Beeline acquisition will diversify the global roll-out and boost growth in Europe.
To become more positive from this point, the broker would require evidence of just how the company is navigating the reduced shopping centre traffic post the pandemic, and the structural shift to online.
Strategically, Citi finds the Beeline acquisition sound as it provides instant access to six new markets. Nevertheless, downside risk could exist to investor expectations as the "next to nothing consideration" signals the network was underperforming.
Citi suspects this could be a function of sub-optimal locations that may be difficult to change and integration risks may be elevated. Target is raised to $11.60 from $6.70 as FY21-23 estimates are raised by 32-55% to reflect the acquisition.
Target price is $11.60 Current Price is $11.48 Difference: $0.12
If LOV meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $11.36, suggesting downside of -2.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY21:
Citi forecasts a full year FY21 dividend of 7.50 cents and EPS of 32.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 22.5, implying annual growth of 112.3%. Current consensus DPS estimate is 9.6, implying a prospective dividend yield of 0.8%. Current consensus EPS estimate suggests the PER is 51.6. |
Forecast for FY22:
Citi forecasts a full year FY22 dividend of 12.50 cents and EPS of 48.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 36.8, implying annual growth of 63.6%. Current consensus DPS estimate is 22.7, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 31.5. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates LOV as Equal-weight (3) -
Lovisa Holdings' acquisition of the beeline GMbH retail stores will give the company 84 stores across six European countries. Morgan Stanley notes the stores are similar to Lovisa's current portfolio.
The broker considers the EU acquisition compelling with the improving comps showing the resiliency of the model.
Lovisa is looking to acquire an additional 30 stores in France, expected to be completed in the last quarter of FY21.
Seeing the risk/reward as evenly balanced, Morgan Stanley maintains its Equal-weight rating with the target rising to $11.50 from $7.15. Industry view: In-line.
Target price is $11.50 Current Price is $11.48 Difference: $0.02
If LOV meets the Morgan Stanley target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $11.36, suggesting downside of -2.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 dividend of 0.00 cents and EPS of 20.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 22.5, implying annual growth of 112.3%. Current consensus DPS estimate is 9.6, implying a prospective dividend yield of 0.8%. Current consensus EPS estimate suggests the PER is 51.6. |
Forecast for FY22:
Morgan Stanley forecasts a full year FY22 dividend of 24.60 cents and EPS of 33.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 36.8, implying annual growth of 63.6%. Current consensus DPS estimate is 22.7, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 31.5. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates LOV as Add (1) -
Lovisa Holdings has acquired around 80 beeline stores (European retail) and a put option to acquire a further 30 stores in France. This will increase the company’s global footprint by circa 20%.
The purchase price is negligible and by gaining access to some cash the company is effectively being paid to take on the operation of these stores, explains Morgans. Effectively beeline is considered to be paying the company to take over the operation of their stores.
The broker notes the stores are similar to the company’s in terms of size and fit-out, making the conversion to the Lovisa brand a reasonably simple process.
Separately, same store sales growth over the past 19 weeks was -9.2% (excluding UK/France which are now closed). This implies to Morgans a continuation of the improving sales trend.
The broker makes forecast EPS upgrades of around 18% from FY22 onwards.
The Add rating is unchanged and the target is increased to 12.78 from $10.76.
Target price is $12.78 Current Price is $11.48 Difference: $1.3
If LOV meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $11.36, suggesting downside of -2.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY21:
Morgans forecasts a full year FY21 dividend of 16.00 cents and EPS of 18.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 22.5, implying annual growth of 112.3%. Current consensus DPS estimate is 9.6, implying a prospective dividend yield of 0.8%. Current consensus EPS estimate suggests the PER is 51.6. |
Forecast for FY22:
Morgans forecasts a full year FY22 dividend of 26.00 cents and EPS of 33.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 36.8, implying annual growth of 63.6%. Current consensus DPS estimate is 22.7, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 31.5. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
M7T MACH7 TECHNOLOGIES LIMITED
Healthcare services
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Overnight Price: $1.13
Morgans rates M7T as Add (1) -
Mach7 Technologies has been awarded a $5.3m contract over seven years with Trinity Health in the US for its eUnity enterprise viewer platform.
Trinity is the fifth largest healthcare Integrated Delivery Network (IDN) in the US. The contract will be installed in 92 hospitals across 22 states.
The win pleases Morgans as delays in tenders and contract signings have been a feature across the US hospital sector since the pandemic onset.
The broker makes no changes to forecasts which assume a number of contract wins over the next six months.
The company has previously noted that around $40m of tenders were pending a decision.
The Add rating and target price of $1.49 are unchanged.
Target price is $1.49 Current Price is $1.13 Difference: $0.36
If M7T meets the Morgans target it will return approximately 32% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY21:
Morgans forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 0.25 cents. |
Forecast for FY22:
Morgans forecasts a full year FY22 dividend of 0.00 cents and EPS of 4.89 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $0.96
Macquarie rates MCR as Outperform (1) -
Macquarie notes the full mobilisation of Mincor Resources' mining contractor Pit N Portal is now underway with development occurring at three separate mining fronts.
The broker expects the development phase will take a little over a year with the Cassini project forming the mainstay of production. The positive exploration result confirming the potential extension of the Cassini North operations present a key near-term catalyst, adds the broker.
The Outperform rating is maintained with a target price of $1.05.
Target price is $1.05 Current Price is $0.96 Difference: $0.09
If MCR meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 3.80 cents. |
Forecast for FY22:
Macquarie forecasts a full year FY22 dividend of 0.00 cents and EPS of 0.00 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $2.90
Ord Minnett rates MPL as Hold (3) -
Medibank Private's AGM update showed very strong growth in policyholders during the first four months of the year. Ord Minnett notes the insurer now aims to increase its market share and achieve 2% policyholder growth versus the less than 1% indicated previously.
Furthermore, management is targeting “modest-sized” inorganic growth opportunities. As a result of increasing its policyholder forecasts, Ord Minnett raises its FY21 earnings estimate by 4%.
The Hold rating is maintained with a target price of $2.70.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $2.70 Current Price is $2.90 Difference: minus $0.2 (current price is over target).
If MPL meets the Ord Minnett target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $2.84, suggesting downside of -2.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY21:
Ord Minnett forecasts a full year FY21 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 13.9, implying annual growth of 21.9%. Current consensus DPS estimate is 11.7, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 20.9. |
Forecast for FY22:
Ord Minnett forecasts a full year FY22 dividend of 10.00 cents and EPS of 13.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 14.1, implying annual growth of 1.4%. Current consensus DPS estimate is 12.1, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 20.6. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
MQG MACQUARIE GROUP LIMITED
Wealth Management & Investments
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Overnight Price: $141.17
Ord Minnett rates MQG as Accumulate (2) -
Ord Minnett is of the view Macquarie Group will see higher near-term capital recycling gains and performance fees.
This view has now been solidified looking at the recent developments including Macquarie Infrastructure Corp's announcement to sell its International-Matex Tank Terminals and the announcement by Macquarie Infrastructure Fund II to sell Elizabeth River Crossing among other notable events.
While the timing on these transactions is uncertain, the broker believes these events are likely to support the strong conditions expected in the second half of FY21 and beyond.
Accumulate retained with a target of $144.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $144.00 Current Price is $141.17 Difference: $2.83
If MQG meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $136.87, suggesting downside of -2.5% (ex-dividends)
The company's fiscal year ends in March.
Forecast for FY21:
Ord Minnett forecasts a full year FY21 dividend of 385.00 cents and EPS of 625.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 616.3, implying annual growth of -22.1%. Current consensus DPS estimate is 380.8, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 22.8. |
Forecast for FY22:
Ord Minnett forecasts a full year FY22 dividend of 580.00 cents and EPS of 806.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 780.9, implying annual growth of 26.7%. Current consensus DPS estimate is 541.7, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 18.0. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
NEC NINE ENTERTAINMENT CO. HOLDINGS LIMITED
Print, Radio & TV
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Overnight Price: $2.44
Macquarie rates NEC as Outperform (1) -
Nine Entertainment's first-half FTA ad revenues are expected to be flat due to improving markets and deferral of major events to the December quarter. Also, Nine Entertainment continues to execute on its digital assets, observes Macquarie, improving the quality of the earnings.
An upside to the broker's valuation depends on if Nine can unlock more revenue from Google/Facebook under the news media bargaining code.
The Outperform rating is maintained. The target price is increased to $2.90 from $1.90.
Target price is $2.90 Current Price is $2.44 Difference: $0.46
If NEC meets the Macquarie target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $2.56, suggesting upside of 6.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 7.40 cents and EPS of 10.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.8, implying annual growth of N/A. Current consensus DPS estimate is 7.1, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 24.5. |
Forecast for FY22:
Macquarie forecasts a full year FY22 dividend of 10.80 cents and EPS of 13.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.9, implying annual growth of 21.4%. Current consensus DPS estimate is 8.7, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 20.2. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $6.71
Morgans rates OPC as No Rating (-1) -
Following Uniti Group ((UWL)) successful takeover of OptiComm, Morgans discontinues Coverage of OptiComm.
Current Price is $6.71. Target price not assessed.
The company's fiscal year ends in June.
Forecast for FY21:
Morgans forecasts a full year FY21 dividend of 0.00 cents and EPS of 0.00 cents. |
Forecast for FY22:
Morgans forecasts a full year FY22 dividend of 0.00 cents and EPS of 0.00 cents. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
RHC RAMSAY HEALTH CARE LIMITED
Healthcare services
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Overnight Price: $66.88
Citi rates RHC as Neutral (3) -
A first quarter trading update signals revenue and costs were negatively affected by the pandemic and Australia is performing better than Europe.
Citi finds a significant amount of uncertainty for the short term because of the pandemic, particularly in France and UK. No FY21 guidance was provided.
Citi retains a Neutral rating and raises the target to $71 from $70. The main issue is how quickly Australian surgical and non-surgical volume is normalised, given European operations are likely to be neutral to earnings in FY21.
Target price is $71.00 Current Price is $66.88 Difference: $4.12
If RHC meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $68.59, suggesting upside of 1.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY21:
Citi forecasts a full year FY21 dividend of 162.50 cents and EPS of 178.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 185.0, implying annual growth of 41.2%. Current consensus DPS estimate is 104.1, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 36.5. |
Forecast for FY22:
Citi forecasts a full year FY22 dividend of 207.00 cents and EPS of 312.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 270.6, implying annual growth of 46.3%. Current consensus DPS estimate is 147.4, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 25.0. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates RHC as Neutral (3) -
The first quarter trading update was mixed, Credit Suisse observes, as a second wave of coronavirus makes its impact. Australian surgical volumes have recovered, up 8% in the first quarter and ahead of estimates.
The broker estimates Australian earnings declined -$55-60m in the quarter as management called out additional costs related to cleaning, PPE and changes in staffing requirements.
The majority of the added costs are expected to remain post the pandemic and impact margins by -150 basis points compared with pre-pandemic levels. Neutral retained. Target is reduced to $69 from $70.
Target price is $69.00 Current Price is $66.88 Difference: $2.12
If RHC meets the Credit Suisse target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $68.59, suggesting upside of 1.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY21:
Credit Suisse forecasts a full year FY21 dividend of 74.00 cents and EPS of 201.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 185.0, implying annual growth of 41.2%. Current consensus DPS estimate is 104.1, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 36.5. |
Forecast for FY22:
Credit Suisse forecasts a full year FY22 dividend of 151.00 cents and EPS of 270.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 270.6, implying annual growth of 46.3%. Current consensus DPS estimate is 147.4, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 25.0. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates RHC as Outperform (1) -
Ramsay Health Care's first-quarter activity levels in Australia were favourable with revenues rising by 1.5% (if Victoria us excluded, revenue was up 6.6%). On the flip side, costs were higher due to impacts associated with the pandemic.
Even so, Macquarie continues to see Ramsay Health Care as well-positioned to grow over the medium–longer term.
Outperform retained. Target rises to $73.65 from $73.15.
Target price is $73.65 Current Price is $66.88 Difference: $6.77
If RHC meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $68.59, suggesting upside of 1.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 106.00 cents and EPS of 175.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 185.0, implying annual growth of 41.2%. Current consensus DPS estimate is 104.1, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 36.5. |
Forecast for FY22:
Macquarie forecasts a full year FY22 dividend of 153.00 cents and EPS of 255.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 270.6, implying annual growth of 46.3%. Current consensus DPS estimate is 147.4, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 25.0. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates RHC as Underweight (5) -
Ramsay Health Care refrained from providing any guidance for FY21 due to the pandemic.
Morgan Stanley observes Australia is doing better than expected with the first-quarter revenue up 1.5%. Operating income was down versus last year led by a decrease in surgical activity in Victoria and increase in costs.
The UK trended lower than anticipated during the quarter with revenue declining by -9.9%.
Underweight with a target price of $61. Industry view: In-line.
Target price is $61.00 Current Price is $66.88 Difference: minus $5.88 (current price is over target).
If RHC 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 $68.59, suggesting upside of 1.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 EPS of 163.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 185.0, implying annual growth of 41.2%. Current consensus DPS estimate is 104.1, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 36.5. |
Forecast for FY22:
Morgan Stanley forecasts a full year FY22 EPS of 323.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 270.6, implying annual growth of 46.3%. Current consensus DPS estimate is 147.4, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 25.0. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates RHC as Accumulate (2) -
The latest trading update from Ramsay Health Care lacked in specifics but Ord Minnett is encouraged by the rising surgical volumes across the group’s major markets during the first quarter, considering it evidence of the business recovering.
What the broker didn't like was the higher cost burden from covid-19, following which the broker has reduced its domestic forecasts and pushed out the expected recovery in the group’s UK and European operations.
Even so, the broker remains confident Ramsay is well placed to benefit from a pickup in elective surgery volumes over the next 1–2 years and maintains its Accumulate rating with a target price of $72.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $72.00 Current Price is $66.88 Difference: $5.12
If RHC meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $68.59, suggesting upside of 1.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY21:
Ord Minnett forecasts a full year FY21 EPS of 199.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 185.0, implying annual growth of 41.2%. Current consensus DPS estimate is 104.1, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 36.5. |
Forecast for FY22:
Ord Minnett forecasts a full year FY22 EPS of 286.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 270.6, implying annual growth of 46.3%. Current consensus DPS estimate is 147.4, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 25.0. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates RHC as Neutral (3) -
First quarter revenue was up 1.5% in Australia, including a 1.7% increase in surgical admissions. This was offset by lower non-surgical activity. Ramsay Sante reported surgical volume growth of 5.4% while Ramsay UK revenue was down -9.9%.
Given the complexities across the company's different operating regions, UBS finds forecasting earnings for the short term problematic. On a medium-long term basis organic private hospital volume growth is expected to return to 2-3%.
The broker retains a Neutral rating and $71.20 target.
Target price is $71.20 Current Price is $66.88 Difference: $4.32
If RHC meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $68.59, suggesting upside of 1.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY21:
UBS forecasts a full year FY21 dividend of 90.00 cents and EPS of 201.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 185.0, implying annual growth of 41.2%. Current consensus DPS estimate is 104.1, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 36.5. |
Forecast for FY22:
UBS forecasts a full year FY22 dividend of 134.00 cents and EPS of 264.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 270.6, implying annual growth of 46.3%. Current consensus DPS estimate is 147.4, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 25.0. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $27.15
UBS rates SSR as Buy (1) -
The third quarter dividend surprised UBS and more capital returns are flagged. The results are not indicative that the underlying strength, the broker suggests, because the acquisition of Alacer Gold has meant Copler only contributed two weeks of financials.
A maiden dividend of 5c was announced. Management has also indicated that buybacks may form part of capital returns, which would make sense in the broker's view given the large share price discount to valuation.
Buy rating and $33 target retained. Guidance for 2020 is for 680-760,000 ounces of production at an all-in sustainable cost of US$965-1040/oz.
Target price is $33.00 Current Price is $27.15 Difference: $5.85
If SSR meets the UBS target it will return approximately 22% (excluding dividends, fees and charges).
The company's fiscal year ends in December.
Forecast for FY21:
UBS forecasts a full year FY21 dividend of 58.00 cents and EPS of 234.00 cents. |
Forecast for FY22:
UBS forecasts a full year FY22 dividend of 96.00 cents and EPS of 192.00 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $0.22
Macquarie rates SWM as Outperform (1) -
Seven West Media's ad revenue was down -5% in October (year to date) although the company managed to more than offset this decline via its cost-saving initiatives. The company expects ad revenue to be down -5% for the first half.
While the company is positively leveraged to an upside from a recovery in the ad markets, the broker also notes the debt is high.
The Outperform rating is maintained. The target price is increased to $0.32 from $0.18.
Target price is $0.32 Current Price is $0.22 Difference: $0.1
If SWM meets the Macquarie target it will return approximately 45% (excluding dividends, fees and charges).
Current consensus price target is $0.29, suggesting upside of 29.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 0.00 cents and EPS of 4.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.8, 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 1.3. |
Forecast for FY22:
Macquarie forecasts a full year FY22 dividend of 0.00 cents and EPS of 6.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.0, implying annual growth of -10.7%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 1.5. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $15.26
Ord Minnett rates TCL as Downgrade to Hold from Accumulate (3) -
Ord Minnett lowers its recommendation on Transurban Group to Hold from Accumulate post the recent strong share price gains. The target price falls to $15.50 from $16.
The broker assumes lower long-term growth and has revised down its earnings estimates accordingly. Traffic growth is expected to be around 2% per annum over the medium to long term which is at the lower end of the group's historical range of 2-4%.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $15.50 Current Price is $15.26 Difference: $0.24
If TCL meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $14.48, suggesting downside of -4.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY21:
Ord Minnett forecasts a full year FY21 dividend of 46.00 cents and EPS of minus 6.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.7, implying annual growth of N/A. Current consensus DPS estimate is 39.5, implying a prospective dividend yield of 2.6%. Current consensus EPS estimate suggests the PER is 195.8. |
Forecast for FY22:
Ord Minnett forecasts a full year FY22 EPS of 8.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.4, implying annual growth of 164.9%. Current consensus DPS estimate is 54.1, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 73.9. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $2.05
Ord Minnett rates WSA as Buy (1) -
With production from the Forrestania operation falling off faster than the company's ability to replace it with its Odysseus operation, investing in Western Areas is not without its fair share of risks, cautions Ord Minnett.
The broker finds it unlikely that the Forrestania operations will get any easier on account of the declining production and increased costs while risks remain at Odysseus with respect to construction and funding.
These concerns are offset partly by nickel, which has lifted by 10% since the quarter-end and Ord Minnett decides to maintain its Buy rating. The target is lowered to $3 from $3.35.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $3.00 Current Price is $2.05 Difference: $0.95
If WSA meets the Ord Minnett target it will return approximately 46% (excluding dividends, fees and charges).
Current consensus price target is $2.40, suggesting upside of 15.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY21:
Ord Minnett forecasts a full year FY21 dividend of 2.00 cents and EPS of 7.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 3.4, implying annual growth of -70.8%. Current consensus DPS estimate is 1.1, implying a prospective dividend yield of 0.5%. Current consensus EPS estimate suggests the PER is 60.9. |
Forecast for FY22:
Ord Minnett forecasts a full year FY22 dividend of 2.00 cents and EPS of 10.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.4, implying annual growth of 117.6%. Current consensus DPS estimate is 1.3, implying a prospective dividend yield of 0.6%. Current consensus EPS estimate suggests the PER is 28.0. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Today's Price Target Changes
Company | Last Price | Broker | New Target | Prev Target | Change | |
3PL | 3P Learning | $1.36 | Morgan Stanley | 1.50 | 1.10 | 36.36% |
APT | Afterpay | $101.40 | Morgan Stanley | 120.00 | 115.00 | 4.35% |
BRG | Breville Group | $26.40 | Ord Minnett | 24.00 | 22.00 | 9.09% |
CHC | Charter Hall | $14.45 | Ord Minnett | 16.00 | 13.50 | 18.52% |
CIA | Champion Iron | $4.29 | Macquarie | 4.80 | 4.40 | 9.09% |
DHG | Domain Holdings | $4.43 | Macquarie | 5.25 | 4.00 | 31.25% |
LOV | Lovisa | $11.60 | Citi | 11.60 | 6.70 | 73.13% |
Morgan Stanley | 11.50 | 7.15 | 60.84% | |||
Morgans | 12.78 | 10.76 | 18.77% | |||
NEC | Nine Entertainment | $2.40 | Macquarie | 2.90 | 1.90 | 52.63% |
OPC | Opticomm | $6.71 | Morgans | N/A | 6.67 | -100.00% |
RHC | Ramsay Health Care | $67.60 | Citi | 71.00 | 70.00 | 1.43% |
Credit Suisse | 69.00 | 70.00 | -1.43% | |||
Macquarie | 73.65 | 73.15 | 0.68% | |||
SWM | Seven West Media | $0.22 | Macquarie | 0.32 | 0.18 | 77.78% |
TCL | Transurban Group | $15.08 | Ord Minnett | 15.50 | 16.00 | -3.13% |
WSA | Western Areas | $2.07 | Ord Minnett | 3.00 | 3.35 | -10.45% |
Summaries
3PL | 3P Learning | Overweight - Morgan Stanley | Overnight Price $1.37 |
APT | Afterpay | Overweight - Morgan Stanley | Overnight Price $101.85 |
AUB | AUB Group | Initiation of coverage with Buy - Ord Minnett | Overnight Price $17.09 |
BRG | Breville Group | Hold - Ord Minnett | Overnight Price $26.05 |
CHC | Charter Hall | Accumulate - Ord Minnett | Overnight Price $14.14 |
CIA | Champion Iron | Outperform - Macquarie | Overnight Price $3.95 |
DHG | Domain Holdings | Outperform - Macquarie | Overnight Price $4.48 |
LLC | Lendlease | Outperform - Macquarie | Overnight Price $14.28 |
Equal-weight - Morgan Stanley | Overnight Price $14.28 | ||
LOV | Lovisa | Upgrade to Neutral from Sell - Citi | Overnight Price $11.48 |
Equal-weight - Morgan Stanley | Overnight Price $11.48 | ||
Add - Morgans | Overnight Price $11.48 | ||
M7T | Mach7 Technologies | Add - Morgans | Overnight Price $1.13 |
MCR | Mincor Resources | Outperform - Macquarie | Overnight Price $0.96 |
MPL | Medibank Private | Hold - Ord Minnett | Overnight Price $2.90 |
MQG | Macquarie Group | Accumulate - Ord Minnett | Overnight Price $141.17 |
NEC | Nine Entertainment | Outperform - Macquarie | Overnight Price $2.44 |
OPC | Opticomm | No Rating - Morgans | Overnight Price $6.71 |
RHC | Ramsay Health Care | Neutral - Citi | Overnight Price $66.88 |
Neutral - Credit Suisse | Overnight Price $66.88 | ||
Outperform - Macquarie | Overnight Price $66.88 | ||
Underweight - Morgan Stanley | Overnight Price $66.88 | ||
Accumulate - Ord Minnett | Overnight Price $66.88 | ||
Neutral - UBS | Overnight Price $66.88 | ||
SSR | SSR MINING | Buy - UBS | Overnight Price $27.15 |
SWM | Seven West Media | Outperform - Macquarie | Overnight Price $0.22 |
TCL | Transurban Group | Downgrade to Hold from Accumulate - Ord Minnett | Overnight Price $15.26 |
WSA | Western Areas | Buy - Ord Minnett | Overnight Price $2.05 |
RATING SUMMARY
Rating | No. Of Recommendations |
1. Buy | 15 |
2. Accumulate | 3 |
3. Hold | 9 |
5. Sell | 1 |
Monday 16 November 2020
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Disclaimer:
The content of this information does in no way reflect the opinions of
FNArena, or of its journalists. In fact we don't have any opinion about
the stock market, its value, future direction or individual shares. FNArena solely reports about what the main experts in the market note, believe
and comment on. By doing so we believe we provide intelligent investors
with a valuable tool that helps them in making up their own minds, reading
market trends and getting a feel for what is happening beneath the surface.
This document is provided for informational purposes only. It does not
constitute an offer to sell or a solicitation to buy any security or other
financial instrument. FNArena employs very experienced journalists who
base their work on information believed to be reliable and accurate, though
no guarantee is given that the daily report is accurate or complete. Investors
should contact their personal adviser before making any investment decision.
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