Australian Broker Call
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November 19, 2021
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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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Overnight Price: $45.64
Credit Suisse rates ALL as Outperform (1) -
Adding capability and retaining staff has driven up costs for Aristocrat Leisure's full-year result, as previously flagged, but Credit Suisse notes the addition of seven studios and increased digital staff offers hope for new product launches.
The broker expects Digital to achieve 5% revenue growth in FY22 based on the already-launched Mech Arena, and the upcoming launch of Magic Wars.
Additionally, Gaming is expected to carry momentum into FY22 as the company enters New York with a 1,600 unit operation that could generate $15m over two years.
The Outperform rating is retained and the target price decreases to $49.00 from $50.30.
Target price is $49.00 Current Price is $45.64 Difference: $3.36
If ALL meets the Credit Suisse target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $49.19, suggesting upside of 10.0% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY22:
Credit Suisse forecasts a full year FY22 dividend of 69.00 cents and EPS of 154.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 158.0, implying annual growth of N/A. Current consensus DPS estimate is 62.8, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 28.3. |
Forecast for FY23:
Credit Suisse forecasts a full year FY23 dividend of 78.00 cents and EPS of 173.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 189.2, implying annual growth of 19.7%. Current consensus DPS estimate is 77.0, implying a prospective dividend yield of 1.7%. Current consensus EPS estimate suggests the PER is 23.6. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates ALL as Outperform (1) -
Aristocrat Leisure closed out FY21 with strong momentum, Macquarie notes, supporting North American market share gains and digital upside. The result was in line with expectation.
For Macquarie, the Playtech acquisition (if it is approved) is transformational, given limited business overlap and upside opportunity within the combined businesses. Valuation at 24x FY23 forecasts remain compelling in the broker's view.
Outperform retained, target falls to $51.75 from $52.75.
Target price is $51.75 Current Price is $45.64 Difference: $6.11
If ALL meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $49.19, suggesting upside of 10.0% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY22:
Macquarie forecasts a full year FY22 dividend of 59.50 cents and EPS of 163.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 158.0, implying annual growth of N/A. Current consensus DPS estimate is 62.8, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 28.3. |
Forecast for FY23:
Macquarie forecasts a full year FY23 dividend of 70.00 cents and EPS of 193.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 189.2, implying annual growth of 19.7%. Current consensus DPS estimate is 77.0, implying a prospective dividend yield of 1.7%. Current consensus EPS estimate suggests the PER is 23.6. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates ALL as Add (1) -
Morgans assesses strong growth in group earnings following Aristocrat Leisure's FY21 result, This was thought driven by Digital (now known as Pixel United) and Gaming, in both the Americas and A&NZ.
A decline in International Class III was a partial offset, explains the analyst. The broker lowers its FY22 (EBITA) estimate by -2% to allow for additional spend on design and development as well as corporate overheads.
The Add rating is unchanged and the target price falls to $52 from $52.50. Playtech shareholders are scheduled to vote on the company’s all-cash takeover offer for the business on 12 January, and the analyst suspects this will be a successful outcome.
Target price is $52.00 Current Price is $45.64 Difference: $6.36
If ALL meets the Morgans target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $49.19, suggesting upside of 10.0% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY22:
Morgans forecasts a full year FY22 dividend of 64.00 cents and EPS of 142.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 158.0, implying annual growth of N/A. Current consensus DPS estimate is 62.8, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 28.3. |
Forecast for FY23:
Morgans forecasts a full year FY23 dividend of 82.00 cents and EPS of 182.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 189.2, implying annual growth of 19.7%. Current consensus DPS estimate is 77.0, implying a prospective dividend yield of 1.7%. Current consensus EPS estimate suggests the PER is 23.6. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates ALL as Accumulate (2) -
Given a strong recovery in North American gaming operations and a stabilising of digital daily active users, Ord Minnett believes share price reaction may be in anticipation of a Playtech counterbid or risk associated with higher design and development costs.
While a media report has suggested a third bid has been made for Playtech, the broker notes the company has the ability to pay more to get the acquisition over the line.
The company did guide towards higher spending and investments in FY22. Accumulate. Target $51.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $51.00 Current Price is $45.64 Difference: $5.36
If ALL meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $49.19, suggesting upside of 10.0% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY22:
Ord Minnett forecasts a full year FY22 dividend of 53.00 cents and EPS of 141.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 158.0, implying annual growth of N/A. Current consensus DPS estimate is 62.8, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 28.3. |
Forecast for FY23:
Ord Minnett forecasts a full year FY23 dividend of 73.00 cents and EPS of 194.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 189.2, implying annual growth of 19.7%. Current consensus DPS estimate is 77.0, implying a prospective dividend yield of 1.7%. Current consensus EPS estimate suggests the PER is 23.6. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates ALL as Buy (1) -
Following Aristocrat Leisure's FY21 results, which were in-line with last month's trading update, UBS sees a pathway for materially higher earnings and medium-term share-price outperformance.
The analyst highlights the Americas land based business reported a record profit result for the 2H and notes ongoing demand in A&NZ, despite venue closures. However, there was a slower recovery in Latin America and International, explains the broker.
Due to higher investment, UBS reduces its earnings estimates for FY22-FY24 by -10%, -4% and -4%, respectively. The target price falls to $53.60 from $55 and the Buy rating is unchanged.
Target price is $53.60 Current Price is $45.64 Difference: $7.96
If ALL meets the UBS target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $49.19, suggesting upside of 10.0% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY22:
UBS forecasts a full year FY22 dividend of 72.00 cents and EPS of 178.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 158.0, implying annual growth of N/A. Current consensus DPS estimate is 62.8, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 28.3. |
Forecast for FY23:
UBS forecasts a full year FY23 dividend of 82.00 cents and EPS of 204.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 189.2, implying annual growth of 19.7%. Current consensus DPS estimate is 77.0, implying a prospective dividend yield of 1.7%. Current consensus EPS estimate suggests the PER is 23.6. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $41.06
Citi rates ALU as Buy (1) -
While noting a positive trading update by Altium, Citi is wary of the recent share price rally, especially as management provided no guidance upgrade. Octopart outperformed, as expected by the analyst. The Buy rating and $35.40 target price are maintained.
The 3Q launch of Altimade provides potential upside to medium-term earnings, points out the broker. The increasing adoption of Altium 365 is also seen as a positive,
Target price is $35.40 Current Price is $41.06 Difference: minus $5.66 (current price is over target).
If ALU meets the Citi target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $31.50, suggesting downside of -27.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY22:
Citi forecasts a full year FY22 dividend of 36.41 cents and EPS of 48.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 49.5, implying annual growth of N/A. Current consensus DPS estimate is 49.8, implying a prospective dividend yield of 1.2%. Current consensus EPS estimate suggests the PER is 87.4. |
Forecast for FY23:
Citi forecasts a full year FY23 dividend of 36.94 cents and EPS of 58.26 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 58.8, implying annual growth of 18.8%. Current consensus DPS estimate is 54.1, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 73.5. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
CCX CITY CHIC COLLECTIVE LIMITED
Apparel & Footwear
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Overnight Price: $6.36
Macquarie rates CCX as Outperform (1) -
While City Chic Collective has been caught out by EU/UK supply chain hold-ups ahead of Christmas, it has stocked two months' worth of Inventory in the US and A&NZ which Macquarie sees as beneficial despite the increase to working capital.
Expansion offshore has meant the company's traditional earnings skew to the first half has now swung to the second, and ongoing moves into new marketplaces is providing organic growth momentum, the broker notes.
Outperform retained, target rises to $7.50 from $6.70.
Target price is $7.50 Current Price is $6.36 Difference: $1.14
If CCX meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $6.90, suggesting upside of 6.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY22:
Macquarie forecasts a full year FY22 dividend of 11.00 cents and EPS of 14.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.3, implying annual growth of 59.5%. Current consensus DPS estimate is 4.3, implying a prospective dividend yield of 0.7%. Current consensus EPS estimate suggests the PER is 42.5. |
Forecast for FY23:
Macquarie forecasts a full year FY23 dividend of 15.00 cents and EPS of 19.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.3, implying annual growth of 32.7%. Current consensus DPS estimate is 6.3, implying a prospective dividend yield of 1.0%. Current consensus EPS estimate suggests the PER is 32.1. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
EHL EMECO HOLDINGS LIMITED
Mining Sector Contracting
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Overnight Price: $1.06
Macquarie rates EHL as Outperform (1) -
Emeco Holdings has offered first half guidance slightly below Macquarie, noting headwinds from WA labour shortages and caution among east coast coal miners. Management expects a better second half.
The broker agrees and highlights a strong balance offering capital management potential.
Outperform retained, target falls to $1.27 from $1.35.
Target price is $1.27 Current Price is $1.06 Difference: $0.21
If EHL meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY22:
Macquarie forecasts a full year FY22 dividend of 4.50 cents and EPS of 14.90 cents. |
Forecast for FY23:
Macquarie forecasts a full year FY23 dividend of 5.50 cents and EPS of 18.30 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $4.40
Morgans rates EVN as Hold (3) -
Morgans likes the -$1bn acquisition of the remaining stake in the Ernest Henry copper/gold mine for the operational control and simplification of production forecasts it provides. The acquistion is considered immediately accretive to group cash flows.
A lift in overall copper production will result in reduced group all-in sustaining costs (AISC), explains the analyst. The broker lifts its target price to $4.54 from 4.35.
The Hold rating is retained, as positivity on Ernest Henry need to be weighed against delayed performance improvements at Red Lake, explains Morgans.
Target price is $4.54 Current Price is $4.40 Difference: $0.14
If EVN meets the Morgans target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $4.30, suggesting downside of -2.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY22:
Morgans forecasts a full year FY22 dividend of 9.00 cents and EPS of 25.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.1, implying annual growth of -10.4%. Current consensus DPS estimate is 4.8, implying a prospective dividend yield of 1.1%. Current consensus EPS estimate suggests the PER is 24.4. |
Forecast for FY23:
Morgans forecasts a full year FY23 dividend of 9.00 cents and EPS of 30.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.5, implying annual growth of 40.9%. Current consensus DPS estimate is 5.0, implying a prospective dividend yield of 1.1%. Current consensus EPS estimate suggests the PER is 17.3. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates EVN as Accumulate (2) -
Evolution Mining has agreed to purchase Glencore's stake in Ernest Henry for a total -$1bn, giving the company full ownership of the asset and affirming Ord Minnet's view on near-term trading metrics.
The broker noted the transaction price initially seems high compared to other copper acquisitions, but the purchase drives near-term metric improvement that will likely be favourable to investors with an expected increase to underlying earnings of 12% in FY22 and 20% in FY23.
The Accumulate rating is retained and the target price increases to $4.90 from $3.90.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $4.90 Current Price is $4.40 Difference: $0.5
If EVN meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $4.30, suggesting downside of -2.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY22:
Ord Minnett forecasts a full year FY22 dividend of 5.80 cents and EPS of 21.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.1, implying annual growth of -10.4%. Current consensus DPS estimate is 4.8, implying a prospective dividend yield of 1.1%. Current consensus EPS estimate suggests the PER is 24.4. |
Forecast for FY23:
Ord Minnett forecasts a full year FY23 dividend of 8.30 cents and EPS of 29.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.5, implying annual growth of 40.9%. Current consensus DPS estimate is 5.0, implying a prospective dividend yield of 1.1%. Current consensus EPS estimate suggests the PER is 17.3. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $40.00
Citi rates MIN as Buy (1) -
Mineral Resources guided to lower FY22 production at Yilgarn, when providing an AGM update. Volume growth targets for the
mining services division were unchanged. Citi retains its Buy rating and $55 target price.
Despite negative earnings momentum for iron ore, the analyst sees lithium business earnings rising from FY23. This is due to strong spodumene pricing and volume growth resulting from a Wodgina restart and commissioning of the Kemerton hydroxide plant.
Target price is $55.00 Current Price is $40.00 Difference: $15
If MIN meets the Citi target it will return approximately 38% (excluding dividends, fees and charges).
Current consensus price target is $53.18, suggesting upside of 28.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY22:
Citi forecasts a full year FY22 dividend of 115.00 cents and EPS of 229.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 193.1, implying annual growth of -71.3%. Current consensus DPS estimate is 121.3, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 21.5. |
Forecast for FY23:
Citi forecasts a full year FY23 dividend of 158.00 cents and EPS of 315.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 324.5, implying annual growth of 68.0%. Current consensus DPS estimate is 152.3, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 12.8. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates MIN as Outperform (1) -
Mineral Resources' AGM revealed a plan to convert all Wodgina spudomene production into lithium hydroxide, further capturing downstream value, suggesting upside to Macquarie's valuation.
The Ashburton development has been confirmed and while capex is greater than expected, opex is lower. Combining the broker's valuation of the company's lithium and mining services businesses arrives at the current share price, implying no iron ore acknowledgement.
Outperform and $72 target retained.
Target price is $72.00 Current Price is $40.00 Difference: $32
If MIN meets the Macquarie target it will return approximately 80% (excluding dividends, fees and charges).
Current consensus price target is $53.18, suggesting upside of 28.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY22:
Macquarie forecasts a full year FY22 dividend of 134.00 cents and EPS of 284.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 193.1, implying annual growth of -71.3%. Current consensus DPS estimate is 121.3, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 21.5. |
Forecast for FY23:
Macquarie forecasts a full year FY23 dividend of 185.00 cents and EPS of 416.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 324.5, implying annual growth of 68.0%. Current consensus DPS estimate is 152.3, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 12.8. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates MIN as Underweight (5) -
Morgan Stanley maintains its Underweight rating following Mineral Resources' AGM commentary which implied margins could come under pressure.
Near-term production guidance was downgraded for Yilgarn and the economics at Ashburton are significantly worse than expected by the analyst.
The broker remains concerned around significant growth and margin risk from the iron ore operations and growth projects. The $38.70 target price is unchanged.
Target price is $38.70 Current Price is $40.00 Difference: minus $1.3 (current price is over target).
If MIN 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 $53.18, suggesting upside of 28.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY22:
Morgan Stanley forecasts a full year FY22 dividend of 132.30 cents and EPS of 150.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 193.1, implying annual growth of -71.3%. Current consensus DPS estimate is 121.3, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 21.5. |
Forecast for FY23:
Morgan Stanley forecasts a full year FY23 dividend of 128.30 cents and EPS of 190.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 324.5, implying annual growth of 68.0%. Current consensus DPS estimate is 152.3, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 12.8. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates MIN as Hold (3) -
While Mineral Resources' Ashburton asset is yet to receive board-approval, development capital expenditure of -$2.4-2.55bn has been provided, exceeding Ord Minnett's modeled -$2bn. Despite approvals delaying plans the company reiterates a two-year construction.
Elsewhere, production guidance for Yilgarn decreased to 8.0-8.5m tonnes from 10.5-11.0m tonnes to account for haul distance, shipping and strip ration impacting on higher cost tonnes.
The Hold rating and target price of $47.00 are retained.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $47.00 Current Price is $40.00 Difference: $7
If MIN meets the Ord Minnett target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $53.18, suggesting upside of 28.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY22:
Ord Minnett forecasts a full year FY22 dividend of 104.00 cents and EPS of 109.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 193.1, implying annual growth of -71.3%. Current consensus DPS estimate is 121.3, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 21.5. |
Forecast for FY23:
Ord Minnett forecasts a full year FY23 dividend of 138.00 cents and EPS of 376.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 324.5, implying annual growth of 68.0%. Current consensus DPS estimate is 152.3, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 12.8. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $3.51
Morgan Stanley rates MPL as Overweight (1) -
During Medibank Private's AGM trading update, management firmed its target for FY22 policyholder growth to at least 3% from around 3% previously. This is a slight beat over Morgan Stanley's 2.9% estimate.
FY22 underlying claims growth expectations of 2.4% were left unchanged by the company. Target price steady at $3.80. Overweight rating retained. Industry view: In-line.
Target price is $3.80 Current Price is $3.51 Difference: $0.29
If MPL meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $3.54, suggesting downside of -1.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY22:
Morgan Stanley forecasts a full year FY22 dividend of 14.40 cents and EPS of 17.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.8, implying annual growth of -1.4%. Current consensus DPS estimate is 12.8, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 22.7. |
Forecast for FY23:
Morgan Stanley forecasts a full year FY23 dividend of 25.20 cents and EPS of 18.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.2, implying annual growth of 2.5%. Current consensus DPS estimate is 14.8, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 22.2. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates MPL as Hold (3) -
Medibank Private's AGM largely re-affirmed key FY21 guidance metrics, assesses Morgans, though there was a small increase in expectations for FY22 policyholder growth by management.
As a result the broker lifts its FY22 and FY23 EPS estimates by 4% and incorporates more favourable claims assumptions. The target price rises to $3.55 from $3.28. After the recent share price rally, Morgans leaves the Hold rating unchanged.
Target price is $3.55 Current Price is $3.51 Difference: $0.04
If MPL meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $3.54, suggesting downside of -1.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY22:
Morgans forecasts a full year FY22 dividend of 12.50 cents and EPS of 15.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.8, implying annual growth of -1.4%. Current consensus DPS estimate is 12.8, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 22.7. |
Forecast for FY23:
Morgans forecasts a full year FY23 dividend of 13.10 cents and EPS of 16.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.2, implying annual growth of 2.5%. Current consensus DPS estimate is 14.8, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 22.2. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $1.96
Credit Suisse rates NHC as Outperform (1) -
New Hope Corporation has reported a $240m underlying earnings result in the October quarter, which Credit Suisse notes allowed the company to complete a $310m debt facility and position itself in net cash territory looking ahead.
Credit Suisse partly attributed lower than expected realised pricing to off-spec coal sales. Its realised price expectations decrease on expected off-spec coal sales continuing. Potential for lingering costs at Acland drove a -17% reduction to FY22 earnings forecast.
The Outperform rating is retained and the target price decreases to $2.70 from $2.80.
Target price is $2.70 Current Price is $1.96 Difference: $0.74
If NHC meets the Credit Suisse target it will return approximately 38% (excluding dividends, fees and charges).
Current consensus price target is $2.53, suggesting upside of 27.0% (ex-dividends)
The company's fiscal year ends in July.
Forecast for FY22:
Credit Suisse forecasts a full year FY22 dividend of 32.00 cents and EPS of 79.25 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 67.9, implying annual growth of 612.5%. Current consensus DPS estimate is 34.0, implying a prospective dividend yield of 17.1%. Current consensus EPS estimate suggests the PER is 2.9. |
Forecast for FY23:
Credit Suisse forecasts a full year FY23 dividend of 24.00 cents and EPS of 61.69 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 33.9, implying annual growth of -50.1%. Current consensus DPS estimate is 16.8, implying a prospective dividend yield of 8.4%. Current consensus EPS estimate suggests the PER is 5.9. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates NHC as Outperform (1) -
Production at New Hope Corp's Bengalla mine in the September quarter was weaker than Macquarie expected but the full-year outlook remains solid. With New Acland stage 2 expected to close down and the end of 2021, stage 3 hearings are expected this month.
Were the broker to use current thermal coal prices in its valuation, earnings forecasts would increase over 100% and free cash flow over 40%.
Outperform retained, target falls to $2.60 from $2.80.
Target price is $2.60 Current Price is $1.96 Difference: $0.64
If NHC meets the Macquarie target it will return approximately 33% (excluding dividends, fees and charges).
Current consensus price target is $2.53, suggesting upside of 27.0% (ex-dividends)
The company's fiscal year ends in July.
Forecast for FY22:
Macquarie forecasts a full year FY22 dividend of 47.00 cents and EPS of 93.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 67.9, implying annual growth of 612.5%. Current consensus DPS estimate is 34.0, implying a prospective dividend yield of 17.1%. Current consensus EPS estimate suggests the PER is 2.9. |
Forecast for FY23:
Macquarie forecasts a full year FY23 dividend of 19.00 cents and EPS of 37.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 33.9, implying annual growth of -50.1%. Current consensus DPS estimate is 16.8, implying a prospective dividend yield of 8.4%. Current consensus EPS estimate suggests the PER is 5.9. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $4.83
Ord Minnett rates NUF as Hold (3) -
Following the release of Nufarm's FY21 result, higher-than-expected corporate costs have driven Ord Minnett to reduce underlying earnings forecasts -6% in both FY22 and FY23.
The company also reported a lower-than-expected margin result in its Europe and Seeds divisions, and the broker highlights Nufarm's growth earnings outlook relies on new products outside the Australia and New Zealand regions.
The Hold rating is retained and the target price decreases to $5.00 from $5.25.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $5.00 Current Price is $4.83 Difference: $0.17
If NUF meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $5.55, suggesting upside of 15.2% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY22:
Ord Minnett forecasts a full year FY22 dividend of 7.00 cents and EPS of 18.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.8, implying annual growth of N/A. Current consensus DPS estimate is 7.4, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 19.4. |
Forecast for FY23:
Ord Minnett forecasts a full year FY23 dividend of 10.00 cents and EPS of 21.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.1, implying annual growth of 9.3%. Current consensus DPS estimate is 8.5, implying a prospective dividend yield of 1.8%. Current consensus EPS estimate suggests the PER is 17.8. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates PX1 as Hold (3) -
A disappointing first half result from Plexure Group, with higher costs and lack of results from growth strategy driving a miss on Ord Minnet's revenue forecast by -5% and underlying earnings forecast by -28%.
The acquisition of transaction management software services provider TASK could offer strategic benefit including point of sale functionality and cross-selling opportunity.
Despite the disappointing results, the broker sees opportunity for Plexure Group to capture cost efficiencies in the second half.
The Hold rating is retained and the target price decreases to $0.50 from $0.80.
Target price is $0.50 Current Price is $0.42 Difference: $0.08
If PX1 meets the Ord Minnett target it will return approximately 19% (excluding dividends, fees and charges).
The company's fiscal year ends in March.
Forecast for FY22:
Ord Minnett forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 3.48 cents. |
Forecast for FY23:
Ord Minnett forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 1.88 cents. |
This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $89.51
Macquarie rates RIO as Outperform (1) -
Rio Tinto has recently established a new start-up called RESOLVE to extract value from tailings and legacy mine sites and to support rehabilitation activities, and is investing in in low-carbon aluminium production at its AP60 smelter in Canada, Macquaire notes.
All good for ESG brownie points.
With cash flow yields remaining attractive, the broker sticks with Outperform and a $133 target.
Target price is $133.00 Current Price is $89.51 Difference: $43.49
If RIO meets the Macquarie target it will return approximately 49% (excluding dividends, fees and charges).
Current consensus price target is $108.43, suggesting upside of 20.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 1383.87 cents and EPS of 1785.36 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 1835.9, implying annual growth of N/A. Current consensus DPS estimate is 1394.6, implying a prospective dividend yield of 15.5%. Current consensus EPS estimate suggests the PER is 4.9. |
Forecast for FY22:
Macquarie forecasts a full year FY22 dividend of 1074.82 cents and EPS of 1480.67 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 1157.5, implying annual growth of -37.0%. Current consensus DPS estimate is 825.1, implying a prospective dividend yield of 9.2%. Current consensus EPS estimate suggests the PER is 7.8. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates SCG as Buy (1) -
Reports suggest Dexus Wholesale Property Group ((DXS)) has purchased an additional 25% stake of Warringah Mall, meaning both Dexus Wholesale Property Group and Scentre Group would hold a 50% interest in the asset.
Ord Minnett notes the purchase price represents a -2.4% discount to Scentre Group's latest carrying value, but is consistent with recent transactions.
The Buy rating and target price of $3.50 are retained.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $3.50 Current Price is $3.10 Difference: $0.4
If SCG meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $2.89, suggesting downside of -7.6% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY21:
Ord Minnett forecasts a full year FY21 dividend of 15.60 cents and EPS of 19.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.0, implying annual growth of N/A. Current consensus DPS estimate is 14.3, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 18.4. |
Forecast for FY22:
Ord Minnett forecasts a full year FY22 dividend of 17.00 cents and EPS of 21.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.1, implying annual growth of 18.2%. Current consensus DPS estimate is 15.4, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 15.6. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $39.75
Citi rates SHL as Neutral (3) -
Following Sonic Healthcare's AGM trading update, Citi increases its FY22 EPS estimates by 21% on higher margin assumptions, due to ongoing elevated covid testing in Germany, the UK and Australia. The target price rises to $42.50 from $42. Neutral rated.
Should the margin run-rate from the first four months of FY22 be extrapolated for six months, earnings (EBITDA) would end up 17% ahead of the broker's previous forecast.
Further upside to the analyst's forecasts may arise from utilising an under-geared balance sheet for M&A opportunities.
Target price is $42.50 Current Price is $39.75 Difference: $2.75
If SHL meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $44.71, suggesting upside of 9.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY22:
Citi forecasts a full year FY22 dividend of 105.00 cents and EPS of 293.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 261.8, implying annual growth of -5.0%. Current consensus DPS estimate is 100.8, implying a prospective dividend yield of 2.5%. Current consensus EPS estimate suggests the PER is 15.7. |
Forecast for FY23:
Citi forecasts a full year FY23 dividend of 109.00 cents and EPS of 155.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 156.2, implying annual growth of -40.3%. Current consensus DPS estimate is 104.2, implying a prospective dividend yield of 2.5%. Current consensus EPS estimate suggests the PER is 26.3. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates SHL as Outperform (1) -
Increased covid testing relating to the Delta strain has driven stronger earnings performance for Sonic Healthcare, with Credit Suisse noting in the first four months of FY22 the company reported revenue up 5% and underlying earnings up 16% with a 32.1% margin.
Global testing numbers remain robust, with testing up in both Australia and the US half-on-half and rising throughout Europe. While this will not persist indefinitely, in Credit Suisse's view the market has underestimated testing levels remaining elevated in the medium-term.
The Outperform rating and target price of $46.50 are retained.
Target price is $46.50 Current Price is $39.75 Difference: $6.75
If SHL meets the Credit Suisse target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $44.71, suggesting upside of 9.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY22:
Credit Suisse forecasts a full year FY22 dividend of 97.35 cents and EPS of 269.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 261.8, implying annual growth of -5.0%. Current consensus DPS estimate is 100.8, implying a prospective dividend yield of 2.5%. Current consensus EPS estimate suggests the PER is 15.7. |
Forecast for FY23:
Credit Suisse forecasts a full year FY23 dividend of 102.22 cents and EPS of 169.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 156.2, implying annual growth of -40.3%. Current consensus DPS estimate is 104.2, implying a prospective dividend yield of 2.5%. Current consensus EPS estimate suggests the PER is 26.3. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates SHL as Neutral (3) -
Sonic Healthcare's trading update suggests first half revenue and earnings run-rates are tracking higher than Macquarie expected. The broker assumes substantial ongoing covid testing benefits in FY22 before a drop-off in FY23-24.
The broker retains a Neutral rating on valuation but acknowledges potential earnings upside from deploying excess capital into acquisitions.
Target rises to $42.15 from $41.50.
Target price is $42.15 Current Price is $39.75 Difference: $2.4
If SHL meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $44.71, suggesting upside of 9.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY22:
Macquarie forecasts a full year FY22 dividend of 119.00 cents and EPS of 296.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 261.8, implying annual growth of -5.0%. Current consensus DPS estimate is 100.8, implying a prospective dividend yield of 2.5%. Current consensus EPS estimate suggests the PER is 15.7. |
Forecast for FY23:
Macquarie forecasts a full year FY23 dividend of 104.00 cents and EPS of 150.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 156.2, implying annual growth of -40.3%. Current consensus DPS estimate is 104.2, implying a prospective dividend yield of 2.5%. Current consensus EPS estimate suggests the PER is 26.3. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates SHL as Overweight (1) -
Sonic Healthcare's trading update for the first four months of FY22 suggests to Morgan Stanley upside risk to expectations. Revenue and earnings (EBITDA) grew by 5% and 16%. No FY22 guidance was provided.
While more EPS upgrades may be expected, the analyst highlights the difficulty of predicting testing volumes and points out a current covid-19 case surge in Germany. The Overweight rating, target price of $46.10 and In-Line Industry view are unchanged.
Target price is $46.10 Current Price is $39.75 Difference: $6.35
If SHL meets the Morgan Stanley target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $44.71, suggesting upside of 9.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY22:
Morgan Stanley forecasts a full year FY22 dividend of 91.20 cents and EPS of 224.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 261.8, implying annual growth of -5.0%. Current consensus DPS estimate is 100.8, implying a prospective dividend yield of 2.5%. Current consensus EPS estimate suggests the PER is 15.7. |
Forecast for FY23:
Morgan Stanley forecasts a full year FY23 dividend of 110.00 cents and EPS of 160.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 156.2, implying annual growth of -40.3%. Current consensus DPS estimate is 104.2, implying a prospective dividend yield of 2.5%. Current consensus EPS estimate suggests the PER is 26.3. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
TWE TREASURY WINE ESTATES LIMITED
Food, Beverages & Tobacco
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Overnight Price: $11.54
Macquarie rates TWE as No Rating (-1) -
Treasury Wine Estates has announced a strategic acquisition which will complement its Treasury Americas portfolio. Frank Family Vineyards is located in the Napa Valley, which Macquarie notes fills a key portfolio gap in luxury chardonnay.
The acquisition is earnings accretive and offers multiple synergies.
The broker is currently on research restriction.
Current Price is $11.54. Target price not assessed.
Current consensus price target is $12.52, suggesting upside of 3.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY22:
Macquarie forecasts a full year FY22 dividend of 26.60 cents and EPS of 42.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 43.8, implying annual growth of 26.4%. Current consensus DPS estimate is 28.4, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 27.6. |
Forecast for FY23:
Macquarie forecasts a full year FY23 dividend of 31.80 cents and EPS of 50.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 53.3, implying annual growth of 21.7%. Current consensus DPS estimate is 33.7, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 22.6. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates TWE as Add (1) -
Treasury Wine Estates will acquire Frank Family Vineyards for -$432m, strengthening a key gap in the chardonnay portfolio, according to Morgans. Given the target's high margins, the analyst now forecasts the company will be two years earlier in achieving its own margin target.
The broker highlights the acquisition is immediately EPS accretive and US$5m of cost synergies are expected by FY24. Recent share price weakness is seen as a buying opportunity and Morgans retains its Add rating and lifts its target price to $14.06 from $13.90.
Target price is $14.06 Current Price is $11.54 Difference: $2.52
If TWE meets the Morgans target it will return approximately 22% (excluding dividends, fees and charges).
Current consensus price target is $12.52, suggesting upside of 3.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY22:
Morgans forecasts a full year FY22 dividend of 30.00 cents and EPS of 46.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 43.8, implying annual growth of 26.4%. Current consensus DPS estimate is 28.4, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 27.6. |
Forecast for FY23:
Morgans forecasts a full year FY23 dividend of 37.00 cents and EPS of 57.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 53.3, implying annual growth of 21.7%. Current consensus DPS estimate is 33.7, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 22.6. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates TWE as Buy (1) -
Treasury Wine Estates expects the -$432m acquisition of Frank Family Vineyards to be EPS accretive in the first year, and UBS likes the increased exposure to higher-growth premium and luxury volumes.
The broker maintains its $13.50 target price and Buy rating.
Target price is $13.50 Current Price is $11.54 Difference: $1.96
If TWE meets the UBS target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $12.52, suggesting upside of 3.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY22:
UBS forecasts a full year FY22 EPS of 46.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 43.8, implying annual growth of 26.4%. Current consensus DPS estimate is 28.4, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 27.6. |
Forecast for FY23:
UBS forecasts a full year FY23 EPS of 56.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 53.3, implying annual growth of 21.7%. Current consensus DPS estimate is 33.7, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 22.6. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $4.19
Morgans rates UMG as Add (1) -
Morgans doesn't expect a fully recovery from covid for United Malt Group in FY22, given Asia is lagging and higher supply chain costs. This comes following FY21 results which missed consensus earnings estimates, due to covid restrictions and export disruptions.
Also responsible were an adverse mix, which impacted margins, and unhelpful exchange rates, explains the analyst. An unfranked final dividend of 3.5cps was declared and management commentary was marginally more upbeat, assesses the broker.
Morgans retains its Add rating and increases its target price to $4.97 from $4.79.
Target price is $4.97 Current Price is $4.19 Difference: $0.78
If UMG meets the Morgans target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $4.83, suggesting upside of 14.5% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY22:
Morgans forecasts a full year FY22 dividend of 12.00 cents and EPS of 20.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.7, implying annual growth of N/A. Current consensus DPS estimate is 12.5, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 20.4. |
Forecast for FY23:
Morgans forecasts a full year FY23 dividend of 16.00 cents and EPS of 26.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.7, implying annual growth of 33.8%. Current consensus DPS estimate is 16.8, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 15.2. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $5.54
Macquarie rates VRT as Outperform (1) -
Virtus Health's fresh cycle growth in the September quarter implies market share gains, Macquarie notes. While the planned Adora acquisition remains stuck at the ACCC, potential capital management would provide earnings accretion, the broker notes.
More broadly, the broker continues to see the outlook for IVF providers as attractive, with forecasts assuming ongoing tailwinds in FY22.
Outperform retained, target rises to $7.10 from $7.00.
Target price is $7.10 Current Price is $5.54 Difference: $1.56
If VRT meets the Macquarie target it will return approximately 28% (excluding dividends, fees and charges).
Current consensus price target is $6.91, suggesting upside of 19.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY22:
Macquarie forecasts a full year FY22 dividend of 21.30 cents and EPS of 42.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 43.7, implying annual growth of -18.9%. Current consensus DPS estimate is 25.8, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 13.3. |
Forecast for FY23:
Macquarie forecasts a full year FY23 dividend of 27.20 cents and EPS of 45.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 46.7, implying annual growth of 6.9%. Current consensus DPS estimate is 29.3, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 12.4. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates VRT as Add (1) -
Morgans makes no changes to its $7.13 target price and Add rating following a "solid" 1Q trading update by Virtus Health, which showed revenue growth against a strong previous corresponding period.
The analyst feels a weak share price and an attractive dividend yield presents a buying opportunity. The driver of future medium-term profit growth is believed to be increased investment in precision fertility and developing genetics capabilities.
Target price is $7.13 Current Price is $5.54 Difference: $1.59
If VRT meets the Morgans target it will return approximately 29% (excluding dividends, fees and charges).
Current consensus price target is $6.91, suggesting upside of 19.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY22:
Morgans forecasts a full year FY22 dividend of 23.00 cents and EPS of 42.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 43.7, implying annual growth of -18.9%. Current consensus DPS estimate is 25.8, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 13.3. |
Forecast for FY23:
Morgans forecasts a full year FY23 dividend of 25.00 cents and EPS of 45.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 46.7, implying annual growth of 6.9%. Current consensus DPS estimate is 29.3, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 12.4. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
WGN WAGNERS HOLDING CO. LIMITED
Building Products & Services
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Overnight Price: $1.76
Macquarie rates WGN as Neutral (3) -
Wagners Holding has secured a $33m haulage contract for the MacArthur River mine in Mount Isa. The earnings contribution from the contract will be skewed towards FY23-24, Macquarie notes.
The broader South East Queensland cement and concrete market backdrop remains mixed at best, the broker warns, despite solid detached housing demand improvements. Growing the haulage business provides some relief, but at lower margins.
Neutral retained, target falls to $1.85 from $2.05.
Target price is $1.85 Current Price is $1.76 Difference: $0.09
If WGN meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $2.22, suggesting upside of 26.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY22:
Macquarie forecasts a full year FY22 dividend of 4.60 cents and EPS of 7.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.0, implying annual growth of 31.1%. Current consensus DPS estimate is 2.1, implying a prospective dividend yield of 1.2%. Current consensus EPS estimate suggests the PER is 25.0. |
Forecast for FY23:
Macquarie forecasts a full year FY23 dividend of 5.80 cents and EPS of 9.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 8.9, implying annual growth of 27.1%. Current consensus DPS estimate is 3.2, implying a prospective dividend yield of 1.8%. Current consensus EPS estimate suggests the PER is 19.7. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $9.80
UBS rates WOR as Buy (1) -
After a discussion between UBS and Worley centred on the energy transition, the broker notes the company offers leverage to a potential four-fold increase in global sustainable energy and decarbonisation investment.
The company believes its global scale is a key competitive advantage and noted that M&A and strategic partnerships are one way to leverage niche project skill sets. The broker retains its Buy rating and $13.20 target price.
Target price is $13.20 Current Price is $9.80 Difference: $3.4
If WOR meets the UBS target it will return approximately 35% (excluding dividends, fees and charges).
Current consensus price target is $11.74, suggesting upside of 19.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY22:
UBS forecasts a full year FY22 dividend of 50.00 cents and EPS of 61.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 63.7, implying annual growth of 287.2%. Current consensus DPS estimate is 48.0, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 15.4. |
Forecast for FY23:
UBS forecasts a full year FY23 dividend of 50.00 cents and EPS of 75.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 75.6, implying annual growth of 18.7%. Current consensus DPS estimate is 54.2, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 13.0. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $148.92
Citi rates XRO as Buy (1) -
Citi feels recent results from UK-peer Sage have positive implications for Xero, in terms of reported metrics for cloud adoption,
new customer acquisition and churn reduction.
However, Sage's increased focus upon the small business segment in the UK is at risk of treading upon Xero's turf, though no negative impacts have been discerned by the analyst as yet. The broker retains its Buy rating and $160 target price.
Target price is $160.00 Current Price is $148.92 Difference: $11.08
If XRO meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $134.17, suggesting downside of -11.2% (ex-dividends)
The company's fiscal year ends in March.
Forecast for FY22:
Citi forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 1.41 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.1, 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 2128.6. |
Forecast for FY23:
Citi forecasts a full year FY23 dividend of 0.00 cents and EPS of 19.19 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 42.9, implying annual growth of 504.2%. Current consensus DPS estimate is 2.4, implying a prospective dividend yield of 0.0%. Current consensus EPS estimate suggests the PER is 352.3. |
This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Today's Price Target Changes
| Company | Last Price | Broker | New Target | Prev Target | Change | |
| ALL | Aristocrat Leisure | $44.74 | Credit Suisse | 49.00 | 50.30 | -2.58% |
| Macquarie | 51.75 | 52.75 | -1.90% | |||
| Morgans | 52.00 | 52.50 | -0.95% | |||
| UBS | 53.60 | 55.00 | -2.55% | |||
| CCX | City Chic Collective | $6.51 | Macquarie | 7.50 | 6.50 | 15.38% |
| EHL | Emeco Holdings | $1.07 | Macquarie | 1.27 | 1.35 | -5.93% |
| EVN | Evolution Mining | $4.42 | Morgans | 4.54 | 4.35 | 4.37% |
| Ord Minnett | 4.90 | 3.90 | 25.64% | |||
| MIN | Mineral Resources | $41.43 | Morgan Stanley | 38.70 | 41.00 | -5.61% |
| MPL | Medibank Private | $3.59 | Morgans | 3.55 | 3.28 | 8.23% |
| NHC | New Hope | $1.99 | Credit Suisse | 2.70 | 2.80 | -3.57% |
| Macquarie | 2.60 | 3.90 | -33.33% | |||
| NUF | Nufarm | $4.82 | Ord Minnett | 5.00 | 5.25 | -4.76% |
| PX1 | Plexure Group | $0.41 | Ord Minnett | 0.50 | 0.80 | -37.50% |
| SHL | Sonic Healthcare | $41.03 | Citi | 42.50 | 42.00 | 1.19% |
| Macquarie | 42.15 | 41.50 | 1.57% | |||
| TWE | Treasury Wine Estates | $12.07 | Macquarie | N/A | 12.40 | -100.00% |
| Morgans | 14.06 | 13.90 | 1.15% | |||
| UMG | United Malt | $4.22 | Morgans | 4.97 | 4.79 | 3.76% |
| VRT | Virtus Health | $5.80 | Macquarie | 7.10 | 7.00 | 1.43% |
| WGN | Wagners Holding Co | $1.75 | Macquarie | 1.85 | 2.05 | -9.76% |
Summaries
| ALL | Aristocrat Leisure | Outperform - Credit Suisse | Overnight Price $45.64 |
| Outperform - Macquarie | Overnight Price $45.64 | ||
| Add - Morgans | Overnight Price $45.64 | ||
| Accumulate - Ord Minnett | Overnight Price $45.64 | ||
| Buy - UBS | Overnight Price $45.64 | ||
| ALU | Altium | Buy - Citi | Overnight Price $41.06 |
| CCX | City Chic Collective | Outperform - Macquarie | Overnight Price $6.36 |
| EHL | Emeco Holdings | Outperform - Macquarie | Overnight Price $1.06 |
| EVN | Evolution Mining | Hold - Morgans | Overnight Price $4.40 |
| Accumulate - Ord Minnett | Overnight Price $4.40 | ||
| MIN | Mineral Resources | Buy - Citi | Overnight Price $40.00 |
| Outperform - Macquarie | Overnight Price $40.00 | ||
| Underweight - Morgan Stanley | Overnight Price $40.00 | ||
| Hold - Ord Minnett | Overnight Price $40.00 | ||
| MPL | Medibank Private | Overweight - Morgan Stanley | Overnight Price $3.51 |
| Hold - Morgans | Overnight Price $3.51 | ||
| NHC | New Hope | Outperform - Credit Suisse | Overnight Price $1.96 |
| Outperform - Macquarie | Overnight Price $1.96 | ||
| NUF | Nufarm | Hold - Ord Minnett | Overnight Price $4.83 |
| PX1 | Plexure Group | Hold - Ord Minnett | Overnight Price $0.42 |
| RIO | Rio Tinto | Outperform - Macquarie | Overnight Price $89.51 |
| SCG | Scentre Group | Buy - Ord Minnett | Overnight Price $3.10 |
| SHL | Sonic Healthcare | Neutral - Citi | Overnight Price $39.75 |
| Outperform - Credit Suisse | Overnight Price $39.75 | ||
| Neutral - Macquarie | Overnight Price $39.75 | ||
| Overweight - Morgan Stanley | Overnight Price $39.75 | ||
| TWE | Treasury Wine Estates | No Rating - Macquarie | Overnight Price $11.54 |
| Add - Morgans | Overnight Price $11.54 | ||
| Buy - UBS | Overnight Price $11.54 | ||
| UMG | United Malt | Add - Morgans | Overnight Price $4.19 |
| VRT | Virtus Health | Outperform - Macquarie | Overnight Price $5.54 |
| Add - Morgans | Overnight Price $5.54 | ||
| WGN | Wagners Holding Co | Neutral - Macquarie | Overnight Price $1.76 |
| WOR | Worley | Buy - UBS | Overnight Price $9.80 |
| XRO | Xero | Buy - Citi | Overnight Price $148.92 |
RATING SUMMARY
| Rating | No. Of Recommendations |
| 1. Buy | 23 |
| 2. Accumulate | 2 |
| 3. Hold | 8 |
| 5. Sell | 1 |
Friday 19 November 2021
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base their work on information believed to be reliable and accurate, though
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should contact their personal adviser before making any investment decision.
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