Australian Broker Call
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February 21, 2018
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COMPANIES DISCUSSED IN THIS ISSUE
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The number next to the symbol represents the number of brokers covering it for this report -(if more than 1)
Last Updated: 04:28 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
| APO - | APN OUTDOOR | Upgrade to Outperform from Neutral | Credit Suisse |
| Downgrade to Hold from Add | Morgans | ||
| BHP - | BHP BILLITON | Downgrade to Neutral from Buy | Citi |
| Downgrade to Hold from Buy | Deutsche Bank | ||
| CTD - | CORPORATE TRAVEL | Upgrade to Buy from Accumulate | Ord Minnett |
| IPH - | IPH | Downgrade to Neutral from Outperform | Macquarie |
| MOE - | MOELIS AUSTRALIA | Upgrade to Buy from Hold | Ord Minnett |
| SUL - | SUPER RETAIL | Upgrade to Neutral from Underperform | Credit Suisse |
| Downgrade to Hold from Buy | Deutsche Bank | ||
| Downgrade to Equal-weight from Overweight | Morgan Stanley | ||
| VRT - | VIRTUS HEALTH | Downgrade to Hold from Add | Morgans |
Overnight Price: $11.23
Citi rates A2M as Buy (1) -
In an initial response, Citi analysts summarise their view with the title: Smashes it out of the park... again! The analysts expect material upgrades to consensus forecasts. Buy. Target $8.85.
Target price is $8.85 Current Price is $11.23 Difference: minus $2.38 (current price is over target).
If A2M meets the Citi target it will return approximately minus 21% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $8.57, suggesting downside of -23.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 6.00 cents and EPS of 21.03 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 21.4, implying annual growth of N/A. Current consensus DPS estimate is 3.1, implying a prospective dividend yield of 0.3%. Current consensus EPS estimate suggests the PER is 52.5. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 6.52 cents and EPS of 30.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 28.3, implying annual growth of 32.2%. Current consensus DPS estimate is 7.5, implying a prospective dividend yield of 0.7%. Current consensus EPS estimate suggests the PER is 39.7. |
This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $28.06
Deutsche Bank rates ANZ as Hold (3) -
Deutsche Bank found no major surprises in the first quarter update. The CET1 ratio was 10.8% at December.
With further divestments to come the question for the broker is how quickly management returns capital to shareholders. Asset quality metrics remain supportive.
Hold rating maintained. Target is reduced to $29.50 from $30.00.
Target price is $29.50 Current Price is $28.06 Difference: $1.44
If ANZ meets the Deutsche Bank target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $30.09, suggesting upside of 7.2% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 160.00 cents and EPS of 245.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 234.5, implying annual growth of 6.5%. Current consensus DPS estimate is 160.5, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 12.0. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 164.00 cents and EPS of 238.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 239.0, implying annual growth of 1.9%. Current consensus DPS estimate is 162.1, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 11.7. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates ANZ as Equal-weight (3) -
ANZ's first quarter update revealed a lower loan loss charge and a slightly better than expected CET1 ratio. No specific details were given, but the update suggests to Morgan Stanley that first half profit is tracking ahead of the broker's forecast of $3,550m.
ANZ is the broker's preferred major bank. Rating is Equal-weight. Target is $29.00. Sector view is In-Line.
Target price is $29.00 Current Price is $28.06 Difference: $0.94
If ANZ meets the Morgan Stanley target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $30.09, suggesting upside of 7.2% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 160.00 cents and EPS of 229.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 234.5, implying annual growth of 6.5%. Current consensus DPS estimate is 160.5, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 12.0. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 164.00 cents and EPS of 237.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 239.0, implying annual growth of 1.9%. Current consensus DPS estimate is 162.1, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 11.7. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates ANZ as Add (1) -
The banks Pillar 3 update for the December quarter shows no overall deterioration in asset quality. Gross impaired assets were reduced by 9%. The bank reports a CET1 ratio of 10.82% as of December, up 25 basis points from September.
The improvement reflected proceeds from the sale of the Shanghai Rural Commercial Bank stake and settlement of sales in the retail wealth businesses in Taiwan and Vietnam.
Add rating retained. Target at $30.
Target price is $30.00 Current Price is $28.06 Difference: $1.94
If ANZ meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $30.09, suggesting upside of 7.2% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 160.00 cents and EPS of 232.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 234.5, implying annual growth of 6.5%. Current consensus DPS estimate is 160.5, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 12.0. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 160.00 cents and EPS of 246.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 239.0, implying annual growth of 1.9%. Current consensus DPS estimate is 162.1, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 11.7. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates ANZ as Accumulate (2) -
Ord Minnett suggests credit quality looks strong in the first quarter update. The broker cautions against annualising the bad debt outcome and suspects this will track higher over the remainder of the half year.
The CET1 ratio increased to 10.8% and means the broker increases buyback assumptions by $500m. Accumulate maintained. Target is $31.20.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $31.20 Current Price is $28.06 Difference: $3.14
If ANZ meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $30.09, suggesting upside of 7.2% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 163.00 cents and EPS of 252.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 234.5, implying annual growth of 6.5%. Current consensus DPS estimate is 160.5, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 12.0. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 EPS of 246.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 239.0, implying annual growth of 1.9%. Current consensus DPS estimate is 162.1, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 11.7. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
APO APN OUTDOOR GROUP LIMITED
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Overnight Price: $4.37
Credit Suisse rates APO as Upgrade to Outperform from Neutral (1) -
FY17 results were "not great" in the broker's opinion. Of most interest was the second half sales growth of 2% in Roadside against an 11% forecast, a big miss for the company's biggest division.
Credit Suisse lowers EPS forecasts by -7-8%. With turnaround measures either complete or in train the broker expects a better performance in 2018.
The broker upgrades to Outperform from Neutral and raises the target price to $5.05 from $4.70.
Target price is $5.05 Current Price is $4.37 Difference: $0.68
If APO meets the Credit Suisse target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $5.02, suggesting upside of 15.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 18.03 cents and EPS of 29.32 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.3, implying annual growth of 18.4%. Current consensus DPS estimate is 19.4, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 14.0. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 19.49 cents and EPS of 30.98 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.6, implying annual growth of 10.5%. Current consensus DPS estimate is 21.0, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 12.6. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates APO as Buy (1) -
2017 results were broadly in line with forecasts. Deutsche Bank is impressed with the new CEO's plans to focus more on sales and promote the portfolio better.
Deutsche Bank considers management's outlook a minor re-basing of earnings and, while the 2018 outcome is highly dependent on the outdoor market, remains of the view that underlying revenue growth in mid single digits can offset the negatives.
Buy rating and $5 target retained.
Target price is $5.00 Current Price is $4.37 Difference: $0.63
If APO meets the Deutsche Bank target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $5.02, suggesting upside of 15.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 20.00 cents and EPS of 32.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.3, implying annual growth of 18.4%. Current consensus DPS estimate is 19.4, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 14.0. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 21.00 cents and EPS of 35.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.6, implying annual growth of 10.5%. Current consensus DPS estimate is 21.0, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 12.6. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates APO as Downgrade to Hold from Add (3) -
2017 results were in line with expectations. The new CEO, James Warburton, has outlined a plan to rebuild the company involving a step up in investment in personnel and technology. Morgans suggests this may provide long-term benefits but will make earnings growth almost impossible in 2018.
The broker slashes profit forecasts to reflect higher costs and higher ongoing capital expenditure. Rating is downgraded to Hold from Add. Target is reduced to $4.44 from $5.48.
Target price is $4.44 Current Price is $4.37 Difference: $0.07
If APO meets the Morgans target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $5.02, suggesting upside of 15.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 19.00 cents and EPS of 29.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.3, implying annual growth of 18.4%. Current consensus DPS estimate is 19.4, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 14.0. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 22.00 cents and EPS of 35.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.6, implying annual growth of 10.5%. Current consensus DPS estimate is 21.0, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 12.6. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $57.65
Morgans rates ASX as Reduce (5) -
First half results were in line with expectations. Costs growth remains the key weakness, with Morgans noting potential for rising capital expenditure in FY19. Expenses grew around 7% in the first half.
The broker suspects the company is slowly changing perceptions about its long-term revenue outlook but considers the stock too expensive. Reduce maintained. Target is raised $52.67 from $49.09.
Target price is $52.67 Current Price is $57.65 Difference: minus $4.98 (current price is over target).
If ASX meets the Morgans target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $54.91, suggesting downside of -4.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 217.00 cents and EPS of 241.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 238.5, implying annual growth of 6.2%. Current consensus DPS estimate is 212.6, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 24.2. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 226.00 cents and EPS of 252.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 249.0, implying annual growth of 4.4%. Current consensus DPS estimate is 221.9, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 23.2. |
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $5.57
Morgan Stanley rates BAP as Overweight (1) -
Bapcor's first half results, showing EPS growth of 37.3%, were in line with Morgan Stanley's expectations. Guidance for 30% growth in NPAT was maintained.
Like for like growth across all segments is in line or above the first half average in the first six weeks of the second half. This supports the 47/53 EBIT skew to the broker's second half forecasts.
Overweight rating retained. Target is $7.00. Industry view: In-line.
Target price is $7.00 Current Price is $5.57 Difference: $1.43
If BAP meets the Morgan Stanley target it will return approximately 26% (excluding dividends, fees and charges).
Current consensus price target is $6.62, suggesting upside of 18.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 18.90 cents and EPS of 31.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.2, implying annual growth of 31.3%. Current consensus DPS estimate is 16.8, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 17.9. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 EPS of 36.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 35.4, implying annual growth of 13.5%. Current consensus DPS estimate is 19.3, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 15.7. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates BAP as Add (1) -
First half results were in line with expectations. Morgans considers the company well-placed to optimise its business units. Net profit guidance of 30% growth was reiterated.
The broker believes this is readily achievable. Add rating maintained. Target rises to $6.46 from $6.45.
Target price is $6.46 Current Price is $5.57 Difference: $0.89
If BAP meets the Morgans target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $6.62, suggesting upside of 18.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 17.00 cents and EPS of 31.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.2, implying annual growth of 31.3%. Current consensus DPS estimate is 16.8, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 17.9. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 19.00 cents and EPS of 35.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 35.4, implying annual growth of 13.5%. Current consensus DPS estimate is 19.3, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 15.7. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates BAP as Buy (1) -
First half results were softer than expected. Guidance for 30% growth in net profit was reiterated. Given the company's track record UBS considers the near-term earnings risk is low.
The broker remains of the view that the stock has many levers for growth that are not priced in. Buy rating maintained. Target reduced to $6.40 from $6.45.
Target price is $6.40 Current Price is $5.57 Difference: $0.83
If BAP meets the UBS target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $6.62, suggesting upside of 18.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 15.00 cents and EPS of 30.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.2, implying annual growth of 31.3%. Current consensus DPS estimate is 16.8, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 17.9. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 17.00 cents and EPS of 34.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 35.4, implying annual growth of 13.5%. Current consensus DPS estimate is 19.3, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 15.7. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $29.77
Citi rates BHP as Downgrade to Neutral from Buy (3) -
First half results were weaker than expected. Net debt was higher than expected. Citi expects net debt to fall by the end of FY18, which means capital management could be on the cards at that result.
Productivity gains were also a challenge because of a major shut down at Olympic Dam but were made worse by Queensland metallurgical coal issues, the broker observes. Citi downgrades to Neutral from Buy. Target is $32.
Target price is $32.00 Current Price is $29.77 Difference: $2.23
If BHP meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $32.70, suggesting upside of 9.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 154.11 cents and EPS of 225.85 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 208.9, implying annual growth of N/A. Current consensus DPS estimate is 140.7, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 14.3. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 117.85 cents and EPS of 197.49 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 195.4, implying annual growth of -6.5%. Current consensus DPS estimate is 126.3, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 15.2. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates BHP as Downgrade to Hold from Buy (3) -
First half results were below expectations. Deutsche Bank considers the value and returns strategy is priced into the stock.
The company's targets imply no buyback in August, in the broker's view, unless US onshore assets are sold.
Rating is downgraded to Hold from Buy. Target is reduced to $31.50 from $34.50.
Target price is $31.50 Current Price is $29.77 Difference: $1.73
If BHP meets the Deutsche Bank target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $32.70, suggesting upside of 9.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 148.93 cents and EPS of 209.79 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 208.9, implying annual growth of N/A. Current consensus DPS estimate is 140.7, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 14.3. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 129.50 cents and EPS of 198.14 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 195.4, implying annual growth of -6.5%. Current consensus DPS estimate is 126.3, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 15.2. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates BHP as Outperform (1) -
BHP's result was largely in line with the broker, leaving the 55c dividend the major positive surprise. With debt now inside the company's target range, the broker expects more returns to shareholders ahead.
One area of weakness was cost performance, with operational issues at a number of sites impacting on previous productivity gains. Despite the drag of a stronger A$, the broker still sees capital management potential as the feature, noting the sale of the shale assets would add even more to the kitty.
Outperform retained. Target falls to $36.40 from $37.60.
Target price is $36.40 Current Price is $29.77 Difference: $6.63
If BHP meets the Macquarie target it will return approximately 22% (excluding dividends, fees and charges).
Current consensus price target is $32.70, suggesting upside of 9.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 145.04 cents and EPS of 211.09 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 208.9, implying annual growth of N/A. Current consensus DPS estimate is 140.7, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 14.3. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 108.78 cents and EPS of 167.06 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 195.4, implying annual growth of -6.5%. Current consensus DPS estimate is 126.3, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 15.2. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates BHP as Add (1) -
First half earnings were slightly behind expectations. Morgans was impressed with the free cash flow, which fulfilled its forecasts for a US55c interim dividend.
The company has reiterated a preference for small, low-risk capacity-focussed investments. The data room for its US onshore oil & gas assets will be open at the end of March.
Morgans maintains an Add rating and raises the target to $32.92 from $31.69.
Target price is $32.92 Current Price is $29.77 Difference: $3.15
If BHP meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $32.70, suggesting upside of 9.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 148.93 cents and EPS of 227.92 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 208.9, implying annual growth of N/A. Current consensus DPS estimate is 140.7, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 14.3. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 180.01 cents and EPS of 256.41 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 195.4, implying annual growth of -6.5%. Current consensus DPS estimate is 126.3, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 15.2. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates BHP as Hold (3) -
First half operating earnings were below expectations. Ord Minnett is most concerned about the rate of cost inflation, which has pressured near-term earnings forecasts. The broker suggests the company's medium-term cost targets may be a stretch.
Ord Minnett maintains a relative preference for BHP over Rio Tinto ((RIO)) based on the potential changes from the new chairman and upcoming sale of US onshore assets, but suggests the stock screens at fair value. Hold rating maintained. Target is reduced to $30 from $31.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $30.00 Current Price is $29.77 Difference: $0.23
If BHP meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $32.70, suggesting upside of 9.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 157.99 cents and EPS of 172.24 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 208.9, implying annual growth of N/A. Current consensus DPS estimate is 140.7, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 14.3. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 164.47 cents and EPS of 230.51 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 195.4, implying annual growth of -6.5%. Current consensus DPS estimate is 126.3, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 15.2. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates BHP as Buy (1) -
First half results were slightly below expectations. UBS observes this was largely because of one-off events, which were flagged but not appreciated in size, such as smelter maintenance, a fire at WA iron ore and write-offs at Escondida.
As with all miners, the company's ability to return cash to shareholders is a function of strong commodity prices. UBS maintains a Buy rating on the back of the company having the potential to generate more than US$7bn in cash flow in the second half at spot prices.
Target is raised to $33.50 from $31.50.
Target price is $33.50 Current Price is $29.77 Difference: $3.73
If BHP meets the UBS target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $32.70, suggesting upside of 9.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 145.04 cents and EPS of 204.61 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 208.9, implying annual growth of N/A. Current consensus DPS estimate is 140.7, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 14.3. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 134.68 cents and EPS of 194.25 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 195.4, implying annual growth of -6.5%. Current consensus DPS estimate is 126.3, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 15.2. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $1.33
Credit Suisse rates BPT as Neutral (3) -
First half results were better than Credit Suisse had expected. Beach has reduced the net debt target at end of FY19 from 25% to 20%, excluding the announced plan to divest 30% in the Otway project by FY19.
Lattice synergies have been upgraded from $20m to $50m by the end of FY19. Credit Suisse has lifted FY18 EPS estimates by 10% but cut FY19 and FY20 estimates by -6%.
Neutral maintained. Target is $1.25.
Target price is $1.25 Current Price is $1.33 Difference: minus $0.08 (current price is over target).
If BPT meets the Credit Suisse target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $1.26, suggesting downside of -5.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 2.00 cents and EPS of 8.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 13.2, implying annual growth of -36.4%. Current consensus DPS estimate is 2.3, implying a prospective dividend yield of 1.7%. Current consensus EPS estimate suggests the PER is 10.1. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 2.00 cents and EPS of 13.08 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.7, implying annual growth of 41.7%. Current consensus DPS estimate is 3.4, implying a prospective dividend yield of 2.6%. Current consensus EPS estimate suggests the PER is 7.1. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $9.58
Deutsche Bank rates BXB as Re-instate Coverage with Hold (3) -
First half results were largely flat versus the prior corresponding half and Deutsche Bank believes the latest news on pallet operations is factored into the share price.
There are no immediate catalysts on the horizon and the broker re-instates coverage with a Hold rating. Target is $10.15.
Target price is $10.15 Current Price is $9.58 Difference: $0.57
If BXB meets the Deutsche Bank target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $10.31, suggesting upside of 7.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 29.79 cents and EPS of 50.51 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 55.7, implying annual growth of N/A. Current consensus DPS estimate is 32.2, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 17.2. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 29.79 cents and EPS of 56.98 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 56.1, implying annual growth of 0.7%. Current consensus DPS estimate is 32.8, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 17.1. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
CCL COCA-COLA AMATIL LIMITED
Food, Beverages & Tobacco
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Overnight Price: $8.82
Citi rates CCL as Buy (1) -
FY performance met company's guidance and thus market consensus. Citi analysts, in initial response, suggest better revenue growth ahead, plus very minimal changes expected to consensus forecasts, might well bode well for the share price.
On the negative side, cash flow was weak and EBIT for Corporate, Food & Services was down -27%. Target $8.80. Buy rating retained.
Target price is $8.80 Current Price is $8.82 Difference: minus $0.02 (current price is over target).
If CCL meets the Citi target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $8.46, suggesting downside of -4.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 46.00 cents and EPS of 55.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 55.4, implying annual growth of 72.0%. Current consensus DPS estimate is 46.1, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 15.9. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 46.00 cents and EPS of 53.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 53.4, implying annual growth of -3.6%. Current consensus DPS estimate is 44.7, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 16.5. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
CTD CORPORATE TRAVEL MANAGEMENT LIMITED
Travel, Leisure & Tourism
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Overnight Price: $24.16
Morgan Stanley rates CTD as Overweight (1) -
First half results were better than the broker had forecast. By region, ANZ's 20% and Europe's 114% respective EBITDA growth rates were the highlights for Morgan Stanley.
Management is guiding to the top end of the range of $120-125m EBITDA for the full year. Capex guidance fell to $11m against the broker's $14.6m forecast.
The company also forecast a $2.8m US tax benefit in FY18, expanding to $4.3m in FY19.
Morgan Stanley retains an Overweight rating, In-Line industry view and $24.00 target.
Target price is $24.00 Current Price is $24.16 Difference: minus $0.16 (current price is over target).
If CTD meets the Morgan Stanley target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $23.10, suggesting downside of -4.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 34.00 cents and EPS of 84.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 79.6, implying annual growth of 48.8%. Current consensus DPS estimate is 36.7, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 30.4. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 47.00 cents and EPS of 95.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 90.8, implying annual growth of 14.1%. Current consensus DPS estimate is 46.5, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 26.6. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates CTD as Add (1) -
First half results beat expectations. All regions are now trading strongly and guidance has been upgraded to the higher end of the prior range. Morgans observes the company's value proposition has allowed it to retain and win new business across a number of global markets.
Beyond this result, catalysts include further accretive acquisitions with opportunities currently being evaluated in North America and Europe. Add rating maintained.Target rises to $24.50 from $23.00.
Target price is $24.50 Current Price is $24.16 Difference: $0.34
If CTD meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $23.10, suggesting downside of -4.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 39.00 cents and EPS of 81.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 79.6, implying annual growth of 48.8%. Current consensus DPS estimate is 36.7, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 30.4. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 50.00 cents and EPS of 97.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 90.8, implying annual growth of 14.1%. Current consensus DPS estimate is 46.5, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 26.6. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates CTD as Upgrade to Buy from Accumulate (1) -
The interim report was carried by a large increase in EBITDA margins, explains Ord Minnett. The broker sees yet more evidence of the strength on top of the simplicity of Corporate Travel's business model.
The European operations revealed themselves as the star performer for the period, in Ord Minnett's view. The Asian business was heavily impacted by lower airfares but management expects to achieve double digit EBITDA growth in 2H18 vs pcp.
Estimates were lifted. Price target moves to $24.36 from $21.98. Rating upgraded to Buy from Accumulate with the analysts lauding "the strength of the business model".
Target price is $24.36 Current Price is $24.16 Difference: $0.2
If CTD meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $23.10, suggesting downside of -4.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 42.00 cents and EPS of 82.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 79.6, implying annual growth of 48.8%. Current consensus DPS estimate is 36.7, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 30.4. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 52.40 cents and EPS of 96.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 90.8, implying annual growth of 14.1%. Current consensus DPS estimate is 46.5, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 26.6. |
Market Sentiment: 0.6
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: $3.10
Deutsche Bank rates DHG as Hold (3) -
First half results were lower than expected, affected by the timing of expenses. Changes to Deutsche Bank's estimates reflect a slower run rate for revenue growth in the second half and a lower quantum of price increases from the start of 2018.
The broker reduces the target to $3.25 from $3.35 and retains a Hold rating.
Target price is $3.25 Current Price is $3.10 Difference: $0.15
If DHG meets the Deutsche Bank target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $3.29, suggesting upside of 6.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 6.00 cents and EPS of 9.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.0, implying annual growth of N/A. Current consensus DPS estimate is 6.1, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 34.4. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 7.00 cents and EPS of 11.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.6, implying annual growth of 28.9%. Current consensus DPS estimate is 6.9, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 26.7. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
FXL FLEXIGROUP LIMITED
Business & Consumer Credit
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Overnight Price: $1.77
Credit Suisse rates FXL as Neutral (3) -
First half underlying cash NPAT was slightly ahead of the broker's forecasts, excluding $2.5m restructuring costs. The interim dividend of 3.85c was flat on the pcp.
A better than expected Certegy result and 2H growth outlook was a positive for Credit Suisse, and should this be sustainable the broker sees scope for a rerate. The broker has made modest positive EPS revisions.
Neutral rating retained. Target is raised to $1.85 from $1.75.
Target price is $1.85 Current Price is $1.77 Difference: $0.08
If FXL meets the Credit Suisse target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $1.97, suggesting upside of 11.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 8.00 cents and EPS of 24.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.4, implying annual growth of -6.0%. Current consensus DPS estimate is 7.9, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 7.6. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 10.00 cents and EPS of 26.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.3, implying annual growth of 8.1%. Current consensus DPS estimate is 9.4, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 7.0. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates FXL as Buy (1) -
First half net profit was ahead of estimates. Deutsche Bank considers the company's move to evolve its consumer lease product a positive. Yet an earnings impact is expected from FY19 and this represents another incremental drag on earnings.
Buy rating maintained. If the company can demonstrate a return to growth the broker envisages material upside. Target is $2.05.
Target price is $2.05 Current Price is $1.77 Difference: $0.28
If FXL meets the Deutsche Bank target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $1.97, suggesting upside of 11.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 8.00 cents and EPS of 23.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.4, implying annual growth of -6.0%. Current consensus DPS estimate is 7.9, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 7.6. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 10.00 cents and EPS of 25.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.3, implying annual growth of 8.1%. Current consensus DPS estimate is 9.4, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 7.0. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates FXL as Neutral (3) -
FlexiGroup reported in line with the broker and FY guidance was reaffirmed. The process of rebuilding parts of the business is ahead of schedule, management noted.
The company expects to grow its cash profit in FY19 on cost-outs and volume growth. The broker retains Neutral at this stage, suggesting share price performance depends on FY19 expectations being delivered. Target rises to $1.95 from $1.81.
Target price is $1.95 Current Price is $1.77 Difference: $0.18
If FXL meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $1.97, suggesting upside of 11.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 7.90 cents and EPS of 24.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.4, implying annual growth of -6.0%. Current consensus DPS estimate is 7.9, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 7.6. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 8.10 cents and EPS of 25.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.3, implying annual growth of 8.1%. Current consensus DPS estimate is 9.4, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 7.0. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates FXL as Add (1) -
First half net profit was in line with expectations. Morgans suggests there is some evidence that a base level of earnings has been achieved in FY18. Strong execution is still required, nonetheless.
The company expects to return to growth in FY19 and the broker acknowledges most of the products have market relevance and this should support expectations. Add rating maintained. Target rises to $2.25 from $2.15.
Target price is $2.25 Current Price is $1.77 Difference: $0.48
If FXL meets the Morgans target it will return approximately 27% (excluding dividends, fees and charges).
Current consensus price target is $1.97, suggesting upside of 11.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 8.00 cents and EPS of 23.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.4, implying annual growth of -6.0%. Current consensus DPS estimate is 7.9, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 7.6. |
Forecast for FY19:
Morgans forecasts a full year FY19 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 25.3, implying annual growth of 8.1%. Current consensus DPS estimate is 9.4, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 7.0. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates FXL as Neutral (3) -
First half results were in line with estimates. UBS suspects confidence in the second half is building and the company's plans should support an improved FY19, when the benefits of restructuring should emerge. Guidance is reaffirmed for FY18.
Neutral rating maintained. Target raised $1.85 from $1.80.
Target price is $1.85 Current Price is $1.77 Difference: $0.08
If FXL meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $1.97, suggesting upside of 11.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 7.70 cents and EPS of 23.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.4, implying annual growth of -6.0%. Current consensus DPS estimate is 7.9, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 7.6. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 10.10 cents and EPS of 25.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.3, implying annual growth of 8.1%. Current consensus DPS estimate is 9.4, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 7.0. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
GOZ GROWTHPOINT PROPERTIES AUSTRALIA
Infra & Property Developers
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Overnight Price: $3.16
Macquarie rates GOZ as Underperform (5) -
Growthpoint's funds from operations came in slightly ahead of the broker. Operationally the result was "average", the broker suggests, given declining occupancy in industrial and negative growth in both industrial and office.
Recently upgraded FY guidance was reaffirmed on the suggestion the earnings decline is temporary. The REIT offers an attractive yield, albeit not fully cash flow covered, but the sticking point for the broker is the 18% Industria REIT ((IDR)) stake, and the capital raising that would be required if 100% is targeted.
Underperform retained. Target falls to $3.32 from $3.35.
Target price is $3.32 Current Price is $3.16 Difference: $0.16
If GOZ meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 22.20 cents and EPS of 21.90 cents. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 21.80 cents and EPS of 21.90 cents. |
Market Sentiment: -1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates GOZ as Sell (5) -
First half results were in line with expectations. Guidance is maintained. UBS observes, going forward, the distribution will not be covered by free cash flow.
With gearing at the lower end of policy ranges, acquisitions are now back on the agenda. The likelihood of further investment in listed entities is high, in the broker's opinion. Sell rating and $2.94 target maintained.
Target price is $2.94 Current Price is $3.16 Difference: minus $0.22 (current price is over target).
If GOZ meets the UBS target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 21.80 cents and EPS of 24.60 cents. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 22.50 cents and EPS of 25.00 cents. |
Market Sentiment: -1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $6.09
Citi rates GXL as Neutral (3) -
The company has reiterated guidance for FY18 and net profit to be in line with consensus expectations of $45.3m. Normalising for effective tax rates and an unexpected release from an onerous lease provision, Citi estimates FY18 net profit would be $3m lower.
The broker continues to find merit in the integrated veterinary/retail model but believes the short term outlook is challenged because of margin compression, strategic uncertainty and the pending expansion of Amazon's pet range. Neutral maintained. Target raised to $5.75 from $5.70.
Target price is $5.75 Current Price is $6.09 Difference: minus $0.34 (current price is over target).
If GXL meets the Citi target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $5.96, suggesting downside of -2.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 20.00 cents and EPS of 37.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 37.9, implying annual growth of 4.7%. Current consensus DPS estimate is 19.9, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 16.1. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 20.00 cents and EPS of 37.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 39.0, implying annual growth of 2.9%. Current consensus DPS estimate is 20.6, implying a prospective dividend yield of 3.4%. 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
Deutsche Bank rates GXL as Hold (3) -
Underlying earnings were below estimates. Deutsche Bank expects an increasingly competitive environment will weigh on group margins.
Hold rating and $5.90 target maintained.
Target price is $5.90 Current Price is $6.09 Difference: minus $0.19 (current price is over target).
If GXL meets the Deutsche Bank target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $5.96, suggesting downside of -2.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 20.00 cents and EPS of 38.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 37.9, implying annual growth of 4.7%. Current consensus DPS estimate is 19.9, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 16.1. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 22.00 cents and EPS of 40.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 39.0, implying annual growth of 2.9%. Current consensus DPS estimate is 20.6, implying a prospective dividend yield of 3.4%. 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
Macquarie rates GXL as Neutral (3) -
Greencross' result appears to be largely in line with the broker's forecast, with revenues led by Aust vet growth alongside "commendable" performances by Aust retail and NZ.
The sector is enjoying favourable tailwinds, the broker suggests, and the company's co-location model offers long term upside, but margin pressure in the near term. Online competition will likely force investment in price. On the risk/reward balance, the broker sees the stock as fairly valued.
Neutral retained, target rises to $6.30 from $6.20.
Target price is $6.30 Current Price is $6.09 Difference: $0.21
If GXL meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $5.96, suggesting downside of -2.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 19.60 cents and EPS of 38.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 37.9, implying annual growth of 4.7%. Current consensus DPS estimate is 19.9, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 16.1. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 20.40 cents and EPS of 40.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 39.0, implying annual growth of 2.9%. Current consensus DPS estimate is 20.6, implying a prospective dividend yield of 3.4%. 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
UBS rates GXL as Neutral (3) -
First half results were in line with recent guidance. UBS observes the benefits of the in-store veterinary clinic strategy are gradually being realised, yet industry feedback suggests that aggressive price competition from the online channel is having a material impact on customer expectations.
The broker considers price reinvestment across the Petbarn network is a material risk. Neutral rating maintained. Target is reduced to $5.90 from $6.15.
Target price is $5.90 Current Price is $6.09 Difference: minus $0.19 (current price is over target).
If GXL meets the UBS target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $5.96, suggesting downside of -2.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 20.00 cents and EPS of 37.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 37.9, implying annual growth of 4.7%. Current consensus DPS estimate is 19.9, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 16.1. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 20.00 cents and EPS of 37.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 39.0, implying annual growth of 2.9%. Current consensus DPS estimate is 20.6, implying a prospective dividend yield of 3.4%. 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: $4.24
Citi rates IOF as Buy (1) -
First half results were ahead of forecasts. Citi questions why the company is so non-committal on the buyback given other options are not necessarily that attractive.
The broker believes the company should consider divesting assets at, or above, base valuation with proceeds used for buying back stock below base valuation, so the lack of certainty surrounding the buyback was disappointing. Buy rating maintained. Target is reduced to $4.96 from $5.16.
Target price is $4.96 Current Price is $4.24 Difference: $0.72
If IOF meets the Citi target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $4.73, suggesting upside of 11.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 20.30 cents and EPS of 30.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 28.1, implying annual growth of -63.4%. Current consensus DPS estimate is 20.2, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 15.1. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 20.60 cents and EPS of 31.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 28.0, implying annual growth of -0.4%. Current consensus DPS estimate is 20.5, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 15.1. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates IOF as Neutral (3) -
First half results were in line with the broker's forecasts. The company now expects FY18 maintenance capex at the lower end of guidance range of $20m to $25m and tenant incentives at the mid to higher end of $60m to $70m.
FY18 guidance for 30.3c FFO was maintained. DPS guidance of 20.3c for FY18 has also been maintained. The broker notes the FFO guidance implies a weaker second half.
The broker downwardly revises FY18-20 forecast by -1.5% per annum on average. Neutral rating and $4.58 target maintained.
Target price is $4.58 Current Price is $4.24 Difference: $0.34
If IOF meets the Credit Suisse target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $4.73, suggesting upside of 11.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 20.00 cents and EPS of 30.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 28.1, implying annual growth of -63.4%. Current consensus DPS estimate is 20.2, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 15.1. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 20.00 cents and EPS of 29.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 28.0, implying annual growth of -0.4%. Current consensus DPS estimate is 20.5, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 15.1. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates IOF as Outperform (1) -
Investa Office's funds from operations came in slightly above the broker's forecast, with most operational metrics improving in line with an improving office market. Recently upgraded FY guidance was reaffirmed.
Investa's yield and distribution growth seem weak in the sector, the broker notes, but at a significant discount to net tangible asset valuation, the solid balance sheet provides scope for a buyback and/or M&A/new developments, suggesting upside risk to earnings and distributions.
Outperform retained, target rises to $5.07 from $5.00.
Target price is $5.07 Current Price is $4.24 Difference: $0.83
If IOF meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $4.73, suggesting upside of 11.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 20.30 cents and EPS of 24.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 28.1, implying annual growth of -63.4%. Current consensus DPS estimate is 20.2, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 15.1. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 20.30 cents and EPS of 23.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 28.0, implying annual growth of -0.4%. Current consensus DPS estimate is 20.5, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 15.1. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates IOF as Underweight (5) -
First half results were in line with Morgan Stanley's forecasts. DPS guidance remains unchanged at 0.5%.
FY18 FFO guidance was unchanged at 2% growth (30.3c) in line with the broker but below the 3% consensus expectation.
Underweight retained and target raised to $4.60 from $4.45. Industry view is Cautious.
Target price is $4.60 Current Price is $4.24 Difference: $0.36
If IOF meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $4.73, suggesting upside of 11.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 20.00 cents and EPS of 24.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 28.1, implying annual growth of -63.4%. Current consensus DPS estimate is 20.2, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 15.1. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 21.00 cents and EPS of 25.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 28.0, implying annual growth of -0.4%. Current consensus DPS estimate is 20.5, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 15.1. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates IOF as Hold (3) -
First half results were ahead of expectations. Ord Minnett notes the company is keeping its options open, having flagged a potential acquisition it suspects could achieve competitive returns versus a share buyback.
The broker maintains a Hold rating. Target lowered to $4.70 from $4.80.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $4.70 Current Price is $4.24 Difference: $0.46
If IOF meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $4.73, suggesting upside of 11.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 20.00 cents and EPS of 30.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 28.1, implying annual growth of -63.4%. Current consensus DPS estimate is 20.2, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 15.1. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 20.00 cents and EPS of 29.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 28.0, implying annual growth of -0.4%. Current consensus DPS estimate is 20.5, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 15.1. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates IOF as Neutral (3) -
First half results were ahead of expectations. UBS believes the merits of continuing the buyback are now less compelling and does not include this in forecasts.
The broker estimates 2-3% upside to FY19 consensus expectations. Neutral rating maintained. Target is $4.44.
Target price is $4.44 Current Price is $4.24 Difference: $0.2
If IOF meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $4.73, suggesting upside of 11.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 20.30 cents and EPS of 30.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 28.1, implying annual growth of -63.4%. Current consensus DPS estimate is 20.2, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 15.1. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 20.90 cents and EPS of 30.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 28.0, implying annual growth of -0.4%. Current consensus DPS estimate is 20.5, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 15.1. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates IPH as Downgrade to Neutral from Outperform (3) -
IPH posted a miss, with a greater than expected forex loss but a softer than expected underlying result nonetheless, Macquarie notes. Management expects reversion to normal patent growth in the second half.
Despite the attractive growth optionality provided by Asian expansion, the broker suggests the stock will trade at a discount until there is evidence of a recovery in patent filings. Downgrade to Neutral from Outperform. Target falls to $3.85 from $5.75.
Target price is $3.85 Current Price is $3.74 Difference: $0.11
If IPH meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $4.36, suggesting upside of 16.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 21.00 cents and EPS of 25.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.5, implying annual growth of 18.0%. Current consensus DPS estimate is 22.3, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 14.1. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 22.50 cents and EPS of 27.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.4, implying annual growth of 10.9%. Current consensus DPS estimate is 24.5, implying a prospective dividend yield of 6.6%. Current consensus EPS estimate suggests the PER is 12.7. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
IVC INVOCARE LIMITED
Consumer Products & Services
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Overnight Price: $14.09
Morgans rates IVC as Hold (3) -
2017 results were slightly ahead of expectations. Morgans was disappointed with the 2018 guidance.
The broker remains positive regarding the long-term but considers the stock fully valued, given the flat earnings growth outlook this year and the risk of further market share losses in Australia from refurbishment disruptions.
Hold rating maintained. Target is reduced to $14.45 for $14.74.
Target price is $14.45 Current Price is $14.09 Difference: $0.36
If IVC meets the Morgans target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $13.84, suggesting downside of -1.8% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 46.00 cents and EPS of 58.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 58.7, implying annual growth of -33.9%. Current consensus DPS estimate is 47.7, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 24.0. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 48.00 cents and EPS of 62.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 61.9, implying annual growth of 5.5%. Current consensus DPS estimate is 50.1, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 22.8. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
MND MONADELPHOUS GROUP LIMITED
Mining Sector Contracting
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Overnight Price: $18.15
Citi rates MND as Sell (5) -
First half results were in line with expectations. Citi upgrades revenue estimates by 10-14% across FY18-20. The broker considers the business well managed and near-term news flow is potentially supportive.
Yet the stock trades at a significant premium to the target and the broker retains a Sell rating. Target is raised to $13.40 from $12.95.
Target price is $13.40 Current Price is $18.15 Difference: minus $4.75 (current price is over target).
If MND meets the Citi target it will return approximately minus 26% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $15.11, suggesting downside of -16.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 61.00 cents and EPS of 71.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 72.9, implying annual growth of 18.7%. Current consensus DPS estimate is 60.6, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 24.9. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 63.00 cents and EPS of 69.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 76.7, implying annual growth of 5.2%. Current consensus DPS estimate is 65.0, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 23.7. |
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates MND as Sell (5) -
First half results exceeded expectations and second half guidance is also above Deutsche Bank's estimates. Conditions have been improving in all the company's markets but the broker notes diversification and mix shift are leading to margin compression.
The broker suggest activity levels may be improving but are already priced into the stock. Sell retained. Target is reduced to $12.93 from $13.63.
Target price is $12.93 Current Price is $18.15 Difference: minus $5.22 (current price is over target).
If MND meets the Deutsche Bank target it will return approximately minus 29% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $15.11, suggesting downside of -16.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 66.00 cents and EPS of 77.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 72.9, implying annual growth of 18.7%. Current consensus DPS estimate is 60.6, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 24.9. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 73.00 cents and EPS of 87.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 76.7, implying annual growth of 5.2%. Current consensus DPS estimate is 65.0, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 23.7. |
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates MND as Outperform (1) -
Monadelphous' underlying profit came in -3% below the broker. Revenues beat margins but were impacted by competition and diversification into infrastructure and maintenance. The broker had expected strong revenues but admits over-optimism on margins, but believes margins may be close to the bottom.
Diversification notwithstanding, management highlighted upcoming opportunities in iron ore, copper and lithium, as well as opportunities at Oyu Tolgoi and Olympic Dam. Contract wins are key, the broker notes, to offsetting the end of the Ichthys contract.
M&A potential supports the broker's Outperform rating. Target falls to $19.18 from $19.45.
Target price is $19.18 Current Price is $18.15 Difference: $1.03
If MND meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $15.11, suggesting downside of -16.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 63.00 cents and EPS of 77.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 72.9, implying annual growth of 18.7%. Current consensus DPS estimate is 60.6, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 24.9. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 69.10 cents and EPS of 84.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 76.7, implying annual growth of 5.2%. Current consensus DPS estimate is 65.0, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 23.7. |
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates MND as Hold (3) -
Ord Minnett believes while reported interim financials were merely in-line with its own forecasts, Monadelphous beat market consensus by some 8%. The interim dividend of 30c was well above all expectations.
The broker does temper investor enthusiasm by highlighting some serious headwinds are now afoot with the Ichthys contract rolling off (representing about 16% of sales) and prospect for weaker margins.
Ord Minnett anticipates a profit decline in FY19, before growth can resume in FY20. Estimates have increased. Target price lifts to $18.82 from $18.38. Hold rating retained.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $18.82 Current Price is $18.15 Difference: $0.67
If MND meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $15.11, suggesting downside of -16.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 65.00 cents and EPS of 81.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 72.9, implying annual growth of 18.7%. Current consensus DPS estimate is 60.6, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 24.9. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 65.00 cents and EPS of 76.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 76.7, implying annual growth of 5.2%. Current consensus DPS estimate is 65.0, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 23.7. |
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
MOE MOELIS AUSTRALIA LIMITED
Wealth Management & Investments
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Overnight Price: $6.32
Ord Minnett rates MOE as Upgrade to Buy from Hold (1) -
It was a transformational year for Moelis, state Ord Minnett analysts, but that hasn't prevented them from delivering a financial performance that was well above what the analysts had penciled in (7% better). The broker believes Moelis has an "appealing" business model.
Add a strong balance sheet and plenty of growth options and what's not to like? Rating upgraded to Buy from Hold. Target price lifts to $6.18 from $5.72. Earnings estimates have received a boost.
Target price is $6.18 Current Price is $6.32 Difference: minus $0.14 (current price is over target).
If MOE meets the Ord Minnett target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
The company's fiscal year ends in December.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 8.00 cents and EPS of 22.00 cents. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 8.50 cents and EPS of 23.40 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $6.96
Deutsche Bank rates NHF as Hold (3) -
First half results were ahead of expectations. Guidance is upgraded by 6% for FY18 to $165m and Deutsche Bank is now forecasting underlying operating profit of $171.6m.
Hold rating maintained. Target is raised to $6.80 from $6.20.
Target price is $6.80 Current Price is $6.96 Difference: minus $0.16 (current price is over target).
If NHF meets the Deutsche Bank target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $6.39, suggesting downside of -8.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 20.00 cents and EPS of 28.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.1, implying annual growth of 7.0%. Current consensus DPS estimate is 19.5, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 23.9. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 21.00 cents and EPS of 31.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.2, implying annual growth of 7.2%. Current consensus DPS estimate is 21.2, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 22.3. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates NHF as Hold (3) -
First half underlying profit was ahead of expectations. Morgans finds FY18 guidance a little conservative. The broker upgrades estimates for FY18 and FY19 earnings per share by 12% and 5% respectively.
The broker finds clear positives in the stock but is cautious about cyclically high health insurance industry margins. Hold maintained. Target rises to $6.33 from $6.13.
Target price is $6.33 Current Price is $6.96 Difference: minus $0.63 (current price is over target).
If NHF meets the Morgans target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $6.39, suggesting downside of -8.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 18.00 cents and EPS of 30.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.1, implying annual growth of 7.0%. Current consensus DPS estimate is 19.5, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 23.9. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 20.00 cents and EPS of 31.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.2, implying annual growth of 7.2%. Current consensus DPS estimate is 21.2, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 22.3. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $6.02
Citi rates NST as Neutral (3) -
First half results were in line with estimates. Citi notes the company's sector-leading returns as well as cash and balance sheet flexibility.
The broker reduces FY18 estimates slightly because higher gold price expectations are offset slightly by a higher Australian dollar.
Neutral rating maintained. Target rises to $6.30 from $5.50.
Target price is $6.30 Current Price is $6.02 Difference: $0.28
If NST meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $5.37, suggesting downside of -10.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 9.00 cents and EPS of 30.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 33.3, implying annual growth of -7.2%. Current consensus DPS estimate is 9.8, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 18.1. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 9.00 cents and EPS of 37.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 47.1, implying annual growth of 41.4%. Current consensus DPS estimate is 11.3, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 12.8. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates NST as Underperform (5) -
First half results were below the broker's expectations. Management has set the dividend of 4.5c at 6% of revenue while maintaining a minimum $300m cash balance for growth.
FY18 guidance is unchanged at 525-575koz at $1,000 to $1,050/oz. Management is confidently projecting a mine life of 10 years and possibly more for Jundee.
Underperform and $4.55 target retained.
Target price is $4.55 Current Price is $6.02 Difference: minus $1.47 (current price is over target).
If NST meets the Credit Suisse target it will return approximately minus 24% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $5.37, suggesting downside of -10.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 9.32 cents and EPS of 37.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 33.3, implying annual growth of -7.2%. Current consensus DPS estimate is 9.8, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 18.1. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 10.00 cents and EPS of 51.06 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 47.1, implying annual growth of 41.4%. Current consensus DPS estimate is 11.3, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 12.8. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates NST as Sell (5) -
First half net profit was below expectations, with earnings down -20% amid soft cash flow. Guidance implies a stronger second half and Deutsche Bank forecasts a return to generating cash.
The broker maintains a Sell rating on valuation. Target is $4.70.
Target price is $4.70 Current Price is $6.02 Difference: minus $1.32 (current price is over target).
If NST meets the Deutsche Bank target it will return approximately minus 22% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $5.37, suggesting downside of -10.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 9.00 cents and EPS of 33.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 33.3, implying annual growth of -7.2%. Current consensus DPS estimate is 9.8, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 18.1. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 10.00 cents and EPS of 44.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 47.1, implying annual growth of 41.4%. Current consensus DPS estimate is 11.3, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 12.8. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates NST as Neutral (3) -
Northern Star posted an in-line result along with a better than expected dividend, thanks to a slight beat on cash flow. Initial drilling results from Zodiac suggests a potential game-changer, the broker highlights, but not for some time.
In the interim, exploration success is a key catalyst and Jundee looks set to deliver exciting results, but on current production forecasts the stock looks well valued. Neutral and $6.10 target retained.
Target price is $6.10 Current Price is $6.02 Difference: $0.08
If NST meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $5.37, suggesting downside of -10.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 9.50 cents and EPS of 34.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 33.3, implying annual growth of -7.2%. Current consensus DPS estimate is 9.8, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 18.1. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 10.00 cents and EPS of 40.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 47.1, implying annual growth of 41.4%. Current consensus DPS estimate is 11.3, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 12.8. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates NST as Hold (3) -
The interim performance was in-line with expectations, with a slightly lower dividend than was forecast by Ord Minnett. As the company also released a significant exploration update, the analysts believe this highlights the "world-class nature" of the Jundee and Kalgoorlie geological structures.
Equally important, Ord Minnett points out the capital barrier to bring the additional ounces into production, at some stage, should be low. Ord Minnett remains confident yet another reserve upgrade is just around the corner.
Hold rating retained, while the price target lifts to $5.80 from $5.40.
Target price is $5.80 Current Price is $6.02 Difference: minus $0.22 (current price is over target).
If NST meets the Ord Minnett target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $5.37, suggesting downside of -10.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 12.00 cents and EPS of 32.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 33.3, implying annual growth of -7.2%. Current consensus DPS estimate is 9.8, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 18.1. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 19.00 cents and EPS of 62.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 47.1, implying annual growth of 41.4%. Current consensus DPS estimate is 11.3, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 12.8. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $6.56
Morgans rates ONT as Add (1) -
First half results were in line with expectations. Morgans maintains a positive view regarding the company's ability to steer a course through the tough operating environment and take advantage of opportunities.
Add rating maintained. Target is $7.44. The main risk, the broker envisages, lies with the company's ability to acquire dental practices at reasonable multiples.
Target price is $7.44 Current Price is $6.56 Difference: $0.88
If ONT meets the Morgans target it will return approximately 13% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 25.00 cents and EPS of 39.00 cents. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 26.00 cents and EPS of 40.00 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $7.56
Credit Suisse rates OSH as Neutral (3) -
FY17 results were in line with Credit Suisse estimates. Dividend of 9.5c was a little higher than the broker expected.
FY18 capex guidance of $475-$575m was above the broker's estimate, although this should be expected given exploration timing etc. The company is expanding PNG to three trains, with costs seemingly the same for three trains versus two.
Credit Suisse has tweaked FY18-FY19 EPS estimates by 2-3%. Neutral maintained. Target is $7.55.
Target price is $7.55 Current Price is $7.56 Difference: minus $0.01 (current price is over target).
If OSH meets the Credit Suisse target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $8.20, suggesting upside of 8.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 17.92 cents and EPS of 36.77 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.5, implying annual growth of N/A. Current consensus DPS estimate is 14.3, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 21.9. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 17.78 cents and EPS of 36.47 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 33.3, implying annual growth of -3.5%. Current consensus DPS estimate is 15.0, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 22.7. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates OSH as Buy (1) -
It is Deutsche Bank's view that the key surprise from Oil Search's 2017 report was the announcement the LNG expansion now comprises three trains, an upgrade from a two train expansion previously.
While not without risks, the analysts see a "compelling" case. The actual result was a mild beat on a combination of higher LNG/oil prices throughout the year and lower than expected financing costs.
Price target lifts to $8.85 from $8.30. Buy rating retained.
Target price is $8.85 Current Price is $7.56 Difference: $1.29
If OSH meets the Deutsche Bank target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $8.20, suggesting upside of 8.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 11.66 cents and EPS of 31.08 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.5, implying annual growth of N/A. Current consensus DPS estimate is 14.3, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 21.9. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 14.29 cents and EPS of 35.08 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 33.3, implying annual growth of -3.5%. Current consensus DPS estimate is 15.0, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 22.7. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates OSH as Outperform (1) -
Oil Search reported in line with the broker and consensus. The surprise was the 5.5c dividend, at the upper end of the company's preferred payout range. Management announced PNG LNG will now likely be expanded by three smaller trains.
Oil Search remains the broker's preference in the space, with several potential upside catalysts expected in 2018, including Alaska drilling results, further updates on PNG expansion and a target for front end engineering and design (FEED). Outperform retained.
Target falls to $8.20 from $8.40.
Target price is $8.20 Current Price is $7.56 Difference: $0.64
If OSH meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $8.20, suggesting upside of 8.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 12.82 cents and EPS of 26.42 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.5, implying annual growth of N/A. Current consensus DPS estimate is 14.3, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 21.9. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 8.29 cents and EPS of 17.09 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 33.3, implying annual growth of -3.5%. Current consensus DPS estimate is 15.0, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 22.7. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates OSH as Equal-weight (3) -
FY17 results were in line with the broker's estimates, although Capex was slightly higher. Capex guidance for 2018 was higher, at US$475-575m, reflecting further exploration and appraisal activity.
Oil Search has announced three trains will be required for expansion. One for the foundation project and two for the Papua LNG. The three will produce 8mtpa, split evenly across the trains. This removes the challenge of mixing different specification gas.
Morgan Stanley awaits further clarity on expansion plans and retains Equal-weight rating and In-Line sector view. Target is $7.75.
Target price is $7.75 Current Price is $7.56 Difference: $0.19
If OSH meets the Morgan Stanley target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $8.20, suggesting upside of 8.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 8.42 cents and EPS of 42.74 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.5, implying annual growth of N/A. Current consensus DPS estimate is 14.3, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 21.9. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 EPS of 38.85 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 33.3, implying annual growth of -3.5%. Current consensus DPS estimate is 15.0, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 22.7. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates OSH as Add (1) -
First half results were in line with estimates. The company has revealed some more detail regarding the PNG expansion agreed by the joint-venture partners. Three trains are envisaged for a combined 8mtpa.
Morgans is surprised that the three trains, two at Elk-Antelope and a third at PNG LNG, are smaller in scale than the existing two at PNG LNG. Add rating maintained. Target is reduced to $10.27 from $10.46.
Target price is $10.27 Current Price is $7.56 Difference: $2.71
If OSH meets the Morgans target it will return approximately 36% (excluding dividends, fees and charges).
Current consensus price target is $8.20, suggesting upside of 8.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 14.25 cents and EPS of 33.67 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.5, implying annual growth of N/A. Current consensus DPS estimate is 14.3, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 21.9. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 15.54 cents and EPS of 37.56 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 33.3, implying annual growth of -3.5%. Current consensus DPS estimate is 15.0, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 22.7. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates OSH as Accumulate (2) -
The company's FY17 results were better than Ord Minnett expected. A US5.5c final dividend was declared, bringing the full year dividend to US9.5c.
The result provided some indication of an accelaration in activity in the PNG LNG expansion project. The company had guided to higher capex in 2018, with the JV partners now aligned for a concept to be presented to the PNG government for approval.
Accumulate rating retained and target lowered to $8.05 from $8.30.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $8.05 Current Price is $7.56 Difference: $0.49
If OSH meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $8.20, suggesting upside of 8.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 19.43 cents and EPS of 42.74 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.5, implying annual growth of N/A. Current consensus DPS estimate is 14.3, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 21.9. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 19.43 cents and EPS of 41.44 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 33.3, implying annual growth of -3.5%. Current consensus DPS estimate is 15.0, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 22.7. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates OSH as Neutral (3) -
2017 results were in line with UBS estimates. The main focus is on the updated plans for LNG expansion in PNG. The company has said expansion will likely occur via construction of three smaller LNG trains. Total and Exxon Mobil have reached broad agreement as well.
This news is positive, in the broker's opinion, after five years of delays to timing. Neutral rating maintained. Target is $8.10.
Target price is $8.10 Current Price is $7.56 Difference: $0.54
If OSH meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $8.20, suggesting upside of 8.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 15.54 cents and EPS of 31.08 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.5, implying annual growth of N/A. Current consensus DPS estimate is 14.3, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 21.9. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 18.19 cents and EPS of 37.68 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 33.3, implying annual growth of -3.5%. Current consensus DPS estimate is 15.0, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 22.7. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $4.11
Credit Suisse rates RRL as Neutral (3) -
First half results were slightly below Credit Suisse estimates. The 8c dividend was also below the broker's 10c forecast.
FY18 guidance was unchanged, with mid to upper end of production of 335-365koz expected.
The broker considers it a clean result with no new news to impact the operating outlook expectations. Neutral rating and $3.85 target maintained.
Target price is $3.85 Current Price is $4.11 Difference: minus $0.26 (current price is over target).
If RRL meets the Credit Suisse target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $3.70, suggesting downside of -9.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 18.87 cents and EPS of 34.82 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.4, implying annual growth of 13.8%. Current consensus DPS estimate is 18.1, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 13.1. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 23.65 cents and EPS of 39.41 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.0, implying annual growth of 8.3%. Current consensus DPS estimate is 19.3, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 12.1. |
Market Sentiment: -0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates RRL as Sell (5) -
First half results were in line with estimates. The dividend pay-out has fallen consistently since the second half of FY16, Deutsche Bank notes.
The broker suggests this is likely to stay around current levels at 48% of net profit, particularly in FY19/20 as capital expenditure for McPhillamys ramps up. Sell maintained. Target is $3.50.
Target price is $3.50 Current Price is $4.11 Difference: minus $0.61 (current price is over target).
If RRL meets the Deutsche Bank target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $3.70, suggesting downside of -9.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 16.00 cents and EPS of 29.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.4, implying annual growth of 13.8%. Current consensus DPS estimate is 18.1, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 13.1. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 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 34.0, implying annual growth of 8.3%. Current consensus DPS estimate is 19.3, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 12.1. |
Market Sentiment: -0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates RRL as Neutral (3) -
Regis Resources' result was strong, albeit slightly below the broker's forecast due to higher costs. Cash flow was weaker but the dividend is maintained, as the broker expected.
FY production should come in at the top end of guidance to deliver a strong FY earnings result, the broker suggests. The McPhillamys feasibility study is important for growth. Neutral and $4.60 target retained.
Target price is $4.60 Current Price is $4.11 Difference: $0.49
If RRL meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $3.70, suggesting downside of -9.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 19.00 cents and EPS of 33.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.4, implying annual growth of 13.8%. Current consensus DPS estimate is 18.1, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 13.1. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 26.00 cents and EPS of 43.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.0, implying annual growth of 8.3%. Current consensus DPS estimate is 19.3, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 12.1. |
Market Sentiment: -0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
SAR SARACEN MINERAL HOLDINGS LIMITED
Gold & Silver
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Overnight Price: $1.51
Citi rates SAR as Sell (5) -
First half results were in line with estimates. The company has outlined plans for mine re-development, looking to increase mill life and utilisation. Citi already factors in much of this expansion and considers the stock overvalued.
Sell maintained. Target rises to $1.50 from $1.34.
Target price is $1.50 Current Price is $1.51 Difference: minus $0.01 (current price is over target).
If SAR meets the Citi target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 0.00 cents and EPS of 7.50 cents. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 0.00 cents and EPS of 9.60 cents. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates SAR as Outperform (1) -
Saracen's record earnings result beat the broker. Cash flow nevertheless came up short after exploration costs and no dividend will be paid.
Operational and grade improvements at Karari continue to underpin Carosue Dam earnings growth while ongoing Thunderbox improvement should provide an added boost, the broker believes. Carosue Dam exploration continues to impress.
Outperform and $1.90 target retained.
Target price is $1.90 Current Price is $1.51 Difference: $0.39
If SAR meets the Macquarie target it will return approximately 26% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 2.00 cents and EPS of 10.10 cents. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 2.00 cents and EPS of 16.70 cents. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $7.17
Citi rates SFR as Sell (5) -
First half results were better than forecast, supported by a strong copper price adjustment gain. Management focused on aggressive exploration and M&A, and Citi considers too much success from these risky activities is priced into the stock.
Sell/High Risk rating and $6.80 target retained.
Target price is $6.80 Current Price is $7.17 Difference: minus $0.37 (current price is over target).
If SFR meets the Citi target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $6.92, suggesting downside of -3.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 27.00 cents and EPS of 76.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 79.5, implying annual growth of 61.7%. Current consensus DPS estimate is 25.9, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 9.0. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 33.00 cents and EPS of 93.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 94.7, implying annual growth of 19.1%. Current consensus DPS estimate is 31.7, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 7.6. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates SFR as Neutral (3) -
First half results were in line with Credit Suisse estimates. Interim dividend of 8c was 21% of EPS and with guidance for FY18 payout to average 35% the broker expects a nearer 50% payout in the second half.
FY18 production guidance for 63-66kt CU at US$1.00-1.05lb is unchanged. Credit Suisse has made minor EPS changes on the result update and unchanged operational forecasts.
Neutral rating and $5.60 target maintained.
Target price is $5.60 Current Price is $7.17 Difference: minus $1.57 (current price is over target).
If SFR meets the Credit Suisse target it will return approximately minus 22% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $6.92, suggesting downside of -3.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 24.16 cents and EPS of 70.03 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 79.5, implying annual growth of 61.7%. Current consensus DPS estimate is 25.9, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 9.0. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 16.17 cents and EPS of 46.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 94.7, implying annual growth of 19.1%. Current consensus DPS estimate is 31.7, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 7.6. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates SFR as Buy (1) -
First half results beat estimates. While Deutsche Bank does not factor in any capex for Black Butte development, strong returns are expected to continue and a dividend yield of over 5% is factored into FY22.
Buy retained. Target slips to $8.10 from $8.20.
Target price is $8.10 Current Price is $7.17 Difference: $0.93
If SFR meets the Deutsche Bank target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $6.92, suggesting downside of -3.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 28.00 cents and EPS of 90.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 79.5, implying annual growth of 61.7%. Current consensus DPS estimate is 25.9, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 9.0. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 45.00 cents and EPS of 126.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 94.7, implying annual growth of 19.1%. Current consensus DPS estimate is 31.7, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 7.6. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates SFR as Neutral (3) -
Sandfire's earnings result solidly beat the broker. Cash flow was in line, but the dividend came up short. The company has increased its stake in the Black Butte copper project in Montana.
The ramp-up of Monty should underpin copper production growth in the near term, the broker notes, but the key is a life extension at DeGrussa given production is declining. Neutral retained, target falls to $7.50 from $7.60.
Target price is $7.50 Current Price is $7.17 Difference: $0.33
If SFR meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $6.92, suggesting downside of -3.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 30.00 cents and EPS of 80.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 79.5, implying annual growth of 61.7%. Current consensus DPS estimate is 25.9, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 9.0. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 31.00 cents and EPS of 97.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 94.7, implying annual growth of 19.1%. Current consensus DPS estimate is 31.7, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 7.6. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates SFR as Hold (3) -
First half results were better than expected. Morgans is impressed by the cash accumulation but suggests the stock's appeal is becoming increasingly reliant upon exploration around DeGrussa, development success at Black Butte and/or external M&A.
These concepts suit investors with higher risk tolerance, in the broker's opinion. Hold rating maintained. Target rises to $6.80 from $6.67.
Target price is $6.80 Current Price is $7.17 Difference: minus $0.37 (current price is over target).
If SFR meets the Morgans target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $6.92, suggesting downside of -3.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 24.00 cents and EPS of 82.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 79.5, implying annual growth of 61.7%. Current consensus DPS estimate is 25.9, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 9.0. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 28.00 cents and EPS of 93.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 94.7, implying annual growth of 19.1%. Current consensus DPS estimate is 31.7, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 7.6. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates SFR as Hold (3) -
The interim performance turned out significantly better than what Ord Minnett had penciled in, with the analysts blaming (so to speak) higher revenue as a result of provisional pricing gains. The 8c dividend payout, however, fell well short of the 11c expected.
Ord Minnett has now incorporated a higher copper price in its modeling and this pushes up the valuation, and thus the price target to $7.60 from $7. Hold rating retained. Forecasts have received a boost.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $7.60 Current Price is $7.17 Difference: $0.43
If SFR meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $6.92, suggesting downside of -3.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 27.00 cents and EPS of 84.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 79.5, implying annual growth of 61.7%. Current consensus DPS estimate is 25.9, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 9.0. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 40.00 cents and EPS of 131.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 94.7, implying annual growth of 19.1%. Current consensus DPS estimate is 31.7, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 7.6. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
SUL SUPER RETAIL GROUP LIMITED
Automobiles & Components
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Overnight Price: $7.30
Citi rates SUL as Buy (1) -
First half results were below expectations, because of softer gross margins in sports and leisure and higher cost of sales across all divisions.
While questioning the strategic rationale of persevering in leisure after several mis-steps, Citi notes a significant buffer post the market reaction to the results.
The broker does not consider the Macpac acquisition an optimal use of shareholder capital, and likely dilutive to earnings per share, but there is a significant amount of downside already factored into leisure. Buy rating maintained. Target is reduced to $8.80 from $9.50.
Target price is $8.80 Current Price is $7.30 Difference: $1.5
If SUL meets the Citi target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $8.18, suggesting upside of 12.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 47.70 cents and EPS of 70.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 69.9, implying annual growth of 35.5%. Current consensus DPS estimate is 47.2, implying a prospective dividend yield of 6.5%. Current consensus EPS estimate suggests the PER is 10.4. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 52.10 cents and EPS of 77.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 76.7, implying annual growth of 9.7%. Current consensus DPS estimate is 51.4, implying a prospective dividend yield of 7.0%. Current consensus EPS estimate suggests the PER is 9.5. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates SUL as Upgrade to Neutral from Underperform (3) -
The company's first half results were underwhelming for the broker. With operating costs increasing and a number competitive challenges impacting gross margins, the medium term profit outlook looks decidedly poor to Credit Suisse.
The integration of Amart was completed with mixed results and there was no mention of the previously targeted $15m synergy in the update.
The company is guiding to broadly flat EBIT margin in FY18 which the broker views as "challenging".
Rating upgraded to Neutral from Underperform and target falls to $7.07 from $7.68.
Target price is $7.07 Current Price is $7.30 Difference: minus $0.23 (current price is over target).
If SUL meets the Credit Suisse target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $8.18, suggesting upside of 12.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 44.95 cents and EPS of 68.92 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 69.9, implying annual growth of 35.5%. Current consensus DPS estimate is 47.2, implying a prospective dividend yield of 6.5%. Current consensus EPS estimate suggests the PER is 10.4. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 45.68 cents and EPS of 68.87 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 76.7, implying annual growth of 9.7%. Current consensus DPS estimate is 51.4, implying a prospective dividend yield of 7.0%. Current consensus EPS estimate suggests the PER is 9.5. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates SUL as Downgrade to Hold from Buy (3) -
First half earnings were below expectations. Deutsche Bank is surprised by the acquisition of Macpac, given the problems the company has had with the category.
The broker would have preferred to see the focus on internal initiatives, rather than a risky acquisition. Rating is downgraded to Hold from Buy. Target is reduced to $9.50 from $11.00.
Target price is $9.50 Current Price is $7.30 Difference: $2.2
If SUL meets the Deutsche Bank target it will return approximately 30% (excluding dividends, fees and charges).
Current consensus price target is $8.18, suggesting upside of 12.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 47.00 cents and EPS of 70.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 69.9, implying annual growth of 35.5%. Current consensus DPS estimate is 47.2, implying a prospective dividend yield of 6.5%. Current consensus EPS estimate suggests the PER is 10.4. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 48.00 cents and EPS of 77.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 76.7, implying annual growth of 9.7%. Current consensus DPS estimate is 51.4, implying a prospective dividend yield of 7.0%. Current consensus EPS estimate suggests the PER is 9.5. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates SUL as Outperform (1) -
Super Retail's revenues came in marginally weaker but the key area of concern for the broker was a softer margin performance due to a variety of factors, including investment in auto store experience and omni-channel capabilities, sport impacted by the Amart transformation and higher staff costs.
The market was clearly surprised by the announced acquisition of outdoor business Macpac, given the long battle to turn around Rays, however the broker sees the deal as logical and offering earnings accretion.
The stock sell-off sees value emerge, the broker suggests. Outperform retained. Target falls to $9.20 from $9.70.
Target price is $9.20 Current Price is $7.30 Difference: $1.9
If SUL meets the Macquarie target it will return approximately 26% (excluding dividends, fees and charges).
Current consensus price target is $8.18, suggesting upside of 12.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 48.60 cents and EPS of 72.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 69.9, implying annual growth of 35.5%. Current consensus DPS estimate is 47.2, implying a prospective dividend yield of 6.5%. Current consensus EPS estimate suggests the PER is 10.4. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 56.00 cents and EPS of 80.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 76.7, implying annual growth of 9.7%. Current consensus DPS estimate is 51.4, implying a prospective dividend yield of 7.0%. Current consensus EPS estimate suggests the PER is 9.5. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates SUL as Downgrade to Equal-weight from Overweight (3) -
First half earnings were disappointing to the broker. Morgan Stanley believes the company's capital allocation has been poor in recent years, and the Macpac acquisition is the catalyst for a downgrade to Equal-weight from Overweight.
The broker believes the company should be allocating capital to its stronger divisions, especially Auto, where it has a proven track record and a strong franchise. Retailers moving into brand ownership are rarely successful in the broker's view.
Morgan Stanley has lowered FY18 to FY20 EPS forecasts by -10-20%. Target reduced to $7 from $10.00. Industry View: Cautious.
Target price is $7.00 Current Price is $7.30 Difference: minus $0.3 (current price is over target).
If SUL meets the Morgan Stanley target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $8.18, suggesting upside of 12.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 47.00 cents and EPS of 69.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 69.9, implying annual growth of 35.5%. Current consensus DPS estimate is 47.2, implying a prospective dividend yield of 6.5%. Current consensus EPS estimate suggests the PER is 10.4. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 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 76.7, implying annual growth of 9.7%. Current consensus DPS estimate is 51.4, implying a prospective dividend yield of 7.0%. Current consensus EPS estimate suggests the PER is 9.5. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates SUL as Hold (3) -
First half results were well below forecasts, dragged down by lower divisional earnings margins. Morgans notes the result was overshadowed somewhat by the acquisition of Macpac.
While accretive, this acquisition raises concerns for the broker about allocating capital to the outdoor market, which has been littered with failures and is more exposed to Amazon than many other categories.
Hold rating maintained. Target is reduced to $7.64 from $9.58.
Target price is $7.64 Current Price is $7.30 Difference: $0.34
If SUL meets the Morgans target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $8.18, suggesting upside of 12.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 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 69.9, implying annual growth of 35.5%. Current consensus DPS estimate is 47.2, implying a prospective dividend yield of 6.5%. Current consensus EPS estimate suggests the PER is 10.4. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 55.00 cents and EPS of 79.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 76.7, implying annual growth of 9.7%. Current consensus DPS estimate is 51.4, implying a prospective dividend yield of 7.0%. Current consensus EPS estimate suggests the PER is 9.5. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates SUL as Hold (3) -
First half net profit was below expectations. Despite a supportive backdrop, Ord Minnett observes the company faces challenges. Investment in cost of doing business is weighing on margins.
The Macpac acquisition was a surprise to the broker, with a high price and multiple being paid. The broker awaits further evidence on execution. Hold maintained. Target is reduced to $7.50 from $8.50.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $7.50 Current Price is $7.30 Difference: $0.2
If SUL meets the Ord Minnett target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $8.18, suggesting upside of 12.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 46.00 cents and EPS of 68.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 69.9, implying annual growth of 35.5%. Current consensus DPS estimate is 47.2, implying a prospective dividend yield of 6.5%. Current consensus EPS estimate suggests the PER is 10.4. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 52.00 cents and EPS of 78.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 76.7, implying annual growth of 9.7%. Current consensus DPS estimate is 51.4, implying a prospective dividend yield of 7.0%. Current consensus EPS estimate suggests the PER is 9.5. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates SUL as Buy (1) -
First half results were weaker than expected. UBS reduces FY18-20 estimates for earnings per share by -1-4% to reflect a weaker PCF result and modest downgrades to the sport division.
The company has strong brands, good cash flow but recent results have underwhelmed the broker. Buy rating maintained on a view that, at current levels, the market is taking an overly pessimistic approach. Target is reduced to $8.70 from $9.50.
Target price is $8.70 Current Price is $7.30 Difference: $1.4
If SUL meets the UBS target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $8.18, suggesting upside of 12.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 46.50 cents and EPS of 69.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 69.9, implying annual growth of 35.5%. Current consensus DPS estimate is 47.2, implying a prospective dividend yield of 6.5%. Current consensus EPS estimate suggests the PER is 10.4. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 52.50 cents and EPS of 78.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 76.7, implying annual growth of 9.7%. Current consensus DPS estimate is 51.4, implying a prospective dividend yield of 7.0%. Current consensus EPS estimate suggests the PER is 9.5. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $0.62
Citi rates SWM as Sell (5) -
Citi upgrades FY18-20 earnings forecasts by 6-7% as better cost trends supported earnings. The broker suspects the current resilience of the TV ad market is temporary.
The broker is concerned that content cost inflation could return if both Seven and Nine Entertainment ((NEC)) focus on winning share by all means.
Sell rating is maintained. Target is raised to 53c from 50c.
Target price is $0.53 Current Price is $0.62 Difference: minus $0.09 (current price is over target).
If SWM meets the Citi target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $0.62, suggesting upside of 0.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 0.00 cents and EPS of 9.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.1, implying annual growth of N/A. Current consensus DPS estimate is 1.3, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 6.8. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 0.00 cents and EPS of 9.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.4, implying annual growth of 3.3%. Current consensus DPS estimate is 2.7, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 6.6. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates SWM as Neutral (3) -
First half results were better than the broker had expected, due to lower costs. The company cancelled an interim divident to focus on paying down debt.
FY18 guidance for group EBIT of $220-240m was maintained. Cost out targets have been raised and the company now expects cost to be down marginally in FY18 and $70m lower in FY19.
Credit Suisse has reduced FY18 NPAT forecast by -2.9% ans assumes no final dividend in FY18. Neutral retained and target reduced to $0.65 from $0.77.
Target price is $0.65 Current Price is $0.62 Difference: $0.03
If SWM meets the Credit Suisse target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $0.62, suggesting upside of 0.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 0.00 cents and EPS of 8.88 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.1, implying annual growth of N/A. Current consensus DPS estimate is 1.3, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 6.8. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 4.00 cents and EPS of 10.65 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.4, implying annual growth of 3.3%. Current consensus DPS estimate is 2.7, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 6.6. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates SWM as Hold (3) -
First half results were ahead of forecasts, and Deutsche Bank attributes this almost entirely to lower costs. FY18 guidance is maintained.
Deutsche Bank believes the suspension of the dividend to focus on capital management and maintain flexibility is a positive, as it helps preserve capital.
The broker maintains a Hold rating and 70c target.
Target price is $0.70 Current Price is $0.62 Difference: $0.08
If SWM meets the Deutsche Bank target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $0.62, suggesting upside of 0.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 0.00 cents and EPS of 9.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.1, implying annual growth of N/A. Current consensus DPS estimate is 1.3, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 6.8. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 0.00 cents and EPS of 10.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.4, implying annual growth of 3.3%. Current consensus DPS estimate is 2.7, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 6.6. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates SWM as Neutral (3) -
Seven West's 7.2% profit increase on the previous first half, which included the Rio Olympics, was supported by cost-outs, growth in digital and a stable ad market, all of which support the reaffirmation of FY guidance, the broker notes.
A suspension of dividends makes sense, the broker suggests, preparing the balance sheet ahead of media reforms. The key driver going forward will be FTA market share stability outside of special events, and so far the start to the year has been mixed.
Neutral retained. Target falls to 65c from 75c.
Target price is $0.65 Current Price is $0.62 Difference: $0.03
If SWM meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $0.62, suggesting upside of 0.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 0.00 cents and EPS of 9.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.1, implying annual growth of N/A. Current consensus DPS estimate is 1.3, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 6.8. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 5.60 cents and EPS of 11.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.4, implying annual growth of 3.3%. Current consensus DPS estimate is 2.7, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 6.6. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
VOC VOCUS COMMUNICATIONS LIMITED
Telecommunication
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Overnight Price: $2.44
Citi rates VOC as Buy (1) -
First half earnings missed expectations. Citi considers the company has a lot of work to do to turn around but there is significant upside potential once this is achieved.
The broker reduces estimates for earnings per share by -1-3% for FY18-20. Buy rating maintained. Target is lowered to $3.50 from $3.55.
Target price is $3.50 Current Price is $2.44 Difference: $1.06
If VOC meets the Citi target it will return approximately 43% (excluding dividends, fees and charges).
Current consensus price target is $2.83, suggesting upside of 15.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 0.00 cents and EPS of 21.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.6, 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 12.4. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 0.00 cents and EPS of 21.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.6, implying annual growth of N/A. Current consensus DPS estimate is 1.7, implying a prospective dividend yield of 0.7%. Current consensus EPS estimate suggests the PER is 12.4. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates VOC as No Rating (-1) -
First half results were in line with the broker's estimates. There was no interim dividend.
FY18 EBITDA guidance was reduced by around -2% to a range of $365-380m and the NPAT guidance range was reduced by -10% to $125-135m.
Credit Suisse has reduced its FY18 EBITDA by -2.2% and NPAT by -7.9%.
The broker is currently on restriction and offers no recommendation or price target.
Current Price is $2.44. Target price not assessed.
Current consensus price target is $2.83, suggesting upside of 15.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 0.00 cents and EPS of 20.67 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.6, 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 12.4. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 2.10 cents and EPS of 21.59 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.6, implying annual growth of N/A. Current consensus DPS estimate is 1.7, implying a prospective dividend yield of 0.7%. Current consensus EPS estimate suggests the PER is 12.4. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates VOC as Hold (3) -
First half results were below expectations. Deutsche Bank notes cash conversion is weak and debt levels high.
While the stock is only trading on a FY18 PE of 12x, Deutsche Bank retains a Hold rating given the balance sheet concerns and the low shareholder returns. Target is reduced to $2.35 from $2.62.
Target price is $2.35 Current Price is $2.44 Difference: minus $0.09 (current price is over target).
If VOC meets the Deutsche Bank target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $2.83, suggesting upside of 15.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 0.00 cents and EPS of 21.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.6, 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 12.4. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 1.00 cents and EPS of 16.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.6, implying annual growth of N/A. Current consensus DPS estimate is 1.7, implying a prospective dividend yield of 0.7%. Current consensus EPS estimate suggests the PER is 12.4. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates VOC as Underperform (5) -
Macquarie found Vocus' report messy and disappointing. FY guidance is downgraded to reflect over-hedging of the company's energy portfolio and a shift in customer acquisition strategies.
There was little in the way of an update on the Aust-Singapore cable agreement, while the NZ process is progressing but the Aust Data Centre sale process appears to be on hold. After another downgrade, against the backdrop of balance sheet pressures, the broker finds Vocus difficult to support.
Underperform retained. Target falls to $2.50 from $3.05.
Target price is $2.50 Current Price is $2.44 Difference: $0.06
If VOC meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $2.83, suggesting upside of 15.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 0.00 cents and EPS of 20.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.6, 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 12.4. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 10.20 cents and EPS of 20.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.6, implying annual growth of N/A. Current consensus DPS estimate is 1.7, implying a prospective dividend yield of 0.7%. Current consensus EPS estimate suggests the PER is 12.4. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates VOC as Hold (3) -
First half underlying earnings were ahead of forecasts. Guidance was downgraded by -10%. Morgans acknowledges there is still a lot of work for the company to do but the second half could mark a turning point.
If the company can divest the NZ business and generate free cash flow this should take the pressure off the balance sheet. However, failure to de-gear may put the company and share price under pressure, the broker contends, as net debt would be near the top end of banking covenants. Hold rating maintained. Target is $2.78.
Target price is $2.78 Current Price is $2.44 Difference: $0.34
If VOC meets the Morgans target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $2.83, suggesting upside of 15.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 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 19.6, 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 12.4. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 0.00 cents and EPS of 19.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.6, implying annual growth of N/A. Current consensus DPS estimate is 1.7, implying a prospective dividend yield of 0.7%. Current consensus EPS estimate suggests the PER is 12.4. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates VOC as Accumulate (2) -
First half results were above Ord Minnett's estimates. However, underlying net profit was down -25% but still above the brokers forecast. No dividend was declared.
Management reiterated FY18 guidance of $1.9-2.0bn, but lowered underlying operating earnings by around -2% and underlying net profit by around -10%.
Ord Minnett maintains an Accumulate rating and $3.30 target.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $3.30 Current Price is $2.44 Difference: $0.86
If VOC meets the Ord Minnett target it will return approximately 35% (excluding dividends, fees and charges).
Current consensus price target is $2.83, suggesting upside of 15.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 0.00 cents and EPS of 11.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.6, 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 12.4. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 0.00 cents and EPS of 11.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.6, implying annual growth of N/A. Current consensus DPS estimate is 1.7, implying a prospective dividend yield of 0.7%. Current consensus EPS estimate suggests the PER is 12.4. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates VOC as Neutral (3) -
First half free cash flow conversion fell well short of the company's targets. With the company's downgrade of -2% to FY18 earnings estimates, the metrics worsen and net debt is likely to step up, UBS observes.
The broker suggests a sale of the NZ assets is now critical. Neutral maintained. Target reduced to $2.60 from $2.80.
Target price is $2.60 Current Price is $2.44 Difference: $0.16
If VOC meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $2.83, suggesting upside of 15.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 0.00 cents and EPS of 20.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.6, 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 12.4. |
Forecast for FY19:
UBS forecasts a full year FY19 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 19.6, implying annual growth of N/A. Current consensus DPS estimate is 1.7, implying a prospective dividend yield of 0.7%. Current consensus EPS estimate suggests the PER is 12.4. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $5.54
Morgan Stanley rates VRT as Overweight (1) -
The broker viewed the company's first half results as satisfactory, with well flagged market share losses in QLD offset by good cost control.
International operations disappointed with robust growth in Singapore offset by SIMS, which saw a constant currency EBITDA decline of -6.7%.
The broker notes the period of weakness is behind the IVF industry now and retains an Overweight rating. Target is raised to $8.00 from $7.80. Industry view is In-Line.
Target price is $8.00 Current Price is $5.54 Difference: $2.46
If VRT meets the Morgan Stanley target it will return approximately 44% (excluding dividends, fees and charges).
Current consensus price target is $6.32, suggesting upside of 14.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 33.70 cents and EPS of 41.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 40.3, implying annual growth of 15.1%. Current consensus DPS estimate is 30.2, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 13.7. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 EPS of 44.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 43.0, implying annual growth of 6.7%. Current consensus DPS estimate is 28.5, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 12.9. |
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 Downgrade to Hold from Add (3) -
First half results were ahead of forecasts. Upside risk, Morgans believes, involves a further stabilisation of cycle volumes to reinforce the view that the market is returning to its long-term growth rates of 2-3%. Heightened competition presents downside risk.
The broker downgrades to Hold from Add given recent share price strength. Target is raised to $5.47 from $5.46.
Target price is $5.47 Current Price is $5.54 Difference: minus $0.07 (current price is over target).
If VRT meets the Morgans target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $6.32, suggesting upside of 14.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 28.00 cents and EPS of 40.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 40.3, implying annual growth of 15.1%. Current consensus DPS estimate is 30.2, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 13.7. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 28.00 cents and EPS of 42.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 43.0, implying annual growth of 6.7%. Current consensus DPS estimate is 28.5, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 12.9. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates VRT as Neutral (3) -
First half results were in line with expectations. Share losses in bulk billing continue to affect the company's cycles growth in both Queensland and Tasmania, offset by a stronger performance in NSW and Victoria.
UBS notes the company is executing well on cost reduction targets. Neutral retained. Target is raised to $5.50 from $5.30.
Target price is $5.50 Current Price is $5.54 Difference: minus $0.04 (current price is over target).
If VRT meets the UBS target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $6.32, suggesting upside of 14.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 29.00 cents and EPS of 40.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 40.3, implying annual growth of 15.1%. Current consensus DPS estimate is 30.2, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 13.7. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 29.00 cents and EPS of 43.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 43.0, implying annual growth of 6.7%. Current consensus DPS estimate is 28.5, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 12.9. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $41.79
Citi rates WES as Sell (5) -
In an initial assessment, Citi analysts observe Coles' performance is better than expected, with cost control featuring prominently, while Bunnings outside the UK keeps momentum going.
On the negative side, Resources is marred by higher costs, while there has been no improvement for Target and Kmart which saw margin decline despite like-for-like sales growth.
All in all, Citi sees upside to consensus expectations, but also notes it sees upside for Woolworths' ((WOW)) which is yet to report. Citi has a clear preference for the latter in the sector. Target $39.30. Sell.
Target price is $39.30 Current Price is $41.79 Difference: minus $2.49 (current price is over target).
If WES meets the Citi target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $40.20, suggesting downside of -3.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 218.00 cents and EPS of 236.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 232.9, implying annual growth of -8.6%. Current consensus DPS estimate is 214.7, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 17.9. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 219.00 cents and EPS of 241.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 251.5, implying annual growth of 8.0%. Current consensus DPS estimate is 218.8, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 16.6. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates WES as Neutral (3) -
In an initial assessment, UBS likes to point out that, underlying, the financial result surprised by some 4% with cash flows also strong. The analysts expect to see modest upgrades to consensus forecasts post the release.
Overall, the quality of the result is seen as "good". Neutral. Target $40.30.
Target price is $40.30 Current Price is $41.79 Difference: minus $1.49 (current price is over target).
If WES meets the UBS target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $40.20, suggesting downside of -3.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 211.00 cents and EPS of 244.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 232.9, implying annual growth of -8.6%. Current consensus DPS estimate is 214.7, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 17.9. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 209.00 cents and EPS of 245.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 251.5, implying annual growth of 8.0%. Current consensus DPS estimate is 218.8, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 16.6. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $3.06
Citi rates WSA as Sell (5) -
First half results were slightly below estimates. Forrestania is close to break even on the broker's current base-case nickel price and Australian dollar assumptions.
Sell rating and $2.50 target maintained.
Target price is $2.50 Current Price is $3.06 Difference: minus $0.56 (current price is over target).
If WSA meets the Citi target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $2.87, suggesting downside of -6.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 2.00 cents and EPS of 8.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.6, implying annual growth of 7.2%. Current consensus DPS estimate is 0.8, implying a prospective dividend yield of 0.3%. Current consensus EPS estimate suggests the PER is 40.3. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 5.00 cents and EPS of 15.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.4, implying annual growth of 115.8%. Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 0.7%. Current consensus EPS estimate suggests the PER is 18.7. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates WSA as Outperform (1) -
First half results were broadly in line with Credit Suisse. As expected there was no interim dividend.
Cash reserves of $132.5m will be built up ahead of the 2018 decision on Odysseus development, expected to cost around $200m. Project DFS has been delayed until the June quarter on scope changes to incorporate resource extension and investigate shaft haulage.
FY18 guidance remains unchanged for 21.5-22.5kt NI at cash cost of $2.40-2.65lb. Capex guidance is higher, at $29m, including $14m for mill recovery enhancement.
Outperform rating and $3.40 target maintained.
Target price is $3.40 Current Price is $3.06 Difference: $0.34
If WSA meets the Credit Suisse target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $2.87, suggesting downside of -6.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 0.00 cents and EPS of 8.57 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.6, implying annual growth of 7.2%. Current consensus DPS estimate is 0.8, implying a prospective dividend yield of 0.3%. Current consensus EPS estimate suggests the PER is 40.3. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 0.00 cents and EPS of 27.81 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.4, implying annual growth of 115.8%. Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 0.7%. Current consensus EPS estimate suggests the PER is 18.7. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates WSA as Sell (5) -
At face value, the financial result beat expectations, with the company dialing up a small profit, but Deutsche Bank analysts are less pleased by the weak cash flows. Management has stuck with prior guidance for the full year, albeit with anticipation of a weak March quarter performance.
The broker believes capital spending is about to increase significantly, under pressure from both Flying Fox and Spotted Quoll, which both require higher rates of sustaining capital to maintain production levels, explain the analysts.
On current forecasts, the analysts predict cash flows will remain low until FY22, when Odysseus comes online. Price target only gains 10c to $2.90. Sell.
Target price is $2.90 Current Price is $3.06 Difference: minus $0.16 (current price is over target).
If WSA meets the Deutsche Bank target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $2.87, suggesting downside of -6.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 0.00 cents and EPS of 7.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.6, implying annual growth of 7.2%. Current consensus DPS estimate is 0.8, implying a prospective dividend yield of 0.3%. Current consensus EPS estimate suggests the PER is 40.3. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 0.00 cents and EPS of 14.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.4, implying annual growth of 115.8%. Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 0.7%. Current consensus EPS estimate suggests the PER is 18.7. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates WSA as Outperform (1) -
Western Areas' earnings were weaker than expected on higher corporate costs but cash flow was in line. No dividend was declared, as expected, while FY production and cost guidance are unchanged.
Formal approval of Odysseus looks likely in the next few months, the broker notes, and the project offers robust internal rates of return. The ramp-up of the mill enhancement project at Forrestania could allow the company to bring more of the large lower-grade nickel deposits into longer term mine planning.
The broker prefers the stock in the space and retains Outperform and a $3.80 target.
Target price is $3.80 Current Price is $3.06 Difference: $0.74
If WSA meets the Macquarie target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $2.87, suggesting downside of -6.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 2.00 cents and EPS of 11.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.6, implying annual growth of 7.2%. Current consensus DPS estimate is 0.8, implying a prospective dividend yield of 0.3%. Current consensus EPS estimate suggests the PER is 40.3. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 2.00 cents and EPS of 15.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.4, implying annual growth of 115.8%. Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 0.7%. Current consensus EPS estimate suggests the PER is 18.7. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Summaries
| A2M | THE A2 MILK CO | Buy - Citi | Overnight Price $11.23 |
| ANZ | ANZ BANKING GROUP | Hold - Deutsche Bank | Overnight Price $28.06 |
| Equal-weight - Morgan Stanley | Overnight Price $28.06 | ||
| Add - Morgans | Overnight Price $28.06 | ||
| Accumulate - Ord Minnett | Overnight Price $28.06 | ||
| APO | APN OUTDOOR | Upgrade to Outperform from Neutral - Credit Suisse | Overnight Price $4.37 |
| Buy - Deutsche Bank | Overnight Price $4.37 | ||
| Downgrade to Hold from Add - Morgans | Overnight Price $4.37 | ||
| ASX | ASX | Reduce - Morgans | Overnight Price $57.65 |
| BAP | BAPCOR LIMITED | Overweight - Morgan Stanley | Overnight Price $5.57 |
| Add - Morgans | Overnight Price $5.57 | ||
| Buy - UBS | Overnight Price $5.57 | ||
| BHP | BHP BILLITON | Downgrade to Neutral from Buy - Citi | Overnight Price $29.77 |
| Downgrade to Hold from Buy - Deutsche Bank | Overnight Price $29.77 | ||
| Outperform - Macquarie | Overnight Price $29.77 | ||
| Add - Morgans | Overnight Price $29.77 | ||
| Hold - Ord Minnett | Overnight Price $29.77 | ||
| Buy - UBS | Overnight Price $29.77 | ||
| BPT | BEACH ENERGY | Neutral - Credit Suisse | Overnight Price $1.33 |
| BXB | BRAMBLES | Re-instate Coverage with Hold - Deutsche Bank | Overnight Price $9.58 |
| CCL | COCA-COLA AMATIL | Buy - Citi | Overnight Price $8.82 |
| CTD | CORPORATE TRAVEL | Overweight - Morgan Stanley | Overnight Price $24.16 |
| Add - Morgans | Overnight Price $24.16 | ||
| Upgrade to Buy from Accumulate - Ord Minnett | Overnight Price $24.16 | ||
| DHG | DOMAIN HOLDINGS | Hold - Deutsche Bank | Overnight Price $3.10 |
| FXL | FLEXIGROUP | Neutral - Credit Suisse | Overnight Price $1.77 |
| Buy - Deutsche Bank | Overnight Price $1.77 | ||
| Neutral - Macquarie | Overnight Price $1.77 | ||
| Add - Morgans | Overnight Price $1.77 | ||
| Neutral - UBS | Overnight Price $1.77 | ||
| GOZ | GROWTHPOINT PROP | Underperform - Macquarie | Overnight Price $3.16 |
| Sell - UBS | Overnight Price $3.16 | ||
| GXL | GREENCROSS | Neutral - Citi | Overnight Price $6.09 |
| Hold - Deutsche Bank | Overnight Price $6.09 | ||
| Neutral - Macquarie | Overnight Price $6.09 | ||
| Neutral - UBS | Overnight Price $6.09 | ||
| IOF | INVESTA OFFICE | Buy - Citi | Overnight Price $4.24 |
| Neutral - Credit Suisse | Overnight Price $4.24 | ||
| Outperform - Macquarie | Overnight Price $4.24 | ||
| Underweight - Morgan Stanley | Overnight Price $4.24 | ||
| Hold - Ord Minnett | Overnight Price $4.24 | ||
| Neutral - UBS | Overnight Price $4.24 | ||
| IPH | IPH | Downgrade to Neutral from Outperform - Macquarie | Overnight Price $3.74 |
| IVC | INVOCARE | Hold - Morgans | Overnight Price $14.09 |
| MND | MONADELPHOUS GROUP | Sell - Citi | Overnight Price $18.15 |
| Sell - Deutsche Bank | Overnight Price $18.15 | ||
| Outperform - Macquarie | Overnight Price $18.15 | ||
| Hold - Ord Minnett | Overnight Price $18.15 | ||
| MOE | MOELIS AUSTRALIA | Upgrade to Buy from Hold - Ord Minnett | Overnight Price $6.32 |
| NHF | NIB HOLDINGS | Hold - Deutsche Bank | Overnight Price $6.96 |
| Hold - Morgans | Overnight Price $6.96 | ||
| NST | NORTHERN STAR | Neutral - Citi | Overnight Price $6.02 |
| Underperform - Credit Suisse | Overnight Price $6.02 | ||
| Sell - Deutsche Bank | Overnight Price $6.02 | ||
| Neutral - Macquarie | Overnight Price $6.02 | ||
| Hold - Ord Minnett | Overnight Price $6.02 | ||
| ONT | 1300 SMILES | Add - Morgans | Overnight Price $6.56 |
| OSH | OIL SEARCH | Neutral - Credit Suisse | Overnight Price $7.56 |
| Buy - Deutsche Bank | Overnight Price $7.56 | ||
| Outperform - Macquarie | Overnight Price $7.56 | ||
| Equal-weight - Morgan Stanley | Overnight Price $7.56 | ||
| Add - Morgans | Overnight Price $7.56 | ||
| Accumulate - Ord Minnett | Overnight Price $7.56 | ||
| Neutral - UBS | Overnight Price $7.56 | ||
| RRL | REGIS RESOURCES | Neutral - Credit Suisse | Overnight Price $4.11 |
| Sell - Deutsche Bank | Overnight Price $4.11 | ||
| Neutral - Macquarie | Overnight Price $4.11 | ||
| SAR | SARACEN MINERAL | Sell - Citi | Overnight Price $1.51 |
| Outperform - Macquarie | Overnight Price $1.51 | ||
| SFR | SANDFIRE | Sell - Citi | Overnight Price $7.17 |
| Neutral - Credit Suisse | Overnight Price $7.17 | ||
| Buy - Deutsche Bank | Overnight Price $7.17 | ||
| Neutral - Macquarie | Overnight Price $7.17 | ||
| Hold - Morgans | Overnight Price $7.17 | ||
| Hold - Ord Minnett | Overnight Price $7.17 | ||
| SUL | SUPER RETAIL | Buy - Citi | Overnight Price $7.30 |
| Upgrade to Neutral from Underperform - Credit Suisse | Overnight Price $7.30 | ||
| Downgrade to Hold from Buy - Deutsche Bank | Overnight Price $7.30 | ||
| Outperform - Macquarie | Overnight Price $7.30 | ||
| Downgrade to Equal-weight from Overweight - Morgan Stanley | Overnight Price $7.30 | ||
| Hold - Morgans | Overnight Price $7.30 | ||
| Hold - Ord Minnett | Overnight Price $7.30 | ||
| Buy - UBS | Overnight Price $7.30 | ||
| SWM | SEVEN WEST MEDIA | Sell - Citi | Overnight Price $0.62 |
| Neutral - Credit Suisse | Overnight Price $0.62 | ||
| Hold - Deutsche Bank | Overnight Price $0.62 | ||
| Neutral - Macquarie | Overnight Price $0.62 | ||
| VOC | VOCUS COMMUNICATIONS | Buy - Citi | Overnight Price $2.44 |
| No Rating - Credit Suisse | Overnight Price $2.44 | ||
| Hold - Deutsche Bank | Overnight Price $2.44 | ||
| Underperform - Macquarie | Overnight Price $2.44 | ||
| Hold - Morgans | Overnight Price $2.44 | ||
| Accumulate - Ord Minnett | Overnight Price $2.44 | ||
| Neutral - UBS | Overnight Price $2.44 | ||
| VRT | VIRTUS HEALTH | Overweight - Morgan Stanley | Overnight Price $5.54 |
| Downgrade to Hold from Add - Morgans | Overnight Price $5.54 | ||
| Neutral - UBS | Overnight Price $5.54 | ||
| WES | WESFARMERS | Sell - Citi | Overnight Price $41.79 |
| Neutral - UBS | Overnight Price $41.79 | ||
| WSA | WESTERN AREAS | Sell - Citi | Overnight Price $3.06 |
| Outperform - Credit Suisse | Overnight Price $3.06 | ||
| Sell - Deutsche Bank | Overnight Price $3.06 | ||
| Outperform - Macquarie | Overnight Price $3.06 |
RATING SUMMARY
| Rating | No. Of Recommendations |
| 1. Buy | 33 |
| 2. Accumulate | 3 |
| 3. Hold | 50 |
| 5. Sell | 16 |
Wednesday 21 February 2018
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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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