Australian Broker Call
April 24, 2017
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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: 01:20 PM
Your daily news report on the latest recommendation, valuation, forecast and opinion changes.
This report includes concise but limited reviews of research recently published by Stockbrokers, which should be considered as information concerning likely market behaviour rather than advice on the securities mentioned. Do not act on the contents of this Report without first reading the important information included at the end.
For more info about the different terms used by stockbrokers, as well as the different methodologies behind similar sounding ratings, download our guide HERE
Today's Upgrades and Downgrades
| AGL - | AGL ENERGY | Downgrade to Hold from Accumulate | Ord Minnett |
| CCL - | COCA-COLA AMATIL | Downgrade to Sell from Neutral | UBS |
| EVN - | EVOLUTION MINING | Downgrade to Hold from Add | Morgans |
| NEC - | NINE ENTERTAINMENT | Downgrade to Sell from Neutral | UBS |
| OZL - | OZ MINERALS | Upgrade to Hold from Sell | Deutsche Bank |
Ord Minnett rates AGL as Downgrade to Hold from Accumulate (3) -
Time for the AGL Energy share price to take a breather, advocate analysts at Ord Minnett. They have pulled back their recommendation to Hold from Accumulate on valuation grounds, i.e. it's getting pricey where the share price currently sits.
It is the stockbroker's view that the strong positive catalysts driven by summer weather conditions are now not likely to be seen for a few months. In the meantime, policymakers across Australia are looking into potential remedies for Australia's electricity crisis, point out the analysts. Target remains $28.50.
Target price is $28.50 Current Price is $27.08 Difference: $1.42
If AGL meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $26.99, suggesting upside of 0.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 85.00 cents and EPS of 108.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 118.1, implying annual growth of N/A. Current consensus DPS estimate is 89.5, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 22.8. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 113.00 cents and EPS of 151.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 148.6, implying annual growth of 25.8%. Current consensus DPS estimate is 111.2, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 18.1. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates BPT as Underperform (5) -
Macquarie believes there is downside risk to production numbers going into next week's quarterly result. The broker is forecasting a -5% decline in the Western Flank oil acreage.
The broker continues to believe the company lacks long-term reserves and, while June quarter production will benefit from the Bauer water handling expansion, significant production declines are expected from early FY18 onwards.
Underperform retained. Target is 50c.
Target price is $0.50 Current Price is $0.73 Difference: minus $0.225 (current price is over target).
If BPT meets the Macquarie target it will return approximately minus 31% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $0.69, suggesting downside of -5.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 1.50 cents and EPS of 10.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.6, implying annual growth of N/A. Current consensus DPS estimate is 1.4, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 9.6. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 1.50 cents and EPS of 6.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 8.1, implying annual growth of 6.6%. Current consensus DPS estimate is 1.7, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 9.0. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates CCL as Neutral (3) -
The company has been forced to issue a profit warning. While at first glance the event doesn't appear too major, Citi analysts point out the weakness relates to Australia and may persist for longer than the company is hoping.
The analysts also highlight company management referred to very weak trading conditions in March and April. Higher input costs exacerbate the pressure from a more promotional Pepsi, add the analysts.
Earnings estimates have been culled. Neutral rating retained. Target price falls to $9.70 from $11.
Target price is $9.70 Current Price is $9.61 Difference: $0.09
If CCL meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $9.63, suggesting upside of 1.8% (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 54.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 55.0, implying annual growth of N/A. Current consensus DPS estimate is 46.5, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 17.2. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 46.00 cents and EPS of 55.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 56.9, implying annual growth of 3.5%. Current consensus DPS estimate is 47.6, implying a prospective dividend yield of 5.0%. 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
Deutsche Bank rates CCL as Hold (3) -
The company has highlighted weak trading, particularly in Australia. Management expects underlying net profit to decline in the first half and full year net profit to be broadly in line with last year.
The medium-term target of mid single-digit growth in earnings per share has been reiterated. Deutsche Bank reduces forecast by -4%. The broker notes, although the company is delivering on cost savings, this is insufficient to offset structural headwinds.
Target is reduced to $9.50 from $10.00. Hold retained.
Target price is $9.50 Current Price is $9.61 Difference: minus $0.11 (current price is over target).
If CCL meets the Deutsche Bank target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $9.63, suggesting upside of 1.8% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 50.00 cents and EPS of 56.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 55.0, implying annual growth of N/A. Current consensus DPS estimate is 46.5, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 17.2. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 51.00 cents and EPS of 58.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 56.9, implying annual growth of 3.5%. Current consensus DPS estimate is 47.6, implying a prospective dividend yield of 5.0%. 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
Macquarie rates CCL as Neutral (3) -
The company has downgraded its outlook for the first half and FY17, primarily as a result of weakness in the Australian beverage sector.
Macquarie observes the sell-off in the stock as a result has taken some of the unwarranted fizz out of the share price, although the medium term outlook remains lacklustre.
The stock is of interest from a dividend yield perspective but the tough trends are hard to offset, in the broker's opinion. Neutral retained. Target is reduced to $9.79 from $9.87.
Target price is $9.79 Current Price is $9.61 Difference: $0.18
If CCL meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $9.63, suggesting upside of 1.8% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 44.00 cents and EPS of 54.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 55.0, implying annual growth of N/A. Current consensus DPS estimate is 46.5, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 17.2. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 45.20 cents and EPS of 55.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 56.9, implying annual growth of 3.5%. Current consensus DPS estimate is 47.6, implying a prospective dividend yield of 5.0%. 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
Morgan Stanley rates CCL as Equal-weight (3) -
Morgan Stanley believes the company's defensive traits are now in question following a surprise downgrade to guidance. A weaker Australian beverage performance is a cause for concern, in the broker's view.
The company's warning implies first-half Australian beverages EBIT will be down -11% and signals a weakening in demand and less potency from cost saving initiatives, Morgan Stanley contends.
Equal-weight. Target is reduced to $10.00 from $10.50. In-Line sector view.
Target price is $10.00 Current Price is $9.61 Difference: $0.39
If CCL meets the Morgan Stanley target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $9.63, suggesting upside of 1.8% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 46.40 cents and EPS of 56.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 55.0, implying annual growth of N/A. Current consensus DPS estimate is 46.5, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 17.2. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 47.40 cents and EPS of 58.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 56.9, implying annual growth of 3.5%. Current consensus DPS estimate is 47.6, implying a prospective dividend yield of 5.0%. 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
Morgans rates CCL as Hold (3) -
The company has effectively downgraded its FY17 expectations, Morgans observes, after a week start to the year and a lack of uplift at Easter.
Australian beverages, the company's key profit centre, have experienced weak trading conditions across the board, the broker notes.
The downgrade reinforces structural issues, in the broker's opinion, and the power of the major customers.
The on-market share buy-back is expected to resume in coming days and provide some support for the share price. For this reason the broker retains a Hold rating. Target is reduced to $9.65 from $10.37.
Target price is $9.65 Current Price is $9.61 Difference: $0.04
If CCL meets the Morgans target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $9.63, suggesting upside of 1.8% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 46.00 cents and EPS of 56.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 55.0, implying annual growth of N/A. Current consensus DPS estimate is 46.5, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 17.2. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 48.00 cents and EPS of 58.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 56.9, implying annual growth of 3.5%. Current consensus DPS estimate is 47.6, implying a prospective dividend yield of 5.0%. 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
Ord Minnett rates CCL as Lighten (4) -
Weak trading in the Australian beverages division has forced a profit warning and Ord Minnett has lowered its price target to $9 from $9.50 while retaining its Lighten rating. The analysts are convinced this company is battling structural issues. Estimates have been lowered.
Target price is $9.00 Current Price is $9.61 Difference: minus $0.61 (current price is over target).
If CCL meets the Ord Minnett target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $9.63, suggesting upside of 1.8% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 46.00 cents and EPS of 50.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 55.0, implying annual growth of N/A. Current consensus DPS estimate is 46.5, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 17.2. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 47.00 cents and EPS of 55.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 56.9, implying annual growth of 3.5%. Current consensus DPS estimate is 47.6, implying a prospective dividend yield of 5.0%. 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 CCL as Downgrade to Sell from Neutral (5) -
Soft grocery sales in Australia drove Coca-Cola's earnings guidance downgrade, along with a weak macro backdrop in Indonesia. A fall in first half profit is expected while FY profit is expected to be flat, implying improvement in the second half.
UBS believes the decline of fizzy drink sales is structural, and may accelerate. Management has been doing well to cut costs but opportunities will soon fade. Further earnings risk is also provided by a possible container deposit scheme.
UBS cuts its target to $9 from $10 and downgrades to Sell.
Target price is $9.00 Current Price is $9.61 Difference: minus $0.61 (current price is over target).
If CCL meets the UBS target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $9.63, suggesting upside of 1.8% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 45.70 cents and EPS of 54.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 55.0, implying annual growth of N/A. Current consensus DPS estimate is 46.5, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 17.2. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 46.90 cents and EPS of 55.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 56.9, implying annual growth of 3.5%. Current consensus DPS estimate is 47.6, implying a prospective dividend yield of 5.0%. 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
Deutsche Bank rates CSR as Hold (3) -
The company will report its FY17 result on May 10. Deutsche Bank expects a strong result, given continued strength in the Australian housing market and evidence of pricing power in building products.
The broker expects EBIT margins to increase to 15.3% in FY18 from 13.6% in FY17.
The broker retains a Hold rating. Target is raised to $4.80 from $4.57.
Target price is $4.80 Current Price is $4.58 Difference: $0.22
If CSR meets the Deutsche Bank target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $4.17, suggesting downside of -8.7% (ex-dividends)
The company's fiscal year ends in March.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 27.00 cents and EPS of 40.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 37.2, implying annual growth of 31.9%. Current consensus DPS estimate is 26.6, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 12.3. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 29.00 cents and EPS of 42.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 38.1, implying annual growth of 2.4%. Current consensus DPS estimate is 26.0, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 12.0. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans - Cessation of coverage
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 4.50 cents and EPS of 17.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.5, implying annual growth of 180.2%. Current consensus DPS estimate is 16.8, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 31.7. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 4.50 cents and EPS of 17.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.1, implying annual growth of 16.8%. Current consensus DPS estimate is 16.9, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 27.2. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates DUE as Hold (3) -
With all approvals now in place, the proposed acquisition of DUET is now expected to be complete by the middle of next month. Hold rating reiterated, while the target price lifts to $3.03 from $2.80 to be in line with the offer price, the broker explains.
Target price is $3.03 Current Price is $3.01 Difference: $0.02
If DUE meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $2.75, suggesting downside of -8.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 19.00 cents and EPS of 7.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.5, implying annual growth of 180.2%. Current consensus DPS estimate is 16.8, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 31.7. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 19.00 cents and EPS of 10.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.1, implying annual growth of 16.8%. Current consensus DPS estimate is 16.9, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 27.2. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates EVN as Downgrade to Hold from Add (3) -
March quarter production was in line with estimates. Mineral ore reserves have increased to 6.99m ounces, with growth largely driven by the Ernest Henry acquisition.
Morgans raises the target slightly, to $2.33 from $2.32. Rating is downgraded to Hold from Add as the stock is trading above valuation.
The stock remains the broker's preferred play in the mid-cap gold sector.
Target price is $2.33 Current Price is $2.41 Difference: minus $0.08 (current price is over target).
If EVN meets the Morgans target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $2.57, suggesting upside of 8.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 4.50 cents and EPS of 17.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.4, implying annual growth of N/A. Current consensus DPS estimate is 3.9, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 14.5. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 4.50 cents and EPS of 17.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.4, implying annual growth of 24.4%. Current consensus DPS estimate is 4.3, implying a prospective dividend yield of 1.8%. Current consensus EPS estimate suggests the PER is 11.6. |
Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates LVH as Add (1) -
Cash receipts were up 17% in the March quarter versus the December quarter.
Morgans observes the key metrics for an early stage technology business are trending in the right direction, such as growth in paying users, client engagement, client retention and the forward order book.
Add recommendation retained. Target rises to $0.68 from $0.64.
Target price is $0.68 Current Price is $0.50 Difference: $0.18
If LVH meets the Morgans target it will return approximately 36% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 0.00 cents and EPS of minus 3.00 cents. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 0.00 cents and EPS of minus 2.80 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates MQG as Hold (3) -
Macquarie Group is the successful bidder for the UK government's green investment bank auction.
In isolation, Deutsche Bank considers the transaction immaterial to the company's earnings position but believes it builds on the investment bank's already significant expertise. This should aid growth in coming years.
Hold rating and $86 target retained.
Target price is $86.00 Current Price is $87.73 Difference: minus $1.73 (current price is over target).
If MQG 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 $81.74, suggesting downside of -8.2% (ex-dividends)
The company's fiscal year ends in March.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 420.00 cents and EPS of 610.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 611.2, implying annual growth of -6.7%. Current consensus DPS estimate is 410.0, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 14.6. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 440.00 cents and EPS of 632.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 618.8, implying annual growth of 1.2%. Current consensus DPS estimate is 426.0, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 14.4. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates NEC as Downgrade to Sell from Neutral (5) -
Nine's share price has risen 30% since its February result, on a variety of factors, UBS notes including taking ratings from its rivals, the attribution of greater value to Stan, cost-out potential and M&A if media laws change.
Yet ratings have improved against a a backdrop of structural FTA TV decline, and the broker questions Stan's valuation. Stan faces competition from both direct rivals and other media platforms, point out the analysts. UBS has lifted its target to $1.05 from 90c but downgrades to Sell on valuation.
Target price is $1.05 Current Price is $1.23 Difference: minus $0.18 (current price is over target).
If NEC meets the UBS target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $1.11, suggesting downside of -5.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 11.00 cents and EPS of 12.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.9, implying annual growth of -67.8%. Current consensus DPS estimate is 10.3, implying a prospective dividend yield of 8.7%. Current consensus EPS estimate suggests the PER is 9.9. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 11.00 cents and EPS of 12.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.1, implying annual growth of -6.7%. Current consensus DPS estimate is 9.8, implying a prospective dividend yield of 8.3%. Current consensus EPS estimate suggests the PER is 10.6. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates OZL as Buy (1) -
This stock remains Citi's favourite exposure to copper on the ASX. The broker has been supportive for a while and observes Prominent Hill continues to perform strongly, despite wet weather impact.
A change in the development timeline for Carrapateena did take the analysts by surprise, but it doesn't impact on the project's ultimate valuation, say the analysts. They've reduced price target to $10.30 (from $11.50) but explain it is more an accountancy matter. Buy.
Target price is $10.30 Current Price is $7.43 Difference: $2.87
If OZL meets the Citi target it will return approximately 39% (excluding dividends, fees and charges).
Current consensus price target is $8.64, suggesting upside of 22.3% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 26.00 cents and EPS of 78.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 52.6, implying annual growth of N/A. Current consensus DPS estimate is 13.6, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 13.4. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 26.00 cents and EPS of 56.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.6, implying annual growth of -34.2%. Current consensus DPS estimate is 12.6, implying a prospective dividend yield of 1.8%. Current consensus EPS estimate suggests the PER is 20.4. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates OZL as Underperform (5) -
The company made a soft start to 2017, Credit Suisse observes, with March quarter production revealing lower underground head grade although slightly higher throughput.
2017 guidance has been re-affirmed. The broker retains an Underperform rating and $7.15 target. The bankable feasibility study on Carrapateena is delayed nine months although the pre-feasibility timetable is confirmed as unchanged.
Target price is $7.15 Current Price is $7.43 Difference: minus $0.28 (current price is over target).
If OZL meets the Credit Suisse target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $8.64, suggesting upside of 22.3% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 12.00 cents and EPS of 42.47 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 52.6, implying annual growth of N/A. Current consensus DPS estimate is 13.6, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 13.4. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 12.00 cents and EPS of 2.74 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.6, implying annual growth of -34.2%. Current consensus DPS estimate is 12.6, implying a prospective dividend yield of 1.8%. Current consensus EPS estimate suggests the PER is 20.4. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates OZL as Upgrade to Hold from Sell (3) -
March quarter production was -11% below Deutsche Bank's forecast because of heavy rainfall. Carrapateena's feasibility study has been delayed because of issues with mine scheduling. Nevertheless, the project remains on track.
While technical concerns remain, the broker does not risk-weight Carrapateena. The stock is now closing in on fair value and rating is upgraded to Hold from Sell. Target is reduced to $7.00 from $7.10.
Target price is $7.00 Current Price is $7.43 Difference: minus $0.43 (current price is over target).
If OZL meets the Deutsche Bank target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $8.64, suggesting upside of 22.3% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 0.00 cents and EPS of 46.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 52.6, implying annual growth of N/A. Current consensus DPS estimate is 13.6, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 13.4. |
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 34.6, implying annual growth of -34.2%. Current consensus DPS estimate is 12.6, implying a prospective dividend yield of 1.8%. Current consensus EPS estimate suggests the PER is 20.4. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates OZL as Outperform (1) -
First-quarter production was weaker than Macquarie expected. Copper and gold production were -14% and -12% lower than forecasts, respectively.
A stronger second half is expected as the underground ramps up. The company has maintained guidance for Prominent Hill.
Outperform and $9.50 target retained.
Target price is $9.50 Current Price is $7.43 Difference: $2.07
If OZL meets the Macquarie target it will return approximately 28% (excluding dividends, fees and charges).
Current consensus price target is $8.64, suggesting upside of 22.3% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 20.00 cents and EPS of 57.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 52.6, implying annual growth of N/A. Current consensus DPS estimate is 13.6, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 13.4. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 22.00 cents and EPS of 21.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.6, implying annual growth of -34.2%. Current consensus DPS estimate is 12.6, implying a prospective dividend yield of 1.8%. Current consensus EPS estimate suggests the PER is 20.4. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates OZL as Underweight (5) -
First quarter production was below Morgan Stanley's estimates.
The Carrapateena project is advancing but the broker notes it will now be the September quarter before a feasibility study is released.
Underweight. Target is $7.70. Industry view: Attractive.
Target price is $7.70 Current Price is $7.43 Difference: $0.27
If OZL meets the Morgan Stanley target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $8.64, suggesting upside of 22.3% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 12.00 cents and EPS of 31.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 52.6, implying annual growth of N/A. Current consensus DPS estimate is 13.6, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 13.4. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 15.00 cents and EPS of 38.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.6, implying annual growth of -34.2%. Current consensus DPS estimate is 12.6, implying a prospective dividend yield of 1.8%. Current consensus EPS estimate suggests the PER is 20.4. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates OZL as Hold (3) -
The March quarter performance was weather impacted but Ord Minnett notes CY17 guidance has remained unchanged at 105–115,000 tonnes of copper and direct costs (C1) of US$0.85-95/lb.
The company has switched contractor on the Carrapateena project, which is delayed. Target price declines to $8.75 from $9.50 in response. Hold rating retained.
The broker also thinks risk off sentiment is predominantly responsible for the -25% fall in the share price recently.
Target price is $8.75 Current Price is $7.43 Difference: $1.32
If OZL meets the Ord Minnett target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $8.64, suggesting upside of 22.3% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 16.00 cents and EPS of 38.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 52.6, implying annual growth of N/A. Current consensus DPS estimate is 13.6, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 13.4. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 16.00 cents and EPS of 27.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.6, implying annual growth of -34.2%. Current consensus DPS estimate is 12.6, implying a prospective dividend yield of 1.8%. Current consensus EPS estimate suggests the PER is 20.4. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates OZL as Buy (1) -
OZ has announced a delay in the completion of the Carrapateena feasibility study, although it appears the mine plan remains intact. The broker suggests OZ has been trying to move a little too fast, and retains a 75% risk weighting for the project.
Meanwhile, production in the March Q fell short of expectation. The broker retains Buy, noting the share price has pulled back and on the basis of a positive view for copper. But investors may remain on the sidelines until greater Carrapateena certainty emerges, the broker suggests.
Target falls to $10.40 from $10.50.
Target price is $10.40 Current Price is $7.43 Difference: $2.97
If OZL meets the UBS target it will return approximately 40% (excluding dividends, fees and charges).
Current consensus price target is $8.64, suggesting upside of 22.3% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 11.00 cents and EPS of 84.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 52.6, implying annual growth of N/A. Current consensus DPS estimate is 13.6, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 13.4. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 0.00 cents and EPS of 71.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.6, implying annual growth of -34.2%. Current consensus DPS estimate is 12.6, implying a prospective dividend yield of 1.8%. Current consensus EPS estimate suggests the PER is 20.4. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates PRY as Underperform (5) -
Credit Suisse believes the company's move to implement flexible GP contracts has resulted in reduced billing, increased operating costs and diluted the return on invested capital for the GP business.
The broker believes a slow turnaround is the most likely scenario. The broker has incorporated revised forecasts, resulting in earnings downgrades of -4% on average over FY17-19.
Underperform rating and $3.35 target retained.
Target price is $3.35 Current Price is $3.44 Difference: minus $0.09 (current price is over target).
If PRY 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 $3.54, suggesting upside of 3.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 10.80 cents and EPS of 17.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.9, implying annual growth of 17.4%. Current consensus DPS estimate is 11.3, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 20.3. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 12.00 cents and EPS of 19.14 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.3, implying annual growth of 14.2%. Current consensus DPS estimate is 12.8, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 17.8. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates RMD as Buy (1) -
Ahead of ResMed's quarterly result on Wednesday, the broker notes its Buy rating is heavily weighted towards the success of the company's new mask launch. While this result should show some early success, it's too early to reliably reflect the mask's potential, the broker suggests.
Mask sales in the quarter are expected to have been subdued. The broker retains Buy and a US$78 target, imploring investors to "keep the faith".
Current Price is $9.13. Target price not assessed.
Current consensus price target is $9.55, suggesting upside of 3.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 17.81 cents and EPS of 36.03 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 36.5, implying annual growth of N/A. Current consensus DPS estimate is 17.8, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 25.3. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 19.42 cents and EPS of 41.66 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 40.0, implying annual growth of 9.6%. Current consensus DPS estimate is 18.9, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 23.1. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates RRL as Buy (1) -
Having successfully battled heavy rain during the March quarter, the company remains on pace to achieve FY17 guidance, note Citi analysts.
They also note a compelling dividend yield. Citi retains its Buy rating with a lower target price of $3.75 (-10c) as higher operational costs at DNO more than offset higher forecasts for gold and AUD.
Target price is $3.75 Current Price is $3.29 Difference: $0.46
If RRL meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $3.17, suggesting downside of -6.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 17.00 cents and EPS of 28.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.1, implying annual growth of 12.2%. Current consensus DPS estimate is 14.0, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 13.4. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 21.00 cents and EPS of 34.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.7, implying annual growth of 22.3%. Current consensus DPS estimate is 16.9, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 11.0. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates RRL as Underperform (5) -
March quarter production was in line with expectations despite the challenges from the weather. Credit Suisse retains an Underperform rating on valuation. Target is raised to $3.00 from $2.80.
The broker observes the company's well-funded exploration continues to deliver compelling results and supports a model of mine life that is in excess of visible reserves.
Target price is $3.00 Current Price is $3.29 Difference: minus $0.29 (current price is over target).
If RRL meets the Credit Suisse target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $3.17, suggesting downside of -6.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 14.95 cents and EPS of 24.34 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.1, implying annual growth of 12.2%. Current consensus DPS estimate is 14.0, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 13.4. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 21.51 cents and EPS of 35.85 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.7, implying annual growth of 22.3%. Current consensus DPS estimate is 16.9, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 11.0. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates RRL as Sell (5) -
Weather contributed to a setback in the March quarter but production was in line with Deutsche Bank's estimates.
The broker finds the business solid, with healthy returns, but believes the stock is trading at a premium. Hence, a Sell rating is retained. Target rises to $2.90 from $2.80.
Target price is $2.90 Current Price is $3.29 Difference: minus $0.39 (current price is over target).
If RRL meets the Deutsche Bank target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $3.17, suggesting downside of -6.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 14.00 cents and EPS of 24.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.1, implying annual growth of 12.2%. Current consensus DPS estimate is 14.0, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 13.4. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 14.00 cents and EPS of 23.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.7, implying annual growth of 22.3%. Current consensus DPS estimate is 16.9, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 11.0. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates RRL as Neutral (3) -
March quarter production was in line with expectations. Grade and recovery both improved at the Duketon North operations as a result of processing more Gloster ore.
Macquarie suggests this is likely to mean a greater beneficial impact than previously expected.
Neutral rating and $3.00 target price are maintained.
Target price is $3.00 Current Price is $3.29 Difference: minus $0.29 (current price is over target).
If RRL meets the Macquarie target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $3.17, suggesting downside of -6.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 14.00 cents and EPS of 25.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.1, implying annual growth of 12.2%. Current consensus DPS estimate is 14.0, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 13.4. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 20.00 cents and EPS of 34.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.7, implying annual growth of 22.3%. Current consensus DPS estimate is 16.9, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 11.0. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates RRL as Equal-weight (3) -
Morgan Stanley observes operations were strong in the March quarter, despite the impact of weather and days lost.
The broker is on the look out for a maiden ore reserve at Toohey's Well in the June quarter, expecting this to be a viable satellite pit to the Duketon South, point out the analysts.
Equal-weight rating, Attractive industry view and $2.80 target retained..
Target price is $2.80 Current Price is $3.29 Difference: minus $0.49 (current price is over target).
If RRL meets the Morgan Stanley target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $3.17, suggesting downside of -6.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 12.00 cents and EPS of 26.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.1, implying annual growth of 12.2%. Current consensus DPS estimate is 14.0, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 13.4. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 12.00 cents and EPS of 31.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.7, implying annual growth of 22.3%. Current consensus DPS estimate is 16.9, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 11.0. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates SCG as Outperform (1) -
Credit Suisse notes FY17 guidance implies a pay-out ratio of around 87%, compared with prior assumptions that the pay-out would be broadly in line with FY16 levels of 91%.
Post a review of assumptions the broker now assumes the distribution grows by -2% less than free funds from operations.
Outperform and $5.30 target retained.
Target price is $5.30 Current Price is $4.42 Difference: $0.88
If SCG meets the Credit Suisse target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $4.73, suggesting upside of 7.9% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 22.00 cents and EPS of 24.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.9, implying annual growth of N/A. Current consensus DPS estimate is 21.9, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 18.3. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 23.00 cents and EPS of 26.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.5, implying annual growth of 6.7%. Current consensus DPS estimate is 22.5, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 17.2. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates SRX as Overweight (1) -
The company has released data from the SARAH trial, comparing its product against the standard of care in primary liver cancer. Median overall survival was slightly shorter than the standard but the result not statistically significant.
Morgan Stanley believes a near-term recovery in the stock is largely dependent on a regaining of market share. The neutral data could be a competitive advantage, coupled with superior toxicity measures, and could help the company return to its historical trajectory.
Overweight. In-Line view retained. Target is $26.70.
Target price is $26.70 Current Price is $17.00 Difference: $9.7
If SRX meets the Morgan Stanley target it will return approximately 57% (excluding dividends, fees and charges).
Current consensus price target is $25.80, suggesting upside of 73.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 25.50 cents and EPS of 79.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 81.0, implying annual growth of -13.6%. Current consensus DPS estimate is 25.4, implying a prospective dividend yield of 1.7%. Current consensus EPS estimate suggests the PER is 18.3. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 30.90 cents and EPS of 96.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 101.0, implying annual growth of 24.7%. Current consensus DPS estimate is 30.7, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 14.7. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates VCX as Neutral (3) -
Credit Suisse makes minor adjustments to earnings per share as well as reviews the scope and timing of the future development program.
The broker expects the bulk of the development activity to result in disruption to existing centres over the next few years and lost rent as a result.
Neutral rating retained. Target is reduced to $3.03 from $3.08.
Target price is $3.03 Current Price is $2.96 Difference: $0.07
If VCX meets the Credit Suisse target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $3.06, suggesting upside of 4.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 18.00 cents and EPS of 19.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.7, implying annual growth of -14.7%. Current consensus DPS estimate is 17.6, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 14.1. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 19.00 cents and EPS of 19.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.9, implying annual growth of -8.7%. Current consensus DPS estimate is 18.1, implying a prospective dividend yield of 6.2%. Current consensus EPS estimate suggests the PER is 15.4. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates WES as Sell (5) -
Wesfarmers is scheduled to update the market on Q3 sales on April 27. Citi is anticipating growth of 7.0%, with underlying sales growth of 3.7% excluding Bunnings UK.
With a resurgent Woolworths, Coles is expected to report comp store F&L sales growth of 0.5%, adjusted for the timing of Easter. Sell.
Target price is $39.00 Current Price is $43.89 Difference: minus $4.89 (current price is over target).
If WES meets the Citi target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $42.25, suggesting downside of -3.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 208.00 cents and EPS of 264.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 264.0, implying annual growth of 629.3%. Current consensus DPS estimate is 221.6, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 16.5. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 219.00 cents and EPS of 260.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 265.3, implying annual growth of 0.5%. Current consensus DPS estimate is 223.9, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 16.5. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates WES as Hold (3) -
Wesfarmers is scheduled to update investors on its Q1 performance on April 27 and Ord Minnett is anticipating Coles food like-for-like (LFL) sales growth won't exceed 1.0% as competitor Woolworths ((WOW)) is staging a come-back.
Target LFL sales is expected to show ongoing elevated decline with a genuine turnaround still uncertain, say the analysts. Bunnings' performance should be OK on tough comparables, in the broker's view. Hold. Target $45.50.
Target price is $45.50 Current Price is $43.89 Difference: $1.61
If WES meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $42.25, suggesting downside of -3.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 215.00 cents and EPS of 262.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 264.0, implying annual growth of 629.3%. Current consensus DPS estimate is 221.6, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 16.5. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 215.00 cents and EPS of 262.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 265.3, implying annual growth of 0.5%. Current consensus DPS estimate is 223.9, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 16.5. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates WOW as Accumulate (2) -
Woolworths is scheduled to update the market on its March quarter performance (sales) on May 2 and Ord Minnett is projecting total sales growth of 3.4% from continuing operations, with underlying like-for-like growth at 3.2% as the supermarket resurgence continues.
Liquor LFL sales growth is seen at 3.5%. Accumulate rating retained. Price target $30.
Target price is $30.00 Current Price is $26.51 Difference: $3.49
If WOW meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $25.97, suggesting downside of -2.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 73.00 cents and EPS of 109.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 110.7, implying annual growth of N/A. Current consensus DPS estimate is 75.6, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 24.1. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 91.00 cents and EPS of 134.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 125.8, implying annual growth of 13.6%. Current consensus DPS estimate is 87.0, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 21.2. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Summaries
| AGL - | AGL ENERGY | Downgrade to Hold from Accumulate - Ord Minnett | Overnight Price $27.08 |
| BPT - | BEACH ENERGY | Underperform - Macquarie | Overnight Price $0.73 |
| CCL - | COCA-COLA AMATIL | Neutral - Citi | Overnight Price $9.61 |
| Hold - Deutsche Bank | Overnight Price $9.61 | ||
| Neutral - Macquarie | Overnight Price $9.61 | ||
| Equal-weight - Morgan Stanley | Overnight Price $9.61 | ||
| Hold - Morgans | Overnight Price $9.61 | ||
| Lighten - Ord Minnett | Overnight Price $9.61 | ||
| Downgrade to Sell from Neutral - UBS | Overnight Price $9.61 | ||
| CSR - | CSR | Hold - Deutsche Bank | Overnight Price $4.58 |
| DUE - | DUET | Cessation of coverage - Morgans | Overnight Price $3.01 |
| Hold - Ord Minnett | Overnight Price $3.01 | ||
| EVN - | EVOLUTION MINING | Downgrade to Hold from Add - Morgans | Overnight Price $2.41 |
| LVH - | LIVEHIRE | Add - Morgans | Overnight Price $0.50 |
| MQG - | MACQUARIE GROUP | Hold - Deutsche Bank | Overnight Price $87.73 |
| NEC - | NINE ENTERTAINMENT | Downgrade to Sell from Neutral - UBS | Overnight Price $1.23 |
| OZL - | OZ MINERALS | Buy - Citi | Overnight Price $7.43 |
| Underperform - Credit Suisse | Overnight Price $7.43 | ||
| Upgrade to Hold from Sell - Deutsche Bank | Overnight Price $7.43 | ||
| Outperform - Macquarie | Overnight Price $7.43 | ||
| Underweight - Morgan Stanley | Overnight Price $7.43 | ||
| Hold - Ord Minnett | Overnight Price $7.43 | ||
| Buy - UBS | Overnight Price $7.43 | ||
| PRY - | PRIMARY HEALTH CARE | Underperform - Credit Suisse | Overnight Price $3.44 |
| RMD - | RESMED | Buy - UBS | Overnight Price $9.13 |
| RRL - | REGIS RESOURCES | Buy - Citi | Overnight Price $3.29 |
| Underperform - Credit Suisse | Overnight Price $3.29 | ||
| Sell - Deutsche Bank | Overnight Price $3.29 | ||
| Neutral - Macquarie | Overnight Price $3.29 | ||
| Equal-weight - Morgan Stanley | Overnight Price $3.29 | ||
| SCG - | SCENTRE GROUP | Outperform - Credit Suisse | Overnight Price $4.42 |
| SRX - | SIRTEX MEDICAL | Overweight - Morgan Stanley | Overnight Price $17.00 |
| VCX - | VICINITY CENTRES | Neutral - Credit Suisse | Overnight Price $2.96 |
| WES - | WESFARMERS | Sell - Citi | Overnight Price $43.89 |
| Hold - Ord Minnett | Overnight Price $43.89 | ||
| WOW - | WOOLWORTHS | Accumulate - Ord Minnett | Overnight Price $26.51 |
RATING SUMMARY
| Rating | No. Of Recommendations |
| 1. Buy | 8 |
| 2. Accumulate | 1 |
| 3. Hold | 16 |
| 4. Reduce | 1 |
| 5. Sell | 9 |
Monday 24 April 2017
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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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