Australian Broker Call
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March 23, 2020
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COMPANIES DISCUSSED IN THIS ISSUE
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The number next to the symbol represents the number of brokers covering it for this report -(if more than 1).
Last Updated: 05:00 PM
Your daily news report on the latest recommendation, valuation, forecast and opinion changes.
This report includes concise but limited reviews of research recently published by Stockbrokers, which should be considered as information concerning likely market behaviour rather than advice on the securities mentioned. Do not act on the contents of this Report without first reading the important information included at the end.
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Today's Upgrades and Downgrades
AIZ - | AIR NEW ZEALAND | Downgrade to Sell from Neutral | UBS |
AWC - | ALUMINA | Upgrade to Outperform from Neutral | Macquarie |
BPT - | BEACH ENERGY | Upgrade to Buy from Neutral | Citi |
CAR - | CARSALES.COM | Upgrade to Add from Reduce | Morgans |
GPT - | GPT | Upgrade to Outperform from Neutral | Macquarie |
LLC - | LENDLEASE | Downgrade to Neutral from Outperform | Macquarie |
SEK - | SEEK | Upgrade to Add from Reduce | Morgans |
SGP - | STOCKLAND | Upgrade to Neutral from Underperform | Macquarie |
WBC - | WESTPAC BANKING | Upgrade to Accumulate from Hold | Ord Minnett |
WPL - | WOODSIDE PETROLEUM | Upgrade to Buy from Neutral | Citi |
Overnight Price: $0.48
UBS rates ADH as Buy (1) -
Adairs has withdrawn FY20 guidance on the back of uncertainty. The interim dividend has been suspended. UBS notes no covenants were disclosed but facilities expire in March 2023.
The broker believes the balance sheet is well-positioned and should benefit from a shift to online. Buy rating and $2.75 target maintained.
Target price is $2.75 Current Price is $0.48 Difference: $2.27
If ADH meets the UBS target it will return approximately 473% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 14.60 cents and EPS of 17.30 cents. |
Forecast for FY21:
UBS forecasts a full year FY21 dividend of 16.10 cents and EPS of 20.00 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
AIZ AIR NEW ZEALAND LIMITED
Transportation & Logistics
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Overnight Price: $0.85
Credit Suisse rates AIZ as Neutral (3) -
Air New Zealand has entered into an NZ$900m debt funding agreement with the NZ government. This is intended to provide sufficient liquidity to navigate the period of border restrictions.
Conditions of the agreement include cancelling the FY20 interim dividend and prohibiting any future dividends while the debt facility is in place.
Credit Suisse expects the airline will be materially loss-making for FY20 and FY21.
Estimates are updated to assume a three-month trough in capacity followed by a gradual recovery.
Neutral maintained. Target is reduced to NZ$0.95 from NZ$2.00.
Current Price is $0.85. Target price not assessed.
Current consensus price target is N/A
The company's fiscal year ends in June.
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 0.00 cents and EPS of minus 6.55 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -1.0, implying annual growth of N/A. Current consensus DPS estimate is 7.2, implying a prospective dividend yield of 8.5%. Current consensus EPS estimate suggests the PER is N/A. |
Forecast for FY21:
Credit Suisse forecasts a full year FY21 dividend of 0.00 cents and EPS of 17.09 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.3, implying annual growth of N/A. Current consensus DPS estimate is 7.5, implying a prospective dividend yield of 8.8%. Current consensus EPS estimate suggests the PER is 7.5. |
This company reports in NZD. 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
UBS rates AIZ as Downgrade to Sell from Neutral (5) -
UBS is surprised the bail-out package did not reflect any form of subsidy to cover the large cash burn as New Zealand closes its border.
The extent of the negative impact to equity value depends on the duration of the closure and the subsequent pace of recovery in travel.
Cash burn is -NZ$1.9bn under the broker's base case scenario which assumes the border is closed for nine months.
The NZ government has the option to convert its bridging loan into equity after six months. UBS downgrades to Sell from Neutral and reduces the target to NZ$0.45 from NZ$1.86.
Current Price is $0.85. Target price not assessed.
Current consensus price target is N/A
The company's fiscal year ends in June.
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 0.00 cents and EPS of minus 18.23 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -1.0, implying annual growth of N/A. Current consensus DPS estimate is 7.2, implying a prospective dividend yield of 8.5%. Current consensus EPS estimate suggests the PER is N/A. |
Forecast for FY21:
UBS forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 13.48 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.3, implying annual growth of N/A. Current consensus DPS estimate is 7.5, implying a prospective dividend yield of 8.8%. Current consensus EPS estimate suggests the PER is 7.5. |
This company reports in NZD. 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
Overnight Price: $9.03
Citi rates APT as Buy (1) -
The uncertainty regarding consumer discretionary expenditure will overhang the stock for the next 3-6 months, Citi contends.
The broker believes investors should focus on whether the company can make it through the crisis with reasonable liquidity and maintain its value proposition.
The main advantage is the low duration of credit and the fact the company can dynamically change its credit variables on a per order basis.
Buy/High Risk rating in place. Target is reduced to $21.10 from $42.20.
Target price is $21.10 Current Price is $9.03 Difference: $12.07
If APT meets the Citi target it will return approximately 134% (excluding dividends, fees and charges).
Current consensus price target is $33.35, suggesting upside of 269.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Citi forecasts a full year FY20 dividend of 0.00 cents and EPS of minus 51.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -19.7, 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 N/A. |
Forecast for FY21:
Citi forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 46.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -9.9, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is N/A. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $1.46
Macquarie rates AWC as Upgrade to Outperform from Neutral (1) -
Macquarie remains positive on bulk miners. Alumina Ltd shares have declined -35% in the year to date while alumina spot prices are currently tracking above the broker's forecasts.
Positive cash flow should mean the company returns to a net cash position in FY21/22, on the broker's estimates. Rating is upgraded to Outperform from Neutral. Target is raised to $1.60 from $1.50.
Target price is $1.60 Current Price is $1.46 Difference: $0.14
If AWC meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $2.08, suggesting upside of 42.1% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 11.09 cents and EPS of 14.07 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 12.1, implying annual growth of N/A. Current consensus DPS estimate is 11.8, implying a prospective dividend yield of 8.1%. Current consensus EPS estimate suggests the PER is 12.1. |
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 16.05 cents and EPS of 12.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.2, implying annual growth of 33.9%. Current consensus DPS estimate is 18.8, implying a prospective dividend yield of 12.9%. Current consensus EPS estimate suggests the PER is 9.0. |
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: $0.97
Citi rates BPT as Upgrade to Buy from Neutral (1) -
Citi has revised down Brent oil forecasts significantly. The broker now expects US$30/bbl across 2020 and a trough of US$17/bbl in the second quarter.
The bearish view is based on forecasts for supply and demand amid an unprecedented build up in global inventory.
Citi upgrades to Buy/High Risk from Neutral as Beach Energy is largely self-funded, assuming it defers some non-core expenditure. Target is reduced to $1.73 from $2.44.
Target price is $1.73 Current Price is $0.97 Difference: $0.76
If BPT meets the Citi target it will return approximately 78% (excluding dividends, fees and charges).
Current consensus price target is $1.93, suggesting upside of 98.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Citi forecasts a full year FY20 dividend of 2.00 cents and EPS of 27.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.1, implying annual growth of -4.9%. Current consensus DPS estimate is 2.1, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 4.0. |
Forecast for FY21:
Citi forecasts a full year FY21 dividend of 11.80 cents and EPS of 24.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.3, implying annual growth of -3.3%. Current consensus DPS estimate is 4.1, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 4.2. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates BPT as Add (1) -
Morgans continues to recommend caution in the oil & gas sector. Consensus forecasts still have oil prices 63% above spot, suggesting downgrades ahead. The broker has changed its valuation methodology to prioritise resilience over value and apply a gearing discount to target prices. The broker has cut its own 2020 Brent forecast by -39%.
Given Beach Energy is net cash, no gearing discount is applied. Target falls to $1.86 from $2.28. Add retained.
Target price is $1.86 Current Price is $0.97 Difference: $0.89
If BPT meets the Morgans target it will return approximately 92% (excluding dividends, fees and charges).
Current consensus price target is $1.93, suggesting upside of 98.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 2.00 cents and EPS of 17.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.1, implying annual growth of -4.9%. Current consensus DPS estimate is 2.1, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 4.0. |
Forecast for FY21:
Morgans forecasts a full year FY21 dividend of 2.00 cents and EPS of 11.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.3, implying annual growth of -3.3%. Current consensus DPS estimate is 4.1, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 4.2. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
CAR CARSALES.COM LIMITED
Automobiles & Components
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Overnight Price: $10.56
Morgan Stanley rates CAR as Overweight (1) -
The company has indicated its core business had strong momentum prior to the impact of coronavirus. As much of the population goes into shut-down, Morgan Stanley envisages a sharp drop in dealer leads, private listings and automotive display advertising.
However, the company has indicated its South Korean and Brazilian businesses have not slowed. Overweight rating, Attractive industry view and $17.25 target maintained.
Target price is $17.25 Current Price is $10.56 Difference: $6.69
If CAR meets the Morgan Stanley target it will return approximately 63% (excluding dividends, fees and charges).
Current consensus price target is $17.49, suggesting upside of 65.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 EPS of 60.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 57.1, implying annual growth of 63.1%. Current consensus DPS estimate is 47.1, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 18.5. |
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 EPS of 64.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 63.6, implying annual growth of 11.4%. Current consensus DPS estimate is 51.8, implying a prospective dividend yield of 4.9%. 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 CAR as Upgrade to Add from Reduce (1) -
Carsales has withdrawn previously "solid" guidance. Momentum in Brazil and Korea is to some extent offsetting weakness in Australia, Morgans notes, and the company has an "extremely robust" balance sheet.
Target falls to $15.67 from $16.22 but given the share price has fallen much further, to the greatest discount to valuation since the GFC, the broker (double) upgrades to Add from Reduce.
Target price is $15.67 Current Price is $10.56 Difference: $5.11
If CAR meets the Morgans target it will return approximately 48% (excluding dividends, fees and charges).
Current consensus price target is $17.49, suggesting upside of 65.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 44.00 cents and EPS of 55.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 57.1, implying annual growth of 63.1%. Current consensus DPS estimate is 47.1, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 18.5. |
Forecast for FY21:
Morgans forecasts a full year FY21 dividend of 47.00 cents and EPS of 62.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 63.6, implying annual growth of 11.4%. Current consensus DPS estimate is 51.8, implying a prospective dividend yield of 4.9%. 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: $55.50
Ord Minnett rates CBA as Hold (3) -
Ord Minnett observes valuation appeal has emerged across the sector while Commonwealth Bank remains the least preferred among major banks because of its stretched valuation.
Hold maintained. Target is reduced to $58.70 from $74.20.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $58.70 Current Price is $55.50 Difference: $3.2
If CBA meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $64.74, suggesting upside of 16.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Ord Minnett forecasts a full year FY20 dividend of 431.00 cents and EPS of 481.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 471.8, implying annual growth of -2.8%. Current consensus DPS estimate is 417.6, implying a prospective dividend yield of 7.5%. Current consensus EPS estimate suggests the PER is 11.8. |
Forecast for FY21:
Ord Minnett forecasts a full year FY21 dividend of 431.00 cents and EPS of 503.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 460.1, implying annual growth of -2.5%. Current consensus DPS estimate is 388.6, implying a prospective dividend yield of 7.0%. Current consensus EPS estimate suggests the PER is 12.1. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $2.51
Credit Suisse rates CGC as Outperform (1) -
Credit Suisse maintains estimates for the company's produce earnings. The broker also believes the company should be able to meet its financial obligations.
A weaker Australian dollar will significantly increase citrus export revenue but the downside risk is that citrus export revenue could be affected by border closures in either Japan or the US.
Outperform rating maintained. Target is $3.50.
Target price is $3.50 Current Price is $2.51 Difference: $0.99
If CGC meets the Credit Suisse target it will return approximately 39% (excluding dividends, fees and charges).
Current consensus price target is $3.16, suggesting upside of 25.7% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 7.50 cents and EPS of 11.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 12.5, implying annual growth of N/A. Current consensus DPS estimate is 8.3, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 20.1. |
Forecast for FY21:
Credit Suisse forecasts a full year FY21 dividend of 9.20 cents and EPS of 15.39 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.6, implying annual growth of 32.8%. Current consensus DPS estimate is 11.2, implying a prospective dividend yield of 4.5%. 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
Overnight Price: $0.36
Morgans rates COE as Add (1) -
Morgans continues to recommend caution in the oil & gas sector. Consensus forecasts still have oil prices 63% above spot, suggesting downgrades ahead. The broker has changed its valuation methodology to prioritise resilience over value and apply a gearing discount to target prices. The broker has cut its own 2020 Brent forecast by -39%.
The broker describes Cooper Energy's balance sheet as healthy. Target falls to 59c from 66c. Add retained.
Target price is $0.59 Current Price is $0.36 Difference: $0.23
If COE meets the Morgans target it will return approximately 64% (excluding dividends, fees and charges).
Current consensus price target is $0.60, suggesting upside of 66.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 0.00 cents and EPS of 1.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 1.3, 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 27.7. |
Forecast for FY21:
Morgans forecasts a full year FY21 dividend of 0.00 cents and EPS of 4.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 3.8, implying annual growth of 192.3%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 9.5. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
CSL CSL LIMITED
Pharmaceuticals & Biotech/Lifesciences
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Overnight Price: $282.24
Morgan Stanley rates CSL as Equal-weight (3) -
Morgan Stanley suspects the risks associated with coronavirus are manageable. The main source of risk is lower plasma collections.
CSL sources plasma in the US and EU where implementation of containment measures could lead to reduced volumes. However, the broker assesses no impact in FY20 and only a small impact to FY21, with -8-24% downside to FY22 forecast earnings.
Equal-weight maintained. Target is raised to $260 from $258. In-Line sector view retained.
Target price is $260.00 Current Price is $282.24 Difference: minus $22.24 (current price is over target).
If CSL meets the Morgan Stanley target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $316.59, suggesting upside of 12.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 dividend of 302.36 cents and EPS of 675.93 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 763.1, implying annual growth of N/A. Current consensus DPS estimate is 335.5, implying a prospective dividend yield of 1.2%. Current consensus EPS estimate suggests the PER is 37.0. |
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 dividend of 337.42 cents and EPS of 815.82 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 939.5, implying annual growth of 23.1%. Current consensus DPS estimate is 411.2, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 30.0. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates CSL as Buy (1) -
UBS has reviewed the US collection centres state-by-state. Other than the potential closure of those situated close to the US/Mexico border there does not appear to be any obstacle to plasma donation, other than a lack of willingness.
The broker understands plasma collection is considered an essential service. UBS maintains a Buy rating and $342 target.
Target price is $342.00 Current Price is $282.24 Difference: $59.76
If CSL meets the UBS target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $316.59, suggesting upside of 12.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 311.68 cents and EPS of 678.71 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 763.1, implying annual growth of N/A. Current consensus DPS estimate is 335.5, implying a prospective dividend yield of 1.2%. Current consensus EPS estimate suggests the PER is 37.0. |
Forecast for FY21:
UBS forecasts a full year FY21 dividend of 370.70 cents and EPS of 804.15 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 939.5, implying annual growth of 23.1%. Current consensus DPS estimate is 411.2, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 30.0. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
CTD CORPORATE TRAVEL MANAGEMENT LIMITED
Travel, Leisure & Tourism
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Overnight Price: $5.80
Morgan Stanley rates CTD as Overweight (1) -
The company has indicated it has no need to raise equity currently. Plans are in place to reduce operating costs by at least -$120m per annum while retaining the ability to scale back up.
The payment of an interim dividend is deferred until October. Morgan Stanley believes working capital and receivables risks, while not outlined by the company, are areas of difference with Webjet ((WEB)).
Overweight rating retained. Price target is $27. Industry view is In-Line.
Target price is $27.00 Current Price is $5.80 Difference: $21.2
If CTD meets the Morgan Stanley target it will return approximately 366% (excluding dividends, fees and charges).
Current consensus price target is $16.73, suggesting upside of 188.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 dividend of 52.00 cents and EPS of 79.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 50.5, implying annual growth of -36.6%. Current consensus DPS estimate is 24.8, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 11.5. |
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 dividend of 60.00 cents and EPS of 110.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 73.5, implying annual growth of 45.5%. Current consensus DPS estimate is 36.5, implying a prospective dividend yield of 6.3%. Current consensus EPS estimate suggests the PER is 7.9. |
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 Hold (3) -
Given the latest government restrictions on travel, travel companies are now loss-making, the broker notes. The broker has made material revisions to forecasts and warns uncertainty remains high.
That said, Corporate Travel Management is much better positioned than some of its peers, the broker points out, has no current need to raise equity and has material cost savings measures in place. Target falls to $7.29 from $10.21, Hold retained.
Target price is $7.29 Current Price is $5.80 Difference: $1.49
If CTD meets the Morgans target it will return approximately 26% (excluding dividends, fees and charges).
Current consensus price target is $16.73, suggesting upside of 188.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 0.00 cents and EPS of 17.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 50.5, implying annual growth of -36.6%. Current consensus DPS estimate is 24.8, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 11.5. |
Forecast for FY21:
Morgans forecasts a full year FY21 dividend of 33.00 cents and EPS of 36.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 73.5, implying annual growth of 45.5%. Current consensus DPS estimate is 36.5, implying a prospective dividend yield of 6.3%. Current consensus EPS estimate suggests the PER is 7.9. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $0.07
Morgans rates CTP as Add (1) -
Morgans continues to recommend caution in the oil & gas sector. Consensus forecasts still have oil prices 63% above spot, suggesting downgrades ahead. The broker has changed its valuation methodology to prioritise resilience over value and apply a gearing discount to target prices. The broker has cut its own 2020 Brent forecast by -39%.
The broker describes Central Petroleum's balance sheet as stretched. Target falls to 7c from 20c. Add retained.
Target price is $0.07 Current Price is $0.07 Difference: $0
If CTP meets the Morgans target it will return approximately 0% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 0.00 cents and EPS of 0.20 cents. |
Forecast for FY21:
Morgans forecasts a full year FY21 dividend of 0.00 cents and EPS of 0.70 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $3.03
Macquarie rates GPT as Upgrade to Outperform from Neutral (1) -
Macquarie considers the balance sheet in a strong position. The industrial and office assets, around 57% of the portfolio, are likely to be less affected by the current crisis compared with retail.
The broker believes the business can perform well in the current environment and upgrades to Outperform from Neutral. Target is reduced to $5.40 from $6.26.
Target price is $5.40 Current Price is $3.03 Difference: $2.37
If GPT meets the Macquarie target it will return approximately 78% (excluding dividends, fees and charges).
Current consensus price target is $6.06, suggesting upside of 100.1% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 27.50 cents and EPS of 30.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 33.3, implying annual growth of -26.5%. Current consensus DPS estimate is 27.2, implying a prospective dividend yield of 9.0%. Current consensus EPS estimate suggests the PER is 9.1. |
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 28.50 cents and EPS of 35.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 35.1, implying annual growth of 5.4%. Current consensus DPS estimate is 28.5, implying a prospective dividend yield of 9.4%. Current consensus EPS estimate suggests the PER is 8.6. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $0.13
Morgans rates ICQ as Add (1) -
iCar Asia has withdrawn FY20 guidance, previously 50% revenue growth and breakeven earnings. The broker has lowered forecasts and its target to 45c from 52c.
Given the share price has fallen much further, the broker retains Add, with a caveat of High Risk.
Target price is $0.45 Current Price is $0.13 Difference: $0.32
If ICQ meets the Morgans target it will return approximately 246% (excluding dividends, fees and charges).
The company's fiscal year ends in December.
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 0.00 cents and EPS of minus 1.00 cents. |
Forecast for FY21:
Morgans forecasts a full year FY21 dividend of 0.00 cents and EPS of 0.20 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates IGO as Outperform (1) -
The company has reiterated FY20 production and cost guidance for Nova and Tropicana.
Macquarie notes buoyant gold prices and a weaker Australian dollar are driving strong cash generation, despite a weak nickel price.
Outperform rating maintained. Target is $6.40.
Target price is $6.40 Current Price is $3.52 Difference: $2.88
If IGO meets the Macquarie target it will return approximately 82% (excluding dividends, fees and charges).
Current consensus price target is $5.86, suggesting upside of 66.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 13.00 cents and EPS of 29.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 33.8, implying annual growth of 162.2%. Current consensus DPS estimate is 13.7, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 10.4. |
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 19.00 cents and EPS of 33.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 37.2, implying annual growth of 10.1%. Current consensus DPS estimate is 16.3, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 9.5. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $0.38
Morgans rates KAR as Add (1) -
Morgans continues to recommend caution in the oil & gas sector. Consensus forecasts still have oil prices 63% above spot, suggesting downgrades ahead. The broker has changed its valuation methodology to prioritise resilience over value and apply a gearing discount to target prices. The broker has cut its own 2020 Brent forecast by -39%.
The broker describes Karoon Energy's balance sheet as healthy. Target falls to $1.45 from $2.34. Add retained.
Target price is $1.45 Current Price is $0.38 Difference: $1.07
If KAR meets the Morgans target it will return approximately 282% (excluding dividends, fees and charges).
Current consensus price target is $1.36, suggesting upside of 258.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 0.00 cents and EPS of minus 21.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -9.3, 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 N/A. |
Forecast for FY21:
Morgans forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 2.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 10.7, 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 3.6. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $9.69
Macquarie rates LLC as Downgrade to Neutral from Outperform (3) -
Macquarie believes the balance sheet and short-term earnings profile will be negatively affected by a reduction in transaction activity.
The broker downgrades to Neutral from Outperform and reduces the target to $14.22 from $16.86.
Target price is $14.22 Current Price is $9.69 Difference: $4.53
If LLC meets the Macquarie target it will return approximately 47% (excluding dividends, fees and charges).
Current consensus price target is $19.56, suggesting upside of 101.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 57.90 cents and EPS of 111.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 124.6, implying annual growth of 50.3%. Current consensus DPS estimate is 53.5, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 7.8. |
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 57.30 cents and EPS of 115.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 126.3, implying annual growth of 1.4%. Current consensus DPS estimate is 61.6, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 7.7. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $1.02
Morgans rates NHC as Add (1) -
The broker believes New Hope Corp can deliver a robust underlying earnings result tomorrow and announce a small dividend, and steadily de-gear in a bearish scenario. Target falls to $1.75 from $3.20 but the stock offers 50% upside to the broker's revised valuation on Bengalla cash flows alone, meaning investors are getting hard assets and growth options for free.
Add retained. Compelling value is on offer, the broker suggests, for patient, through-the-cycle investors.
Target price is $1.75 Current Price is $1.02 Difference: $0.73
If NHC meets the Morgans target it will return approximately 72% (excluding dividends, fees and charges).
Current consensus price target is $1.99, suggesting upside of 94.9% (ex-dividends)
The company's fiscal year ends in July.
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 2.00 cents and EPS of 17.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.1, implying annual growth of -28.5%. Current consensus DPS estimate is 8.2, implying a prospective dividend yield of 8.0%. Current consensus EPS estimate suggests the PER is 5.6. |
Forecast for FY21:
Morgans forecasts a full year FY21 dividend of 4.00 cents and EPS of 11.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 12.7, implying annual growth of -29.8%. Current consensus DPS estimate is 7.4, implying a prospective dividend yield of 7.3%. Current consensus EPS estimate suggests the PER is 8.0. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
NWH NRW HOLDINGS LIMITED
Mining Sector Contracting
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Overnight Price: $1.11
UBS rates NWH as Buy (1) -
The company has updated on its debt position and repayments. Corporate debt is expected to be around $45m by FY20 with asset financing of $188m.
UBS believes the business is one of those that is less impacted by the virus. No impact has been experienced to date and activity levels are consistent with expectations. Buy rating and $4 target maintained.
Target price is $4.00 Current Price is $1.11 Difference: $2.89
If NWH meets the UBS target it will return approximately 260% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 5.00 cents and EPS of 22.00 cents. |
Forecast for FY21:
UBS forecasts a full year FY21 dividend of 10.00 cents and EPS of 28.00 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates OEL as Add (1) -
Morgans continues to recommend caution in the oil & gas sector. Consensus forecasts still have oil prices 63% above spot, suggesting downgrades ahead. The broker has changed its valuation methodology to prioritise resilience over value and apply a gearing discount to target prices. The broker has cut its own 2020 Brent forecast by -39%.
The broker describes Otto Energy's available capital resources as limited and has assumed a capital raising at a -10% discount. Target falls to 5.5c from 15c. Add retained.
Target price is $0.06 Current Price is $0.01 Difference: $0.045
If OEL meets the Morgans target it will return approximately 450% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 0.00 cents and EPS of 0.00 cents. |
Forecast for FY21:
Morgans forecasts a full year FY21 dividend of 0.00 cents and EPS of 0.00 cents. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $3.90
Citi rates ORG as Buy (1) -
Citi has revised down Brent oil forecasts significantly. The broker now expects US$30/bbl across 2020 and a trough of US$17/bbl in the second quarter.
The bearish view is based on forecasts for supply and demand amid an unprecedented build up in global inventory.
Origin Energy is a top pick, given its diversified earnings from energy markets. A High Risk is added to the Buy rating. Target is reduced to $5.95 from $8.42.
Target price is $5.95 Current Price is $3.90 Difference: $2.05
If ORG meets the Citi target it will return approximately 53% (excluding dividends, fees and charges).
Current consensus price target is $7.46, suggesting upside of 91.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Citi forecasts a full year FY20 EPS of 49.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 56.8, implying annual growth of -17.4%. Current consensus DPS estimate is 30.5, implying a prospective dividend yield of 7.8%. Current consensus EPS estimate suggests the PER is 6.9. |
Forecast for FY21:
Citi forecasts a full year FY21 EPS of 30.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 50.1, implying annual growth of -11.8%. Current consensus DPS estimate is 35.5, implying a prospective dividend yield of 9.1%. Current consensus EPS estimate suggests the PER is 7.8. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $1.88
Citi rates OSH as Neutral (3) -
Citi has revised down Brent oil forecasts significantly. The broker now expects US$30/bbl across 2020 and a trough of US$17/bbl in the second quarter.
The bearish view is based on forecast for supply and demand amid an unprecedented build up in global inventory.
The company's deteriorating credit worthiness may complicate accessing debt, in the broker's view, and new equity may be required.
Citi expects PNG LNG will enter a cash lock-up for 12 months from the second half. A High Risk is added to the Neutral rating. Target is reduced to $2.88 from $6.24.
Target price is $2.88 Current Price is $1.88 Difference: $1
If OSH meets the Citi target it will return approximately 53% (excluding dividends, fees and charges).
Current consensus price target is $3.95, suggesting upside of 110.3% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY20:
Citi forecasts a full year FY20 EPS of minus 1.46 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 7.1, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 11.5. |
Forecast for FY21:
Citi forecasts a full year FY21 EPS of minus 2.92 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.6, implying annual growth of 43.9%. Current consensus DPS estimate is 12.0, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 8.0. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates OSH as Hold (3) -
Morgans continues to recommend caution in the oil & gas sector. Consensus forecasts still have oil prices 63% above spot, suggesting downgrades ahead. The broker has changed its valuation methodology to prioritise resilience over value and apply a gearing discount to target prices. The broker has cut its own 2020 Brent forecast by -39%.
Noting Oil Search's balance sheet to be "stretched", the broker has pushed back the assumed start up of Alaskan oil. Target falls to $3.16 from $6.88. Hold retained.
Target price is $3.16 Current Price is $1.88 Difference: $1.28
If OSH meets the Morgans target it will return approximately 68% (excluding dividends, fees and charges).
Current consensus price target is $3.95, suggesting upside of 110.3% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 1.90 cents and EPS of minus 7.01 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 7.1, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 11.5. |
Forecast for FY21:
Morgans forecasts a full year FY21 dividend of 2.19 cents and EPS of 2.48 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.6, implying annual growth of 43.9%. Current consensus DPS estimate is 12.0, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 8.0. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
PMV PREMIER INVESTMENTS LIMITED
Apparel & Footwear
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Overnight Price: $9.23
Citi rates PMV as Buy (1) -
First half results were strong although Citi downgrades retail earnings (EBIT) by -3-5% across FY20-22 to factor in elevated clearance activity.
The stock is the broker's preferred discretionary retailer and the earnings risks are considered more than factored into the share price.
Buy retained. Target is reduced to $14.70 from $14.90.
Target price is $14.70 Current Price is $9.23 Difference: $5.47
If PMV meets the Citi target it will return approximately 59% (excluding dividends, fees and charges).
Current consensus price target is $17.22, suggesting upside of 86.5% (ex-dividends)
The company's fiscal year ends in July.
Forecast for FY20:
Citi forecasts a full year FY20 dividend of 72.00 cents and EPS of 77.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 75.8, implying annual growth of 12.3%. Current consensus DPS estimate is 50.8, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 12.2. |
Forecast for FY21:
Citi forecasts a full year FY21 dividend of 74.00 cents and EPS of 80.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 96.6, implying annual growth of 27.4%. Current consensus DPS estimate is 79.8, implying a prospective dividend yield of 8.6%. Current consensus EPS estimate suggests the PER is 9.6. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates PMV as Outperform (1) -
The company has almost $100m in net cash and Credit Suisse observes it is covered for 12 months of operating expenses. Financial risk is consequently low.
The broker also notes brand performance has been very strong across the board in the first half. Credit Suisse points out near-term forecasts are somewhat academic but assumes a reduction of -73% in earnings in the second half of FY20 and -2% in FY21.
While retail faces challenges, Premier Investments has liquidity to withstand the crisis. Outperform rating and target reduced to $20.22 from $20.56.
Target price is $20.22 Current Price is $9.23 Difference: $10.99
If PMV meets the Credit Suisse target it will return approximately 119% (excluding dividends, fees and charges).
Current consensus price target is $17.22, suggesting upside of 86.5% (ex-dividends)
The company's fiscal year ends in July.
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 44.34 cents and EPS of 70.57 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 75.8, implying annual growth of 12.3%. Current consensus DPS estimate is 50.8, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 12.2. |
Forecast for FY21:
Credit Suisse forecasts a full year FY21 dividend of 85.30 cents and EPS of 108.12 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 96.6, implying annual growth of 27.4%. Current consensus DPS estimate is 79.8, implying a prospective dividend yield of 8.6%. Current consensus EPS estimate suggests the PER is 9.6. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates PMV as Equal-weight (3) -
First half results were broadly in line with Morgan Stanley's estimates. However, the broker notes the second half is very uncertain. The company is experiencing a significant deterioration in trading across its footprint.
Since the outbreak of coronavirus two stores in Hong Kong have closed. Equal-weight rating, In-Line industry view. Target is $20.55.
Target price is $20.55 Current Price is $9.23 Difference: $11.32
If PMV meets the Morgan Stanley target it will return approximately 123% (excluding dividends, fees and charges).
Current consensus price target is $17.22, suggesting upside of 86.5% (ex-dividends)
The company's fiscal year ends in July.
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 EPS of 93.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 75.8, implying annual growth of 12.3%. Current consensus DPS estimate is 50.8, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 12.2. |
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 EPS of 104.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 96.6, implying annual growth of 27.4%. Current consensus DPS estimate is 79.8, implying a prospective dividend yield of 8.6%. Current consensus EPS estimate suggests the PER is 9.6. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates PMV as Buy (1) -
First half results were characterised by good cost control and brand management, UBS observes. However, the broker reduces near-term forecasts by -15-20% to reflect the impact of coronavirus.
The company has begun to close stores in some regions and demand is slowing materially. However, UBS believes Premier Investments is one of the best-place discretionary retailers.
Buy rating maintained. Target is reduced to $18.90 from $20.95.
Target price is $18.90 Current Price is $9.23 Difference: $9.67
If PMV meets the UBS target it will return approximately 105% (excluding dividends, fees and charges).
Current consensus price target is $17.22, suggesting upside of 86.5% (ex-dividends)
The company's fiscal year ends in July.
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 62.00 cents and EPS of 73.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 75.8, implying annual growth of 12.3%. Current consensus DPS estimate is 50.8, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 12.2. |
Forecast for FY21:
UBS forecasts a full year FY21 dividend of 72.00 cents and EPS of 89.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 96.6, implying annual growth of 27.4%. Current consensus DPS estimate is 79.8, implying a prospective dividend yield of 8.6%. Current consensus EPS estimate suggests the PER is 9.6. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
RDC REDCAPE HOTEL GROUP
Travel, Leisure & Tourism
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Overnight Price: $0.44
Ord Minnett rates RDC as Buy (1) -
The company has withdrawn guidance and will withhold the March quarter dividend. Ord Minnett suggests the restrictions are likely to have an impact into the first half of FY21.
The unique character of the portfolio indicates to the broker the company can weather the storm and come through it in a position to take advantage of opportunities. Buy rating maintained. Target is reduced to $0.94 from $1.24.
Target price is $0.94 Current Price is $0.44 Difference: $0.5
If RDC meets the Ord Minnett target it will return approximately 114% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY20:
Ord Minnett forecasts a full year FY20 dividend of 4.40 cents and EPS of 5.00 cents. |
Forecast for FY21:
Ord Minnett forecasts a full year FY21 dividend of 7.20 cents and EPS of 6.10 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $65.29
Morgan Stanley rates REA as Overweight (1) -
The residential real estate market is already being affected by coronavirus and the company has withdrawn its outlook for a continued recovery across 2020.
Morgan Stanley expects a sharp reduction in new listings in Sydney and Melbourne over the next few weeks. This should be an incremental negative for REA Group. Debate is expected to shift to the timing and trajectory of a recovery.
Overweight and $120 target retained. Industry view: Attractive.
Target price is $120.00 Current Price is $65.29 Difference: $54.71
If REA meets the Morgan Stanley target it will return approximately 84% (excluding dividends, fees and charges).
Current consensus price target is $101.79, suggesting upside of 55.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 EPS of 221.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 225.7, implying annual growth of 183.2%. Current consensus DPS estimate is 119.8, implying a prospective dividend yield of 1.8%. Current consensus EPS estimate suggests the PER is 28.9. |
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 EPS of 260.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 267.5, implying annual growth of 18.5%. Current consensus DPS estimate is 134.3, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 24.4. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $20.04
Macquarie rates RMD as Underperform (5) -
Macquarie assesses the coronavirus outbreak has potential to affect US GP attendances and referrals for sleep studies, the primary diagnostic services for obstructive sleep apnoea.
Increased demand for ventilators may present some upside but, overall, the risk is skewed to the downside, in the broker's view.
Macquarie retains an Underperform rating and $17 target.
Target price is $17.00 Current Price is $20.04 Difference: minus $3.04 (current price is over target).
If RMD meets the Macquarie target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $23.63, suggesting upside of 17.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 23.21 cents and EPS of 60.13 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 70.9, implying annual growth of N/A. Current consensus DPS estimate is 27.2, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 28.3. |
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 24.96 cents and EPS of 66.99 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 79.4, implying annual growth of 12.0%. Current consensus DPS estimate is 29.4, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 25.2. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.1
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 downgrades earnings estimates but retains an Outperform rating. The broker considers the stock an undervalued play.
Guidance has been withdrawn for 2020 because of the uncertainty and the broker believes it is prudent to at least acknowledge the downside risk to estimates.
While accepting rents and earnings will come under pressure in the short term, Credit Suisse believes the portfolio is well located and has the capacity to evolve the tenant mix to match changing community needs. Target is reduced to $3.34 from $4.17.
Target price is $3.34 Current Price is $1.51 Difference: $1.83
If SCG meets the Credit Suisse target it will return approximately 121% (excluding dividends, fees and charges).
Current consensus price target is $3.10, suggesting upside of 105.2% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 20.00 cents and EPS of 23.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.1, implying annual growth of 8.1%. Current consensus DPS estimate is 22.6, implying a prospective dividend yield of 15.0%. Current consensus EPS estimate suggests the PER is 6.3. |
Forecast for FY21:
Credit Suisse forecasts a full year FY21 dividend of 21.00 cents and EPS of 24.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.0, implying annual growth of 7.9%. Current consensus DPS estimate is 23.5, implying a prospective dividend yield of 15.6%. Current consensus EPS estimate suggests the PER is 5.8. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates SCG as Underweight (5) -
Scentre Group has withdrawn 2020 guidance. The company has confirmed that, under the legal requirements of tenant leases, all rent must be paid even if the government orders the closure of retailers, and there is no force majeure when it comes to a pandemic.
Rent abatements remain under negotiation but Morgan Stanley believes it is only a matter of time, regardless of the terms of the leases. Target is $3.11. Underweight. Industry view: In Line.
Target price is $3.11 Current Price is $1.51 Difference: $1.6
If SCG meets the Morgan Stanley target it will return approximately 106% (excluding dividends, fees and charges).
Current consensus price target is $3.10, suggesting upside of 105.2% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 dividend of 23.30 cents and EPS of 25.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.1, implying annual growth of 8.1%. Current consensus DPS estimate is 22.6, implying a prospective dividend yield of 15.0%. Current consensus EPS estimate suggests the PER is 6.3. |
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 dividend of 24.00 cents and EPS of 26.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.0, implying annual growth of 7.9%. Current consensus DPS estimate is 23.5, implying a prospective dividend yield of 15.6%. Current consensus EPS estimate suggests the PER is 5.8. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $11.95
Morgans rates SEK as Upgrade to Add from Reduce (1) -
Morgans has downgraded its Seek forecasts for a second time due to the virus. Remodelling to assess the company's banking covenants suggests, in a worse case scenario of economic downturn worse than the GFC, Seek would need to raise $300m in capital to remain comfortably within its debt/equity benchmark.
Target falls to $20.55 from $21.72 but given the share price has fallen much further, Morgans (double) upgrades to Add from Reduce.
Target price is $20.55 Current Price is $11.95 Difference: $8.6
If SEK meets the Morgans target it will return approximately 72% (excluding dividends, fees and charges).
Current consensus price target is $22.80, suggesting upside of 90.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 17.00 cents and EPS of 39.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 35.8, implying annual growth of -30.2%. Current consensus DPS estimate is 26.8, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 33.4. |
Forecast for FY21:
Morgans forecasts a full year FY21 dividend of 32.00 cents and EPS of 56.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 50.1, implying annual growth of 39.9%. Current consensus DPS estimate is 36.5, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 23.9. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $5.78
Credit Suisse rates SGM as Neutral (3) -
The company has withdrawn guidance because of the unknown impact on scrap demand and activity. Credit Suisse notes the positives include a strong balance sheet, with limited draw on working capital under the current trading conditions.
The broker expects the share price will remain under pressure until there is evidence of improvement in the main business drivers.
The retreat in the share price offers value and the broker upgrades to Outperform from Neutral. A new analyst assumes coverage. Target is reduced to $9.10 from $10.60.
Target price is $9.10 Current Price is $5.78 Difference: $3.32
If SGM meets the Credit Suisse target it will return approximately 57% (excluding dividends, fees and charges).
Current consensus price target is $9.45, suggesting upside of 63.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 10.64 cents and EPS of minus 14.75 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -5.4, implying annual growth of N/A. Current consensus DPS estimate is 10.4, implying a prospective dividend yield of 1.8%. Current consensus EPS estimate suggests the PER is N/A. |
Forecast for FY21:
Credit Suisse forecasts a full year FY21 dividend of 10.69 cents and EPS of 25.77 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.6, implying annual growth of N/A. Current consensus DPS estimate is 17.7, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 16.7. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates SGM as Neutral (3) -
The company has withdrawn guidance. Macquarie suspects significant uncertainty remains, particularly regarding end-market risks. A more normal operating environment is not envisaged until FY22.
The broker also believes there likely to be better entry points to the stock going forward. Neutral maintained. Target is reduced to $6.80 from $10.80.
Target price is $6.80 Current Price is $5.78 Difference: $1.02
If SGM meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $9.45, suggesting upside of 63.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 6.00 cents and EPS of minus 23.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -5.4, implying annual growth of N/A. Current consensus DPS estimate is 10.4, implying a prospective dividend yield of 1.8%. Current consensus EPS estimate suggests the PER is N/A. |
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 1.00 cents and EPS of minus 14.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.6, implying annual growth of N/A. Current consensus DPS estimate is 17.7, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 16.7. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates SGM as Equal-weight (3) -
The company has withdrawn earnings guidance for the second half. Sims Metal intends to remain very cautious regarding its balance sheet. Morgan Stanley notes a net cash position of $151m as of December 31.
Morgan Stanley also points out scrap prices in Turkey are down -19% in the year to date while North American scrap prices are up 4% over the same period.
Equal-weight rating retained. Target is $10.00. Industry view is Cautious.
Target price is $10.00 Current Price is $5.78 Difference: $4.22
If SGM meets the Morgan Stanley target it will return approximately 73% (excluding dividends, fees and charges).
Current consensus price target is $9.45, suggesting upside of 63.5% (ex-dividends)
Forecast for FY20:
Current consensus EPS estimate is -5.4, implying annual growth of N/A. Current consensus DPS estimate is 10.4, implying a prospective dividend yield of 1.8%. Current consensus EPS estimate suggests the PER is N/A. |
Forecast for FY21:
Current consensus EPS estimate is 34.6, implying annual growth of N/A. Current consensus DPS estimate is 17.7, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 16.7. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates SGM as Neutral (3) -
Sims Metal has withdrawn FY20 guidance. The catalyst is falling scrap prices and the shut-down in the US automotive industry.
UBS notes the balance sheet is strong and should remain net cash for 15-18 months. The broker retains a Neutral rating and $10.80 target.
Target price is $10.80 Current Price is $5.78 Difference: $5.02
If SGM meets the UBS target it will return approximately 87% (excluding dividends, fees and charges).
Current consensus price target is $9.45, suggesting upside of 63.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 10.00 cents and EPS of minus 10.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -5.4, implying annual growth of N/A. Current consensus DPS estimate is 10.4, implying a prospective dividend yield of 1.8%. Current consensus EPS estimate suggests the PER is N/A. |
Forecast for FY21:
UBS forecasts a full year FY21 dividend of 23.00 cents and EPS of 45.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.6, implying annual growth of N/A. Current consensus DPS estimate is 17.7, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 16.7. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $1.82
Macquarie rates SGP as Upgrade to Neutral from Underperform (3) -
Macquarie notes headwinds include rental abatements in retail, lower residential sales and settlements amid downside risk to retirement earnings.
Still, the balance sheet is healthy, with enough liquidity envisaged through to FY22. Rating is upgraded to Neutral from Underperform. Target is reduced to $3.36 from $4.71.
Target price is $3.36 Current Price is $1.82 Difference: $1.54
If SGP meets the Macquarie target it will return approximately 85% (excluding dividends, fees and charges).
Current consensus price target is $4.55, suggesting upside of 149.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 28.10 cents and EPS of 35.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 36.7, implying annual growth of 182.3%. Current consensus DPS estimate is 27.8, implying a prospective dividend yield of 15.3%. Current consensus EPS estimate suggests the PER is 5.0. |
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 28.00 cents and EPS of 36.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 37.5, implying annual growth of 2.2%. Current consensus DPS estimate is 28.4, implying a prospective dividend yield of 15.6%. Current consensus EPS estimate suggests the PER is 4.9. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $23.37
Citi rates SHL as Buy (1) -
The company has withdrawn FY20 guidance. Citi now assumes a revenue decline of -25% in the fourth quarter, offset by -50% decline in costs.
This results in a downgrade to operating earnings (EBITDA) estimates for FY20 of -18% and a downgrade to earnings per share of -35%.
Citi believes the disruption will be short term and reduces the target to $32.50 from $33.75. Buy rating maintained for what the broker considers is a very defensive business.
Target price is $32.50 Current Price is $23.37 Difference: $9.13
If SHL meets the Citi target it will return approximately 39% (excluding dividends, fees and charges).
Current consensus price target is $28.06, suggesting upside of 20.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Citi forecasts a full year FY20 dividend of 54.00 cents and EPS of 78.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 98.9, implying annual growth of -19.3%. Current consensus DPS estimate is 74.0, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 23.6. |
Forecast for FY21:
Citi forecasts a full year FY21 dividend of 99.00 cents and EPS of 131.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 118.6, implying annual growth of 19.9%. Current consensus DPS estimate is 87.8, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 19.7. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates SHL as Outperform (1) -
FY20 earnings guidance has been withdrawn. The company is assisting governments globally and increasing its capacity as new equipment gains regulatory approval.
Still, the volume of testing currently being performed is not enough to offset the volume decline from the deferral of surgeries and other elective pathology work.
Outperform rating maintained. Target is reduced to $29.50 from $33.20.
Target price is $29.50 Current Price is $23.37 Difference: $6.13
If SHL meets the Credit Suisse target it will return approximately 26% (excluding dividends, fees and charges).
Current consensus price target is $28.06, suggesting upside of 20.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 71.00 cents and EPS of 101.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 98.9, implying annual growth of -19.3%. Current consensus DPS estimate is 74.0, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 23.6. |
Forecast for FY21:
Credit Suisse forecasts a full year FY21 dividend of 87.00 cents and EPS of 119.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 118.6, implying annual growth of 19.9%. Current consensus DPS estimate is 87.8, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 19.7. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates SHL as Neutral (3) -
The company has withdrawn FY20 guidance. While Macquarie envisages upside from testing for coronavirus there is downside risk in volumes for other pathology, a more material negative.
Reimbursement in the US/Germany also presents headwinds. However, growth is expected in other regions and acquisition opportunities are likely to rise. Neutral maintained. Target is reduced to $26.50 from $30.00.
Target price is $26.50 Current Price is $23.37 Difference: $3.13
If SHL meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $28.06, suggesting upside of 20.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 82.00 cents and EPS of 111.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 98.9, implying annual growth of -19.3%. Current consensus DPS estimate is 74.0, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 23.6. |
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 82.00 cents and EPS of 112.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 118.6, implying annual growth of 19.9%. Current consensus DPS estimate is 87.8, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 19.7. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates SHL as Overweight (1) -
The company has withdrawn FY20 operating earnings guidance. Morgan Stanley assesses a correction in the share price has allowed for an attractive entry point.
The fundamentals of the business have not changed, the broker points out, although any potential upside from M&A over the short-term has dissipated.
The broker suspects FY22 will be the first normal year upon which investors can focus in order to assess value.
Overweight maintained. Target is reduced to $27.10 from $31.60. Industry view: In Line.
Target price is $27.10 Current Price is $23.37 Difference: $3.73
If SHL meets the Morgan Stanley target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $28.06, suggesting upside of 20.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 EPS of 117.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 98.9, implying annual growth of -19.3%. Current consensus DPS estimate is 74.0, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 23.6. |
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 EPS of 134.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 118.6, implying annual growth of 19.9%. Current consensus DPS estimate is 87.8, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 19.7. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates SHL as Add (1) -
Morgans has reviewed forecasts in the healthcare providers sector and made recent downward revisions to forecasts for Volpara Health Technologies ((VHT)) and Pro Medicus ((PME)).
The broker is satisfied at this stage with forecasts for Mach7 Technologies ((M7T)) and Healius ((HLS)), but has Sonic Healthcare under review given recent withdrawal of FY20 guidance. To that end FNArena has removed the broker's target price and EPS/DPS forecasts.
The broker's "simple message" to clients is that the imaging and diagnostic sector is resilient and once the market settles it will rebound strongly.
Current Price is $23.37. Target price not assessed.
Current consensus price target is $28.06, suggesting upside of 20.1% (ex-dividends)
Forecast for FY20:
Current consensus EPS estimate is 98.9, implying annual growth of -19.3%. Current consensus DPS estimate is 74.0, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 23.6. |
Forecast for FY21:
Current consensus EPS estimate is 118.6, implying annual growth of 19.9%. Current consensus DPS estimate is 87.8, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 19.7. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates SHL as Accumulate (2) -
Ord Minnett expects the company will emerge from the current period with its market-leading laboratory business intact.
There is sufficient headroom on the balance sheet and utilisation of pathology services should recover quickly, supported by pent-up demand.
Accumulate maintained. Target is reduced to $28.50 from $35.00.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $28.50 Current Price is $23.37 Difference: $5.13
If SHL meets the Ord Minnett target it will return approximately 22% (excluding dividends, fees and charges).
Current consensus price target is $28.06, suggesting upside of 20.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Ord Minnett forecasts a full year FY20 dividend of 88.00 cents and EPS of 81.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 98.9, implying annual growth of -19.3%. Current consensus DPS estimate is 74.0, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 23.6. |
Forecast for FY21:
Ord Minnett forecasts a full year FY21 dividend of 92.00 cents and EPS of 106.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 118.6, implying annual growth of 19.9%. Current consensus DPS estimate is 87.8, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 19.7. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates STO as Buy (1) -
Citi has revised down Brent oil forecasts significantly. The broker now expects US$30/bbl across 2020 and a trough of US$17/bbl in the second quarter.
The bearish view is based on forecast for supply and demand amid an unprecedented build up in global inventory.
The broker adds a High Risk to the Buy rating but considers Santos the cheapest under coverage on an implied oil price basis. Target is reduced to $6.22 from $8.90.
Target price is $6.22 Current Price is $2.99 Difference: $3.23
If STO meets the Citi target it will return approximately 108% (excluding dividends, fees and charges).
Current consensus price target is $6.82, suggesting upside of 128.2% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY20:
Citi forecasts a full year FY20 EPS of 7.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 51.7, implying annual growth of N/A. Current consensus DPS estimate is 16.8, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 5.8. |
Forecast for FY21:
Citi forecasts a full year FY21 EPS of 0.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 58.1, implying annual growth of 12.4%. Current consensus DPS estimate is 16.3, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 5.1. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates STO as Add (1) -
Morgans continues to recommend caution in the oil & gas sector. Consensus forecasts still have oil prices 63% above spot, suggesting downgrades ahead. The broker has changed its valuation methodology to prioritise resilience over value and apply a gearing discount to target prices. The broker has cut its own 2020 Brent forecast by -39%.
For Santos, the broker has pushed back its capex and development expectations for Dorado and Barossa. Target falls to $4.62 from $7.97. Add retained.
Target price is $4.62 Current Price is $2.99 Difference: $1.63
If STO meets the Morgans target it will return approximately 55% (excluding dividends, fees and charges).
Current consensus price target is $6.82, suggesting upside of 128.2% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 5.11 cents and EPS of 15.18 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 51.7, implying annual growth of N/A. Current consensus DPS estimate is 16.8, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 5.8. |
Forecast for FY21:
Morgans forecasts a full year FY21 dividend of 10.65 cents and EPS of 41.89 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 58.1, implying annual growth of 12.4%. Current consensus DPS estimate is 16.3, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 5.1. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $0.14
Citi rates SXY as Buy (1) -
Citi has revised down Brent oil forecasts significantly. The broker now expects US$30/bbl across 2020 and a trough of US$17/bbl in the second quarter.
The bearish view is based on forecast for supply and demand amid an unprecedented build up in global inventory.
Buy rating maintained. Target is reduced to $0.37 from $0.39.
Target price is $0.37 Current Price is $0.14 Difference: $0.23
If SXY meets the Citi target it will return approximately 164% (excluding dividends, fees and charges).
Current consensus price target is $0.40, suggesting upside of 185.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Citi forecasts a full year FY20 dividend of 0.00 cents and EPS of minus 0.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 0.4, implying annual growth of 73.9%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 35.0. |
Forecast for FY21:
Citi forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 1.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 1.4, implying annual growth of 250.0%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 10.0. |
Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates SXY as Add (1) -
Morgans continues to recommend caution in the oil & gas sector. Consensus forecasts still have oil prices 63% above spot, suggesting downgrades ahead. The broker has changed its valuation methodology to prioritise resilience over value and apply a gearing discount to target prices. The broker has cut its own 2020 Brent forecast by -39%.
The broker describes Senex Energy's balance sheet as healthy. Target falls to 48c from 53c. Add retained.
Target price is $0.48 Current Price is $0.14 Difference: $0.34
If SXY meets the Morgans target it will return approximately 243% (excluding dividends, fees and charges).
Current consensus price target is $0.40, suggesting upside of 185.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 0.00 cents and EPS of 0.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 0.4, implying annual growth of 73.9%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 35.0. |
Forecast for FY21:
Morgans forecasts a full year FY21 dividend of 0.00 cents and EPS of 0.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 1.4, implying annual growth of 250.0%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 10.0. |
Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
TLS TELSTRA CORPORATION LIMITED
Telecommunication
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Overnight Price: $3.12
Credit Suisse rates TLS as Outperform (1) -
Telstra has updated FY20 guidance and Credit Suisse lowers underlying estimates for operating earnings (EBITDA) to the lower end of the $7.4-7.9bn range.
While not unaffected, the company and the sector generally, are in a better position than the majority of listed companies in still having visibility on full-year guidance, the broker notes.
Outperform rating maintained. Target is reduced to $4.20 from $4.35.
Target price is $4.20 Current Price is $3.12 Difference: $1.08
If TLS meets the Credit Suisse target it will return approximately 35% (excluding dividends, fees and charges).
Current consensus price target is $3.86, suggesting upside of 23.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 16.00 cents and EPS of 17.18 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.3, implying annual growth of 1.1%. Current consensus DPS estimate is 16.0, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 17.0. |
Forecast for FY21:
Credit Suisse forecasts a full year FY21 dividend of 16.00 cents and EPS of 19.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.7, implying annual growth of -3.3%. Current consensus DPS estimate is 15.8, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 17.6. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates TLS as Underweight (5) -
Telstra has reiterated guidance metrics for FY20. However, Morgan Stanley notes the focus for operating earnings shifts to the lower end of the FY20 range of $7.4-7.9bn.
Still, the broker recognises the relatively defensive revenue and earnings which should provide some support for the shares. Underweight rating. Target is $3.30. Industry view: In-Line.
Target price is $3.30 Current Price is $3.12 Difference: $0.18
If TLS meets the Morgan Stanley target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $3.86, suggesting upside of 23.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 dividend of 16.00 cents and EPS of 23.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.3, implying annual growth of 1.1%. Current consensus DPS estimate is 16.0, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 17.0. |
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 dividend of 15.00 cents and EPS of 20.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.7, implying annual growth of -3.3%. Current consensus DPS estimate is 15.8, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 17.6. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates TLS as Add (1) -
Telstra has announced it will take a number of measures to help SMEs and consumers at this time. The broker suggests this shows great social consciousness and is therefore a positive outcome, but unfortunately it means earnings and free cash flow will be at the lower end of the guidance range which results in a reduction to FY20 forecasts by -5.7%.
The broker believes this is small price to pay. Target falls to $3.73 from $4.40, Add retained.
Target price is $3.73 Current Price is $3.12 Difference: $0.61
If TLS meets the Morgans target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $3.86, suggesting upside of 23.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 16.00 cents and EPS of 19.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.3, implying annual growth of 1.1%. Current consensus DPS estimate is 16.0, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 17.0. |
Forecast for FY21:
Morgans forecasts a full year FY21 dividend of 16.00 cents and EPS of 18.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.7, implying annual growth of -3.3%. Current consensus DPS estimate is 15.8, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 17.6. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates TLS as Accumulate (2) -
Telstra has lowered operating earnings (EBITDA) guidance to the low end of the prior range of $7.4-7.9bn. The downgrade is disappointing for Ord Minnett, although the core business is expected to hold up well.
The broker welcomes the company's efforts to help the community during the crisis by pausing its job reduction initiative, suspending late payment fees for those in distress and bringing forward planned expenditure by six months.
The broker retains an Accumulate rating and reduces the target to $4.10 from $4.25.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $4.10 Current Price is $3.12 Difference: $0.98
If TLS meets the Ord Minnett target it will return approximately 31% (excluding dividends, fees and charges).
Current consensus price target is $3.86, suggesting upside of 23.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Ord Minnett forecasts a full year FY20 dividend of 16.00 cents and EPS of 19.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.3, implying annual growth of 1.1%. Current consensus DPS estimate is 16.0, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 17.0. |
Forecast for FY21:
Ord Minnett forecasts a full year FY21 EPS of 17.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.7, implying annual growth of -3.3%. Current consensus DPS estimate is 15.8, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 17.6. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates TLS as Buy (1) -
Telstra has downgraded FY20 underlying operating earnings (EBITDA) to the lower end of its $7.4-7.9bn range.
UBS assumes the impact of the virus drags into the first quarter of FY21, resulting in -10-13% reductions to earnings per share.
The broker retains a Buy rating and reduces the target to $3.70 from $4.00.
Target price is $3.70 Current Price is $3.12 Difference: $0.58
If TLS meets the UBS target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $3.86, suggesting upside of 23.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 16.00 cents and EPS of 18.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.3, implying annual growth of 1.1%. Current consensus DPS estimate is 16.0, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 17.0. |
Forecast for FY21:
UBS forecasts a full year FY21 dividend of 16.00 cents and EPS of 17.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.7, implying annual growth of -3.3%. Current consensus DPS estimate is 15.8, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 17.6. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $0.85
Ord Minnett rates UWL as Buy (1) -
Ord Minnett allows for the possible disruption to fibre construction volumes from social distancing restrictions. Activation rates in connected apartments are likely to increase substantially and this is a driver of free cash flow.
Should more severe isolation measures be implemented, the timetable on apartment construction may be constrained and the broker slows the pace of expected construction by -20% in the fourth quarter and first half of FY21.
Buy rating maintained. Target is reduced to $1.50 from $1.90.
Target price is $1.50 Current Price is $0.85 Difference: $0.65
If UWL meets the Ord Minnett target it will return approximately 76% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY20:
Ord Minnett forecasts a full year FY20 EPS of 4.20 cents. |
Forecast for FY21:
Ord Minnett forecasts a full year FY21 EPS of 6.90 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $14.21
Ord Minnett rates WBC as Upgrade to Accumulate from Hold (2) -
Given the emergence of significant valuation support, Ord Minnett upgrades Westpac to Accumulate from Hold. Target is reduced to $18.40 from $23.40.
Valuation satisfactorily compensates investors for concerns regarding fines from AUSTRAC and other regulators as well as a possible restructuring charge from the new CEO to address IT complexities, in the broker's view.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $18.40 Current Price is $14.21 Difference: $4.19
If WBC meets the Ord Minnett target it will return approximately 29% (excluding dividends, fees and charges).
Current consensus price target is $20.51, suggesting upside of 44.3% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY20:
Ord Minnett forecasts a full year FY20 dividend of 156.00 cents and EPS of 169.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 166.9, implying annual growth of -27.7%. Current consensus DPS estimate is 149.9, implying a prospective dividend yield of 10.5%. Current consensus EPS estimate suggests the PER is 8.5. |
Forecast for FY21:
Ord Minnett forecasts a full year FY21 dividend of 152.00 cents and EPS of 193.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 179.1, implying annual growth of 7.3%. Current consensus DPS estimate is 146.1, implying a prospective dividend yield of 10.3%. Current consensus EPS estimate suggests the PER is 7.9. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $31.79
Macquarie rates WES as Outperform (1) -
The company's trading update has triggered no changes to Macquarie's numbers. Strong momentum has continued into the second half in Bunnings, Officeworks and Kmart.
The main weakness in discretionary products is particularly apparent in apparel at Target. Macquarie retains an Outperform rating and $40.20 target.
Target price is $40.20 Current Price is $31.79 Difference: $8.41
If WES meets the Macquarie target it will return approximately 26% (excluding dividends, fees and charges).
Current consensus price target is $35.65, suggesting upside of 12.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 147.80 cents and EPS of 168.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 160.9, implying annual growth of -5.9%. Current consensus DPS estimate is 147.4, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 19.8. |
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 149.70 cents and EPS of 187.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 165.5, implying annual growth of 2.9%. Current consensus DPS estimate is 152.0, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 19.2. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates WES as Equal-weight (3) -
Morgan Stanley notes strong sales growth in Bunnings, Kmart and Officeworks, which have benefited from preparations surrounding the coronavirus outbreak.
Constraints in the supply chain are not expected to have a material impact on retail performance.
Going forward, weakness in discretionary products, particularly at Target, is expected to continue, subsequent to government actions to contain the virus.
Morgan Stanley retains an Equal-weight rating and $41.50 target. Cautious industry view.
Target price is $41.50 Current Price is $31.79 Difference: $9.71
If WES meets the Morgan Stanley target it will return approximately 31% (excluding dividends, fees and charges).
Current consensus price target is $35.65, suggesting upside of 12.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 dividend of 151.00 cents and EPS of 137.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 160.9, implying annual growth of -5.9%. Current consensus DPS estimate is 147.4, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 19.8. |
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 dividend of 152.00 cents and EPS of 144.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 165.5, implying annual growth of 2.9%. Current consensus DPS estimate is 152.0, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 19.2. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates WES as Hold (3) -
Wesfarmers has provided a trading update noting retail sales momentum continuing in the second half. The update was on Friday, thus pre-dating the announced closures of non-essential retail in some states.
The question is as to which, if any, of Bunnings, K-mart Target and Officeworks is "essential". Hence readers should take this into account when noting the broker has called the outlook uncertain but only made small changes to earnings forecasts at this stage (pre-shutdown).
Target falls to $34.00 from $44.10, Hold retained.
Target price is $34.00 Current Price is $31.79 Difference: $2.21
If WES meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $35.65, suggesting upside of 12.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 152.00 cents and EPS of 174.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 160.9, implying annual growth of -5.9%. Current consensus DPS estimate is 147.4, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 19.8. |
Forecast for FY21:
Morgans forecasts a full year FY21 dividend of 152.00 cents and EPS of 172.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 165.5, implying annual growth of 2.9%. Current consensus DPS estimate is 152.0, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 19.2. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates WES as Lighten (4) -
Retail momentum has continued for the company, amid strong sales in Bunnings, Kmart and Officeworks supported by online ordering and demand for specific products.
The closure of shopping centres, however, would be a significant negative for Target, Ord Minnett notes.
Ord Minnett retains a Lighten rating and lowers the target to $31.50 from $39.00.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $31.50 Current Price is $31.79 Difference: minus $0.29 (current price is over target).
If WES meets the Ord Minnett target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $35.65, suggesting upside of 12.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Ord Minnett forecasts a full year FY20 dividend of 141.00 cents and EPS of 167.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 160.9, implying annual growth of -5.9%. Current consensus DPS estimate is 147.4, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 19.8. |
Forecast for FY21:
Ord Minnett forecasts a full year FY21 dividend of 149.00 cents and EPS of 161.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 165.5, implying annual growth of 2.9%. Current consensus DPS estimate is 152.0, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 19.2. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $15.56
Citi rates WPL as Upgrade to Buy from Neutral (1) -
Citi has revised down Brent oil forecasts significantly. The broker now expects US$30/bbl across 2020 and a trough of US$17/bbl in the second quarter.
The bearish view is based on forecast for supply and demand amid an unprecedented build up in global inventory.
The broker's top pick in the sector is Woodside Petroleum, upgraded to Buy/High Risk from Neutral, given its balance sheet and low break-even oil price. Target is reduced to $23.88 from $33.64.
Target price is $23.88 Current Price is $15.56 Difference: $8.32
If WPL meets the Citi target it will return approximately 53% (excluding dividends, fees and charges).
Current consensus price target is $28.36, suggesting upside of 82.2% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY20:
Citi forecasts a full year FY20 EPS of 97.78 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 148.1, implying annual growth of N/A. Current consensus DPS estimate is 117.9, implying a prospective dividend yield of 7.6%. Current consensus EPS estimate suggests the PER is 10.5. |
Forecast for FY21:
Citi forecasts a full year FY21 EPS of 4.38 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 153.5, implying annual growth of 3.6%. Current consensus DPS estimate is 144.5, implying a prospective dividend yield of 9.3%. Current consensus EPS estimate suggests the PER is 10.1. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates WPL as Add (1) -
Morgans continues to recommend caution in the oil & gas sector. Consensus forecasts still have oil prices 63% above spot, suggesting downgrades ahead. The broker has changed its valuation methodology to prioritise resilience over value and apply a gearing discount to target prices. The broker has cut its own 2020 Brent forecast by -39%.
Woodside Petroleum remains the broker's preferred stock. Capex expectations remain unchanged but the dividend payout is assumed to fall to 50%. Target falls to $26.14 from $36.85. Add retained.
Target price is $26.14 Current Price is $15.56 Difference: $10.58
If WPL meets the Morgans target it will return approximately 68% (excluding dividends, fees and charges).
Current consensus price target is $28.36, suggesting upside of 82.2% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 24.08 cents and EPS of 48.02 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 148.1, implying annual growth of N/A. Current consensus DPS estimate is 117.9, implying a prospective dividend yield of 7.6%. Current consensus EPS estimate suggests the PER is 10.5. |
Forecast for FY21:
Morgans forecasts a full year FY21 dividend of 77.35 cents and EPS of 154.85 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 153.5, implying annual growth of 3.6%. Current consensus DPS estimate is 144.5, implying a prospective dividend yield of 9.3%. Current consensus EPS estimate suggests the PER is 10.1. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates WPL as Hold (3) -
The sharp fall in oil prices has signalled to Ord Minnett that management may now have to implement contingency plans and defer capital spending.
One option may be to shelve Pluto train 2, defer Browse and backfill Karratha gas plant with Scarborough gas. This scenario, the broker calculates, could save US$8.6bn over the next 10 years.
Ord Minnett maintains a Hold rating and $24 target.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $24.00 Current Price is $15.56 Difference: $8.44
If WPL meets the Ord Minnett target it will return approximately 54% (excluding dividends, fees and charges).
Current consensus price target is $28.36, suggesting upside of 82.2% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY20:
Ord Minnett forecasts a full year FY20 EPS of 87.57 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 148.1, implying annual growth of N/A. Current consensus DPS estimate is 117.9, implying a prospective dividend yield of 7.6%. Current consensus EPS estimate suggests the PER is 10.5. |
Forecast for FY21:
Ord Minnett forecasts a full year FY21 EPS of 64.22 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 153.5, implying annual growth of 3.6%. Current consensus DPS estimate is 144.5, implying a prospective dividend yield of 9.3%. Current consensus EPS estimate suggests the PER is 10.1. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Today's Price Target Changes
Company | Last Price | Broker | New Target | Prev Target | Change | |
ANZ | ANZ BANKING GROUP | $14.10 | Ord Minnett | 18.60 | 25.25 | -26.34% |
APT | AFTERPAY | $9.03 | Citi | 21.10 | 42.20 | -50.00% |
AWC | ALUMINA | $1.46 | Macquarie | 1.60 | 1.50 | 6.67% |
BLD | BORAL | $1.79 | UBS | 5.10 | 5.50 | -7.27% |
BPT | BEACH ENERGY | $0.97 | Citi | 1.73 | 2.44 | -29.10% |
Morgans | 1.86 | 2.28 | -18.42% | |||
CAR | CARSALES.COM | $10.56 | Morgan Stanley | 17.25 | 15.25 | 13.11% |
Morgans | 15.67 | 16.22 | -3.39% | |||
CBA | COMMBANK | $55.50 | Ord Minnett | 58.70 | 74.20 | -20.89% |
CHC | CHARTER HALL | $5.36 | Macquarie | 9.61 | 15.23 | -36.90% |
CIA | CHAMPION IRON | $1.49 | Macquarie | 2.90 | 3.20 | -9.38% |
COE | COOPER ENERGY | $0.36 | Morgans | 0.59 | 0.66 | -10.61% |
CSL | CSL | $282.24 | Morgan Stanley | 260.00 | 258.00 | 0.78% |
CTD | CORPORATE TRAVEL | $5.80 | Morgans | 7.29 | 10.21 | -28.60% |
CTP | CENTRAL PETROLEUM | $0.07 | Morgans | 0.07 | 0.20 | -65.00% |
DXS | DEXUS PROPERTY | $8.25 | Macquarie | 11.71 | 13.62 | -14.02% |
GMG | GOODMAN GRP | $10.44 | Macquarie | 12.97 | 15.71 | -17.44% |
GPT | GPT | $3.03 | Macquarie | 5.40 | 6.26 | -13.74% |
ICQ | ICAR ASIA | $0.13 | Morgans | 0.45 | 0.52 | -13.46% |
KAR | KAROON ENERGY | $0.38 | Morgans | 1.45 | 2.31 | -37.23% |
LLC | LENDLEASE | $9.69 | Macquarie | 14.22 | 16.86 | -15.66% |
MGR | MIRVAC | $1.76 | Macquarie | 2.92 | 3.57 | -18.21% |
NAB | NATIONAL AUSTRALIA BANK | $14.23 | Ord Minnett | 21.30 | 28.00 | -23.93% |
NHC | NEW HOPE CORP | $1.02 | Macquarie | 1.70 | 2.00 | -15.00% |
Morgans | 1.75 | 3.20 | -45.31% | |||
OEL | OTTO ENERGY | $0.01 | Morgans | 0.06 | 0.16 | -64.52% |
ORG | ORIGIN ENERGY | $3.90 | Citi | 5.95 | 8.42 | -29.33% |
OSH | OIL SEARCH | $1.88 | Citi | 2.88 | 6.24 | -53.85% |
Morgans | 3.16 | 6.88 | -54.07% | |||
PMV | PREMIER INVESTMENTS | $9.23 | Citi | 14.70 | 14.90 | -1.34% |
Credit Suisse | 20.22 | 20.56 | -1.65% | |||
Morgan Stanley | 20.55 | 19.50 | 5.38% | |||
UBS | 18.90 | 20.95 | -9.79% | |||
REA | REA GROUP | $65.29 | Morgan Stanley | 120.00 | 110.00 | 9.09% |
SCG | SCENTRE GROUP | $1.51 | Credit Suisse | 3.34 | 4.17 | -19.90% |
Macquarie | 2.34 | 3.47 | -32.56% | |||
Morgan Stanley | 3.11 | 3.58 | -13.13% | |||
SEK | SEEK | $11.95 | Morgans | 20.55 | 21.72 | -5.39% |
SGM | SIMS METAL MANAGEMENT | $5.78 | Credit Suisse | 9.10 | 10.60 | -14.15% |
Macquarie | 6.80 | 10.80 | -37.04% | |||
SGP | STOCKLAND | $1.82 | Macquarie | 3.36 | 4.71 | -28.66% |
SHL | SONIC HEALTHCARE | $23.37 | Citi | 32.50 | 33.75 | -3.70% |
Credit Suisse | 29.50 | 33.20 | -11.14% | |||
Macquarie | 26.50 | 30.00 | -11.67% | |||
Morgan Stanley | 27.10 | 31.60 | -14.24% | |||
Morgans | N/A | 35.12 | -100.00% | |||
Ord Minnett | 28.50 | 35.00 | -18.57% | |||
STO | SANTOS | $2.99 | Citi | 6.22 | 8.90 | -30.11% |
Morgans | 4.62 | 7.97 | -42.03% | |||
SXY | SENEX ENERGY | $0.14 | Citi | 0.37 | 0.39 | -5.13% |
Morgans | 0.48 | 0.53 | -9.43% | |||
TLS | TELSTRA CORP | $3.12 | Credit Suisse | 4.20 | 4.35 | -3.45% |
Morgan Stanley | 3.30 | 3.20 | 3.12% | |||
Morgans | 3.73 | 4.40 | -15.23% | |||
Ord Minnett | 4.10 | 4.25 | -3.53% | |||
UBS | 3.70 | 4.00 | -7.50% | |||
UWL | UNITI GROUP | $0.85 | Ord Minnett | 1.50 | 1.90 | -21.05% |
VCX | VICINITY CENTRES | $0.98 | Macquarie | 1.71 | 2.22 | -22.97% |
WBC | WESTPAC BANKING | $14.21 | Ord Minnett | 18.40 | 23.40 | -21.37% |
WES | WESFARMERS | $31.79 | Macquarie | 40.20 | N/A | - |
Morgans | 34.00 | 44.10 | -22.90% | |||
Ord Minnett | 31.50 | 39.00 | -19.23% | |||
WHC | WHITEHAVEN COAL | $1.69 | Macquarie | 1.90 | 2.20 | -13.64% |
WPL | WOODSIDE PETROLEUM | $15.56 | Citi | 23.88 | 33.64 | -29.01% |
Morgans | 26.14 | 36.85 | -29.06% |
Summaries
ADH | ADAIRS | Buy - UBS | Overnight Price $0.48 |
AIZ | AIR NEW ZEALAND | Neutral - Credit Suisse | Overnight Price $0.85 |
Downgrade to Sell from Neutral - UBS | Overnight Price $0.85 | ||
APT | AFTERPAY | Buy - Citi | Overnight Price $9.03 |
AWC | ALUMINA | Upgrade to Outperform from Neutral - Macquarie | Overnight Price $1.46 |
BPT | BEACH ENERGY | Upgrade to Buy from Neutral - Citi | Overnight Price $0.97 |
Add - Morgans | Overnight Price $0.97 | ||
CAR | CARSALES.COM | Overweight - Morgan Stanley | Overnight Price $10.56 |
Upgrade to Add from Reduce - Morgans | Overnight Price $10.56 | ||
CBA | COMMBANK | Hold - Ord Minnett | Overnight Price $55.50 |
CGC | COSTA GROUP | Outperform - Credit Suisse | Overnight Price $2.51 |
COE | COOPER ENERGY | Add - Morgans | Overnight Price $0.36 |
CSL | CSL | Equal-weight - Morgan Stanley | Overnight Price $282.24 |
Buy - UBS | Overnight Price $282.24 | ||
CTD | CORPORATE TRAVEL | Overweight - Morgan Stanley | Overnight Price $5.80 |
Hold - Morgans | Overnight Price $5.80 | ||
CTP | CENTRAL PETROLEUM | Add - Morgans | Overnight Price $0.07 |
GPT | GPT | Upgrade to Outperform from Neutral - Macquarie | Overnight Price $3.03 |
ICQ | ICAR ASIA | Add - Morgans | Overnight Price $0.13 |
IGO | IGO | Outperform - Macquarie | Overnight Price $3.52 |
KAR | KAROON ENERGY | Add - Morgans | Overnight Price $0.38 |
LLC | LENDLEASE | Downgrade to Neutral from Outperform - Macquarie | Overnight Price $9.69 |
NHC | NEW HOPE CORP | Add - Morgans | Overnight Price $1.02 |
NWH | NRW HOLDINGS | Buy - UBS | Overnight Price $1.11 |
OEL | OTTO ENERGY | Add - Morgans | Overnight Price $0.01 |
ORG | ORIGIN ENERGY | Buy - Citi | Overnight Price $3.90 |
OSH | OIL SEARCH | Neutral - Citi | Overnight Price $1.88 |
Hold - Morgans | Overnight Price $1.88 | ||
PMV | PREMIER INVESTMENTS | Buy - Citi | Overnight Price $9.23 |
Outperform - Credit Suisse | Overnight Price $9.23 | ||
Equal-weight - Morgan Stanley | Overnight Price $9.23 | ||
Buy - UBS | Overnight Price $9.23 | ||
RDC | REDCAPE HOTEL | Buy - Ord Minnett | Overnight Price $0.44 |
REA | REA GROUP | Overweight - Morgan Stanley | Overnight Price $65.29 |
RMD | RESMED | Underperform - Macquarie | Overnight Price $20.04 |
SCG | SCENTRE GROUP | Outperform - Credit Suisse | Overnight Price $1.51 |
Underweight - Morgan Stanley | Overnight Price $1.51 | ||
SEK | SEEK | Upgrade to Add from Reduce - Morgans | Overnight Price $11.95 |
SGM | SIMS METAL MANAGEMENT | Neutral - Credit Suisse | Overnight Price $5.78 |
Neutral - Macquarie | Overnight Price $5.78 | ||
Equal-weight - Morgan Stanley | Overnight Price $5.78 | ||
Neutral - UBS | Overnight Price $5.78 | ||
SGP | STOCKLAND | Upgrade to Neutral from Underperform - Macquarie | Overnight Price $1.82 |
SHL | SONIC HEALTHCARE | Buy - Citi | Overnight Price $23.37 |
Outperform - Credit Suisse | Overnight Price $23.37 | ||
Neutral - Macquarie | Overnight Price $23.37 | ||
Overweight - Morgan Stanley | Overnight Price $23.37 | ||
Add - Morgans | Overnight Price $23.37 | ||
Accumulate - Ord Minnett | Overnight Price $23.37 | ||
STO | SANTOS | Buy - Citi | Overnight Price $2.99 |
Add - Morgans | Overnight Price $2.99 | ||
SXY | SENEX ENERGY | Buy - Citi | Overnight Price $0.14 |
Add - Morgans | Overnight Price $0.14 | ||
TLS | TELSTRA CORP | Outperform - Credit Suisse | Overnight Price $3.12 |
Underweight - Morgan Stanley | Overnight Price $3.12 | ||
Add - Morgans | Overnight Price $3.12 | ||
Accumulate - Ord Minnett | Overnight Price $3.12 | ||
Buy - UBS | Overnight Price $3.12 | ||
UWL | UNITI GROUP | Buy - Ord Minnett | Overnight Price $0.85 |
WBC | WESTPAC BANKING | Upgrade to Accumulate from Hold - Ord Minnett | Overnight Price $14.21 |
WES | WESFARMERS | Outperform - Macquarie | Overnight Price $31.79 |
Equal-weight - Morgan Stanley | Overnight Price $31.79 | ||
Hold - Morgans | Overnight Price $31.79 | ||
Lighten - Ord Minnett | Overnight Price $31.79 | ||
WPL | WOODSIDE PETROLEUM | Upgrade to Buy from Neutral - Citi | Overnight Price $15.56 |
Add - Morgans | Overnight Price $15.56 | ||
Hold - Ord Minnett | Overnight Price $15.56 |
RATING SUMMARY
Rating | No. Of Recommendations |
1. Buy | 42 |
2. Accumulate | 3 |
3. Hold | 17 |
4. Reduce | 1 |
5. Sell | 4 |
Monday 23 March 2020
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Disclaimer:
The content of this information does in no way reflect the opinions of
FNArena, or of its journalists. In fact we don't have any opinion about
the stock market, its value, future direction or individual shares. FNArena solely reports about what the main experts in the market note, believe
and comment on. By doing so we believe we provide intelligent investors
with a valuable tool that helps them in making up their own minds, reading
market trends and getting a feel for what is happening beneath the surface.
This document is provided for informational purposes only. It does not
constitute an offer to sell or a solicitation to buy any security or other
financial instrument. FNArena employs very experienced journalists who
base their work on information believed to be reliable and accurate, though
no guarantee is given that the daily report is accurate or complete. Investors
should contact their personal adviser before making any investment decision.
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