Australian Broker Call
February 14, 2017
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COMPANIES DISCUSSED IN THIS ISSUE
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Last Updated: 01:59 PM
Your daily news report on the latest recommendation, valuation, forecast and opinion changes.
This report includes concise but limited reviews of research recently published by Stockbrokers, which should be considered as information concerning likely market behaviour rather than advice on the securities mentioned. Do not act on the contents of this Report without first reading the important information included at the end.
For more info about the different terms used by stockbrokers, as well as the different methodologies behind similar sounding ratings, download our guide HERE
Today's Upgrades and Downgrades
| AZJ - | AURIZON HOLDINGS | Downgrade to Hold from Buy | Deutsche Bank |
| Downgrade to Neutral from Outperform | Macquarie | ||
| BEN - | BENDIGO AND ADELAIDE BANK | Downgrade to Underperform from Neutral | Credit Suisse |
| DWS - | DWS | Downgrade to Hold from Buy | Ord Minnett |
| JBH - | JB HI-FI | Downgrade to Underperform from Neutral | Credit Suisse |
| Downgrade to Hold from Add | Morgans | ||
| PPS - | PRAEMIUM | Downgrade to Hold from Add | Morgans |
Citi rates AMC as Buy (1) -
Yet again Amcor showcased the inner strength of its business model and market positioning, suggest analysts at Citi. Despite a challenging macro backdrop, the analysts observe reported profits came out ahead of market expectations.
Citi analysts remain confident in the outlook. They suggest the contribution from growth initiatives already underway puts Amcor in a very strong position, even without taking into account potential M&A.
It is Citi's view shareholders can remain confident about longer term share price outperformance. Macro driven underperformance is more often than not a buying opportunity, the analysts add. Buy. Target $16.20. Estimates have been left unchanged too.
Target price is $16.20 Current Price is $15.18 Difference: $1.02
If AMC meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $15.53, suggesting upside of 2.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 56.44 cents and EPS of 78.21 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 76.4, implying annual growth of N/A. Current consensus DPS estimate is 57.7, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 19.9. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 57.78 cents and EPS of 84.66 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 85.7, implying annual growth of 12.2%. Current consensus DPS estimate is 64.3, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 17.8. |
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
Credit Suisse rates AMC as Neutral (3) -
FY17 guidance has been maintained and Credit Suisse models 9% growth in EBITDA in euro terms, sourced from the Alusa acquisition as well as the cost reduction program and 2% organic growth.
The broker notes the guidance for rigid plastics remains vague, with the impact of the Venezuelan issue offsetting acquisitions. The broker expects growth in earnings per share to be solid for the next three years. Neutral rating retained. Target is steady at $15.10.
Target price is $15.10 Current Price is $15.18 Difference: minus $0.08 (current price is over target).
If AMC meets the Credit Suisse target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $15.53, suggesting upside of 2.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 57.36 cents and EPS of 80.19 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 76.4, implying annual growth of N/A. Current consensus DPS estimate is 57.7, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 19.9. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 62.70 cents and EPS of 86.06 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 85.7, implying annual growth of 12.2%. Current consensus DPS estimate is 64.3, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 17.8. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates AMC as Buy (1) -
First half results were better than Deutsche Bank expected. The outlook for the second half is much stronger as the company expects to benefit from the acquisitions of Alusa and Sonoco as well as the flexible's restructuring initiatives.
Buy rating retained. Target unchanged at $17.35.
Target price is $17.35 Current Price is $15.18 Difference: $2.17
If AMC meets the Deutsche Bank target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $15.53, suggesting upside of 2.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 57.36 cents and EPS of 81.38 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 76.4, implying annual growth of N/A. Current consensus DPS estimate is 57.7, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 19.9. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 62.70 cents and EPS of 89.38 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 85.7, implying annual growth of 12.2%. Current consensus DPS estimate is 64.3, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 17.8. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates AMC as Outperform (1) -
First half net profit was ahead of Macquarie's forecasts. The result highlighted the resilience and defensiveness of the business.
The main positive for the broker was a 20 basis point lift in the flexibles margin, driven by a positive mix in terms of value added products.
Macquarie maintains an Outperform rating and reduces the target to $16.77 from $16.86.
Target price is $16.77 Current Price is $15.18 Difference: $1.59
If AMC meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $15.53, suggesting upside of 2.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 57.63 cents and EPS of 80.71 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 76.4, implying annual growth of N/A. Current consensus DPS estimate is 57.7, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 19.9. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 63.63 cents and EPS of 89.25 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 85.7, implying annual growth of 12.2%. Current consensus DPS estimate is 64.3, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 17.8. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates AMC as Underweight (5) -
Morgan Stanley observes earnings in the first half were fairly flat and guidance has been maintained for FY17.
The broker notes a number of one-offs such as a gain in the pension plan, slower-than-expected de-stocking of tobacco volumes and lower-than-expected integration expenses for Alusa, none of which will be sustained through the second half.
Price target $12.20. Rating Underweight. Sector view Cautious.
Target price is $12.20 Current Price is $15.18 Difference: minus $2.98 (current price is over target).
If AMC meets the Morgan Stanley target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $15.53, suggesting upside of 2.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 45.36 cents and EPS of 65.37 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 76.4, implying annual growth of N/A. Current consensus DPS estimate is 57.7, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 19.9. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 EPS of 80.04 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 85.7, implying annual growth of 12.2%. Current consensus DPS estimate is 64.3, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 17.8. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates AMC as Hold (3) -
First-half results were broadly in line with Morgans, driven by growth in both flexibles and rigid plastics.
While the broker believes this company is high quality, with leading global market positions, there are macro headwinds such as currencies and a slowing in emerging markets that could weigh on the stock in the short term.
Hold retained. Target rises to $15.44 from $14.59.
Target price is $15.44 Current Price is $15.18 Difference: $0.26
If AMC meets the Morgans target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $15.53, suggesting upside of 2.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 58.70 cents and EPS of 81.38 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 76.4, implying annual growth of N/A. Current consensus DPS estimate is 57.7, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 19.9. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 62.70 cents and EPS of 88.05 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 85.7, implying annual growth of 12.2%. Current consensus DPS estimate is 64.3, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 17.8. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates AMC as Hold (3) -
First half earnings were broadly in line with Ord Minnett's forecast. The result highlighted the difficulty in achieving simultaneous organic growth in developed and emerging markets.
The broker believes a tough earnings period is now behind the company and the stage is set for a revival in the second half. Benefits from acquisitions and the flexibles restructuring should help deliver three-year compound growth in earnings per share of around 7%.
Ord Minnett maintains a Hold rating, raising the target to $15.20 from $15.15.
Target price is $15.20 Current Price is $15.18 Difference: $0.02
If AMC meets the Ord Minnett target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $15.53, suggesting upside of 2.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 58.70 cents and EPS of 72.04 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 76.4, implying annual growth of N/A. Current consensus DPS estimate is 57.7, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 19.9. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 62.70 cents and EPS of 88.05 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 85.7, implying annual growth of 12.2%. Current consensus DPS estimate is 64.3, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 17.8. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates AMC as Neutral (3) -
Amcor's earnings were broadly in line with expectation, driven by a mix of organic and acquisition growth. Developed markets were solid, the broker notes, while emerging markets posted only a small gain due to the drag from Latin America.
Ongoing organic growth should provide the cash flow for further acquisitions going forward, the broker suggests, which will likely focus on the Americas. Amcor's premium valuation to market is warranted given reliable defensive earnings but also fair at present, the broker believes.
Neutral retained, target rises to $16.00 from $15.10.
Target price is $16.00 Current Price is $15.18 Difference: $0.82
If AMC meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $15.53, suggesting upside of 2.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 76.04 cents and EPS of 80.04 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 76.4, implying annual growth of N/A. Current consensus DPS estimate is 57.7, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 19.9. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 84.05 cents and EPS of 89.38 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 85.7, implying annual growth of 12.2%. Current consensus DPS estimate is 64.3, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 17.8. |
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
Citi rates ANN as Sell (5) -
The interim performance didn't live up to expectations. In Citi's view, in particular the lack of improvement at the Medical segment was disappointing. Performance for the Sexual Wellness division was a positive, but this division is officially up for sale.
Citi analysts note management left FY guidance unchanged, implying a very strong H2. Citi thinks market consensus is likely to shift to the downside of guidance.
Estimates have been reduced. Sell rating retained while the price target falls to $20 (-$2).
Target price is $20.00 Current Price is $21.65 Difference: minus $1.65 (current price is over target).
If ANN meets the Citi target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $22.37, suggesting upside of 5.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 58.43 cents and EPS of 138.74 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 137.0, implying annual growth of N/A. Current consensus DPS estimate is 58.7, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 15.6. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 58.43 cents and EPS of 127.67 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 142.9, implying annual growth of 4.3%. Current consensus DPS estimate is 61.0, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 14.9. |
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 ANN as Neutral (3) -
First half underlying earnings per share were -9% below Credit Suisse estimates. The broker updates modelling assumptions, resulting in a -5% decline in earnings per share for FY17 and around -2% in the outer years.
The broker awaits further evidence of a sustained recovery in the US and global IP. Credit Suisse is also wary of the ability of the company to pass through price increases in order to offset recent spikes in raw material costs, although this is more of an issue for FY18 and beyond.
The broker is underwhelmed by the performance of the company's non-growth brands, with material product rationalisation appearing long dated. Neutral retained. Target is reduced to $22.70 from $23.50.
Target price is $22.70 Current Price is $21.65 Difference: $1.05
If ANN meets the Credit Suisse target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $22.37, suggesting upside of 5.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 59.70 cents and EPS of 136.07 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 137.0, implying annual growth of N/A. Current consensus DPS estimate is 58.7, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 15.6. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 62.37 cents and EPS of 149.41 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 142.9, implying annual growth of 4.3%. Current consensus DPS estimate is 61.0, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 14.9. |
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
Morgan Stanley rates ANN as Equal-weight (3) -
First half results were below Morgan Stanley's expectations. Raw material inflation remains a headwind although organic growth is expected to improve.
The broker retains a Equal-weight rating. Target is reduced to $23.59 from $24.50. Sector view is In-Line.
Target price is $23.59 Current Price is $21.65 Difference: $1.94
If ANN meets the Morgan Stanley target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $22.37, suggesting upside of 5.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 60.87 cents and EPS of 145.12 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 137.0, implying annual growth of N/A. Current consensus DPS estimate is 58.7, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 15.6. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 64.90 cents and EPS of 155.87 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 142.9, implying annual growth of 4.3%. Current consensus DPS estimate is 61.0, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 14.9. |
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 ANN as Hold (3) -
First half results were below expectations. Although a turnaround in the second half appears likely, Morgans believes the FY17 guidance, reiterated, does not reflect strong optimism.
The broker believes volatile macro economic conditions, increasing raw material costs and ongoing portfolio reviews increase uncertainties.
FY17-19 forecast earnings per share are lowered by up to -1.5%. Hold retained. Target is reduced to $21.79 from $22.09.
Target price is $21.79 Current Price is $21.65 Difference: $0.14
If ANN meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $22.37, suggesting upside of 5.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 58.70 cents and EPS of 141.41 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 137.0, implying annual growth of N/A. Current consensus DPS estimate is 58.7, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 15.6. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 61.37 cents and EPS of 150.75 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 142.9, implying annual growth of 4.3%. Current consensus DPS estimate is 61.0, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 14.9. |
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
Ord Minnett rates ANN as Hold (3) -
First half net profit was below Ord Minnett's forecasts. There are some signs of positive momentum, supported by distributor deals and economic conditions, but the broker suspects shareholders will enjoy little benefit because of the 25% rise in raw material costs.
The broker expects a full-year result towards the bottom end of guidance, which suggests the stock is trading near fair value. Hold maintained. Target is reduced to $23.50 from $25.00.
Target price is $23.50 Current Price is $21.65 Difference: $1.85
If ANN meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $22.37, suggesting upside of 5.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 60.03 cents and EPS of 133.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 137.0, implying annual growth of N/A. Current consensus DPS estimate is 58.7, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 15.6. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 61.37 cents and EPS of 146.75 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 142.9, implying annual growth of 4.3%. Current consensus DPS estimate is 61.0, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 14.9. |
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
UBS rates ANN as Neutral (3) -
Ansell's profit came in short due to a higher tax rate. Despite 30-100% price increases in raw materials, FY earnings guidance range has been reiterated based on a second half skew. At best the broker sees the bottom end being met.
Sexual Wellness was a standout and Ansell is looking to possibly divest and cash in, although the market has already priced in a premium, the broker notes. Neutral retained. Target falls to $22.00 from $23.50.
Target price is $22.00 Current Price is $21.65 Difference: $0.35
If ANN meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $22.37, suggesting upside of 5.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 60.03 cents and EPS of 132.07 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 137.0, implying annual growth of N/A. Current consensus DPS estimate is 58.7, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 15.6. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 61.37 cents and EPS of 136.07 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 142.9, implying annual growth of 4.3%. Current consensus DPS estimate is 61.0, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 14.9. |
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
Citi rates AZJ as Sell (5) -
It appears Aurizon's financial numbers were markedly better than Citi's estimates. The analysts note management left FY guidance unchanged, implying, says Citi, a cautious outlook for H2.
The analysts note management is moving scope beyond cost control only. While this should bode well longer term, at current share price level Citi analysts prefer to remain cautious. In Citi's opinion, the stock is "trading above fair value". Sell rating retained. Target $4.70 (-5c).
Target price is $4.70 Current Price is $5.33 Difference: minus $0.63 (current price is over target).
If AZJ meets the Citi target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.75, suggesting downside of -7.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 26.40 cents and EPS of 26.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.6, implying annual growth of 652.9%. Current consensus DPS estimate is 26.2, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 20.1. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 27.00 cents and EPS of 26.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.9, implying annual growth of 5.1%. Current consensus DPS estimate is 26.9, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 19.1. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates AZJ as Downgrade to Hold from Buy (3) -
The first half was stronger than Deutsche Bank forecast. However, a large proportion of the variance was one off items which are unlikely to be repeated.
The company continues to generate cash flow which enabled it to maintain its dividend pay-out ratio. Capital expenditure is expected to fall further, given the limited growth projects.
The broker makes minor changes to earnings forecasts but downgrades to Hold from Buy, given the shares are trading at a premium to its price target. Target is raised to $5.10 from $4.95.
Target price is $5.10 Current Price is $5.33 Difference: minus $0.23 (current price is over target).
If AZJ meets the Deutsche Bank target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.75, suggesting downside of -7.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 26.00 cents and EPS of 26.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.6, implying annual growth of 652.9%. Current consensus DPS estimate is 26.2, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 20.1. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 27.00 cents and EPS of 27.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.9, implying annual growth of 5.1%. Current consensus DPS estimate is 26.9, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 19.1. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates AZJ as Downgrade to Neutral from Outperform (3) -
First half results were better than Macquarie expected. Nevertheless, there were numerous favourable and non-sustainable items above the line.
The broker notes no clarity around any fundamental change in strategy will be heard until mid-year but the company will start executing on items such as reducing capital expenditure and re-pricing bulk contracts.
Macquarie downgrades to Neutral from Outperform. Target is reduced to $4.98 from $5.16.
Target price is $4.98 Current Price is $5.33 Difference: minus $0.35 (current price is over target).
If AZJ meets the Macquarie target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.75, suggesting downside of -7.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 25.50 cents and EPS of 27.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.6, implying annual growth of 652.9%. Current consensus DPS estimate is 26.2, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 20.1. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 26.50 cents and EPS of 26.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.9, implying annual growth of 5.1%. Current consensus DPS estimate is 26.9, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 19.1. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates AZJ as Equal-weight (3) -
First half results were a positive surprise for Morgan Stanley, despite the one-off items. The broker remains constructive on the FY17 earnings outlook but beyond this envisages very little room for positive earnings revisions in FY18-20.
The broker's caution is driven by the lack of clarity as to whether a recovery in coal prices will translate into higher above-rail volumes, as well as forecasts already taking in the full cost reduction program and the revised UT5 assumptions yet to fully wash through estimates.
The broker concedes capital management options are slowly building. Equal-weight retained. Target is $4.85. Industry view is Attractive.
Target price is $4.85 Current Price is $5.33 Difference: minus $0.48 (current price is over target).
If AZJ meets the Morgan Stanley target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.75, suggesting downside of -7.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 26.70 cents and EPS of 27.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.6, implying annual growth of 652.9%. Current consensus DPS estimate is 26.2, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 20.1. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 29.00 cents and EPS of 29.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.9, implying annual growth of 5.1%. Current consensus DPS estimate is 26.9, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 19.1. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates AZJ as Hold (3) -
First half results beat Morgans forecasts at the headline but, adjusting for one-off items, operational earnings (EBIT) were slightly below forecasts.
FY17 EBIT guidance has been reaffirmed at $900-950m, which implies 6% growth at the mid point. Morgans retains a Hold rating. Target is raised to $4.88 from $4.79.
Target price is $4.88 Current Price is $5.33 Difference: minus $0.45 (current price is over target).
If AZJ meets the Morgans target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.75, suggesting downside of -7.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 26.00 cents and EPS of 31.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.6, implying annual growth of 652.9%. Current consensus DPS estimate is 26.2, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 20.1. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 27.00 cents and EPS of 27.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.9, implying annual growth of 5.1%. Current consensus DPS estimate is 26.9, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 19.1. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates AZJ as Sell (5) -
While underlying first half net profit was ahead of expectations, Ord Minnett was surprised by the positive share price reaction. The broker believes there were enough one-off items to cast a cloud over the first half performance.
The broker believes several risks remain heightened, including acceleration in freight losses, pricing pressure in iron ore, and concerns about above-rail coal volumes and margins. Sell rating retained with $4.20 target.
Target price is $4.20 Current Price is $5.33 Difference: minus $1.13 (current price is over target).
If AZJ meets the Ord Minnett target it will return approximately minus 21% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.75, suggesting downside of -7.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 26.00 cents and EPS of 14.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.6, implying annual growth of 652.9%. Current consensus DPS estimate is 26.2, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 20.1. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 25.00 cents and EPS of 25.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.9, implying annual growth of 5.1%. Current consensus DPS estimate is 26.9, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 19.1. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates AZJ as Neutral (3) -
Aurizon's result beat the broker, largely due to one-offs. FY guidance was reiterated amidst a weaker operating outlook. One-offs booked in FY17 will provide for an earnings "cliff" in FY18, the broker warns.
The new CEO admits targets will not be met unless conditions change. The broker notes cash flow is strong, but in the absence of asset sales, capital management is unlikely. Neutral and $4.50 target retained.
Target price is $4.50 Current Price is $5.33 Difference: minus $0.83 (current price is over target).
If AZJ meets the UBS target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.75, suggesting downside of -7.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 26.00 cents and EPS of 26.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.6, implying annual growth of 652.9%. Current consensus DPS estimate is 26.2, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 20.1. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 26.00 cents and EPS of 26.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.9, implying annual growth of 5.1%. Current consensus DPS estimate is 26.9, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 19.1. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates BEN as Sell (5) -
Citi analysts observe the shares sold down after the release of interim financials as the result itself met market consensus, but there was plenty not to like in the details.
Earnings risk comes from the fact strong Sydney and Melbourne house price growth has led to an abnormally large HomeSafe contribution. To illustrate the risk: If property prices had only been flat during the half, cash earnings would have been -10% lower, on Citi's calculation.
Sell rating retained as significant risks lay ahead. Target unchanged at $11.75. DPS estimates lowered to 68c for as far as the eye can see.
Target price is $11.75 Current Price is $12.00 Difference: minus $0.25 (current price is over target).
If BEN meets the Citi target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $10.96, suggesting downside of -8.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 68.00 cents and EPS of 87.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 88.0, implying annual growth of -7.9%. Current consensus DPS estimate is 68.0, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 13.6. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 68.00 cents and EPS of 82.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 86.4, implying annual growth of -1.8%. Current consensus DPS estimate is 68.3, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 13.9. |
Market Sentiment: -1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates BEN as Downgrade to Underperform from Neutral (5) -
First-half results disappointed Credit Suisse and earnings estimates are downgraded by -2-4%.The broker liked the cost control and improvement in asset quality but did not like the softer net interest margin.
The result highlights the heightened earnings risks from dilution and bad debts. Credit Suisse downgrades to Underperform from Neutral. Target is reduced to $11.90 from $12.50.
Target price is $11.90 Current Price is $12.00 Difference: minus $0.1 (current price is over target).
If BEN meets the Credit Suisse target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $10.96, suggesting downside of -8.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 68.00 cents and EPS of 96.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 88.0, implying annual growth of -7.9%. Current consensus DPS estimate is 68.0, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 13.6. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 70.00 cents and EPS of 98.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 86.4, implying annual growth of -1.8%. Current consensus DPS estimate is 68.3, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 13.9. |
Market Sentiment: -1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates BEN as Sell (5) -
Deutsche Bank finds few signs of improvement in the bank's growth outlook. Cash earnings ex HomeSafe were around -3% below the broker's forecasts in the first half.
The broker believes the valuation is becoming stretched and the market is relying heavily on the bank achieving advanced accreditation and/or maintaining very high HomeSafe income. Sell retained. Target is reduced to $11.00 from $11.30.
Target price is $11.00 Current Price is $12.00 Difference: minus $1 (current price is over target).
If BEN meets the Deutsche Bank target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $10.96, suggesting downside of -8.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 68.00 cents and EPS of 87.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 88.0, implying annual growth of -7.9%. Current consensus DPS estimate is 68.0, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 13.6. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 68.00 cents and EPS of 80.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 86.4, implying annual growth of -1.8%. Current consensus DPS estimate is 68.3, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 13.9. |
Market Sentiment: -1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates BEN as Underperform (5) -
First half results were weaker than expected. Underlying trends are benign, Macquarie believes, yet the pay-out ratio is difficult to sustain and the bank will need to cut its dividend or continue to dilute earnings through reinvestment plans.
The first half performance was supported by elevated HomeSafe and trading income, partially offset by higher bad debt charges. The broker believes the current underlying trends do not support the premium multiple and maintains an Underperform rating. Target is $11.
Target price is $11.00 Current Price is $12.00 Difference: minus $1 (current price is over target).
If BEN meets the Macquarie target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $10.96, suggesting downside of -8.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 68.00 cents and EPS of 87.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 88.0, implying annual growth of -7.9%. Current consensus DPS estimate is 68.0, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 13.6. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 68.00 cents and EPS of 86.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 86.4, implying annual growth of -1.8%. Current consensus DPS estimate is 68.3, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 13.9. |
Market Sentiment: -1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates BEN as Underweight (5) -
First half results disappointed Morgan Stanley. The broker expects a modest margin recovery in the second half but below the exit rate for the first half.
The broker envisages upside risk to forecasts if the major banks re-price standard variable rates more than it factors in, confident that BEN will follow suit.
The broker retains a Underweight rating, given a flat profile for earnings per share, low returns and stretched trading multiples. Target is raised to $10.30 from $10.00. Industry view is In-Line.
Target price is $10.30 Current Price is $12.00 Difference: minus $1.7 (current price is over target).
If BEN meets the Morgan Stanley target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $10.96, suggesting downside of -8.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 68.00 cents and EPS of 86.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 88.0, implying annual growth of -7.9%. Current consensus DPS estimate is 68.0, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 13.6. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 68.00 cents and EPS of 87.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 86.4, implying annual growth of -1.8%. Current consensus DPS estimate is 68.3, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 13.9. |
Market Sentiment: -1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates BEN as Lighten (4) -
First half cash earnings were flat on the prior corresponding half as was the interim dividend. Ord Minnett maintains a focus on the downside risk to earnings and, with the share price around $12, continues to believe the stock is expensive.
Lighten rating retained. The broker's price target is raised to $10.75 from $10.50, and this factors in a 50% benefit from a move to advanced accreditation, which would release around $200m in capital.
Target price is $10.75 Current Price is $12.00 Difference: minus $1.25 (current price is over target).
If BEN meets the Ord Minnett target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $10.96, suggesting downside of -8.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 68.00 cents and EPS of 86.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 88.0, implying annual growth of -7.9%. Current consensus DPS estimate is 68.0, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 13.6. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 EPS of 86.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 86.4, implying annual growth of -1.8%. Current consensus DPS estimate is 68.3, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 13.9. |
Market Sentiment: -1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates BEN as Sell (5) -
Bendelaide's result came in 2% above consensus thanks to a Homesafe house price mark to market, but take that out and it missed by -3%.
The bank's decision to hike its mortgage rates to above the majors has improved net interest margins but slowed down demand, the broker notes.
Trading income was strong, which may not repeat, and tier one capital came in lower than pre-GFC. Sell and $10.00 target retained.
Target price is $10.00 Current Price is $12.00 Difference: minus $2 (current price is over target).
If BEN meets the UBS target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $10.96, suggesting downside of -8.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 68.00 cents and EPS of 86.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 88.0, implying annual growth of -7.9%. Current consensus DPS estimate is 68.0, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 13.6. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 68.00 cents and EPS of 84.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 86.4, implying annual growth of -1.8%. Current consensus DPS estimate is 68.3, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 13.9. |
Market Sentiment: -1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates BKN as Neutral (3) -
In its trading update the company has guided to a relatively neutral first half, with softness in sales offset by progress on business improvements. The next milestone for shareholders is February 24, the scheduled closure for the Hitachi offer.
Credit Suisse observes sentiment around mining services companies has improved markedly and shareholders ultimately need to decide whether the $3.25 bid, at 8.5 times EBITDA, represents a fair acquisition multiple. Neutral and $3.25 target retained.
Target price is $3.25 Current Price is $3.22 Difference: $0.03
If BKN meets the Credit Suisse target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $2.70, suggesting downside of -16.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 0.00 cents and EPS of 20.69 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.4, 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 17.6. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 0.00 cents and EPS of 23.86 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 21.9, implying annual growth of 19.0%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 14.7. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates CVO as No Rating (-1) -
First half results were largely in line with Macquarie's forecasts. Margins were affected by costs associated with the transition to a new operating model.
FY17 operating earnings guidance of $54-57m is reiterated.
Macquarie is unable to advise on a rating and target at this stage.
Current Price is $1.92. Target price not assessed.
Current consensus price target is $1.45, suggesting downside of -24.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 5.00 cents and EPS of 8.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 8.5, implying annual growth of 4.9%. Current consensus DPS estimate is 6.0, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 22.6. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 6.50 cents and EPS of 10.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.8, implying annual growth of 15.3%. Current consensus DPS estimate is 6.8, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 19.6. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates CVO as Equal-weight (3) -
First half results were in line with the broker's estimates. Management has reiterated full year guidance of $54m to $57m with a skew to the second half being flagged.
The share price implies a high probability the Scheme of Arrangement being implemented, so the stock is unlikely to trade to fundamentals. Equal-weight rating and In-Line industry view retained. Target remains $1.51.
Target price is $1.51 Current Price is $1.92 Difference: minus $0.41 (current price is over target).
If CVO meets the Morgan Stanley target it will return approximately minus 21% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $1.45, suggesting downside of -24.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 7.00 cents and EPS of 9.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 8.5, implying annual growth of 4.9%. Current consensus DPS estimate is 6.0, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 22.6. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 7.80 cents and EPS of 10.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.8, implying annual growth of 15.3%. Current consensus DPS estimate is 6.8, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 19.6. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates DWS as Downgrade to Hold from Buy (3) -
DWS reported first half results that were better than expected by Ord Minnett. The broker was a little surprised at the reduction in contractor headcount and sees DWS as having to try harder in the second half to deliver organic revenue growth.
The broker has downgraded the stock to Hold from Buy and reduces price target to $1.60 from $1.63.
Target price is $1.60 Current Price is $1.62 Difference: minus $0.02 (current price is over target).
If DWS meets the Ord Minnett target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
The company's fiscal year ends in June.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 10.90 cents and EPS of 13.60 cents. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 11.20 cents and EPS of 14.00 cents. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates JBH as Neutral (3) -
Citi saw a stand-out performance with the interim result beating expectations. But the analysts also believe the H1 performance is unlikely to be repeated in H2 as the Dick Smith demise benefit fades.
Citi also points out, of the 16% FY16 EBIT growth, less than 6ppts is from the core JB Hi-Fi operations. In addition, management seems to have dropped prior targets for the Home business, now that The Good Guys are part of the team.
Valuation seen as "full" since the price target only rises to $28.50 (was $27.30). Neutral rating retained.
Target price is $28.50 Current Price is $29.38 Difference: minus $0.88 (current price is over target).
If JBH meets the Citi target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $30.76, suggesting upside of 7.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 116.00 cents and EPS of 181.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 183.7, implying annual growth of 19.5%. Current consensus DPS estimate is 118.0, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 15.6. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 127.00 cents and EPS of 202.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 205.5, implying annual growth of 11.9%. Current consensus DPS estimate is 133.1, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 14.0. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates JBH as Downgrade to Underperform from Neutral (5) -
JB HiFi's first half results were better than the broker had expected. The impact of Dick Smith's exit from the market should be finished in the second half and management has guided to slowing sales growth in the period.
Credit Suisse has downgraded the stock to Underperform from Neutral and raised the target price to $26.49 from $26.43.
Target price is $26.49 Current Price is $29.38 Difference: minus $2.89 (current price is over target).
If JBH meets the Credit Suisse target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $30.76, suggesting upside of 7.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 115.00 cents and EPS of 181.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 183.7, implying annual growth of 19.5%. Current consensus DPS estimate is 118.0, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 15.6. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 121.00 cents and EPS of 193.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 205.5, implying annual growth of 11.9%. Current consensus DPS estimate is 133.1, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 14.0. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates JBH as Hold (3) -
First half net profit was ahead of Deutsche Bank's estimates. Core earnings grew by 20.6% and were 10% ahead of estimates. The contribution from The Good Guys was also stronger.
The broker notes industry consolidation has led to reduced competitive intensity and this should facilitate stronger gross margins.
Deutsche Bank upgrades estimates by around 5% for the forecast period. Buy rating retained. Target rises to $32 from $30.
Target price is $32.00 Current Price is $29.38 Difference: $2.62
If JBH meets the Deutsche Bank target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $30.76, suggesting upside of 7.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 120.00 cents and EPS of 185.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 183.7, implying annual growth of 19.5%. Current consensus DPS estimate is 118.0, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 15.6. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 135.00 cents and EPS of 208.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 205.5, implying annual growth of 11.9%. Current consensus DPS estimate is 133.1, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 14.0. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates JBH as Outperform (1) -
First half results were strong and guidance ahead of expectations. Macquarie observes the company has leveraged the strong sales growth over the first half of 11.7%, through improved gross margin and well-managed costs.
The Good Guys is delivering early on integration and expectations. Macquarie upgrades estimates for earnings per share by 6.6% for FY17 and 5.6% for FY18. Target is raised to $32.80. Outperform retained.
Target price is $32.80 Current Price is $29.38 Difference: $3.42
If JBH meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $30.76, suggesting upside of 7.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 116.00 cents and EPS of 185.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 183.7, implying annual growth of 19.5%. Current consensus DPS estimate is 118.0, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 15.6. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 134.00 cents and EPS of 205.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 205.5, implying annual growth of 11.9%. Current consensus DPS estimate is 133.1, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 14.0. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates JBH as Equal-weight (3) -
First half results were better than expectations for the broker. The closure of Dick Smith helped improve sales but the addition of The Good Guys has yet to flow through in the broker's opinion.
FY17 forecast for earnings has been revised upwards to $213m from $212m. Equal-weight rating and In-Line industry view retained and target raised to $30 from $28.00.
Target price is $30.00 Current Price is $29.38 Difference: $0.62
If JBH meets the Morgan Stanley target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $30.76, suggesting upside of 7.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 121.00 cents and EPS of 195.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 183.7, implying annual growth of 19.5%. Current consensus DPS estimate is 118.0, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 15.6. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 139.00 cents and EPS of 206.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 205.5, implying annual growth of 11.9%. Current consensus DPS estimate is 133.1, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 14.0. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates JBH as Downgrade to Hold from Add (3) -
JB Hi-Fi's first half results were better than Morgans had expected. The strong sales growth has continued into the second half and management has guided to full year earnings of $5.58bn.
The broker believes sales growth may moderate as the group cycles the exit of Dick Smith from the market. The broker downgrades the stock to Hold from Add and target price rises to $31.80 from $30.94.
Target price is $31.80 Current Price is $29.38 Difference: $2.42
If JBH meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $30.76, suggesting upside of 7.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 120.00 cents and EPS of 184.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 183.7, implying annual growth of 19.5%. Current consensus DPS estimate is 118.0, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 15.6. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 134.00 cents and EPS of 207.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 205.5, implying annual growth of 11.9%. Current consensus DPS estimate is 133.1, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 14.0. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates JBH as Accumulate (2) -
First half underlying net profit was ahead of Ord Minnett's forecasts because of strong sales and margin performance from the Australian business. The broker envisages upside risks to FY17 net profit guidance of $200-206m.
The acquisition of The Good Guys provides valuation support for the stock, with forecast earnings growth to be strong for the medium term as synergies are realised, in the broker's view.
Accumulate rating maintained. Target rises to $32 from $31.
Target price is $32.00 Current Price is $29.38 Difference: $2.62
If JBH meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $30.76, suggesting upside of 7.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 120.00 cents and EPS of 168.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 183.7, implying annual growth of 19.5%. Current consensus DPS estimate is 118.0, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 15.6. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 137.00 cents and EPS of 209.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 205.5, implying annual growth of 11.9%. Current consensus DPS estimate is 133.1, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 14.0. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates JBH as Buy (1) -
JB Hi-Fi beat consensus expectations, thanks to a solid result in the core business in Aust and a good result from The Good Guys, with NZ the only drag. Costs were well controlled, the broker notes, and the balance sheet is sound.
Ongoing Good Guys synergies should provide for further earnings upside, the broker suggests, alongside tailwinds from the strong housing market. Risks include a housing downturn and Amazon.
Buy retained. Target rises to $32.50 from $31.60.
Target price is $32.50 Current Price is $29.38 Difference: $3.12
If JBH meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $30.76, suggesting upside of 7.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 116.00 cents and EPS of 189.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 183.7, implying annual growth of 19.5%. Current consensus DPS estimate is 118.0, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 15.6. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 138.00 cents and EPS of 214.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 205.5, implying annual growth of 11.9%. Current consensus DPS estimate is 133.1, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 14.0. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates NCM as Buy (1) -
The interim performance was worse than H2 FY16 with Citi analysts blaming one-off charges including a hedge loss of -$62m. They believe management's target to accumulate $500m by late 2017 is achievable.
On Citi's projections, Newcrest should be looking to accumulate no less than $3bn in surplus cash over the next three years. Buy rating retained. Price target gains $2.65 to $26.80 as the analysts roll forward their modeling.
Target price is $26.80 Current Price is $22.72 Difference: $4.08
If NCM meets the Citi target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $21.31, suggesting downside of -4.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 25.35 cents and EPS of 106.46 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 79.1, implying annual growth of 35.7%. Current consensus DPS estimate is 17.0, implying a prospective dividend yield of 0.8%. Current consensus EPS estimate suggests the PER is 28.2. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 36.02 cents and EPS of 119.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 98.0, implying annual growth of 23.9%. Current consensus DPS estimate is 29.0, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 22.8. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates NCM as Underperform (5) -
First half results were slightly better than the broker had expected, with FX translation boosting the bottom line. FY17 guidance has been tweaked higher to 2.4-2.65m ounces at US$736-896/oz in costs.
Underperform rating and $18.20 target retained.
Target price is $18.20 Current Price is $22.72 Difference: minus $4.52 (current price is over target).
If NCM meets the Credit Suisse target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $21.31, suggesting downside of -4.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 20.01 cents and EPS of 104.62 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 79.1, implying annual growth of 35.7%. Current consensus DPS estimate is 17.0, implying a prospective dividend yield of 0.8%. Current consensus EPS estimate suggests the PER is 28.2. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 53.36 cents and EPS of 158.32 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 98.0, implying annual growth of 23.9%. Current consensus DPS estimate is 29.0, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 22.8. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates NCM as Sell (5) -
Newcrest's first half results were slightly below the broker's expectations. Deutsche Bank believes the company's asset base is on track to meet full year guidance.
Deutsche Bank thinks the stock overvalued and thus retains a Sell rating and $16.90 target..
Target price is $16.90 Current Price is $22.72 Difference: minus $5.82 (current price is over target).
If NCM meets the Deutsche Bank target it will return approximately minus 26% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $21.31, suggesting downside of -4.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 13.00 cents and EPS of 58.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 79.1, implying annual growth of 35.7%. Current consensus DPS estimate is 17.0, implying a prospective dividend yield of 0.8%. Current consensus EPS estimate suggests the PER is 28.2. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 20.00 cents and EPS of 80.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 98.0, implying annual growth of 23.9%. Current consensus DPS estimate is 29.0, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 22.8. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates NCM as Neutral (3) -
First half results were in line with expectations, although cash flow was weaker, largely because of working capital movements.
Macquarie observes the weaker cash flow meant net debt was higher-than-expected and this was the driver behind a lower dividend payment.
The company is entering a crucial phase of the development of Cadia East. Neutral maintained with steady $24 target.
Target price is $24.00 Current Price is $22.72 Difference: $1.28
If NCM meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $21.31, suggesting downside of -4.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 15.50 cents and EPS of 62.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 79.1, implying annual growth of 35.7%. Current consensus DPS estimate is 17.0, implying a prospective dividend yield of 0.8%. Current consensus EPS estimate suggests the PER is 28.2. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 26.00 cents and EPS of 86.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 98.0, implying annual growth of 23.9%. Current consensus DPS estimate is 29.0, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 22.8. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates NCM as Add (1) -
First half results were slightly ahead of Morgans. The broker believes the company is in an enviable position, having two long-life flagship operations.
This competitive advantage is substantial, in the broker's view, as there is no pressure on the company to pursue potentially value-destructive mergers.
Add rating retained. Target falls to $26.56 from $27.16.
Target price is $26.56 Current Price is $22.72 Difference: $3.84
If NCM meets the Morgans target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $21.31, suggesting downside of -4.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 19.00 cents and EPS of 93.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 79.1, implying annual growth of 35.7%. Current consensus DPS estimate is 17.0, implying a prospective dividend yield of 0.8%. Current consensus EPS estimate suggests the PER is 28.2. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 21.00 cents and EPS of 106.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 98.0, implying annual growth of 23.9%. Current consensus DPS estimate is 29.0, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 22.8. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates NCM as Lighten (4) -
Newcrest's first half results were slightly better than Ord Minnett's forecasts. Positive signs for the broker were net debt and dividends remaining in line with its forecasts although gold reserves were down -5%.
The broker retains a Lighten rating and raises the target price to $21.50 from $19.50.
Target price is $21.50 Current Price is $22.72 Difference: minus $1.22 (current price is over target).
If NCM meets the Ord Minnett target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $21.31, suggesting downside of -4.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 28.00 cents and EPS of 66.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 79.1, implying annual growth of 35.7%. Current consensus DPS estimate is 17.0, implying a prospective dividend yield of 0.8%. Current consensus EPS estimate suggests the PER is 28.2. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 35.00 cents and EPS of 64.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 98.0, implying annual growth of 23.9%. Current consensus DPS estimate is 29.0, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 22.8. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates NCM as Sell (5) -
Newcrest's result was in line but the dividend came in a tad lower than the broker's forecast. There were few surprises in the numbers and debt reduction met expectation.
The market is focused on the near term, the broker suggests, which is capex light. The broker is focused on the Cadia East development, which will require a lift in capex longer term as existing production declines. Better value is available elsewhere, the broker suggests.
Sell retained, target rises to $14.76 from $14.45.
Target price is $14.76 Current Price is $22.72 Difference: minus $7.96 (current price is over target).
If NCM meets the UBS target it will return approximately minus 35% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $21.31, suggesting downside of -4.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 18.00 cents and EPS of 87.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 79.1, implying annual growth of 35.7%. Current consensus DPS estimate is 17.0, implying a prospective dividend yield of 0.8%. Current consensus EPS estimate suggests the PER is 28.2. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 28.00 cents and EPS of 139.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 98.0, implying annual growth of 23.9%. Current consensus DPS estimate is 29.0, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 22.8. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates NEC as Neutral (3) -
Macquarie adjusts estimates for TV industry advertising revenue for the December half to down -5% compared to a previous estimate of down -2%, reflecting ongoing segment pressures through the first half. FY17 estimates reflect a market decline of -3.6%.
The broker expects the network will be hurt in FY17 from the revenues lost to the Olympics as well as pressure on ratings and share over the year more broadly. Neutral retained. Target drops to $1.10 from $1.15.
Target price is $1.10 Current Price is $1.00 Difference: $0.1
If NEC meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $1.03, suggesting upside of 3.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 11.00 cents and EPS of 11.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.8, implying annual growth of -68.0%. Current consensus DPS estimate is 10.4, implying a prospective dividend yield of 10.4%. Current consensus EPS estimate suggests the PER is 8.4. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 13.00 cents and EPS of 12.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.2, implying annual growth of -5.1%. Current consensus DPS estimate is 10.2, implying a prospective dividend yield of 10.2%. Current consensus EPS estimate suggests the PER is 8.9. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates PPS as Downgrade to Hold from Add (3) -
Praemium's first half results were well below the broker's expectations, mainly due to rising costs associated with increased sales and IT development. Morgans has reduced FY17 forecasts by -51.5%, FY18 by -14.3% and FY19 by -9.7%
As the company trades close to the broker's revised valuation, Morgans downgrades the stock to Hold from Add. Target is reduced to 43c from 61c.
Target price is $0.43 Current Price is $0.42 Difference: $0.01
If PPS meets the Morgans target it will return approximately 2% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 0.00 cents and EPS of 0.01 cents. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 0.00 cents and EPS of 0.02 cents. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates RIO as Outperform (1) -
The company's CFO has reiterated there are three destinations for its cash - capital expenditure, strengthening the balance sheet or shareholder returns.
Macquarie considers the three-year capital expenditure forecast is fairly fixed and, with gearing heading towards 10%, expects increased cash returns to shareholders over the course of 2017.
A lift in the share buy-back post the sale of Coal & Allied appears likely, with dividend pay-outs expected at the upper end of the payout range.
Outperform and $79 target maintained.
Target price is $79.00 Current Price is $68.32 Difference: $10.68
If RIO meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $71.36, suggesting upside of 3.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 288.15 cents and EPS of 481.19 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 544.0, implying annual growth of N/A. Current consensus DPS estimate is 313.1, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 12.7. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 201.66 cents and EPS of 336.27 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 399.8, implying annual growth of -26.5%. Current consensus DPS estimate is 227.3, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 17.3. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates SBM as Buy (1) -
Following its recent visit to Gwalia, the broker notes three key points. Grade outperformance should continue in the second half, infrastructure changes allow mining to a depth of 2,000 metres and ventilation shaft upgrades can lead to better production.
Price target raised to $3.10 from $2.70 and Buy rating retained.
Target price is $3.10 Current Price is $2.70 Difference: $0.4
If SBM meets the Deutsche Bank target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $2.87, suggesting upside of 4.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 0.00 cents and EPS of 33.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 28.4, implying annual growth of -17.0%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 9.7. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 0.00 cents and EPS of 36.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 37.4, implying annual growth of 31.7%. Current consensus DPS estimate is 6.5, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 7.4. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates SWM as Neutral (3) -
Macquarie adjusts estimates for TV industry advertising revenue for the December half to down -5% compared to a previous estimate of down -2%, reflecting ongoing segment pressures through the first half. FY17 estimates reflect a market decline of -3.6%.
The broker estimates the company's results will be dominated by the impact of the Olympics but this will not be sufficient to offset the additional rights costs or market headwinds.
Neutral retained. Target falls to $0.80 from $0.90.
Target price is $0.80 Current Price is $0.78 Difference: $0.02
If SWM meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $0.74, suggesting downside of -6.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 6.60 cents and EPS of 10.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 10.4, implying annual growth of -14.8%. Current consensus DPS estimate is 6.5, implying a prospective dividend yield of 8.3%. Current consensus EPS estimate suggests the PER is 7.6. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 6.20 cents and EPS of 10.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.6, implying annual growth of -7.7%. Current consensus DPS estimate is 6.3, implying a prospective dividend yield of 8.0%. Current consensus EPS estimate suggests the PER is 8.2. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates WES as Sell (5) -
Wesfarmers is scheduled to update the market tomorrow on its H1 FY17 financial performance and Citi analysts are expecting operational profits to have risen by 7% to $2,263m, mostly carried by the Resources division.
They forecast 0.5% comparable store sales growth for Coles Supermarkets in 2Q17 with the market's attention focused on what's happening with Coles margins. Citi's prediction is margin deterioration of 10bp, including fuel.
Target $39. Rating Sell. Interim dividend forecast at 100c.
Target price is $39.00 Current Price is $42.33 Difference: minus $3.33 (current price is over target).
If WES meets the Citi target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $41.41, suggesting downside of -2.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 205.00 cents and EPS of 259.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 260.9, implying annual growth of 620.7%. Current consensus DPS estimate is 218.0, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 16.2. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 212.00 cents and EPS of 259.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 263.5, implying annual growth of 1.0%. Current consensus DPS estimate is 220.5, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 16.0. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates WSA as Neutral (3) -
Additional high-grade massive sulphide mineralisation has been discovered at Cosmos which could improve the economics of Macquarie's development scenario for the Odysseus resources.
The broker notes the development scenario for the project generates an internal rate of return of 25% on its forecasts but remains uneconomic at spot prices. Neutral rating and $2.60 target retained.
Target price is $2.60 Current Price is $2.69 Difference: minus $0.09 (current price is over target).
If WSA meets the Macquarie target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $2.57, suggesting downside of -5.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 0.00 cents and EPS of 1.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 3.1, implying annual growth of N/A. Current consensus DPS estimate is 0.3, implying a prospective dividend yield of 0.1%. Current consensus EPS estimate suggests the PER is 87.6. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 4.00 cents and EPS of 12.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 13.7, implying annual growth of 341.9%. Current consensus DPS estimate is 3.6, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 19.8. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Summaries
| AMC - | AMCOR | Buy - Citi | Overnight Price $15.18 |
| Neutral - Credit Suisse | Overnight Price $15.18 | ||
| Buy - Deutsche Bank | Overnight Price $15.18 | ||
| Outperform - Macquarie | Overnight Price $15.18 | ||
| Underweight - Morgan Stanley | Overnight Price $15.18 | ||
| Hold - Morgans | Overnight Price $15.18 | ||
| Hold - Ord Minnett | Overnight Price $15.18 | ||
| Neutral - UBS | Overnight Price $15.18 | ||
| ANN - | ANSELL | Sell - Citi | Overnight Price $21.65 |
| Neutral - Credit Suisse | Overnight Price $21.65 | ||
| Equal-weight - Morgan Stanley | Overnight Price $21.65 | ||
| Hold - Morgans | Overnight Price $21.65 | ||
| Hold - Ord Minnett | Overnight Price $21.65 | ||
| Neutral - UBS | Overnight Price $21.65 | ||
| AZJ - | AURIZON HOLDINGS | Sell - Citi | Overnight Price $5.33 |
| Downgrade to Hold from Buy - Deutsche Bank | Overnight Price $5.33 | ||
| Downgrade to Neutral from Outperform - Macquarie | Overnight Price $5.33 | ||
| Equal-weight - Morgan Stanley | Overnight Price $5.33 | ||
| Hold - Morgans | Overnight Price $5.33 | ||
| Sell - Ord Minnett | Overnight Price $5.33 | ||
| Neutral - UBS | Overnight Price $5.33 | ||
| BEN - | BENDIGO AND ADELAIDE BANK | Sell - Citi | Overnight Price $12.00 |
| Downgrade to Underperform from Neutral - Credit Suisse | Overnight Price $12.00 | ||
| Sell - Deutsche Bank | Overnight Price $12.00 | ||
| Underperform - Macquarie | Overnight Price $12.00 | ||
| Underweight - Morgan Stanley | Overnight Price $12.00 | ||
| Lighten - Ord Minnett | Overnight Price $12.00 | ||
| Sell - UBS | Overnight Price $12.00 | ||
| BKN - | BRADKEN | Neutral - Credit Suisse | Overnight Price $3.22 |
| CVO - | COVER-MORE | No Rating - Macquarie | Overnight Price $1.92 |
| Equal-weight - Morgan Stanley | Overnight Price $1.92 | ||
| DWS - | DWS | Downgrade to Hold from Buy - Ord Minnett | Overnight Price $1.62 |
| JBH - | JB HI-FI | Neutral - Citi | Overnight Price $29.38 |
| Downgrade to Underperform from Neutral - Credit Suisse | Overnight Price $29.38 | ||
| Hold - Deutsche Bank | Overnight Price $29.38 | ||
| Outperform - Macquarie | Overnight Price $29.38 | ||
| Equal-weight - Morgan Stanley | Overnight Price $29.38 | ||
| Downgrade to Hold from Add - Morgans | Overnight Price $29.38 | ||
| Accumulate - Ord Minnett | Overnight Price $29.38 | ||
| Buy - UBS | Overnight Price $29.38 | ||
| NCM - | NEWCREST MINING | Buy - Citi | Overnight Price $22.72 |
| Underperform - Credit Suisse | Overnight Price $22.72 | ||
| Sell - Deutsche Bank | Overnight Price $22.72 | ||
| Neutral - Macquarie | Overnight Price $22.72 | ||
| Add - Morgans | Overnight Price $22.72 | ||
| Lighten - Ord Minnett | Overnight Price $22.72 | ||
| Sell - UBS | Overnight Price $22.72 | ||
| NEC - | NINE ENTERTAINMENT | Neutral - Macquarie | Overnight Price $1.00 |
| PPS - | PRAEMIUM | Downgrade to Hold from Add - Morgans | Overnight Price $0.42 |
| RIO - | RIO TINTO | Outperform - Macquarie | Overnight Price $68.32 |
| SBM - | ST BARBARA | Buy - Deutsche Bank | Overnight Price $2.70 |
| SWM - | SEVEN WEST MEDIA | Neutral - Macquarie | Overnight Price $0.78 |
| WES - | WESFARMERS | Sell - Citi | Overnight Price $42.33 |
| WSA - | WESTERN AREAS | Neutral - Macquarie | Overnight Price $2.69 |
RATING SUMMARY
| Rating | No. Of Recommendations |
| 1. Buy | 9 |
| 2. Accumulate | 1 |
| 3. Hold | 26 |
| 4. Reduce | 2 |
| 5. Sell | 15 |
Tuesday 14 February 2017
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