Australian Broker Call
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February 12, 2018
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COMPANIES DISCUSSED IN THIS ISSUE
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The number next to the symbol represents the number of brokers covering it for this report -(if more than 1)
Last Updated: 11:59 AM
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
| CZZ - | CAPILANO HONEY | Downgrade to Hold from Add | Morgans |
| GXY - | GALAXY RESOURCES | Upgrade to Buy from Neutral | Citi |
| MYR - | MYER | Downgrade to Sell from Neutral | Citi |
| Downgrade to Sell from Hold | Deutsche Bank | ||
| ORE - | OROCOBRE | Upgrade to Buy from Neutral | Citi |
| REA - | REA GROUP | Upgrade to Neutral from Underperform | Macquarie |
| STO - | SANTOS | Upgrade to Neutral from Sell | Citi |
AGL AGL ENERGY LIMITED
Infrastructure & Utilities
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Overnight Price: $21.19
Credit Suisse rates AGL as Outperform (1) -
First half net profit was slightly below Credit Suisse estimates. The broker finds reasons to believe the wholesale division will improve.
Energy markets remain the key driver of earnings and the feature of this result was a large price increase passed through to internal and external customers. This was partly offset by an increase in costs but the broker expects costs to improve.
Outperform maintained. Target reduced to $26 from $27.
Target price is $26.00 Current Price is $21.19 Difference: $4.81
If AGL meets the Credit Suisse target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $24.83, suggesting upside of 17.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 114.00 cents and EPS of 151.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 153.6, implying annual growth of 90.8%. Current consensus DPS estimate is 112.1, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 13.8. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 135.00 cents and EPS of 179.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 169.5, implying annual growth of 10.4%. Current consensus DPS estimate is 127.0, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 12.5. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates AMP as Hold (3) -
AMP's result was a sharp improvement on FY16, but -4% below the broker's forecast on an underlying measure due to portfolio review and regulatory expenses.
That portfolio review is now underway, and all options will be considered including divestments. The broker estimates that were AMP to sell its "Manage for Value" divisions, 10% in earnings would be lost but growth would improve to 7% from 4%.
Hold retained, target falls to $5.20 from $5.30.
Target price is $5.20 Current Price is $5.18 Difference: $0.02
If AMP meets the Deutsche Bank target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $5.62, suggesting upside of 8.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 29.00 cents and EPS of 33.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 33.2, implying annual growth of 13.3%. Current consensus DPS estimate is 29.4, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 15.6. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 29.00 cents and EPS of 35.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 35.8, implying annual growth of 7.8%. Current consensus DPS estimate is 30.6, implying a prospective dividend yield of 5.9%. Current consensus EPS estimate suggests the PER is 14.5. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
AQZ ALLIANCE AVIATION SERVICES LIMITED
Transportation & Logistics
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Overnight Price: $1.71
Ord Minnett rates AQZ as Buy (1) -
The company surprised Ord Minnett with its first half result, as cash flow was stronger than expected. Plans to deploy additional aircraft into active service are also happening faster than expected and this underpins forecasts over the medium term.
Virgin Australia ((VAH)) helped provide additional demand for the company's services. Buy rating maintained. Target rises to $2.30 from $1.65.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $2.30 Current Price is $1.71 Difference: $0.59
If AQZ meets the Ord Minnett target it will return approximately 35% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 7.50 cents and EPS of 18.10 cents. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 9.00 cents and EPS of 24.60 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $54.14
Ord Minnett rates ASX as Hold (3) -
Ord Minnett likes the defensive nature of the business, relative earnings certainty and low gearing. The company reports first half results on February 15.
Hold rating maintained. Target is raised to $58.00 from $52.52.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $58.00 Current Price is $54.14 Difference: $3.86
If ASX meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $53.29, suggesting downside of -1.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 211.00 cents and EPS of 238.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 233.3, implying annual growth of 3.9%. Current consensus DPS estimate is 209.0, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 23.2. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 215.00 cents and EPS of 243.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 245.2, implying annual growth of 5.1%. Current consensus DPS estimate is 218.5, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 22.1. |
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
BRG BREVILLE GROUP LIMITED
Household & Personal Products
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Overnight Price: $11.90
Credit Suisse rates BRG as Neutral (3) -
Credit Suisse incorporates a 21% tax rate for the company's US earnings. With an estimated 55% of EBIT derived from the US the benefit appears material and the broker upgrades forecasts by 11-12% across FY19-20.
The company will report its interim result on February 15. Neutral maintained. Target rises to $12.70 from $11.25.
Target price is $12.70 Current Price is $11.90 Difference: $0.8
If BRG meets the Credit Suisse target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $11.59, suggesting downside of -2.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 33.50 cents and EPS of 48.05 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 46.5, implying annual growth of 12.3%. Current consensus DPS estimate is 33.2, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 25.6. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 40.00 cents and EPS of 55.85 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 53.9, implying annual growth of 15.9%. Current consensus DPS estimate is 39.0, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 22.1. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $16.05
Ord Minnett rates CPU as Hold (3) -
Ord Minnett considers the stock fully valued. FY18 guidance is for management earnings to increase by around 10% and this appears defensible to the broker, perhaps even conservative.
First half results will be reported on February 14. Ord Minnett rolls forward valuation and raises the target to $15.40 from $13.50. Hold maintained.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $15.40 Current Price is $16.05 Difference: minus $0.65 (current price is over target).
If CPU meets the Ord Minnett target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $14.70, suggesting downside of -8.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 33.70 cents and EPS of 60.91 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 40.9, implying a prospective dividend yield of 2.5%. Current consensus EPS estimate suggests the PER is 21.0. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 38.88 cents and EPS of 79.06 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 43.4, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 18.7. |
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
Overnight Price: $16.77
Morgans rates CZZ as Downgrade to Hold from Add (3) -
First half results were slightly short of Morgans expectations because of modest export growth and a poor manuka season. No FY18 guidance was provided but the company expects its honey crop will be the largest in over a decade.
Expansion in China and success with new products should underpin double-digit earnings growth in FY19 and FY20, the broker suggests. With less than 10% upside to the new target Morgans downgrades to Hold from Add. Target is raised to $18.28 from $18.05.
Target price is $18.28 Current Price is $16.77 Difference: $1.51
If CZZ meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 42.00 cents and EPS of 105.00 cents. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 47.00 cents and EPS of 118.00 cents. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
DMP DOMINO'S PIZZA ENTERPRISES LIMITED
Food, Beverages & Tobacco
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Overnight Price: $48.13
Deutsche Bank rates DMP as Sell (5) -
Yum Brands released its earnings result for Pizza Hut within which the Australian division is highlighted. The numbers are a bit difficult to interpret, the broker notes, given a reporting calendar change and the acquisition of Eagle Boys within the period.
It appears to the broker, nevertheless, that sales have been broadly flat, which suggests the days of Domino's eating up Pizza Hut market share, as was the case for many years, may have reached a plateau. Sell and $36 target retained.
Target price is $36.00 Current Price is $48.13 Difference: minus $12.13 (current price is over target).
If DMP meets the Deutsche Bank target it will return approximately minus 25% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $48.10, suggesting downside of -0.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 114.00 cents and EPS of 161.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 163.1, implying annual growth of 40.6%. Current consensus DPS estimate is 115.2, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 29.5. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 136.00 cents and EPS of 192.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 200.2, implying annual growth of 22.7%. Current consensus DPS estimate is 140.6, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 24.0. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
GXY GALAXY RESOURCES LIMITED
New Battery Elements
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Overnight Price: $3.15
Citi rates GXY as Upgrade to Buy from Neutral (1) -
Citi believes the recent correction is overdone and upgrades to Buy from Neutral. Target is steady at $4.60.
While supply side responses are expected to bring lithium prices down the broker believes this is already implied in the share price.
Target price is $4.60 Current Price is $3.15 Difference: $1.45
If GXY meets the Citi target it will return approximately 46% (excluding dividends, fees and charges).
Current consensus price target is $3.74, suggesting upside of 18.7% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 0.00 cents and EPS of 9.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.0, implying annual growth of -83.1%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 45.0. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 0.00 cents and EPS of 32.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 22.6, implying annual growth of 222.9%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 13.9. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $1.12
Morgans rates MHJ as Hold (3) -
The company has guided to first half EBIT of $35m, which Morgans observes is -14% below prior consensus estimates. The decline is predominantly driven by the deterioration in the US and Emma & Roe.
Morgans envisages an opportunity to enter the stock when the company provides more information about the closures. Hold maintained. Target reduced to $1.21 from $1.30.
Target price is $1.21 Current Price is $1.12 Difference: $0.09
If MHJ meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $1.43, suggesting upside of 28.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 1.30 cents and EPS of 7.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.1, implying annual growth of -27.9%. Current consensus DPS estimate is 3.1, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 18.4. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 5.30 cents and EPS of 8.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.5, implying annual growth of 23.0%. Current consensus DPS estimate is 4.3, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 14.9. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $19.26
Ord Minnett rates MIN as Buy (1) -
First half operating earnings were ahead of Ord Minnett estimates. The broker considers the Wodgina DSO product an opportunistic profit stream, providing pre-production cash flow to help fund the downstream lithium investments.
Ahead of the update on the medium-term strategy, including the bulk ore shuttle system, the broker retains a Buy rating and $20.50 target.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $20.50 Current Price is $19.26 Difference: $1.24
If MIN meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $20.53, suggesting upside of 6.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 65.00 cents and EPS of 192.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 157.2, implying annual growth of 46.0%. Current consensus DPS estimate is 71.3, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 12.3. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 104.00 cents and EPS of 260.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 235.5, implying annual growth of 49.8%. Current consensus DPS estimate is 107.6, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 8.2. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
MYR MYER HOLDINGS LIMITED
Household & Personal Products
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Overnight Price: $0.56
Citi rates MYR as Downgrade to Sell from Neutral (5) -
First half guidance suggests to Citi that earnings have declined further, driven by a loss of sales and contraction in gross margin from elevated discounting.
The broker observes Myer is facing tough decisions regarding the appropriate strategic direction. With high operating leverage, any further deterioration could result in a breach of debt covenants.
Rating is downgraded to Sell from Neutral. Target is reduced to 50c from 68c.
Target price is $0.50 Current Price is $0.56 Difference: minus $0.06 (current price is over target).
If MYR meets the Citi target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $0.47, suggesting downside of -15.8% (ex-dividends)
The company's fiscal year ends in July.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 2.50 cents and EPS of 4.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 4.5, implying annual growth of -45.8%. Current consensus DPS estimate is 2.5, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 12.4. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 2.50 cents and EPS of 3.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 4.4, implying annual growth of -2.2%. Current consensus DPS estimate is 2.5, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 12.7. |
Market Sentiment: -0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates MYR as Underperform (5) -
Credit Suisse believes there is little value for existing shareholders as the company reports a deteriorating sales trend and profit decline. Net profit guidance in the first half is $37-41m and the broker reduces forecast dividend payments to zero from the first half.
The broker suspects further deterioration in trading performance would likely mean a debt restructuring scenario is brought into play. Underperform maintained. Target reduced to $0.20 from $0.56.
Target price is $0.20 Current Price is $0.56 Difference: minus $0.36 (current price is over target).
If MYR meets the Credit Suisse target it will return approximately minus 64% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $0.47, suggesting downside of -15.8% (ex-dividends)
The company's fiscal year ends in July.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 0.00 cents and EPS of 3.73 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 4.5, implying annual growth of -45.8%. Current consensus DPS estimate is 2.5, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 12.4. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 0.00 cents and EPS of 3.72 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 4.4, implying annual growth of -2.2%. Current consensus DPS estimate is 2.5, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 12.7. |
Market Sentiment: -0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates MYR as Downgrade to Sell from Hold (5) -
It may be tough for retailers at present but Deutsche Bank's channel checks suggest Myer is underperforming peers. There is no obvious solution to halt the decline, the balance sheet is under pressure, and too many stores means a big leasing cost.
Possible corporate action is providing support but Deutsche suggests any potential suitor would only offer to acquire the equity at a price well below where its trading, given the substantial changes that would have to be made to return to any level of viability.
Downgrade to Sell. Target falls to 45c from 65c.
Target price is $0.45 Current Price is $0.56 Difference: minus $0.11 (current price is over target).
If MYR meets the Deutsche Bank target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $0.47, suggesting downside of -15.8% (ex-dividends)
The company's fiscal year ends in July.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 3.00 cents and EPS of 5.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 4.5, implying annual growth of -45.8%. Current consensus DPS estimate is 2.5, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 12.4. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 3.00 cents and EPS of 5.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 4.4, implying annual growth of -2.2%. Current consensus DPS estimate is 2.5, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 12.7. |
Market Sentiment: -0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates MYR as Neutral (3) -
Macquarie reduces FY18 and FY19 underlying estimates for earnings per share by -32% and -37% respectively. First half sales were down -3.6%.
The broker expects earnings to remain under pressure amid a competitive landscape, while gearing covenants are expected to be an increasing point of contention, given the earnings weakness and high fixed costs because of the leased store network.
Potential corporate activity suggests some support for the shares. Neutral maintained. Target is reduced to $0.60 from $0.66.
Target price is $0.60 Current Price is $0.56 Difference: $0.04
If MYR meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $0.47, suggesting downside of -15.8% (ex-dividends)
The company's fiscal year ends in July.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 3.00 cents and EPS of 4.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 4.5, implying annual growth of -45.8%. Current consensus DPS estimate is 2.5, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 12.4. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 3.00 cents and EPS of 3.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 4.4, implying annual growth of -2.2%. Current consensus DPS estimate is 2.5, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 12.7. |
Market Sentiment: -0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates MYR as Equal-weight (3) -
First half net profit guidance of $37-41m is materially below Morgan Stanley's expectations. First half sales were down -3.6%. The company did not provide FY18 guidance, citing volatile sales, but does not expect conditions to improve in the second half.
Debt covenants now appear very relevant to the broker. Equal-weight rating retained. Target is $0.55. Industry view is Cautious.
Target price is $0.55 Current Price is $0.56 Difference: minus $0.01 (current price is over target).
If MYR meets the Morgan Stanley target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $0.47, suggesting downside of -15.8% (ex-dividends)
The company's fiscal year ends in July.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 3.80 cents and EPS of 6.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 4.5, implying annual growth of -45.8%. Current consensus DPS estimate is 2.5, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 12.4. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 4.20 cents and EPS of 8.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 4.4, implying annual growth of -2.2%. Current consensus DPS estimate is 2.5, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 12.7. |
Market Sentiment: -0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates MYR as Lighten (4) -
The first half trading update revealed sales growth fell further in the second quarter. First half net profit guidance of $37-41m would be down -35-41% on a year ago, Ord Minnett calculates.
The broker notes department store retailers are struggling, with the category being exposed to structural headwinds from a shift to experiences rather than purchase of goods amid the growth of online and price awareness. Lighten rating maintained. Target reduced to $0.50 from $0.60.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $0.50 Current Price is $0.56 Difference: minus $0.06 (current price is over target).
If MYR meets the Ord Minnett target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $0.47, suggesting downside of -15.8% (ex-dividends)
The company's fiscal year ends in July.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 3.00 cents and EPS of 3.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 4.5, implying annual growth of -45.8%. Current consensus DPS estimate is 2.5, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 12.4. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 3.00 cents and EPS of 3.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 4.4, implying annual growth of -2.2%. Current consensus DPS estimate is 2.5, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 12.7. |
Market Sentiment: -0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates MYR as Sell (5) -
First half trading was materially below UBS estimates. The broker believes the risk of further downgrades and potential breaches of debt covenants is increased.
The company has flagged tough retail conditions and industry discounting as the driver of the weakness and UBS estimates market share losses accelerated.
The broker believes the company is structurally challenged and it will struggle to sustainably grow earnings over the medium term. Sell rating maintained. Target reduced to $0.50 from $0.60.
Target price is $0.50 Current Price is $0.56 Difference: minus $0.06 (current price is over target).
If MYR meets the UBS target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $0.47, suggesting downside of -15.8% (ex-dividends)
The company's fiscal year ends in July.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 2.00 cents and EPS of 4.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 4.5, implying annual growth of -45.8%. Current consensus DPS estimate is 2.5, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 12.4. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 2.00 cents and EPS of 4.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 4.4, implying annual growth of -2.2%. Current consensus DPS estimate is 2.5, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 12.7. |
Market Sentiment: -0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $28.86
Morgans rates NAB as Add (1) -
Cash earnings for the December quarter were in line with Morgans. The broker notes the bank continues to offer the highest dividend yield of the majors and no reductions are expected over the forecast period.
While the update had few details Morgans infers that revenue softness is largely as a result of markets & treasury and a contraction in combined institutional and SME lending.
Add rating and $33.50 target maintained.
Target price is $33.50 Current Price is $28.86 Difference: $4.64
If NAB meets the Morgans target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $31.81, suggesting upside of 10.2% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 198.00 cents and EPS of 226.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 227.6, implying annual growth of -0.3%. Current consensus DPS estimate is 198.0, implying a prospective dividend yield of 6.9%. Current consensus EPS estimate suggests the PER is 12.7. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 198.00 cents and EPS of 257.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 243.0, implying annual growth of 6.8%. Current consensus DPS estimate is 194.1, implying a prospective dividend yield of 6.7%. Current consensus EPS estimate suggests the PER is 11.9. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $20.65
Credit Suisse rates NWS as Neutral (3) -
Credit Suisse found first half earnings solid. The broker increases FY18 operating earnings estimates by 2.8%.
The broker retains a -15% discount to valuation to signal the stock continues to trade at a discount under its current corporate structure.
Neutral rating retained. Target is raised to $20 from $19.
Target price is $20.00 Current Price is $20.65 Difference: minus $0.65 (current price is over target).
If NWS meets the Credit Suisse target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $21.32, suggesting upside of 3.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 36.29 cents and EPS of 54.73 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 62.3, implying annual growth of N/A. Current consensus DPS estimate is 30.0, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 33.1. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 41.47 cents and EPS of 64.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 72.6, implying annual growth of 16.5%. Current consensus DPS estimate is 34.0, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 28.4. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates NWS as Buy (1) -
News Corp's Dec Q result beat the broker due to flat year on year revenues in News & Info Services, which the broker sees as a very good outcome, and another solid performance from Digital Real Estate. It is the digital element of N&IS that is providing the support, the broker notes.
N&IS may well have turned the corner, and Q3 guidance is also reasonably positive. The broker retains Buy, with a target increase to $24.00 from $23.85.
Target price is $24.00 Current Price is $20.65 Difference: $3.35
If NWS meets the Deutsche Bank target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $21.32, suggesting upside of 3.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 31.10 cents and EPS of 72.58 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 62.3, implying annual growth of N/A. Current consensus DPS estimate is 30.0, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 33.1. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 27.00 cents and EPS of 62.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 72.6, implying annual growth of 16.5%. Current consensus DPS estimate is 34.0, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 28.4. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates NWS as Outperform (1) -
December quarter operating earnings were up 1.5% and the first half up 17.2%, ahead of expectations. Macquarie upgrades FY18 estimates for earnings per share by 2.5% and FY19 by 1.3%.
Macquarie observes strong divisions included digital real estate and books, offset by continued pressure in newspapers and cable TV.
Outperform maintained. Target rises 2.3% to $20.67, reflecting FX changes.
Target price is $20.67 Current Price is $20.65 Difference: $0.02
If NWS meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $21.32, suggesting upside of 3.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 25.92 cents and EPS of 61.17 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 62.3, implying annual growth of N/A. Current consensus DPS estimate is 30.0, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 33.1. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 25.92 cents and EPS of 71.54 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 72.6, implying annual growth of 16.5%. Current consensus DPS estimate is 34.0, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 28.4. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates NWS as Equal-weight (3) -
First half earnings beat expectations. Morgan Stanley observes the themes remain the same - strong digital real estate while newspapers and FOXTEL/Fox Sports are flat or negative.
Equal-weight rating. Attractive industry view. Target is US$16.
Current Price is $20.65. Target price not assessed.
Current consensus price target is $21.32, suggesting upside of 3.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 44.06 cents and EPS of 67.39 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 62.3, implying annual growth of N/A. Current consensus DPS estimate is 30.0, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 33.1. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 48.07 cents and EPS of 74.06 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 72.6, implying annual growth of 16.5%. Current consensus DPS estimate is 34.0, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 28.4. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $6.47
Citi rates ORE as Upgrade to Buy from Neutral (1) -
Citi believes the recent correction is overdone and upgrades to Buy from Neutral. Target is raised to $8.00 from $7.70.
While supply side responses are expected to bring lithium prices down the broker believes this is already implied in the share price.
Target price is $8.00 Current Price is $6.47 Difference: $1.53
If ORE meets the Citi target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $7.42, suggesting upside of 14.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 0.00 cents and EPS of 13.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.5, implying annual growth of 695.5%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 37.0. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 0.00 cents and EPS of 27.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 28.0, implying annual growth of 60.0%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 23.1. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
PRY PRIMARY HEALTH CARE LIMITED
Healthcare services
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Overnight Price: $3.55
Macquarie rates PRY as Initiation of coverage with Underperform (5) -
Macquarie initiates coverage with a Underperform rating and $3.75 target. Scenario analysis shows a risk/reward profile is skewed to the downside.
Changes in GP contracts have led to lower share of gross billings, resulting in declining revenue growth. The broker expects headwinds to continue in line with the continued uptake of flexible GP contracts.
Target price is $3.75 Current Price is $3.55 Difference: $0.2
If PRY meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $3.49, suggesting downside of -1.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 10.90 cents and EPS of 18.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.8, implying annual growth of N/A. Current consensus DPS estimate is 11.1, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 19.9. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 11.80 cents and EPS of 19.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.7, implying annual growth of 10.7%. Current consensus DPS estimate is 12.1, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 18.0. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $75.00
Citi rates REA as Neutral (3) -
Citi reduces estimates by -4-5% over FY18-20, factoring in a rapid decline in developer revenue and flat residential listing volumes over the medium term.
Price increases and depth take up are expected to drive growth in the core business. The broker retains a Neutral rating and reduces the target to $80.20 from $82.45.
Target price is $80.20 Current Price is $75.00 Difference: $5.2
If REA meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $75.39, suggesting upside of 0.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 96.30 cents and EPS of 212.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 213.0, implying annual growth of 22.9%. Current consensus DPS estimate is 107.0, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 35.2. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 124.30 cents and EPS of 258.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 256.3, implying annual growth of 20.3%. Current consensus DPS estimate is 133.0, implying a prospective dividend yield of 1.8%. Current consensus EPS estimate suggests the PER is 29.3. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates REA as Neutral (3) -
First half results were in line with Credit Suisse. The company has signalled that third quarter earnings growth will be softer because of an early Easter and the cost of a major advertising campaign for the mortgage product.
Neutral rating maintained. Target is $75.
Target price is $75.00 Current Price is $75.00 Difference: $0
If REA meets the Credit Suisse target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $75.39, suggesting upside of 0.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 120.00 cents and EPS of 214.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 213.0, implying annual growth of 22.9%. Current consensus DPS estimate is 107.0, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 35.2. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 137.00 cents and EPS of 266.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 256.3, implying annual growth of 20.3%. Current consensus DPS estimate is 133.0, implying a prospective dividend yield of 1.8%. Current consensus EPS estimate suggests the PER is 29.3. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates REA as Hold (3) -
REA's result was solid, the broker suggests, marginally below forecast, reflecting higher D&A expense on increased capex. Second half guidance is relatively subdued but in line with the broker's expectations of a slowdown in volumes.
Summer is slow for real estate so autumn will provide more clarity, but while earnings growth is expected to decelerate in the second half, the broker does not see volumes as being a headwind. Hold retained, target rises to $67.30 from $66.15.
Target price is $67.30 Current Price is $75.00 Difference: minus $7.7 (current price is over target).
If REA meets the Deutsche Bank target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $75.39, suggesting upside of 0.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 108.00 cents and EPS of 208.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 213.0, implying annual growth of 22.9%. Current consensus DPS estimate is 107.0, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 35.2. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 125.00 cents and EPS of 247.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 256.3, implying annual growth of 20.3%. Current consensus DPS estimate is 133.0, implying a prospective dividend yield of 1.8%. Current consensus EPS estimate suggests the PER is 29.3. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates REA as Upgrade to Neutral from Underperform (3) -
First half earnings were up 21.4%. Macquarie expects top line momentum will be strong in the second half, tempered modestly relative to the first half by the concentration of depth revenues and reduced listing volumes in Sydney and Melbourne.
The broker recently downgraded to Underperform on valuation grounds but notes valuations have come back to some extent and this becomes a more reasonable entry point.
To turn positive Macquarie would need to witness upside that can be generated from the upcoming price review as well as growth in adjacencies and new products. Upgrade to Neutral. Target is steady at $74.
Target price is $74.00 Current Price is $75.00 Difference: minus $1 (current price is over target).
If REA meets the Macquarie target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $75.39, suggesting upside of 0.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 107.80 cents and EPS of 215.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 213.0, implying annual growth of 22.9%. Current consensus DPS estimate is 107.0, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 35.2. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 171.00 cents and EPS of 244.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 256.3, implying annual growth of 20.3%. Current consensus DPS estimate is 133.0, implying a prospective dividend yield of 1.8%. Current consensus EPS estimate suggests the PER is 29.3. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates REA as Overweight (1) -
First half earnings modestly beat Morgan Stanley's expectations. The company has indicated some moderation of growth in the second half is likely.
The moderation in growth is already reflected in the broker's estimates. Overweight rating, Attractive industry view and $85 target maintained.
Target price is $85.00 Current Price is $75.00 Difference: $10
If REA meets the Morgan Stanley target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $75.39, suggesting upside of 0.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 118.00 cents and EPS of 225.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 213.0, implying annual growth of 22.9%. Current consensus DPS estimate is 107.0, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 35.2. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 141.00 cents and EPS of 268.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 256.3, implying annual growth of 20.3%. Current consensus DPS estimate is 133.0, implying a prospective dividend yield of 1.8%. Current consensus EPS estimate suggests the PER is 29.3. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates REA as Hold (3) -
First half results were stronger than expected. Management has cautioned that the second half may not match the first half earnings, yet on current indications, Morgans suspects the second half will not disappoint.
The broker expects the company to deliver several more years of double-digit earnings growth.
Hold rating maintained. Target rises to $75.60 from $74.89.
Target price is $75.60 Current Price is $75.00 Difference: $0.6
If REA meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $75.39, suggesting upside of 0.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 99.00 cents and EPS of 215.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 213.0, implying annual growth of 22.9%. Current consensus DPS estimate is 107.0, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 35.2. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 129.00 cents and EPS of 257.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 256.3, implying annual growth of 20.3%. Current consensus DPS estimate is 133.0, implying a prospective dividend yield of 1.8%. Current consensus EPS estimate suggests the PER is 29.3. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates REA as Hold (3) -
First half results were stronger than Ord Minnett expected. The broker would like to witness a moderation in the decline in listing volumes before being comfortable with a more positive investment view on the stock.
A more moderate real estate pricing environment is more conducive to listings growth, in the company's view. Hold rating maintained. Target rises to $78 from $72.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $78.00 Current Price is $75.00 Difference: $3
If REA meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $75.39, suggesting upside of 0.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 103.00 cents and EPS of 205.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 213.0, implying annual growth of 22.9%. Current consensus DPS estimate is 107.0, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 35.2. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 113.00 cents and EPS of 261.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 256.3, implying annual growth of 20.3%. Current consensus DPS estimate is 133.0, implying a prospective dividend yield of 1.8%. Current consensus EPS estimate suggests the PER is 29.3. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates REA as Sell (5) -
First half results were largely in line with UBS. The company has maintained guidance. Sell and $68 target maintained.
UBS suspects earnings growth is likely to trough in the third quarter, as Australian revenues will be affected by the earlier timing of Easter and a new finance advertising campaign. Asian revenue may be affected by the Malaysian election.
Industry feedback also suggests to UBS the price increases in FY19 will be below FY18 and the company may not benefit to the same extent from NSW and Victorian depth product tailwinds.
Target price is $68.00 Current Price is $75.00 Difference: minus $7 (current price is over target).
If REA meets the UBS target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $75.39, suggesting upside of 0.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 104.00 cents and EPS of 209.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 213.0, implying annual growth of 22.9%. Current consensus DPS estimate is 107.0, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 35.2. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 124.00 cents and EPS of 248.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 256.3, implying annual growth of 20.3%. Current consensus DPS estimate is 133.0, implying a prospective dividend yield of 1.8%. Current consensus EPS estimate suggests the PER is 29.3. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
SFH SPECIALTY FASHION GROUP LIMITED
Apparel & Footwear
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Overnight Price: $0.31
Citi rates SFH as Neutral (3) -
First half results were pre-released, showing sales down -7% and EBITDA down -39%.
The company traded through Christmas better than feared and a reduction in inventory has improved the financial position, Citi observes.
Neutral/High Risk. Target price is raised to 30c from 25c.
Target price is $0.30 Current Price is $0.31 Difference: minus $0.01 (current price is over target).
If SFH meets the Citi target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 0.00 cents and EPS of minus 2.10 cents. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 2.00 cents and EPS of 2.80 cents. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $24.25
Macquarie rates SHL as Initiation of coverage with Neutral (3) -
Macquarie initiates coverage with a Neutral rating and $26.20 target. The broker's investment view balances a subdued organic revenue environment with contributions from recent acquisitions.
Relative to domestic healthcare peers the stock appears expensive on a PE/growth basis. The scenario analysis shows a risk/reward profile is evenly balanced.
Target price is $26.20 Current Price is $24.25 Difference: $1.95
If SHL meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $24.63, suggesting upside of 1.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 78.20 cents and EPS of 111.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 112.2, implying annual growth of 9.3%. Current consensus DPS estimate is 80.5, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 21.6. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 83.80 cents and EPS of 119.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 118.7, implying annual growth of 5.8%. Current consensus DPS estimate is 85.1, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 20.4. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates STO as Upgrade to Neutral from Sell (3) -
The outlook is strong and management has demonstrated capital discipline. The stock appears to be fair value on Citi's oil price deck but there is value upside if oil prices can shift sustainably higher.
The broker upgrades to Neutral from Sell. Target is steady at $5.13.
Target price is $5.13 Current Price is $4.78 Difference: $0.35
If STO meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $5.27, suggesting upside of 10.2% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 0.00 cents and EPS of 20.48 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.5, 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 30.8. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 0.00 cents and EPS of 26.44 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.1, implying annual growth of 87.7%. Current consensus DPS estimate is 1.4, implying a prospective dividend yield of 0.3%. Current consensus EPS estimate suggests the PER is 16.4. |
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
TME TRADE ME GROUP LIMITED
Online media & mobile platforms
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Overnight Price: $4.06
Deutsche Bank rates TME as Sell (5) -
After refreshing its investment thesis on Trade Me, the broker lifts its target to NZ$4.25 from NZ$4.15. Sell retained, given competition and margin pressure continue to intensify in the core business, with Facebook gaining share.
Amazon also looms on the horizon, although probably not for another 2-3 years, the broker suggests. The nearer term impact will reflect the measures Trade Me takes to build a competitive "moat" in anticipation. The earlier than expected rollout of a shipping membership model will depress margins but provide competitive strength, the broker believes.
Current Price is $4.06. Target price not assessed.
Current consensus price target is $5.05, suggesting upside of 24.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 18.45 cents and EPS of 23.06 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 22.5, implying annual growth of N/A. Current consensus DPS estimate is 17.9, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 18.0. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 19.37 cents and EPS of 24.91 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.3, implying annual growth of 8.0%. Current consensus DPS estimate is 19.6, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 16.7. |
This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Summaries
| AGL | AGL ENERGY | Outperform - Credit Suisse | Overnight Price $21.19 |
| AMP | AMP | Hold - Deutsche Bank | Overnight Price $5.18 |
| AQZ | ALLIANCE AVIATION | Buy - Ord Minnett | Overnight Price $1.71 |
| ASX | ASX | Hold - Ord Minnett | Overnight Price $54.14 |
| BRG | BREVILLE GROUP | Neutral - Credit Suisse | Overnight Price $11.90 |
| CPU | COMPUTERSHARE | Hold - Ord Minnett | Overnight Price $16.05 |
| CZZ | CAPILANO HONEY | Downgrade to Hold from Add - Morgans | Overnight Price $16.77 |
| DMP | DOMINO'S PIZZA | Sell - Deutsche Bank | Overnight Price $48.13 |
| GXY | GALAXY RESOURCES | Upgrade to Buy from Neutral - Citi | Overnight Price $3.15 |
| MHJ | MICHAEL HILL | Hold - Morgans | Overnight Price $1.12 |
| MIN | MINERAL RESOURCES | Buy - Ord Minnett | Overnight Price $19.26 |
| MYR | MYER | Downgrade to Sell from Neutral - Citi | Overnight Price $0.56 |
| Underperform - Credit Suisse | Overnight Price $0.56 | ||
| Downgrade to Sell from Hold - Deutsche Bank | Overnight Price $0.56 | ||
| Neutral - Macquarie | Overnight Price $0.56 | ||
| Equal-weight - Morgan Stanley | Overnight Price $0.56 | ||
| Lighten - Ord Minnett | Overnight Price $0.56 | ||
| Sell - UBS | Overnight Price $0.56 | ||
| NAB | NATIONAL AUSTRALIA BANK | Add - Morgans | Overnight Price $28.86 |
| NWS | NEWS CORP | Neutral - Credit Suisse | Overnight Price $20.65 |
| Buy - Deutsche Bank | Overnight Price $20.65 | ||
| Outperform - Macquarie | Overnight Price $20.65 | ||
| Equal-weight - Morgan Stanley | Overnight Price $20.65 | ||
| ORE | OROCOBRE | Upgrade to Buy from Neutral - Citi | Overnight Price $6.47 |
| PRY | PRIMARY HEALTH CARE | Initiation of coverage with Underperform - Macquarie | Overnight Price $3.55 |
| REA | REA GROUP | Neutral - Citi | Overnight Price $75.00 |
| Neutral - Credit Suisse | Overnight Price $75.00 | ||
| Hold - Deutsche Bank | Overnight Price $75.00 | ||
| Upgrade to Neutral from Underperform - Macquarie | Overnight Price $75.00 | ||
| Overweight - Morgan Stanley | Overnight Price $75.00 | ||
| Hold - Morgans | Overnight Price $75.00 | ||
| Hold - Ord Minnett | Overnight Price $75.00 | ||
| Sell - UBS | Overnight Price $75.00 | ||
| SFH | SPECIALTY FASHION | Neutral - Citi | Overnight Price $0.31 |
| SHL | SONIC HEALTHCARE | Initiation of coverage with Neutral - Macquarie | Overnight Price $24.25 |
| STO | SANTOS | Upgrade to Neutral from Sell - Citi | Overnight Price $4.78 |
| TME | TRADE ME GROUP | Sell - Deutsche Bank | Overnight Price $4.06 |
RATING SUMMARY
| Rating | No. Of Recommendations |
| 1. Buy | 9 |
| 3. Hold | 19 |
| 4. Reduce | 1 |
| 5. Sell | 8 |
Monday 12 February 2018
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