Australian Broker Call
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February 22, 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)
THIS REPORT WILL BE UPDATED SHORTLY
Last Updated: 01:24 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
| A2M - | THE A2 MILK CO | Upgrade to Outperform from Neutral | Credit Suisse |
| Upgrade to Buy from Hold | Deutsche Bank | ||
| ARB - | ARB CORP | Upgrade to Outperform from Neutral | Macquarie |
| CTD - | CORPORATE TRAVEL | Upgrade to Buy from Neutral | UBS |
| CWY - | CLEANAWAY WASTE MANAGEMENT | Upgrade to Add from Hold | Morgans |
| FXJ - | FAIRFAX MEDIA | Upgrade to Outperform from Neutral | Macquarie |
| Upgrade to Buy from Neutral | UBS | ||
| FXL - | FLEXIGROUP | Upgrade to Buy from Neutral | Citi |
| LOV - | LOVISA | Downgrade to Hold from Add | Morgans |
| SBM - | ST BARBARA | Upgrade to Accumulate from Hold | Ord Minnett |
| SIQ - | SMARTGROUP | Upgrade to Buy from Neutral | Citi |
| SRX - | SIRTEX MEDICAL | Downgrade to Neutral from Buy | UBS |
| STO - | SANTOS | Upgrade to Neutral from Sell | UBS |
| SYD - | SYDNEY AIRPORT | Downgrade to Neutral from Outperform | Macquarie |
| WES - | WESFARMERS | Upgrade to Neutral from Sell | Citi |
Overnight Price: $12.24
Citi rates A2M as Buy (1) -
Citi analysts have been blown away, and they suggest it would not have been any different for their peers elsewhere. Clearly, operational momentum is much stronger than anticipated. Expect to see some meaty increases to consensus forecasts is the underlying thesis.
Probably of equal importance is the apparent conviction that it's still not too late for investors to join the bandwagon. Having said so, Citi analysts are also convinced current extremely favourable market dynamics will attract more competition, but when?
The settlement of the Lion case leaves the analysts perplexed. Earnings estimates have been boosted by 18-29% on the expectation of both higher sales and higher margins. Target price jumps by 58% (not a typo) to $14. Buy.
Target price is $14.00 Current Price is $12.24 Difference: $1.76
If A2M meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $13.50, suggesting upside of 10.3% (ex-dividends)
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 0.00 cents and EPS of 27.21 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.9, implying annual growth of N/A. Current consensus DPS estimate is 1.9, implying a prospective dividend yield of 0.2%. Current consensus EPS estimate suggests the PER is 49.2. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 9.22 cents and EPS of 37.54 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.8, implying annual growth of 39.8%. Current consensus DPS estimate is 9.1, implying a prospective dividend yield of 0.7%. Current consensus EPS estimate suggests the PER is 35.2. |
This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates A2M as Upgrade to Outperform from Neutral (1) -
First half results beat expectations across the board. With significant financial capacity and a commitment to further investment in marketing, Credit Suisse expects the company to double its revenue stream in 10 years.
FY18 earnings forecasts are unchanged because of the timing of marketing expenditure but FY19 and FY20 are raised by 9% and 19% respectively. Rating is upgraded to Outperform from Neutral. Target is raised to NZ$12.75 from NZ$8.50.
Current Price is $12.24. Target price not assessed.
Current consensus price target is $13.50, suggesting upside of 10.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 0.00 cents and EPS of 22.41 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.9, implying annual growth of N/A. Current consensus DPS estimate is 1.9, implying a prospective dividend yield of 0.2%. Current consensus EPS estimate suggests the PER is 49.2. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 0.00 cents and EPS of 31.54 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.8, implying annual growth of 39.8%. Current consensus DPS estimate is 9.1, implying a prospective dividend yield of 0.7%. Current consensus EPS estimate suggests the PER is 35.2. |
This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates A2M as Upgrade to Buy from Hold (1) -
Deutsche Bank was expecting a strong result, but what A2 Milk released was still a "strong beat". Announcing a strategic agreement with Fonterra further lifted overall sentiment.
The analysts believe the agreement unlocks the global brand potential from a supply perspective, among other positives. It all results in a "material" upgrade to the broker's growth profile for the company, which pushes up the price target to NZ$14 (up 52%).
China brand momentum remains both critical and positive, suggest the analysts. Upgrade to Buy from Hold.
Current Price is $12.24. Target price not assessed.
Current consensus price target is $13.50, suggesting upside of 10.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 0.00 cents and EPS of 24.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.9, implying annual growth of N/A. Current consensus DPS estimate is 1.9, implying a prospective dividend yield of 0.2%. Current consensus EPS estimate suggests the PER is 49.2. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 0.00 cents and EPS of 37.81 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.8, implying annual growth of 39.8%. Current consensus DPS estimate is 9.1, implying a prospective dividend yield of 0.7%. Current consensus EPS estimate suggests the PER is 35.2. |
This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates A2M as Outperform (1) -
A2's earnings result beat the broker by 19%, with execution described by the broker as "flawless". Both revenue and margins exceeded expectations.
The announced strategic relationship with Fonterra will help accelerate new products and markets and drive growth, the broker suggests. Blue sky is on offer in turning a2 into a truly global brand, and the company is an attractive acquisition target. Outperform retained.
Target rises to $13.00 from $8.29.
Target price is $13.00 Current Price is $12.24 Difference: $0.76
If A2M meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $13.50, suggesting upside of 10.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 0.00 cents and EPS of 25.64 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.9, implying annual growth of N/A. Current consensus DPS estimate is 1.9, implying a prospective dividend yield of 0.2%. Current consensus EPS estimate suggests the PER is 49.2. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 18.45 cents and EPS of 36.89 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.8, implying annual growth of 39.8%. Current consensus DPS estimate is 9.1, implying a prospective dividend yield of 0.7%. Current consensus EPS estimate suggests the PER is 35.2. |
This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates A2M as Neutral (3) -
The company once again exceeded the broker's earnings forecasts, delivering a 123% increase in EBITDA on the pcp in the first half of FY18.
The company also announced a new partnership with Fonterra for manufacture and supply, potential geographic expansion and product expansion in NZ and Asia.
While UBS long-term earnings forecasts have increased 40-50%, the recent strength in the share price means the outlook is already factored in so Neutral rating is retained. Target rises to NZ$11.70 from NZ$8.20.
Current Price is $12.24. Target price not assessed.
Current consensus price target is $13.50, suggesting upside of 10.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 9.22 cents and EPS of 22.41 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.9, implying annual growth of N/A. Current consensus DPS estimate is 1.9, implying a prospective dividend yield of 0.2%. Current consensus EPS estimate suggests the PER is 49.2. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 17.80 cents and EPS of 28.79 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.8, implying annual growth of 39.8%. Current consensus DPS estimate is 9.1, implying a prospective dividend yield of 0.7%. Current consensus EPS estimate suggests the PER is 35.2. |
This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates APA as Neutral (3) -
The company's first half EBITDA result was weaker than Citi's expected. The broker considers EBITDA is a key metric for APA as a proxy for operating cashflow that drives dividend payout, and thus the share price.
First half dividend of 21cps was slightly below Citi's forecast. The company intends to raise $500m in equity to ensure its gearing does not exceed its 68% limit while it digests the capex to deliver growth projects.
Neutral ratained and target is reduced to $8.17 from $8.18.
Target price is $8.17 Current Price is $8.26 Difference: minus $0.09 (current price is over target).
If APA meets the Citi target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $8.51, suggesting upside of 3.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 45.00 cents and EPS of 21.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.7, implying annual growth of 11.3%. Current consensus DPS estimate is 45.0, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 34.9. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 48.50 cents and EPS of 25.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.3, implying annual growth of 11.0%. Current consensus DPS estimate is 46.8, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 31.4. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates APA as Underperform (5) -
First half results were in line with expectations. Credit Suisse was surprised by the $500m rights issue to fund growth, given that the need to raise equity was known back in August when gearing was described as comfortable.
Underperform maintained. Target reduced to $7.45 from $7.80.
Target price is $7.45 Current Price is $8.26 Difference: minus $0.81 (current price is over target).
If APA 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 $8.51, suggesting upside of 3.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 45.00 cents and EPS of 21.45 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.7, implying annual growth of 11.3%. Current consensus DPS estimate is 45.0, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 34.9. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 45.80 cents and EPS of 25.22 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.3, implying annual growth of 11.0%. Current consensus DPS estimate is 46.8, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 31.4. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates APA as Neutral (3) -
APA's earnings result was roughly in line with the broker with FY guidance unchanged. The surprise was the announced $500m capital raising to fund the current growth path. APA had been running down its balance sheet, the broker notes, through the acquisition of growth opportunities and organic growth.
The raising is the catch-up. The broker makes little change to forecasts and notes as the raising is at the broker's valuation, there is no dilution. However a forecast increase for the ten-year bond rate to 4.25% from 3.25% leads to a target cut to $7.82 from $8.51. Neutral retained.
Target price is $7.82 Current Price is $8.26 Difference: minus $0.44 (current price is over target).
If APA meets the Macquarie target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $8.51, suggesting upside of 3.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 45.00 cents and EPS of 22.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.7, implying annual growth of 11.3%. Current consensus DPS estimate is 45.0, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 34.9. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 45.60 cents and EPS of 23.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.3, implying annual growth of 11.0%. Current consensus DPS estimate is 46.8, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 31.4. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates APA as Underweight (5) -
First half results were in line with estimates. The company is issuing $500m in new equity fund growth expenditure.
The company's expenditure outlook of $300-400m per annum is achievable, in Morgan Stanley's view, considering the domestic opportunities available. FY18 guidance has been reaffirmed.
Underweight. Industry view is Cautious. Price target is $8.22.
Target price is $8.22 Current Price is $8.26 Difference: minus $0.04 (current price is over target).
If APA meets the Morgan Stanley target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $8.51, suggesting upside of 3.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 45.00 cents and EPS of 24.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.7, implying annual growth of 11.3%. Current consensus DPS estimate is 45.0, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 34.9. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 48.00 cents and EPS of 26.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.3, implying annual growth of 11.0%. Current consensus DPS estimate is 46.8, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 31.4. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates APA as No Rating (-1) -
First half results were in line with estimates. The main use is the $500m capital raising to fund growth projects. Ord Minnett is restricted on research and is unable to provide a recommendation or target at this stage.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Current Price is $8.26. Target price not assessed.
Current consensus price target is $8.51, suggesting upside of 3.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 45.00 cents and EPS of 22.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.7, implying annual growth of 11.3%. Current consensus DPS estimate is 45.0, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 34.9. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 47.00 cents and EPS of 22.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.3, implying annual growth of 11.0%. Current consensus DPS estimate is 46.8, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 31.4. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $8.38
Morgan Stanley rates APE as Underweight (5) -
2017 net profit was weaker than expected because of a drop in operating earnings from automotive retailing, where EBIT was down -10.7%. Morgan Stanley expects weakness to continue.
The broker notes the market dynamics are challenging, as new sales are volatile and the industry is having to deal with lower commissions on insurance and finance sales.
Underweight rating retained. In-Line industry view. Target is $6.85.
Target price is $6.85 Current Price is $8.38 Difference: minus $1.53 (current price is over target).
If APE meets the Morgan Stanley target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $8.13, suggesting downside of -3.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 35.10 cents and EPS of 51.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 50.9, implying annual growth of N/A. Current consensus DPS estimate is 35.4, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 16.5. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 EPS of 54.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 53.3, implying annual growth of 4.7%. Current consensus DPS estimate is 38.0, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 15.7. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates APE as Add (1) -
2017 results were in line with forecasts. Morgans believes a further re-rating requires earnings upside versus forecasts and this is most likely to come from either a material improvement in underlying trading and margins, stronger cost optimisation and/or acquisitions.
The company is considered better placed to grow its earnings in 2018 because of its restructured base business. Add rating maintained. Target is reduced to $9.07 from $9.10.
Target price is $9.07 Current Price is $8.38 Difference: $0.69
If APE meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $8.13, suggesting downside of -3.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 37.00 cents and EPS of 53.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 50.9, implying annual growth of N/A. Current consensus DPS estimate is 35.4, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 16.5. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 39.00 cents and EPS of 56.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 53.3, implying annual growth of 4.7%. Current consensus DPS estimate is 38.0, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 15.7. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates APE as Hold (3) -
2017 gross profit, pre-guided in January, was down -8.9% on 2016, reflecting weak trading conditions in the largest markets and the impact of regulatory changes, Ord Minnett notes.
The broker considers the sales outlook uncertain, given consumer headwinds. Changes to financing and insurance income is expected to remain a drag on industry earnings. Hold maintained. Target rises to $8.20 from $8.00.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $8.20 Current Price is $8.38 Difference: minus $0.18 (current price is over target).
If APE meets the Ord Minnett target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $8.13, suggesting downside of -3.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 35.00 cents and EPS of 48.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 50.9, implying annual growth of N/A. Current consensus DPS estimate is 35.4, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 16.5. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 37.00 cents and EPS of 50.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 53.3, implying annual growth of 4.7%. Current consensus DPS estimate is 38.0, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 15.7. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $9.72
Citi rates APX as Buy (1) -
2017 results were pleasing to the broker, with revenue growth accelerating in the second half. Citi sees upside risk to the company's FY18 EBITDA guidance of $50-55m, The broker views this as conservative.
Citi has increased FY18 and FY19 NPAT estimates by 22%. Target price is raised 63% to $12.19 from $7.48.
Buy rating retained.
Target price is $12.19 Current Price is $9.72 Difference: $2.47
If APX meets the Citi target it will return approximately 25% (excluding dividends, fees and charges).
The company's fiscal year ends in December.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 14.50 cents and EPS of 36.20 cents. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 18.00 cents and EPS of 44.40 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
ARB ARB CORPORATION LIMITED
Automobiles & Components
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Overnight Price: $19.89
Credit Suisse rates ARB as Neutral (3) -
First half results were ahead of expectations. For the first time in a while Credit Suisse increases forecasts for earnings per share following the company's results.
The broker is reluctant to take a more positive view, despite high revenue growth and attractive positioning in domestic and offshore markets, as this appears factored in to the share price.
Neutral maintained. Target rises to $18.40 from $16.55.
Target price is $18.40 Current Price is $19.89 Difference: minus $1.49 (current price is over target).
If ARB meets the Credit Suisse target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $18.19, suggesting downside of -8.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 37.98 cents and EPS of 70.34 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 67.8, implying annual growth of 9.2%. Current consensus DPS estimate is 37.4, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 29.3. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 42.29 cents and EPS of 78.35 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 77.7, implying annual growth of 14.6%. Current consensus DPS estimate is 41.3, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 25.6. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates ARB as Upgrade to Outperform from Neutral (1) -
Macquarie does not suggest whether ARB's "quality" result beat its forecast, but an upgrade to Outperform follows. Domestic conditions remain robust and the outlook is positive, the broker suggests.
Export markets are strengthening and the company's initiatives have improved revenue growth, which should lead to margin expansion. Greater market confidence in the improving growth outlook should prompt a re-rating, the broker believes. Target rises to $21.00 from $17.70.
Target price is $21.00 Current Price is $19.89 Difference: $1.11
If ARB meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $18.19, suggesting downside of -8.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 37.50 cents and EPS of 66.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 67.8, implying annual growth of 9.2%. Current consensus DPS estimate is 37.4, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 29.3. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 41.00 cents and EPS of 79.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 77.7, implying annual growth of 14.6%. Current consensus DPS estimate is 41.3, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 25.6. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates ARB as Lighten (4) -
First half net profit was ahead of expectations. Ord Minnett observes operating cash flow was weak because of an inventory build while the first half experienced investment in property, plant and equipment. Still, the company remains net cash.
Offshore expansion has provided meaningful growth in sales but the broker notes earnings contribution is relatively limited. Leverage through scale benefits is expected to be a feature over the medium term. Lighten maintained. Target price rises to $15.50 from $15.00.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $15.50 Current Price is $19.89 Difference: minus $4.39 (current price is over target).
If ARB meets the Ord Minnett target it will return approximately minus 22% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $18.19, suggesting downside of -8.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 37.00 cents and EPS of 65.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 67.8, implying annual growth of 9.2%. Current consensus DPS estimate is 37.4, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 29.3. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 42.00 cents and EPS of 77.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 77.7, implying annual growth of 14.6%. Current consensus DPS estimate is 41.3, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 25.6. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates AWE as Sell (5) -
AWE reported a loss of $5.3m, which was $1m better than Citi had expected. The broker has downgraded FY18 core NPAT by -9% after incorporating actuals from the result.
Production forecasts at Waitsia have been reduced as gas marketing is on hold as a condition of the Mitsui process. Citi believes management could unlock value in Waitsia over the next 12-18 months should the Mitsui offer fail.
Sell/High Risk rating remains in place. Price target is 95c.
Target price is $0.95 Current Price is $0.96 Difference: minus $0.01 (current price is over target).
If AWE meets the Citi target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $0.88, suggesting downside of -8.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 0.00 cents and EPS of minus 1.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -12.1, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is N/A. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 0.00 cents and EPS of 0.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 51.1, 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 1.9. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates AWE as Hold (3) -
AWE's loss of -$5.3m was better than the broker's -$10.4m loss forecast, driven by greater than expected cost reductions at BassGas. Net debt of $32.3m is on track to meet Deutsche Bank's FY18 expectations.
FY18 production guidance target of 2.5-2.7mmboe has been maintained. The broker's FY18 NPAT loss estimate drops to -$16m from -$21m after incorporating the first half result.
Deutsche Bank notes the AWE board has recommended shareholders accept the Mitsui bid in the absence of a better offer.
Hold and $0.95 target retained.
Target price is $0.95 Current Price is $0.96 Difference: minus $0.01 (current price is over target).
If AWE meets the Deutsche Bank target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $0.88, suggesting downside of -8.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 0.00 cents and EPS of minus 3.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -12.1, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is N/A. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 0.00 cents and EPS of minus 2.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 51.1, 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 1.9. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates AWE as No Rating (-1) -
First half results were better than UBS expected, with the underlying net loss of -$5.3m not a great as the broker's forecast -$8.2m loss.
Little more commentary was given on the result as the focus is now on the progress of the all cash off-market takeover of the company by Mitsui. The AWE board recently recommended shareholders to accept the offer.
UBS is restricted on a rating and target.
Current Price is $0.96. Target price not assessed.
Current consensus price target is $0.88, suggesting downside of -8.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 0.00 cents and EPS of minus 1.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -12.1, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is N/A. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 0.00 cents and EPS of 0.19 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 51.1, 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 1.9. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $14.99
Morgans rates BAL as Add (1) -
First half net profit was up 68% but missed forecasts, primarily because of timing. Morgans highlights the strength in operating cash flow and the company's net cash position versus the prior corresponding half.
The broker upgrades FY19 and FY20 estimates because of improvement in gross profit. Add maintained. Target is raised to $17.75 from $14.70 because of materially higher cash flow conversion.
Target price is $17.75 Current Price is $14.99 Difference: $2.76
If BAL meets the Morgans target it will return approximately 18% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 0.00 cents and EPS of 43.00 cents. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 0.00 cents and EPS of 66.00 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
CCL COCA-COLA AMATIL LIMITED
Food, Beverages & Tobacco
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Overnight Price: $8.91
Citi rates CCL as Buy (1) -
Following the full year result presentation, Citi has made minor alterations to forecasts. FY18 EPS forecast has been lifted by 1% and FY19 forecast by 2%.
Target price raised to $9.70 from $8.80 and Buy rating retained.
Target price is $9.70 Current Price is $8.91 Difference: $0.79
If CCL meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $8.84, suggesting downside of -0.8% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 47.00 cents and EPS of 54.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 54.1, implying annual growth of N/A. Current consensus DPS estimate is 45.4, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 16.5. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 47.00 cents and EPS of 55.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 56.2, implying annual growth of 3.9%. Current consensus DPS estimate is 46.7, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 15.9. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates CCL as Outperform (1) -
2017 results were slightly better than expected. Credit Suisse now needs to witness top-line growth to be confident about 2019 forecasts. 2018 is expected to be affected by a $40m investment in Australian marketing.
There is no specific management net profit guidance for 2018. Outperform rating and $9.80 target maintained.
Target price is $9.80 Current Price is $8.91 Difference: $0.89
If CCL meets the Credit Suisse target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $8.84, suggesting downside of -0.8% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 46.00 cents and EPS of 55.61 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 54.1, implying annual growth of N/A. Current consensus DPS estimate is 45.4, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 16.5. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 48.00 cents and EPS of 58.63 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 56.2, implying annual growth of 3.9%. Current consensus DPS estimate is 46.7, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 15.9. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates CCL as Hold (3) -
Full year results were slightly better than Deutsche Bank had expected, driven mainly by improved margin and volume trends from the key Australian business in the second half.
The broker has increased 2018 estimates by around 2%, but continues to make allowance for the $40m investment flagged at the 2017 investor day. Deutsche Bank is now forcasting a -7% decline in 2018 and 2.7% CAGR over 2019-21.
Hold rating retained and target increased to $8.50 from $7.80.
Target price is $8.50 Current Price is $8.91 Difference: minus $0.41 (current price is over target).
If CCL meets the Deutsche Bank target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $8.84, suggesting downside of -0.8% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 45.00 cents and EPS of 54.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 54.1, implying annual growth of N/A. Current consensus DPS estimate is 45.4, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 16.5. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 46.00 cents and EPS of 54.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 56.2, implying annual growth of 3.9%. Current consensus DPS estimate is 46.7, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 15.9. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates CCL as Outperform (1) -
Coca-Cola's result met "flat" guidance and slightly exceeded the broker. The dividend also beat. Flat is good, the broker suggests, given the declines seen in the first half.
Operational execution has improved, new product launches have proven successful and the realisation of cost savings bods well for growth, the broker suggest. On undemanding valuation, Outperform retained. Target rises to $9.26 from $9.06.
Target price is $9.36 Current Price is $8.91 Difference: $0.45
If CCL meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $8.84, suggesting downside of -0.8% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 42.10 cents and EPS of 51.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 54.1, implying annual growth of N/A. Current consensus DPS estimate is 45.4, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 16.5. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 47.70 cents and EPS of 58.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 56.2, implying annual growth of 3.9%. Current consensus DPS estimate is 46.7, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 15.9. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates CCL as Underweight (5) -
Morgan Stanley believes a return to growth in Australian beverages is some way off. Indonesia/PNG earnings delivered in 2017 but without top-line improvement the broker suspects this is unsustainable. Capital management is considered unlikely.
The broker raises forecasts by 2-3%, given the stronger Indonesia/PNG earnings and lower net interest. Caution prevails as structural challenges persist and the container deposit scheme continues to take effect.
Target is $8. Underweight. Cautious industry view.
Target price is $8.00 Current Price is $8.91 Difference: minus $0.91 (current price is over target).
If CCL meets the Morgan Stanley target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $8.84, suggesting downside of -0.8% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 43.80 cents and EPS of 55.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 54.1, implying annual growth of N/A. Current consensus DPS estimate is 45.4, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 16.5. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 44.40 cents and EPS of 55.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 56.2, implying annual growth of 3.9%. Current consensus DPS estimate is 46.7, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 15.9. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates CCL as Hold (3) -
2017 results were in line with guidance and slightly higher than expectations. Morgans expects 2018 earnings to fall, given the $40m of reinvestment in Australian beverages and the adverse impact of the container deposit scheme.
This should be followed by modest growth in 2019. Hold rating maintained. Target rises to $8.68 from $8.10.
Target price is $8.68 Current Price is $8.91 Difference: minus $0.23 (current price is over target).
If CCL meets the Morgans target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $8.84, suggesting downside of -0.8% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 47.00 cents and EPS of 55.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 54.1, implying annual growth of N/A. Current consensus DPS estimate is 45.4, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 16.5. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 48.00 cents and EPS of 56.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 56.2, implying annual growth of 3.9%. Current consensus DPS estimate is 46.7, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 15.9. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates CCL as Hold (3) -
2017 results were in line with guidance and ahead of Ord Minnett's forecasts. Structural issues continue in Australian beverages while the container deposit scheme adds uncertainty.
Increased innovation and execution in market, which has been below expectations in recent years, remain the key determinants of the success of the company's strategy, in the broker's opinion.
Hold rating and $8.25 target maintained.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $8.25 Current Price is $8.91 Difference: minus $0.66 (current price is over target).
If CCL meets the Ord Minnett target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $8.84, suggesting downside of -0.8% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 47.00 cents and EPS of 53.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 54.1, implying annual growth of N/A. Current consensus DPS estimate is 45.4, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 16.5. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 46.00 cents and EPS of 56.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 56.2, implying annual growth of 3.9%. Current consensus DPS estimate is 46.7, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 15.9. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates CCL as Neutral (3) -
2017 results were 2% ahead of UBS estimates, driven by a good result from Aust Beverages. Indo/PNG disappointed due to weak margins.
Key news for the broker was the announcement that TCCC will be contributing around $40m to the planned 2018 investment in Aust Beverages, in addition to the company's $40m.
UBS has increased FY18 to FY20 EPS estimates by 2-3%. Reported NPAT forecast falls -6% reflecting the $50m of one-off cash costs associated with the cost out program.
Neutral. Target is raised to $8.40 from $7.90.
Target price is $8.40 Current Price is $8.91 Difference: minus $0.51 (current price is over target).
If CCL meets the UBS target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $8.84, suggesting downside of -0.8% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 45.10 cents and EPS of 53.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 54.1, implying annual growth of N/A. Current consensus DPS estimate is 45.4, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 16.5. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 46.80 cents and EPS of 56.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 56.2, implying annual growth of 3.9%. Current consensus DPS estimate is 46.7, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 15.9. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $2.75
Morgans rates CRR as Add (1) -
The maiden first half result was in line with prospectus forecasts. FY18 guidance has been upgraded to 18.3-18.6c per security, driven by the accretion from acquisitions since listing.
Catalysts include further acquisitions, asset re-ratings, and delivering or exceeding prospectus forecasts, Morgans notes. Add rating and $3.14 target maintained.
Target price is $3.14 Current Price is $2.75 Difference: $0.39
If CRR meets the Morgans target it will return approximately 14% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 18.10 cents and EPS of 18.50 cents. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 20.60 cents and EPS of 21.00 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
CTD CORPORATE TRAVEL MANAGEMENT LIMITED
Travel, Leisure & Tourism
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Overnight Price: $24.88
Macquarie rates CTD as Neutral (3) -
Corporate Travel's 32% earnings increase fell short of the broker but given management guided to hit the top end of the FY range the broker has made little change to forecasts. Strong margin improvement was a highlight.
The stock trades on a 30x forward PE and a 60% premium to the emerging industrials, keeping the broker on Neutral. FY19 will be the first year to feature no inorganic contribution so the broker sees a need to execute on additional M&A in FY18-19 to maintain its premium multiple.
Target rises to $24.10 from $19.40.
Target price is $24.10 Current Price is $24.88 Difference: minus $0.78 (current price is over target).
If CTD 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 $25.16, suggesting upside of 1.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 39.10 cents and EPS of 78.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 80.9, implying annual growth of 51.2%. Current consensus DPS estimate is 37.0, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 30.8. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 51.70 cents and EPS of 86.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 93.0, implying annual growth of 15.0%. Current consensus DPS estimate is 47.6, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 26.8. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates CTD as Upgrade to Buy from Neutral (1) -
First half results were just shy of UBS estimates. ANZ and Europe were the stand-outs while N America and Asia faced challenging conditions.
Management has upgraded to the top end of FY18 EBITDA guidance range of $120-125m. Recent changes to US tax rates should increase FY19 NPATA by $4.3m. UBS has increased EPS forecasts for FY18-20 by 4-6%.
UBS upgraded to Buy from Neutral and raises the target to $25.85 from $23.25.
Target price is $25.85 Current Price is $24.88 Difference: $0.97
If CTD meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $25.16, suggesting upside of 1.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 31.10 cents and EPS of 79.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 80.9, implying annual growth of 51.2%. Current consensus DPS estimate is 37.0, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 30.8. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 36.70 cents and EPS of 90.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 93.0, implying annual growth of 15.0%. Current consensus DPS estimate is 47.6, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 26.8. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
CWY CLEANAWAY WASTE MANAGEMENT LIMITED
Industrial Sector Contractors & Engineers
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Overnight Price: $1.53
Credit Suisse rates CWY as Neutral (3) -
First half earnings beat estimates. Credit Suisse considers the interim result the first proof the company is executing on new business. Nevertheless, the easy gains are likely to have already been achieved and the outlook relies on executing on the Tox Free transaction.
Neutral rating maintained. Target rises to $1.45 from $1.40.
Target price is $1.45 Current Price is $1.53 Difference: minus $0.08 (current price is over target).
If CWY meets the Credit Suisse target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $1.63, suggesting upside of 6.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 2.14 cents and EPS of 5.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 4.7, implying annual growth of 2.2%. Current consensus DPS estimate is 2.1, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 32.6. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 2.48 cents and EPS of 6.53 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.4, implying annual growth of 36.2%. Current consensus DPS estimate is 2.5, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 23.9. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates CWY as Buy (1) -
The company's strong first half result was in line with Deutsche Bank's estimates with all divisions generating both top line and earnings growth.
Management reiterated a "firm base" for revenue growth in the Solids business, post recent contract wins, and noted optimism of continuing improvement in the L&IS business.
The broker has raised FY18 EBITDA forecast by 1% and FY19 by 5%.
Deutsche Bank retains a Buy rating and raises the target to $1.70 from $1.65.
Target price is $1.70 Current Price is $1.53 Difference: $0.17
If CWY meets the Deutsche Bank target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $1.63, suggesting upside of 6.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 2.00 cents and EPS of 3.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 4.7, implying annual growth of 2.2%. Current consensus DPS estimate is 2.1, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 32.6. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 2.00 cents and EPS of 7.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.4, implying annual growth of 36.2%. Current consensus DPS estimate is 2.5, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 23.9. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates CWY as No Rating (-1) -
Cleanaway's underlying performance was marginally better than the broker expected. Higher corporate costs offset strong revenues.
The broker is currently restricted from making a recommendation.
Current Price is $1.53. Target price not assessed.
Current consensus price target is $1.63, suggesting upside of 6.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 2.40 cents and EPS of 5.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 4.7, implying annual growth of 2.2%. Current consensus DPS estimate is 2.1, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 32.6. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 3.20 cents and EPS of 6.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.4, implying annual growth of 36.2%. Current consensus DPS estimate is 2.5, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 23.9. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates CWY as Upgrade to Add from Hold (1) -
First half results were ahead of forecasts. Morgans lifts operating earnings forecasts for FY18-21 by 1-2%.
The company envisages recent changes to the Chinese importation of municipal recycled waste as an opportunity, by assisting local governments to mitigate the issue.
Morgans upgrades to Add from Hold. Target is raised to $1.68 from $1.61.
Target price is $1.68 Current Price is $1.53 Difference: $0.15
If CWY meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $1.63, suggesting upside of 6.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 2.10 cents and EPS of 4.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 4.7, implying annual growth of 2.2%. Current consensus DPS estimate is 2.1, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 32.6. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 2.10 cents and EPS of 5.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.4, implying annual growth of 36.2%. Current consensus DPS estimate is 2.5, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 23.9. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates CWY as Hold (3) -
First half earnings were slightly ahead of expectations. Ord Minnett envisages execution risk for the Tox Free acquisition and, hence, value creation for shareholders.
Target is raised to $1.55 from $1.54. Hold maintained.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $1.55 Current Price is $1.53 Difference: $0.02
If CWY meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $1.63, suggesting upside of 6.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 2.00 cents and EPS of 5.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 4.7, implying annual growth of 2.2%. Current consensus DPS estimate is 2.1, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 32.6. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 3.00 cents and EPS of 6.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.4, implying annual growth of 36.2%. Current consensus DPS estimate is 2.5, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 23.9. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates CWY as Buy (1) -
UBS considered Cleanaway's first half result solid, underpinned by top line momentum and strong cash flow. A lack of operating leverage was feature, although this was driven by cost related to recent contract wins.
The company is confident of delivering FY18 consensus EBITDA of around $322m. UBS has raised EPS forecasts by 6% for FY18 and 5% for FY19/20. The broker highlights further upside from the Tox Free ((TOX)) acquisition should it be approved by the ACCC.
Buy retained and target raised to $1.75 from $1.64.
Target price is $1.75 Current Price is $1.53 Difference: $0.22
If CWY meets the UBS target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $1.63, suggesting upside of 6.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 2.00 cents and EPS of 5.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 4.7, implying annual growth of 2.2%. Current consensus DPS estimate is 2.1, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 32.6. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 2.00 cents and EPS of 7.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.4, implying annual growth of 36.2%. Current consensus DPS estimate is 2.5, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 23.9. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $6.78
Citi rates DOW as Buy (1) -
First half results were slightly below Citi's estimates due to lower than expected margins across the board, except EC&M. The 13c dividend was above the broker's forecast of 11c.
Citi's revenue upgrades of 11% for FY18 to FY20 following the result have been largely offset by reductions to margin assumptions based on first half performance.
Buy rating retained. Target is raised to $8.05 from $7.95.
Target price is $8.05 Current Price is $6.78 Difference: $1.27
If DOW meets the Citi target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $7.34, suggesting upside of 8.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 28.80 cents and EPS of 39.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 39.8, implying annual growth of 11.2%. Current consensus DPS estimate is 27.0, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 17.0. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 28.70 cents and EPS of 42.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 47.1, implying annual growth of 18.3%. Current consensus DPS estimate is 28.5, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 14.4. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates DOW as Buy (1) -
First half results were better than Deutsche Bank expected. Management confirmed FY18 guidance for NPATA of $295m.
The broker has made minor revisions to forecasts, raising FY18 and FY19 EPS expectation 1% and FY20 by 2%.
Buy rating maintained and target raised to $8.00 from $7.96.
Target price is $8.00 Current Price is $6.78 Difference: $1.22
If DOW meets the Deutsche Bank target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $7.34, suggesting upside of 8.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 27.00 cents and EPS of 48.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 39.8, implying annual growth of 11.2%. Current consensus DPS estimate is 27.0, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 17.0. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 29.00 cents and EPS of 50.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 47.1, implying annual growth of 18.3%. Current consensus DPS estimate is 28.5, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 14.4. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates DOW as Outperform (1) -
Downer's result came in broadly as expected despite the messiness caused by the Spotless acquisition. One-off factors had been flagged and cleanliness should improve from here, the broker suggests. Operating cash flow exceeded expectations but this was due to Downer rather than Spotless.
The broker retains Outperform and a $7.60 target, suggesting Downer offers the best relative value in the sector. New contract wins the prove the value of the Spotless tie-up, and resolution of the Royal Adelaide Hospital issue are key catalysts.
Target price is $7.60 Current Price is $6.78 Difference: $0.82
If DOW meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $7.34, suggesting upside of 8.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 26.00 cents and EPS of 44.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 39.8, implying annual growth of 11.2%. Current consensus DPS estimate is 27.0, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 17.0. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 27.90 cents and EPS of 49.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 47.1, implying annual growth of 18.3%. Current consensus DPS estimate is 28.5, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 14.4. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates DOW as Lighten (4) -
First half profit numbers were below expectations once amortisation is accounted for. Net debt was also higher than expected. Guidance for the full year is unchanged and Ord Minnett reduces EBIT estimates for FY18 and FY19 by -2%.
The broker envisages limited upside to valuation. Lighten maintained. Target is reduced to $6.15 from $6.27.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $6.15 Current Price is $6.78 Difference: minus $0.63 (current price is over target).
If DOW meets the Ord Minnett target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $7.34, suggesting upside of 8.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 27.00 cents and EPS of 24.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 39.8, implying annual growth of 11.2%. Current consensus DPS estimate is 27.0, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 17.0. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 29.00 cents and EPS of 46.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 47.1, implying annual growth of 18.3%. Current consensus DPS estimate is 28.5, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 14.4. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $1.59
Morgans rates DTL as Hold (3) -
First half results were in line with the update released in mid January. Morgans was disappointed with the results, but acknowledges this was largely a timing issue. FY18 guidance is for improved earnings versus FY17.
FY18 estimates are reduced by -9% and FY19 by -7%. This lowers the broker's target to $1.68 from $1.87. Hold maintained.
Target price is $1.68 Current Price is $1.59 Difference: $0.09
If DTL meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 9.00 cents and EPS of 10.00 cents. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 10.00 cents and EPS of 11.00 cents. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
FBU FLETCHER BUILDING LIMITED
Building Products & Services
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Overnight Price: $6.05
Credit Suisse rates FBU as Outperform (1) -
First half results were broadly in line with expectations. A weaker contribution from NZ building products was offset by higher earnings in Australia and also higher property and land development income.
Credit Suisse expects trading in the Australasian housing market will remain relatively stable in the foreseeable future.
Outperform rating is maintained. Target is NZ$8.40.
Current Price is $6.05. Target price not assessed.
Current consensus price target is N/A
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 0.00 cents and EPS of minus 7.66 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 0.3, implying annual growth of N/A. Current consensus DPS estimate is 9.1, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 2016.7. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 9.22 cents and EPS of 56.72 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 54.2, implying annual growth of 17966.7%. Current consensus DPS estimate is 23.1, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 11.2. |
This company reports in NZD. 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 FBU as Hold (3) -
First half results were in line with expectations. Deutsche Bank continues to have concerns around the longer-term outlook, given several NZ and Australian markets remain at peak levels.
Hold rating retained. Target raised to NZ$7.57 from NZ$6.61.
Current Price is $6.05. Target price not assessed.
Current consensus price target is N/A
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 17.52 cents and EPS of minus 11.07 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 0.3, implying annual growth of N/A. Current consensus DPS estimate is 9.1, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 2016.7. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 35.97 cents and EPS of 52.57 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 54.2, implying annual growth of 17966.7%. Current consensus DPS estimate is 23.1, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 11.2. |
This company reports in NZD. 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 FBU as Underperform (5) -
Fletcher's earnings result fell -10% short of the broker. The company is yet to secure a waiver from its lenders and syndicate acceleration rights become available for exercise this week. The market is awaiting the outcome.
Beyond that, a recut strategy release is set down fro June. Underperform retained on consensus earnings risks. target falls to NZ$5.30 from NZ$5.32.
Current Price is $6.05. Target price not assessed.
Current consensus price target is N/A
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 0.00 cents and EPS of minus 12.36 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 0.3, implying annual growth of N/A. Current consensus DPS estimate is 9.1, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 2016.7. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 12.91 cents and EPS of 43.07 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 54.2, implying annual growth of 17966.7%. Current consensus DPS estimate is 23.1, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 11.2. |
This company reports in NZD. 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 FBU as Overweight (1) -
First half results were modestly ahead of expectations. Morgan Stanley believes the result, coupled with the increased provisioning for construction, provides a platform whereby investors can focus on the inherent value in the stock.
Guidance has been maintained and the broker upgrades forecasts. Overweight. Target is NZ$8.00. Industry view is: Cautious.
Current Price is $6.05. Target price not assessed.
Current consensus price target is N/A
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 0.00 cents and EPS of minus 9.22 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 0.3, implying annual growth of N/A. Current consensus DPS estimate is 9.1, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 2016.7. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 12.91 cents and EPS of 48.88 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 54.2, implying annual growth of 17966.7%. Current consensus DPS estimate is 23.1, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 11.2. |
This company reports in NZD. 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 FBU as Buy (1) -
The company's first half loss had been previously flagged so no surprise for UBS. Guidance was maintained but the broker has lowered medium-term earnings forecasts by -2%.
The broker does not expect a second half dividend but forecasts a 30cps dividend in FY19.
Looking through the short-term risks UBS believes the stock is attractive and retains a Buy rating. Target falls to NZ$7.60 from NZ$7.75.
Current Price is $6.05. Target price not assessed.
Current consensus price target is N/A
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 0.00 cents and EPS of 3.69 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 0.3, implying annual growth of N/A. Current consensus DPS estimate is 9.1, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 2016.7. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 27.67 cents and EPS of 61.79 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 54.2, implying annual growth of 17966.7%. Current consensus DPS estimate is 23.1, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 11.2. |
This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $5.12
Citi rates FMG as Buy (1) -
Fortescue's first half results were weaker than Citi expected. FY18 payout guidance was maintained at 50-80% and the broker has increased final dividend forecast to 31c, bringing the total dividend to 42c.
The new US$1.4bn loan facility is expected to lower borrowing cost by US$80m by allowing partial redemption of the 2022 secured notes. Citi expects net debt to fall to US$2.5bn at the end of FY18.
Buy rating and $5.40 target retained.
Target price is $5.40 Current Price is $5.12 Difference: $0.28
If FMG meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $5.49, suggesting upside of 7.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 40.14 cents and EPS of 63.45 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 54.8, implying annual growth of N/A. Current consensus DPS estimate is 29.5, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 9.3. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 32.37 cents and EPS of 51.79 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 47.9, implying annual growth of -12.6%. Current consensus DPS estimate is 29.6, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 10.7. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates FMG as Outperform (1) -
First half results were slightly ahead of expectations. Besides the weaker dividend payout, nothing in the numbers warrants a -4.5% hit to the share price, Credit Suisse suggests.
The broker is not surprised by the lack of details from the Eliwana study. Credit Suisse finds the market is still tricky, with stubbornly high discounts but believes these will slowly normalise.
Outperform rating and $5.75 target maintained.
Target price is $5.75 Current Price is $5.12 Difference: $0.63
If FMG meets the Credit Suisse target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $5.49, suggesting upside of 7.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 31.59 cents and EPS of 59.56 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 54.8, implying annual growth of N/A. Current consensus DPS estimate is 29.5, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 9.3. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 27.32 cents and EPS of 42.73 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 47.9, implying annual growth of -12.6%. Current consensus DPS estimate is 29.6, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 10.7. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates FMG as Hold (3) -
First half results were ahead of Deutsche Bank's estimates. The interim dividend was lower than expected, at $0.11. The company has reiterated a pay-out ratio of 50-80% which implies a stronger final dividend.
The broker notes there was no update on Eliwana or the new product strategy and this is the key catalyst for the stock. Hold maintained. Target is $5.00.
Target price is $5.00 Current Price is $5.12 Difference: minus $0.12 (current price is over target).
If FMG meets the Deutsche Bank target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $5.49, suggesting upside of 7.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 29.78 cents and EPS of 56.97 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 54.8, implying annual growth of N/A. Current consensus DPS estimate is 29.5, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 9.3. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 28.49 cents and EPS of 42.73 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 47.9, implying annual growth of -12.6%. Current consensus DPS estimate is 29.6, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 10.7. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates FMG as Outperform (1) -
Fortescue's result was slightly better than forecast. The broker nevertheless sees some risk to realised price guidance of 70-75% given spot iron ore prices remain in the 60-65% range. The broker is at the bottom end of the range.
The announced debt refinancing is encouraging and should lower finance costs going forward, the broker notes. Outperform and $6.50 target retained.
Target price is $6.50 Current Price is $5.12 Difference: $1.38
If FMG meets the Macquarie target it will return approximately 27% (excluding dividends, fees and charges).
Current consensus price target is $5.49, suggesting upside of 7.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 30.43 cents and EPS of 55.94 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 54.8, implying annual growth of N/A. Current consensus DPS estimate is 29.5, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 9.3. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 37.16 cents and EPS of 56.97 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 47.9, implying annual growth of -12.6%. Current consensus DPS estimate is 29.6, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 10.7. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates FMG as Add (1) -
First half results were better-than-expected. FY18 guidance is unchanged. The company has posted an interim dividend of $0.11, -10% below the lower end of guidance ranges. The company is still expecting its full-year dividend to remain in its pay-out range of 50-80%.
The company expects price realisations for lower grade iron ore product to improve in coming months. Morgans maintains an Add rating and raises the target to $6.10 from $6.00.
Target price is $6.10 Current Price is $5.12 Difference: $0.98
If FMG meets the Morgans target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $5.49, suggesting upside of 7.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 29.78 cents and EPS of 55.68 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 54.8, implying annual growth of N/A. Current consensus DPS estimate is 29.5, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 9.3. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 36.26 cents and EPS of 58.27 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 47.9, implying annual growth of -12.6%. Current consensus DPS estimate is 29.6, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 10.7. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates FMG as Hold (3) -
First half net profit was ahead of estimates. Ord Minnett believes the company is in good financial shape but maintains a Hold rating as the stock is trading just below valuation.
The broker would become more constructive at a more attractive entry point. Target is raised to $5.60 from $5.50.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $5.60 Current Price is $5.12 Difference: $0.48
If FMG meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $5.49, suggesting upside of 7.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 24.60 cents and EPS of 47.91 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 54.8, implying annual growth of N/A. Current consensus DPS estimate is 29.5, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 9.3. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 28.49 cents and EPS of 51.79 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 47.9, implying annual growth of -12.6%. Current consensus DPS estimate is 29.6, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 10.7. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates FMG as Buy (1) -
First half results were in line with UBS forecasts, excluding free cash flow. Production and cost guidance remains unchanged with the company on track to hit its 170mt target.
The company announced a US$1.4bn term loan at 4% which should reduce borrowing costs by around US$80m per year.
UBS has revised FY18 estimates -3% lower due to cost of debt retirement and FY19/20 8-11% higher on lower interest charges.
Buy retained and target raised to $5.50 from $5.30.
Target price is $5.50 Current Price is $5.12 Difference: $0.38
If FMG meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $5.49, suggesting upside of 7.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 33.67 cents and EPS of 53.09 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 54.8, implying annual growth of N/A. Current consensus DPS estimate is 29.5, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 9.3. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 29.78 cents and EPS of 42.73 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 47.9, implying annual growth of -12.6%. Current consensus DPS estimate is 29.6, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 10.7. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $0.72
Credit Suisse rates FXJ as Neutral (3) -
First half results were ahead of expectations on reduced costs. The company has announced it is in discussions with News Corp ((NWS)) around a major agreement to share printing and distribution facilities nationally. Savings are expected to be material and to commence from FY19.
Credit Suisse raises FY18 estimates for EBITDA by 13.4% because of lower costs. Neutral maintained. Target rises to $0.75 from $0.71.
Target price is $0.75 Current Price is $0.72 Difference: $0.03
If FXJ meets the Credit Suisse target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $0.76, suggesting upside of 5.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 2.20 cents and EPS of 5.48 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 5.4, implying annual growth of -12.9%. Current consensus DPS estimate is 3.2, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 13.3. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 2.40 cents and EPS of 4.94 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 5.1, implying annual growth of -5.6%. Current consensus DPS estimate is 3.5, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 14.1. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates FXJ as Upgrade to Outperform from Neutral (1) -
Fairfax posted a solid result, Macquarie suggests, with improved earnings from metro media a highlight in the face of structural decline. Earnings still fell, but were offset by aggressive cost cuts.
The medium term outlook is bolstered by proposed cooperation with rival News Corp ((NWS)) for printing and distribution, and an advertising partnership with Google. While Domain's earlier result indicates it is well-placed for growth, Macquarie notes.
A combination of resilience in media and Domain strength prompts an upgrade to Outperform. Target rises to 79c from 71c.
Target price is $0.79 Current Price is $0.72 Difference: $0.07
If FXJ meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $0.76, suggesting upside of 5.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 3.50 cents and EPS of 5.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 5.4, implying annual growth of -12.9%. Current consensus DPS estimate is 3.2, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 13.3. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 3.00 cents and EPS of 4.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 5.1, implying annual growth of -5.6%. Current consensus DPS estimate is 3.5, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 14.1. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates FXJ as Overweight (1) -
First half results were in line with expectations. Morgan Stanley observes all segments were positive for the stock's valuation.
Overweight rating and Attractive industry view maintained. Target is $0.80.
Target price is $0.80 Current Price is $0.72 Difference: $0.08
If FXJ meets the Morgan Stanley target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $0.76, suggesting upside of 5.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 4.00 cents and EPS of 6.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 5.4, implying annual growth of -12.9%. Current consensus DPS estimate is 3.2, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 13.3. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 4.00 cents and EPS of 6.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 5.1, implying annual growth of -5.6%. Current consensus DPS estimate is 3.5, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 14.1. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates FXJ as Upgrade to Buy from Neutral (1) -
First half results were better than UBS had expected, with the company delivering the second consecutive half of EBITDA growth.
Earnings momentum is improving, the broker notes, and now expects group EBITDA to remain stable over FY18/FY19. This results in a 5% lift to FY18 EPS forecast and a 16% lift to FY19 forecast.
The stock looks cheap to UBS and is upgraded to Buy from Neutral. Target price is $0.75.
Target price is $0.75 Current Price is $0.72 Difference: $0.03
If FXJ meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $0.76, suggesting upside of 5.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 2.00 cents and EPS of 5.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 5.4, implying annual growth of -12.9%. Current consensus DPS estimate is 3.2, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 13.3. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 4.00 cents and EPS of 5.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 5.1, implying annual growth of -5.6%. Current consensus DPS estimate is 3.5, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 14.1. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
FXL FLEXIGROUP LIMITED
Business & Consumer Credit
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Overnight Price: $1.78
Citi rates FXL as Upgrade to Buy from Neutral (1) -
Citi analysts have been biding their time, waiting for that trigger that would allow for the gap between share price and valuation to close. It appears they now think yesterday's interim report release might be that trigger. Upgrade to Buy from Neutral.
The analysts have increased forecasts by 2-7%, with the added suggestion that risk is now skewed to the upside. The stabilisation in Certegy represents an important factor in this view.
Target price rises by 14% to $2.14. The shares are seen trading on a -64% discount to the Small Industrials.
Target price is $2.14 Current Price is $1.78 Difference: $0.36
If FXL meets the Citi target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $2.02, suggesting upside of 13.2% (ex-dividends)
Forecast for FY18:
Current consensus EPS estimate is 23.5, implying annual growth of -5.6%. Current consensus DPS estimate is 7.9, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 7.6. |
Forecast for FY19:
Current consensus EPS estimate is 25.2, implying annual growth of 7.2%. Current consensus DPS estimate is 9.4, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 7.1. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $0.77
Macquarie rates GOR as Outperform (1) -
Gold Road has delivered its annual reserve update. A 6% lift in reserves is a positive result for the Gruyere development site, the broker suggests, despite a -6% downgrade in resources.
No change to forecasts and the broker's Outperform rating. Target unchanged at $1.00.
Target price is $1.00 Current Price is $0.77 Difference: $0.23
If GOR meets the Macquarie target it will return approximately 30% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 0.00 cents and EPS of minus 1.40 cents. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 0.00 cents and EPS of minus 0.60 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $4.55
Credit Suisse rates HUO as Outperform (1) -
First half results suggest a strong FY18 is in train. Credit Suisse notes the outcome may have been even better but warmer-than-expected summer water temperatures negatively affected the cost base.
The broker considers the stock is still cheap, relative to the outlook, and maintains an Outperform rating. Target is reduced to $5.65 from $6.00.
Target price is $5.65 Current Price is $4.55 Difference: $1.1
If HUO meets the Credit Suisse target it will return approximately 24% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 11.00 cents and EPS of 41.48 cents. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 12.00 cents and EPS of 45.00 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates HUO as Buy (1) -
First half net profit was below expectations. Costs were higher than expected. The company is growing strongly and pricing is holding up better than Ord Minnett expected, particularly in the wholesale channel.
Despite lowering estimates because of higher costs the broker remains upbeat about the company, as profits are growing significantly albeit earnings can be lumpy. Buy rating maintained. Target reduced to $5.68 from $5.81.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $5.68 Current Price is $4.55 Difference: $1.13
If HUO meets the Ord Minnett target it will return approximately 25% (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 15.00 cents and EPS of 61.00 cents. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 15.00 cents and EPS of 49.00 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $4.99
Credit Suisse rates IGO as Underperform (5) -
First half results were in line. Credit Suisse found no new information that would alter its outlook or forecasts.
Cash flow is improving on the Nova ramp up and Tropicana is performing strongly amid elevated commodity prices.
Underperform maintained. Target is raised to $4.45 from $4.10.
Target price is $4.45 Current Price is $4.99 Difference: minus $0.54 (current price is over target).
If IGO meets the Credit Suisse target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.46, suggesting downside of -10.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 7.28 cents and EPS of 21.48 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.7, implying annual growth of 435.8%. Current consensus DPS estimate is 5.7, implying a prospective dividend yield of 1.1%. Current consensus EPS estimate suggests the PER is 31.8. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 12.75 cents and EPS of 42.51 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.7, implying annual growth of 121.0%. Current consensus DPS estimate is 10.6, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 14.4. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates IGO as Sell (5) -
First half results held few surprises for Deutsche Bank, being pre-released. FY18 guidance is unchanged.
The broker estimates the stock is pricing in US$8/lb nickel, trading on a yield of 5% in FY18 rising to 10% in FY19.
Hence, a Sell rating is maintained on valuation. Target is $4.10.
Target price is $4.10 Current Price is $4.99 Difference: minus $0.89 (current price is over target).
If IGO meets the Deutsche Bank target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.46, suggesting downside of -10.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 4.00 cents and EPS of 12.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.7, implying annual growth of 435.8%. Current consensus DPS estimate is 5.7, implying a prospective dividend yield of 1.1%. Current consensus EPS estimate suggests the PER is 31.8. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 7.00 cents and EPS of 25.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.7, implying annual growth of 121.0%. Current consensus DPS estimate is 10.6, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 14.4. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates IGO as Neutral (3) -
No surprises in Independence Group's result given most of the numbers were revealed with the earlier production report. All four operations made solid contributions, the broker notes.
Higher A$ assumptions lead to a cut to forecasts although buoyant nickel and gold prices and the Nova ramp-up should provide support, the broker suggests. Neutral retained, target falls to $4.60 from $4.70.
Target price is $4.60 Current Price is $4.99 Difference: minus $0.39 (current price is over target).
If IGO 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 $4.46, suggesting downside of -10.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 5.00 cents and EPS of 11.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.7, implying annual growth of 435.8%. Current consensus DPS estimate is 5.7, implying a prospective dividend yield of 1.1%. Current consensus EPS estimate suggests the PER is 31.8. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 9.00 cents and EPS of 26.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.7, implying annual growth of 121.0%. Current consensus DPS estimate is 10.6, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 14.4. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
LLC LEND LEASE CORPORATION LIMITED
Infra & Property Developers
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Overnight Price: $17.03
Citi rates LLC as Buy (1) -
Citi saw a "strong" interim update, suggesting it didn't quite meet what Citi was expecting, but market consensus was a lot lower. The Construction division was negatively impacted by provisions necessary to prop up the underperforming Engineering projects, but otherwise everything is humming, or so it appears.
Citi suggests Lend Lease shares might be due a re-rating and as such the Buy rating is hereby reiterated with a price target of $19, up from $18 prior.
Target price is $19.00 Current Price is $17.03 Difference: $1.97
If LLC meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $18.07, suggesting upside of 6.1% (ex-dividends)
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 65.30 cents and EPS of 130.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 140.0, implying annual growth of 7.6%. Current consensus DPS estimate is 66.7, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 12.2. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 76.00 cents and EPS of 151.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 149.5, implying annual growth of 6.8%. Current consensus DPS estimate is 76.3, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 11.4. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates LLC as Outperform (1) -
The broker retains its Outperform rating following the Lend Lease result. Significant uncertainty remains around ultimate losses in the construction business but this has been factored into the share price, the broker suggests.
It seems a strange time to implement a buyback but the broker notes apartment settlements are coming in. Other parts of the business are performing well. Target rises to $18.30 from $17.63.
Target price is $17.63 Current Price is $17.03 Difference: $0.6
If LLC meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $18.07, suggesting upside of 6.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 63.20 cents and EPS of 127.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 140.0, implying annual growth of 7.6%. Current consensus DPS estimate is 66.7, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 12.2. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 71.60 cents and EPS of 144.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 149.5, implying annual growth of 6.8%. Current consensus DPS estimate is 76.3, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 11.4. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates LLC as Overweight (1) -
First half results were ahead of estimates, despite weakness in the construction business that was affected by the reversal of previously recognised profits as well as provisions for future losses of around $2bn in engineering projects.
Morgan Stanley believes the provisions are conservative and re-base the engineering segment and this provides a clearer picture of the company's leverage to a strengthening infrastructure backdrop.
Overweight. Target is $18.65. Industry view is Cautious.
Target price is $18.65 Current Price is $17.03 Difference: $1.62
If LLC meets the Morgan Stanley target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $18.07, suggesting upside of 6.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 67.20 cents and EPS of 134.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 140.0, implying annual growth of 7.6%. Current consensus DPS estimate is 66.7, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 12.2. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 74.00 cents and EPS of 148.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 149.5, implying annual growth of 6.8%. Current consensus DPS estimate is 76.3, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 11.4. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates LLC as Hold (3) -
First half results were ahead of expectations. The focal point was the composition of the non-construction result. Ord Minnett estimates the company booked $360m in revaluation gains and post-tax realised development profits.
Ord Minnett considers the company well-placed with an increasingly strong track record of raising capital to develop and manage best-in-class assets. Hold maintained. Target rises to $17.00 from $16.90.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $17.00 Current Price is $17.03 Difference: minus $0.03 (current price is over target).
If LLC meets the Ord Minnett target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $18.07, suggesting upside of 6.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 68.00 cents and EPS of 181.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 140.0, implying annual growth of 7.6%. Current consensus DPS estimate is 66.7, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 12.2. |
Forecast for FY19:
Current consensus EPS estimate is 149.5, implying annual growth of 6.8%. Current consensus DPS estimate is 76.3, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 11.4. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $8.03
Macquarie rates LOV as Outperform (1) -
Lovisa's strong result was pre-released. The broker continues to see the company's operating model as compelling, given limited direct competition and strong store return metrics.
Significant global expansion upside remains, the broker notes. Outperform retained, target rises to $8.80 from $8.60.
Target price is $8.80 Current Price is $8.03 Difference: $0.77
If LOV meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $7.31, suggesting downside of -9.0% (ex-dividends)
The company's fiscal year ends in July.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 22.20 cents and EPS of 35.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 33.4, implying annual growth of 20.8%. Current consensus DPS estimate is 21.2, implying a prospective dividend yield of 2.6%. Current consensus EPS estimate suggests the PER is 24.0. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 22.90 cents and EPS of 39.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 37.3, implying annual growth of 11.7%. Current consensus DPS estimate is 23.0, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 21.5. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates LOV as Downgrade to Hold from Add (3) -
First half results were in line with recently upgraded guidance. Morgans notes the UK roll-out is building momentum and the first trial store in Paris is now open.
The broker remains attracted to the business model as there is less exposure to Amazon and there is potential for a large-scale global chain.
Rating is downgraded to Hold from Add, given the recent share price re-rating. Target is raised to $8.08 from $7.84.
Target price is $8.08 Current Price is $8.03 Difference: $0.05
If LOV meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $7.31, suggesting downside of -9.0% (ex-dividends)
The company's fiscal year ends in July.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 21.00 cents and EPS of 33.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 33.4, implying annual growth of 20.8%. Current consensus DPS estimate is 21.2, implying a prospective dividend yield of 2.6%. Current consensus EPS estimate suggests the PER is 24.0. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 24.00 cents and EPS of 37.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 37.3, implying annual growth of 11.7%. Current consensus DPS estimate is 23.0, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 21.5. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates MLX as Outperform (1) -
Metals X posted an earnings loss less than the broker expected on positive provisional pricing adjustments, partially offset by hedge book losses. Increased shipments at Nifty should improve cash flow generation.
The broker expects a decision on the Rentails development to be delayed until Nifty production improves, but Renison Bell continues to be a solid earnings contributor. Outperform and $1.30 target retained.
Target price is $1.30 Current Price is $0.85 Difference: $0.45
If MLX meets the Macquarie target it will return approximately 53% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 1.00 cents and EPS of minus 0.70 cents. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 2.00 cents and EPS of 8.50 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
MMS MCMILLAN SHAKESPEARE LIMITED
Vehicle Leasing & Salary Packaging
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Overnight Price: $16.82
Credit Suisse rates MMS as Neutral (3) -
First half results were in line. Credit Suisse continues to believe FY18 guidance is achievable and valuation is fair at this point.
Neutral rating and $17.30 target maintained.
Target price is $17.30 Current Price is $16.82 Difference: $0.48
If MMS meets the Credit Suisse target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $16.44, suggesting downside of -2.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 69.00 cents and EPS of 113.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 110.7, implying annual growth of 5.6%. Current consensus DPS estimate is 68.6, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 15.2. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 84.32 cents and EPS of 123.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 119.4, implying annual growth of 7.9%. Current consensus DPS estimate is 75.3, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 14.1. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates MMS as Neutral (3) -
McMillan's result was in line with the broker and recent guidance. FY guidance was reaffirmed. The broker has made little change to forecasts.
Neutral retained. Target falls to $16.94 from $17.78 based on the PE multiple.
Target price is $16.94 Current Price is $16.82 Difference: $0.12
If MMS meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $16.44, suggesting downside of -2.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 68.20 cents and EPS of 111.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 110.7, implying annual growth of 5.6%. Current consensus DPS estimate is 68.6, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 15.2. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 72.70 cents and EPS of 121.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 119.4, implying annual growth of 7.9%. Current consensus DPS estimate is 75.3, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 14.1. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
MND MONADELPHOUS GROUP LIMITED
Mining Sector Contracting
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Overnight Price: $18.04
Credit Suisse rates MND as Underperform (5) -
Credit Suisse notes a slowing of contract gains in the first half. Management expects large iron ore contracts to be awarded by BHP ((BHP)) and Rio Tinto ((RIO)) in the first half of FY19 and the broker includes one of these in estimates.
Management has noted that competition for projects is significantly higher than in the previous resources boom. Credit Suisse finds valuation too high and maintains an Underperform rating. Target rises to $15.10 from $15.00.
Target price is $15.10 Current Price is $18.04 Difference: minus $2.94 (current price is over target).
If MND meets the Credit Suisse target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $15.13, suggesting downside of -16.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 60.00 cents and EPS of 76.29 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 73.4, implying annual growth of 19.5%. Current consensus DPS estimate is 60.2, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 24.6. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 70.35 cents and EPS of 82.76 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 76.4, implying annual growth of 4.1%. Current consensus DPS estimate is 64.7, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 23.6. |
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $3.67
Morgans rates MP1 as Add (1) -
First half results were in line with expectations. Revenue growth in North America impressed Morgans. The broker believes profitability is increasingly close.
Add rating maintained. Target rises to $4.52 from $4.44.
Target price is $4.52 Current Price is $3.67 Difference: $0.85
If MP1 meets the Morgans target it will return approximately 23% (excluding dividends, fees and charges).
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $0.95
Morgan Stanley rates NEA as Overweight (1) -
First half results were in line with previous guidance. The main variation was an upgrade in the outlook for new sales in the second half, Morgan Stanley notes.
The company is guiding to a flattening in operating costs, even in US marketing where the broker still assumes there is some significant reinvestment to be made.
Overweight rating. Industry view is In-Line. Target rises to $1.40 from $1.30.
Target price is $1.40 Current Price is $0.95 Difference: $0.45
If NEA meets the Morgan Stanley target it will return approximately 47% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 0.00 cents and EPS of minus 3.00 cents. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 0.00 cents and EPS of minus 1.00 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $5.33
Credit Suisse rates PGH as Outperform (1) -
Credit Suisse resumes coverage with an Outperform rating and $5.80 target. First half earnings were in line with expectations.
Second half earnings in Australia are expected to be supported by the full year of crate pooling. Cost reduction programs are also seen offsetting higher energy costs.
Target price is $5.80 Current Price is $5.33 Difference: $0.47
If PGH meets the Credit Suisse target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $5.61, suggesting upside of 5.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 23.00 cents and EPS of 34.21 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 33.8, implying annual growth of 12.7%. Current consensus DPS estimate is 23.8, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 15.8. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 24.00 cents and EPS of 36.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 38.0, implying annual growth of 12.4%. Current consensus DPS estimate is 25.8, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 14.0. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates PGH as Buy (1) -
The company reported in-line but it is seen as a positive since it also included a resumption of organic growth. Amongst further positives, the analysts point at the Woolworth's crate washing & pooling contract apparently being ahead of expectations.
With the stock trading at a -20% discount to valuation, Deutsche Bank is happy to stick with its Buy rating. Price target retained at $6.50. Forecasts have been sliced by -1% on lowered expectations for the international operations, largely offset by momentum in Australia.
Target price is $6.50 Current Price is $5.33 Difference: $1.17
If PGH meets the Deutsche Bank target it will return approximately 22% (excluding dividends, fees and charges).
Current consensus price target is $5.61, suggesting upside of 5.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 23.00 cents and EPS of 34.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 33.8, implying annual growth of 12.7%. Current consensus DPS estimate is 23.8, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 15.8. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 27.00 cents and EPS of 39.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 38.0, implying annual growth of 12.4%. Current consensus DPS estimate is 25.8, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 14.0. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates PGH as Neutral (3) -
Pact reported in line with the broker, on a strong Aust performance offsetting weakness in NZ. The broker notes 92% of Pact's business was previously in rigid plastics but that's now down to 59% after diversification into personal care, home care and other areas.
Asia was 3% of sales and is now 13%. Valuation is not demanding, the broker suggests, but a sustainable return to positive earnings growth is required for a re-rate. Neutral retained. Target falls to $5.54 from $5.77.
Target price is $5.54 Current Price is $5.33 Difference: $0.21
If PGH meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $5.61, suggesting upside of 5.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 23.00 cents and EPS of 33.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 33.8, implying annual growth of 12.7%. Current consensus DPS estimate is 23.8, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 15.8. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 23.60 cents and EPS of 37.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 38.0, implying annual growth of 12.4%. Current consensus DPS estimate is 25.8, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 14.0. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates PGH as Hold (3) -
First half results were in line with expectations. Morgans notes the result was supported by recent acquisitions, higher volumes and efficiency benefits but this was more than offset by adverse FX movements, lower pricing and higher costs.
Morgans reduces FY18 operating earnings estimates by -5%. Hold rating maintained. Target reduced to $5.24 from $5.30.
Target price is $5.24 Current Price is $5.33 Difference: minus $0.09 (current price is over target).
If PGH meets the Morgans target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $5.61, suggesting upside of 5.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 24.00 cents and EPS of 33.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 33.8, implying annual growth of 12.7%. Current consensus DPS estimate is 23.8, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 15.8. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 26.00 cents and EPS of 37.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 38.0, implying annual growth of 12.4%. Current consensus DPS estimate is 25.8, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 14.0. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates PGH as Hold (3) -
First half net profit was marginally short of estimates. Ord Minnett finds the trends in rigidpackaging volumes and contract manufacturing encouraging. A further source of upside could stem from network rationalisation, the broker suggests.
Hold rating and $5.25 target maintained.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $5.25 Current Price is $5.33 Difference: minus $0.08 (current price is over target).
If PGH meets the Ord Minnett target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $5.61, suggesting upside of 5.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 24.00 cents and EPS of 31.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 33.8, implying annual growth of 12.7%. Current consensus DPS estimate is 23.8, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 15.8. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 25.00 cents and EPS of 37.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 38.0, implying annual growth of 12.4%. Current consensus DPS estimate is 25.8, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 14.0. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $0.42
Credit Suisse rates PRU as Outperform (1) -
First half net profit was in line with forecasts. There was no dividend, as expected, as cash was used and debt drawn down to fund the Sissingue development.
Outperform rating and $0.69 target maintained.
Target price is $0.69 Current Price is $0.42 Difference: $0.27
If PRU meets the Credit Suisse target it will return approximately 64% (excluding dividends, fees and charges).
Current consensus price target is $0.48, suggesting upside of 14.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 0.00 cents and EPS of 0.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 0.1, 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 420.0. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 0.00 cents and EPS of 7.84 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 3.7, implying annual growth of 3600.0%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 11.4. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
PSQ PACIFIC SMILES GROUP LIMITED
Healthcare services
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Overnight Price: $1.67
Morgan Stanley rates PSQ as Overweight (1) -
Morgan Stanley suggests FY18 guidance is achievable and the company is attractively positioned as an early stage roll-out in health care.
First half results were below forecasts but softer comparables are expected in the second half. Morgan Stanley reiterates an Overweight rating, In-Line industry view and $2.20 target.
Target price is $2.20 Current Price is $1.67 Difference: $0.53
If PSQ meets the Morgan Stanley target it will return approximately 32% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 6.20 cents and EPS of 7.00 cents. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 7.30 cents and EPS of 8.00 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $4.05
Credit Suisse rates SBM as Underperform (5) -
First half results were ahead of estimates. Higher profit reflects a 19% tax rate on recognition of previously unrecognised PNG tax assets.
The guidance for the next five years at Gwalia is pending. Credit Suisse expects sustained production at current levels for two years followed by an increase for the following three years post the extension completion.
Underperform rating and $3 target maintained.
Target price is $3.00 Current Price is $4.05 Difference: minus $1.05 (current price is over target).
If SBM meets the Credit Suisse target it will return approximately minus 26% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $3.76, suggesting downside of -7.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 10.27 cents and EPS of 34.54 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 37.0, implying annual growth of 16.7%. Current consensus DPS estimate is 9.9, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 10.9. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 11.97 cents and EPS of 39.89 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.1, implying annual growth of -7.8%. Current consensus DPS estimate is 10.2, implying a prospective dividend yield of 2.5%. Current consensus EPS estimate suggests the PER is 11.9. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates SBM as Hold (3) -
Underlying the released interim financials missed by -7% and higher costs are to blame, explain the analysts. The company's update on its Gwalia seems to have disappointed as well.
St Barbara's approach at Gwalia has been applied in South Africa, but is will be new to Australia and not without risk, point out the analysts. Price target retained at $3.40. Hold.
Target price is $3.40 Current Price is $4.05 Difference: minus $0.65 (current price is over target).
If SBM meets the Deutsche Bank target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $3.76, suggesting downside of -7.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 9.00 cents and EPS of 37.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 37.0, implying annual growth of 16.7%. Current consensus DPS estimate is 9.9, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 10.9. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 10.00 cents and EPS of 28.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.1, implying annual growth of -7.8%. Current consensus DPS estimate is 10.2, implying a prospective dividend yield of 2.5%. Current consensus EPS estimate suggests the PER is 11.9. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates SBM as Outperform (1) -
A strong result from St Barbara met the broker's earnings expectations. A significant potential extension to Gwalia mine life was also announced. The broker has now factored in five more years.
Expected efficiencies should also lower costs. St Barbara is set to deliver substantial organic growth, the broker suggests. Outperform retained. Target rises to $4.70 from $4.40.
Target price is $4.70 Current Price is $4.05 Difference: $0.65
If SBM meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $3.76, suggesting downside of -7.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 8.00 cents and EPS of 36.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 37.0, implying annual growth of 16.7%. Current consensus DPS estimate is 9.9, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 10.9. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 8.00 cents and EPS of 31.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.1, implying annual growth of -7.8%. Current consensus DPS estimate is 10.2, implying a prospective dividend yield of 2.5%. Current consensus EPS estimate suggests the PER is 11.9. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates SBM as Upgrade to Accumulate from Hold (2) -
First half operating earnings were below expectations. The main news was the introduction of a new project at Gwalia, which extends the mine life to 14 years from seven years.
Ord Minnett estimates the new mining strategy could add $400m in value, or $0.80 a share, over the previous mine plan. Rating is upgraded to Accumulate from Hold. Target is raised to $4.30 from $3.80.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $4.30 Current Price is $4.05 Difference: $0.25
If SBM meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $3.76, suggesting downside of -7.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 10.00 cents and EPS of 39.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 37.0, implying annual growth of 16.7%. Current consensus DPS estimate is 9.9, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 10.9. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 12.00 cents and EPS of 41.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.1, implying annual growth of -7.8%. Current consensus DPS estimate is 10.2, implying a prospective dividend yield of 2.5%. Current consensus EPS estimate suggests the PER is 11.9. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates SCG as Neutral (3) -
Scentre Group's full year results were in line with Citi's forecasts. management had guided to 4% FFO growth in 2018, -1% below consensus.
With the stock trading at an -8% discount to NTA, the broker sees potential for the company to take advantage of a strong transaction market by selling assets to fund a buyback.
Citi maintains the stock is not particularly cheap for investors looking looking at a broader range of metrics and retains a Neutral rating. Target is reduced to $4.19 from $4.24.
Target price is $4.19 Current Price is $3.81 Difference: $0.38
If SCG meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $4.55, suggesting upside of 19.5% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 22.60 cents and EPS of 25.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.0, implying annual growth of N/A. Current consensus DPS estimate is 22.4, implying a prospective dividend yield of 5.9%. Current consensus EPS estimate suggests the PER is 15.2. |
Forecast for FY19:
Current consensus EPS estimate is 26.5, implying annual growth of 6.0%. Current consensus DPS estimate is 23.0, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 14.4. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates SCG as Buy (1) -
Deutsche Bank analysts saw a solid operational performance, with FFO in-line with expectations. The analysts seem pleased with guidance for this year, while noting Scentre Group continues to hold the most productive retail portfolio in Australia.
Also, management is progressing with its development plans, which surpass $4bn in total. Target price improves to $4.30 from $4.25. Buy rating retained.
Target price is $4.30 Current Price is $3.81 Difference: $0.49
If SCG meets the Deutsche Bank target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $4.55, suggesting upside of 19.5% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 22.00 cents and EPS of 25.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.0, implying annual growth of N/A. Current consensus DPS estimate is 22.4, implying a prospective dividend yield of 5.9%. Current consensus EPS estimate suggests the PER is 15.2. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 23.00 cents and EPS of 27.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.5, implying annual growth of 6.0%. Current consensus DPS estimate is 23.0, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 14.4. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates SCG as Outperform (1) -
Scentre's funds from operations were in line with the broker's forecast. FY guidance slightly softer than expected while still being solid, the broker notes, but the payout ratio continues to decline.
The REIT's headline operating metrics are better than peers so far this season, the broker notes, and other uses for capital are being considered, such as mix-use. On a forecast 23% total shareholder return the broker retains Outperform.
Target falls to $4.56 from $4.61.
Target price is $4.56 Current Price is $3.81 Difference: $0.75
If SCG meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $4.55, suggesting upside of 19.5% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 22.70 cents and EPS of 25.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.0, implying annual growth of N/A. Current consensus DPS estimate is 22.4, implying a prospective dividend yield of 5.9%. Current consensus EPS estimate suggests the PER is 15.2. |
Forecast for FY19:
Current consensus EPS estimate is 26.5, implying annual growth of 6.0%. Current consensus DPS estimate is 23.0, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 14.4. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates SCG as Accumulate (2) -
2017 results were marginally ahead of forecasts. 2018 guidance is for 4% growth in free funds from operations and 2% growth in distributions.
Ord Minnett believes the company has a solid, low-risk earnings outlook and one of the best portfolios in the property sector. Accumulate maintained. Target drops to $4.80 from $4.90.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $4.80 Current Price is $3.81 Difference: $0.99
If SCG meets the Ord Minnett target it will return approximately 26% (excluding dividends, fees and charges).
Current consensus price target is $4.55, suggesting upside of 19.5% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 22.00 cents and EPS of 24.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.0, implying annual growth of N/A. Current consensus DPS estimate is 22.4, implying a prospective dividend yield of 5.9%. Current consensus EPS estimate suggests the PER is 15.2. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 23.00 cents and EPS of 26.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.5, implying annual growth of 6.0%. Current consensus DPS estimate is 23.0, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 14.4. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates SCG as Buy (1) -
2017 results were better than UBS had forecast, with NTA growth the highlight for the broker. 2018 guidance for 4% FFO was slightly below the broker's estimate.
DPS guidance was up 2% to 22.2c. The broker does not see a buyback as likely at this point given the company's alternate uses of capital fro redevelopments.
Buy retained. Target raised to $4.57 from $4.49.
Target price is $4.57 Current Price is $3.81 Difference: $0.76
If SCG meets the UBS target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $4.55, suggesting upside of 19.5% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 23.00 cents and EPS of 26.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.0, implying annual growth of N/A. Current consensus DPS estimate is 22.4, implying a prospective dividend yield of 5.9%. Current consensus EPS estimate suggests the PER is 15.2. |
Forecast for FY19:
Current consensus EPS estimate is 26.5, implying annual growth of 6.0%. Current consensus DPS estimate is 23.0, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 14.4. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $2.37
Credit Suisse rates SDF as Outperform (1) -
First half results slightly missed expectations. The result was affected by some one-off restructuring costs and timing delays. Credit Suisse accepts that the first half result makes exceeding guidance more difficult but still expects the company to achieve the middle of the range.
The company is investing for future growth and the broker believes the outcome from initiatives should materialise in FY19/20. Outperform rating maintained. Target reduced to $3.15 from $3.20.
Target price is $3.15 Current Price is $2.37 Difference: $0.78
If SDF meets the Credit Suisse target it will return approximately 33% (excluding dividends, fees and charges).
Current consensus price target is $3.13, suggesting upside of 32.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 7.00 cents and EPS of 13.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.9, implying annual growth of 33.7%. Current consensus DPS estimate is 7.3, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 19.9. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 9.00 cents and EPS of 15.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 13.4, implying annual growth of 12.6%. Current consensus DPS estimate is 8.6, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 17.7. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates SDF as Outperform (1) -
Steadfast's result appears to have been in line with the broker and FY earnings guidance has been raised slightly. While broker organic revenue growth did not translate into earnings growth, the Client Trading Platform supports and attractive outlook, the broker suggests.
Balance sheet capacity for further acquisitions also provides support. Outperform and $3.30 target retained.
Target price is $3.30 Current Price is $2.37 Difference: $0.93
If SDF meets the Macquarie target it will return approximately 39% (excluding dividends, fees and charges).
Current consensus price target is $3.13, suggesting upside of 32.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 7.80 cents and EPS of 12.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.9, implying annual growth of 33.7%. Current consensus DPS estimate is 7.3, 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 8.80 cents and EPS of 14.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 13.4, implying annual growth of 12.6%. Current consensus DPS estimate is 8.6, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 17.7. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates SDF as Accumulate (2) -
First half net profit missed forecasts because of soft premium rate increases and some retrenchment-related costs. FY18 guidance is maintained and Ord Minnett sets its estimates towards the lower end of the target range.
Despite the weaker results, the broker believes the stock should benefit from a cyclical turn in commercial lines. Accumulate maintained. Target reduced to $2.95 from $3.07.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $2.95 Current Price is $2.37 Difference: $0.58
If SDF meets the Ord Minnett target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $3.13, suggesting upside of 32.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 7.00 cents and EPS of 10.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.9, implying annual growth of 33.7%. Current consensus DPS estimate is 7.3, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 19.9. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 8.00 cents and EPS of 11.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 13.4, implying annual growth of 12.6%. Current consensus DPS estimate is 8.6, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 17.7. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $4.06
Citi rates SGP as Neutral (3) -
Stockland's first half results were in line with consensus. FY18 guidance of 5-6.5% FFO growth remains unchanged.
Residential operating margin guidance was raised 17%, above consensus and the broker's 16% forecast, for the next two to three years.
Neutral retained and target reduced to $4.38 from $4.70.
Target price is $4.38 Current Price is $4.06 Difference: $0.32
If SGP meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $4.63, suggesting upside of 14.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 26.50 cents and EPS of 35.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 35.0, implying annual growth of -29.7%. Current consensus DPS estimate is 26.7, implying a prospective dividend yield of 6.6%. Current consensus EPS estimate suggests the PER is 11.6. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 27.50 cents and EPS of 37.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 35.0, implying annual growth of N/A. Current consensus DPS estimate is 28.0, implying a prospective dividend yield of 6.9%. Current consensus EPS estimate suggests the PER is 11.6. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates SGP as Buy (1) -
Deutsche Bank comments the interim report was a slight beat with margins in the residential operations responsible for it. A continued positive outlook for this division, combined with a not too expensive valuation keeps the Buy rating in place.
The analysts note management has left FY18 guidance unchanged, but also flagged upside to the residential division medium term. Price target $4.89.
Target price is $4.89 Current Price is $4.06 Difference: $0.83
If SGP meets the Deutsche Bank target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $4.63, suggesting upside of 14.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 27.00 cents and EPS of 35.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 35.0, implying annual growth of -29.7%. Current consensus DPS estimate is 26.7, implying a prospective dividend yield of 6.6%. Current consensus EPS estimate suggests the PER is 11.6. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 28.00 cents and EPS of 36.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 35.0, implying annual growth of N/A. Current consensus DPS estimate is 28.0, implying a prospective dividend yield of 6.9%. Current consensus EPS estimate suggests the PER is 11.6. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates SGP as Neutral (3) -
The broker has expected Stockland to exceed funds from operations guidance. Residential delivered better than expected but retail, office and retirement all performed below expectation.
The broker is comfortable the positioning of the residential portfolio can provide for ongoing earnings growth in excess of 5%pa but the bulk of the group's capital is invested in the retail portfolio, for which the news flow remains challenging. Neutral retained.
Target falls to $4.45 from $4.73.
Target price is $4.73 Current Price is $4.06 Difference: $0.67
If SGP meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $4.63, suggesting upside of 14.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 26.50 cents and EPS of 30.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 35.0, implying annual growth of -29.7%. Current consensus DPS estimate is 26.7, implying a prospective dividend yield of 6.6%. Current consensus EPS estimate suggests the PER is 11.6. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 27.60 cents and EPS of 32.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 35.0, implying annual growth of N/A. Current consensus DPS estimate is 28.0, implying a prospective dividend yield of 6.9%. Current consensus EPS estimate suggests the PER is 11.6. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates SGP as Overweight (1) -
First half results were slightly below expectations because of the timing of residential settlements. Guidance is unchanged. Residential operating margins are now expected to remain around 17% out to 2020.
Comparable retail sales growth remains weak but Morgan Stanley notes there is improvement off a low base for Stockland, and this was a surprise to most investors because of the declines reported by other retail exposed A-REITs.
Overweight rating. Cautious industry view. Target is $4.40.
Target price is $4.40 Current Price is $4.06 Difference: $0.34
If SGP meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $4.63, suggesting upside of 14.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 26.60 cents and EPS of 30.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 35.0, implying annual growth of -29.7%. Current consensus DPS estimate is 26.7, implying a prospective dividend yield of 6.6%. Current consensus EPS estimate suggests the PER is 11.6. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 28.00 cents and EPS of 31.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 35.0, implying annual growth of N/A. Current consensus DPS estimate is 28.0, implying a prospective dividend yield of 6.9%. Current consensus EPS estimate suggests the PER is 11.6. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates SGP as Accumulate (2) -
First half results were ahead of expectations. FY18 guidance is reiterated, as residential is expected to be skewed positively to the first half. Despite soft retail sales and peaking of residential volumes, Ord Minnett considers pricing metrics are attractive and good growth is expected into FY19.
Accumulate maintained. Target falls to $4.70 from $5.10.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $4.70 Current Price is $4.06 Difference: $0.64
If SGP meets the Ord Minnett target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $4.63, suggesting upside of 14.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 27.00 cents and EPS of 43.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 35.0, implying annual growth of -29.7%. Current consensus DPS estimate is 26.7, implying a prospective dividend yield of 6.6%. Current consensus EPS estimate suggests the PER is 11.6. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 28.00 cents and EPS of 32.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 35.0, implying annual growth of N/A. Current consensus DPS estimate is 28.0, implying a prospective dividend yield of 6.9%. Current consensus EPS estimate suggests the PER is 11.6. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
SIQ SMARTGROUP CORPORATION LTD
Vehicle Leasing & Salary Packaging
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Overnight Price: $11.23
Citi rates SIQ as Upgrade to Buy from Neutral (1) -
The 2017 result itself was in-line, but Citi analysts have been impressed (again) -and that's their way of putting it, literally- by the strong organic growth on display. They upgrade to Buy from Neutral.
Given the strong organic growth achieved, Citi analysts suggest the stock may well trade on higher multiples. Earnings estimates have been increased. Target price jumps by 22% to $12.22.
To juice investors' appetite further, Citi still sees plenty of opportunities to enhance organic growth further, as well as increase margins.
Target price is $12.22 Current Price is $11.23 Difference: $0.99
If SIQ meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $10.93, suggesting downside of -2.7% (ex-dividends)
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 42.00 cents and EPS of 63.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 59.8, implying annual growth of N/A. Current consensus DPS estimate is 40.7, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 18.8. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 46.00 cents and EPS of 70.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 63.7, implying annual growth of 6.5%. Current consensus DPS estimate is 43.3, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 17.6. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates SIQ as Neutral (3) -
2017 results were in line with guidance. Credit Suisse notes organic growth is strong and acquired businesses appear to have been successfully integrated. Operating conditions remain broadly supportive.
Neutral rating and $11.60 target maintained.
Target price is $11.60 Current Price is $11.23 Difference: $0.37
If SIQ meets the Credit Suisse target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $10.93, suggesting downside of -2.7% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 42.54 cents and EPS of 63.81 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 59.8, implying annual growth of N/A. Current consensus DPS estimate is 40.7, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 18.8. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 45.92 cents and EPS of 68.94 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 63.7, implying annual growth of 6.5%. Current consensus DPS estimate is 43.3, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 17.6. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates SIQ as Accumulate (2) -
The 2017 had been well flagged and yet the company still managed to surprise, comment the analysts, while pointing at the strength in organic growth in Salary Packaging in particular for providing the positive surprise.
Clearly, conclude the analysts, the company has maintained good tender momentum, which bodes well for organic growth in the short to medium term. And then there's ongoing potential for margin expansion.
Ord Minnett retains its Accumulate rating, while increasing its price target to $11.40 (was $11.15). Estimates have increased.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $11.15 Current Price is $11.23 Difference: minus $0.08 (current price is over target).
If SIQ meets the Ord Minnett target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $10.93, suggesting downside of -2.7% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 40.00 cents and EPS of 63.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 59.8, implying annual growth of N/A. Current consensus DPS estimate is 40.7, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 18.8. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 44.00 cents and EPS of 69.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 63.7, implying annual growth of 6.5%. Current consensus DPS estimate is 43.3, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 17.6. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
SLK SEALINK TRAVEL GROUP LIMITED
Travel, Leisure & Tourism
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Overnight Price: $3.95
Ord Minnett rates SLK as Buy (1) -
The interim result missed Ord Minnett's expectation. This was caused by start up costs regarding Manly to Barangaroo and Rottnest Island services, but there was also continued disappointment from the CCWA business, while both Queensland and Norther Territory didn't live up to potential either.
The company also announced the acquisition of Kingfisher Bay Resort Group, which is seen as a positive move, with short term negative impact. The broker explains this latest move fits in well inside the group's core strategy.
The Kingfisher business includes sole ferry access to Fraser Island and two resorts which account for over 90% of commercial accommodation; it also operates 80% of day tours on the island, point out the analysts. Target price falls to $4.59 from $4.90. Buy rating retained. In particular DPS forecasts have been lowered.
Target price is $4.59 Current Price is $3.95 Difference: $0.64
If SLK meets the Ord Minnett target it will return approximately 16% (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 12.20 cents and EPS of 22.20 cents. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 14.00 cents and EPS of 26.50 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $3.14
Credit Suisse rates SPK as Underperform (5) -
First half result was mixed, the broker observes, albeit with strong growth in mobile services revenue and material labour cost savings from Project Quantum.
Credit Suisse expects a flat earnings result in FY18, nonetheless, on the back of modest revenue growth and growth in costs associated with acquisitions.
Underperform rating retained and target is NZ$3.17.
Current Price is $3.14. Target price not assessed.
Current consensus price target is N/A
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 36.15 cents and EPS of 19.37 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.4, implying annual growth of N/A. Current consensus DPS estimate is 26.1, implying a prospective dividend yield of 8.3%. Current consensus EPS estimate suggests the PER is 15.4. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 39.38 cents and EPS of 20.75 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 21.4, implying annual growth of 4.9%. Current consensus DPS estimate is 26.9, implying a prospective dividend yield of 8.6%. Current consensus EPS estimate suggests the PER is 14.7. |
This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates SPK as Hold (3) -
Deutsche Bank saw a solid underlying performance, broadly in-line with expectations. However, guidance got clouded by management flagging it may decide to accelerate its quantum change program, implying higher costs.
Because mobile remains a strong performer, combined with confidence management can deliver on its cost out ambition, the broker retains its Buy rating. Price target NZ$3.75 (was NZ$4).
Current Price is $3.14. Target price not assessed.
Current consensus price target is N/A
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 23.06 cents and EPS of 20.29 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.4, implying annual growth of N/A. Current consensus DPS estimate is 26.1, implying a prospective dividend yield of 8.3%. Current consensus EPS estimate suggests the PER is 15.4. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 23.06 cents and EPS of 22.13 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 21.4, implying annual growth of 4.9%. Current consensus DPS estimate is 26.9, implying a prospective dividend yield of 8.6%. Current consensus EPS estimate suggests the PER is 14.7. |
This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates SPK as Underperform (5) -
Spark's result was broadly in line with the broker but highlighted some of the operational challenges faced by the business. Mobile was positive, the broker notes, but voice saw declines as customers switched to naked broadband.
The Quantum program continues to ramp up but costs provided a headwind to earnings. Improvements should flow from the program, but the broker suspects it will only alleviate earnings pressures that lie ahead in FY19. Underperform and NZ$3.50 target retained.
Current Price is $3.14. Target price not assessed.
Current consensus price target is N/A
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 23.06 cents and EPS of 20.01 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.4, implying annual growth of N/A. Current consensus DPS estimate is 26.1, implying a prospective dividend yield of 8.3%. Current consensus EPS estimate suggests the PER is 15.4. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 20.29 cents and EPS of 20.84 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 21.4, implying annual growth of 4.9%. Current consensus DPS estimate is 26.9, implying a prospective dividend yield of 8.6%. Current consensus EPS estimate suggests the PER is 14.7. |
This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates SPK as Neutral (3) -
First half results were slightly below UBS forecasts. Guidance for sales and EBITDA growth in FY18 was maintained.
The broker has downgraded forecasts by -1%, having been -2-3% below consensus before the result, reflecting a decline in Southern Cross ((SXL)) dividends and stronger mobile revenue being offset by weaker broadband.
Neutral rating retained and target reduced to NZ$3.35 from NZ $3.50.
Current Price is $3.14. Target price not assessed.
Current consensus price target is N/A
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 23.06 cents and EPS of 19.92 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.4, implying annual growth of N/A. Current consensus DPS estimate is 26.1, implying a prospective dividend yield of 8.3%. Current consensus EPS estimate suggests the PER is 15.4. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 23.06 cents and EPS of 19.64 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 21.4, implying annual growth of 4.9%. Current consensus DPS estimate is 26.9, implying a prospective dividend yield of 8.6%. Current consensus EPS estimate suggests the PER is 14.7. |
This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
SPO SPOTLESS GROUP HOLDINGS LIMITED
Industrial Sector Contractors & Engineers
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Overnight Price: $1.15
Ord Minnett rates SPO as Hold (3) -
First half results were mixed, with some revenue growth but challenges in the laundry business and at Royal Adelaide Hospital impacting cash flow.
The company is 88% owned by Downer ((DOW)) and therefore not trading on fundamentals, Ord Minnett notes. Hold maintained. Target is $1.15, equal to the bid price.
Target price is $1.15 Current Price is $1.15 Difference: $0
If SPO meets the Ord Minnett target it will return approximately 0% (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 0.00 cents and EPS of 0.00 cents. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 0.00 cents and EPS of 8.00 cents. |
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
SRX SIRTEX MEDICAL LIMITED
Pharmaceuticals & Biotech/Lifesciences
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Overnight Price: $27.61
UBS rates SRX as Downgrade to Neutral from Buy (3) -
First half results were in line with UBS estimates. A soft top line was more than offset by sales force and R&D cost out.
As previously announced, Sirtex has entered into a binding agreement with Varian Medical Systems for the company to acquire all of Sirtex's shares for $28 cash.
UBS downgrades the stock to Neutral from Buy and moves the price target into line with the offer price of $28.00.
Target price is $28.00 Current Price is $27.61 Difference: $0.39
If SRX meets the UBS target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $28.00, suggesting upside of 1.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 30.00 cents and EPS of 100.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 100.7, implying annual growth of N/A. Current consensus DPS estimate is 32.3, implying a prospective dividend yield of 1.2%. Current consensus EPS estimate suggests the PER is 27.4. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 33.00 cents and EPS of 109.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 111.0, implying annual growth of 10.2%. Current consensus DPS estimate is 33.7, implying a prospective dividend yield of 1.2%. Current consensus EPS estimate suggests the PER is 24.9. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates STO as Neutral (3) -
Full year results were in line with Citi's estimates. 2018 guidance remains unchanged.
The broker has reduced CY19/20 NPAT estimates by -2-3% on higher depreciation. Despite management referring to "growth" several times, Citi believes the market needs more details before agreeing with Santos.
Neutral retained and target raised to $5.29 from $5.13.
Target price is $5.29 Current Price is $5.11 Difference: $0.18
If STO meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $5.33, suggesting upside of 4.3% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 0.00 cents and EPS of 26.67 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.5, implying annual growth of N/A. Current consensus DPS estimate is 0.9, implying a prospective dividend yield of 0.2%. Current consensus EPS estimate suggests the PER is 16.8. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 6.47 cents and EPS of 24.73 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.3, implying annual growth of -0.7%. Current consensus DPS estimate is 6.8, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 16.9. |
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 STO as Outperform (1) -
First half underlying earnings were ahead of Credit Suisse estimates. While the organic growth outlook is slowly taking shape, the broker believes the company has earned the right to capitalise on acquisition opportunities.
More value from the Cooper infrastructure also has potential upside. Outperform rating and $5.70 target maintained.
Target price is $5.70 Current Price is $5.11 Difference: $0.59
If STO meets the Credit Suisse target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $5.33, suggesting upside of 4.3% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 0.00 cents and EPS of 33.73 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.5, implying annual growth of N/A. Current consensus DPS estimate is 0.9, implying a prospective dividend yield of 0.2%. Current consensus EPS estimate suggests the PER is 16.8. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 14.66 cents and EPS of 36.63 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.3, implying annual growth of -0.7%. Current consensus DPS estimate is 6.8, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 16.9. |
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 STO as Buy (1) -
Deutsche Bank has had a positive view on Santos for a while, and today has not changed that Buy recommendation. The analysts see the 2017 report as yet more evidence of what the company has achieved, in terms of turnaround, assisted by higher oil prices.
The broker continues to see a "compelling" growth portfolio on top of "valuation support" and wholeheartedly embraces the prospect of the return of shareholder dividends in 2019.
Underlying, it seems, Santos' report was better then expected. Though there were one-offs and forecasts hardly changed. Price target has gained 5c to $5.95.
Target price is $5.95 Current Price is $5.11 Difference: $0.84
If STO meets the Deutsche Bank target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $5.33, suggesting upside of 4.3% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 0.00 cents and EPS of 31.08 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.5, implying annual growth of N/A. Current consensus DPS estimate is 0.9, implying a prospective dividend yield of 0.2%. Current consensus EPS estimate suggests the PER is 16.8. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 10.36 cents and EPS of 34.96 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.3, implying annual growth of -0.7%. Current consensus DPS estimate is 6.8, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 16.9. |
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 STO as Overweight (1) -
2017 results were below the broker's expectations, driven primarily by hedging losses and FX.
Management stated that production capability from the Cooper Basin has increased and it remains confident on GLNG increasing. No dividend was declared, Morgan Stanley noting the board's preference for nearer-term debt reduction.
Overweight rating retained. Target is $5.48. Industry View: In Line.
Target price is $5.48 Current Price is $5.11 Difference: $0.37
If STO meets the Morgan Stanley target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $5.33, suggesting upside of 4.3% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 6.47 cents and EPS of 41.44 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.5, implying annual growth of N/A. Current consensus DPS estimate is 0.9, implying a prospective dividend yield of 0.2%. Current consensus EPS estimate suggests the PER is 16.8. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 EPS of 37.55 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.3, implying annual growth of -0.7%. Current consensus DPS estimate is 6.8, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 16.9. |
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 STO as Reduce (5) -
2017 results fell short of expectations. Flat margin was a disappointing outcome for Morgans, considering the stronger oil price environment.
Morgans retains a Reduce rating, primarily based on a long-term view that GLNG will struggle to maintain a competitive cost base once development activity moves on from the heavily developed/appraised top tier. Target is lowered to $4.31 from $4.32.
Target price is $4.31 Current Price is $5.11 Difference: minus $0.8 (current price is over target).
If STO meets the Morgans target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $5.33, suggesting upside of 4.3% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 0.00 cents and EPS of 25.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.5, implying annual growth of N/A. Current consensus DPS estimate is 0.9, implying a prospective dividend yield of 0.2%. Current consensus EPS estimate suggests the PER is 16.8. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 0.00 cents and EPS of 33.67 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.3, implying annual growth of -0.7%. Current consensus DPS estimate is 6.8, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 16.9. |
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 STO as Hold (3) -
First half operating earnings were -11% below Ord Minnett forecasts. The miss was largely because of higher corporate costs.
While the outlook has improved, and the company has sustained a remarkable turnaround from generating negative free cash flow just two years ago, the broker maintains a Hold rating. Target is $5.30.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $5.30 Current Price is $5.11 Difference: $0.19
If STO meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $5.33, suggesting upside of 4.3% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 0.00 cents and EPS of 36.26 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.5, implying annual growth of N/A. Current consensus DPS estimate is 0.9, implying a prospective dividend yield of 0.2%. Current consensus EPS estimate suggests the PER is 16.8. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 11.65 cents and EPS of 32.37 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.3, implying annual growth of -0.7%. Current consensus DPS estimate is 6.8, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 16.9. |
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 STO as Upgrade to Neutral from Sell (3) -
It was a messy affair, in UBS's assessment, with the underlying FY17 result missing expectations, both at UBS and as far as market consensus is concerned.
The positive take-away is that, after cutting costs, Santos looks to be on track to shrink net debt to below $2bn by the end of 2019. Not only is this well ahead of schedule, it also allows for the return of shareholder dividends in 2019, points out UBS.
The broker upgrades to Neutral from Sell on a weak share price, noting that the above should also allow for an increase in growth investment. Given the flat production outlook, at best, one can see the importance of it. Target remains $5.25.
Target price is $5.25 Current Price is $5.11 Difference: $0.14
If STO meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $5.33, suggesting upside of 4.3% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 0.00 cents and EPS of 20.72 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.5, implying annual growth of N/A. Current consensus DPS estimate is 0.9, implying a prospective dividend yield of 0.2%. Current consensus EPS estimate suggests the PER is 16.8. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 5.18 cents and EPS of 24.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.3, implying annual growth of -0.7%. Current consensus DPS estimate is 6.8, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 16.9. |
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
SVW SEVEN GROUP HOLDINGS LIMITED
Diversified Financials
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Overnight Price: $18.19
Credit Suisse rates SVW as Outperform (1) -
First half results were ahead of expectations. Credit Suisse points to a recovery in Westrac and significant operating leverage at Coates as underpinning a positive view on the stock.
Outperform rating maintained. Target rises to $19.00 from $14.85.
Target price is $19.00 Current Price is $18.19 Difference: $0.81
If SVW meets the Credit Suisse target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $16.80, suggesting downside of -7.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 42.00 cents and EPS of 94.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 88.2, implying annual growth of 1160.0%. Current consensus DPS estimate is 41.3, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 20.6. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 42.00 cents and EPS of 101.13 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 97.0, implying annual growth of 10.0%. Current consensus DPS estimate is 42.0, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 18.8. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates SVW as Neutral (3) -
Seven Group's earnings result beat the broker by 11% on outperformance from all divisions. A positive outlook for resources, infra and energy drives an FY guidance upgrade that appears conservative to the broker.
The broker's upgrade to Outperform in December was based on supportive conditions for WesTrac, Coates and energy and this is playing out, with Coates and Lattice yet to make FY contributions. Outperform retained.
Target rises 17% to $18.80.
Target price is $18.80 Current Price is $18.19 Difference: $0.61
If SVW meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $16.80, suggesting downside of -7.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 40.00 cents and EPS of 94.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 88.2, implying annual growth of 1160.0%. Current consensus DPS estimate is 41.3, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 20.6. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 40.00 cents and EPS of 108.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 97.0, implying annual growth of 10.0%. Current consensus DPS estimate is 42.0, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 18.8. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
SYD SYDNEY AIRPORT HOLDINGS LIMITED
Infrastructure & Utilities
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Overnight Price: $6.32
Credit Suisse rates SYD as Neutral (3) -
2017 results were slightly ahead of estimates. Management raised capital expenditure forecasts for 2018-21 by around 65% and Credit Suisse suggests this may not be helpful from a short-term investment perspective.
Nevertheless, in the medium-long-term, appropriate levels of investment and a customer focus offset the risk of an adverse change to the regulatory structure. Neutral maintained. Target rises to $6.80 from $6.75.
Target price is $6.80 Current Price is $6.32 Difference: $0.48
If SYD meets the Credit Suisse target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $7.23, suggesting upside of 14.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 37.50 cents and EPS of 17.73 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.5, implying annual growth of N/A. Current consensus DPS estimate is 37.8, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 36.1. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 41.50 cents and EPS of 19.72 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.7, implying annual growth of 12.6%. Current consensus DPS estimate is 41.0, implying a prospective dividend yield of 6.5%. Current consensus EPS estimate suggests the PER is 32.1. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates SYD as Downgrade to Neutral from Outperform (3) -
Sydney Airport's result met Macquarie's expectation. The 2018 remains strong, with international traffic growing at 5.3%, but of concern is an ever increasing capex budget. The broker assumes this will be recovered in the next pricing agreement.
The company continues to perform at the operational level. The broker's downgrade to Neutral reflects only a forecast increase for the ten-year bond rate to 4.25% from 3.25%. Target falls to $6.40 from $7.46.
Target price is $6.40 Current Price is $6.32 Difference: $0.08
If SYD meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $7.23, suggesting upside of 14.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 37.50 cents and EPS of 17.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.5, implying annual growth of N/A. Current consensus DPS estimate is 37.8, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 36.1. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 41.00 cents and EPS of 20.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.7, implying annual growth of 12.6%. Current consensus DPS estimate is 41.0, implying a prospective dividend yield of 6.5%. Current consensus EPS estimate suggests the PER is 32.1. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates SYD as Overweight (1) -
2017 outgoings were slightly larger than Morgan Stanley expected. Lower utilities costs are expected to come through in 2018 while the tax benefits in the previous year will not be repeated.
The company has brought forward around $500m in international aeronautical expenditure in view of the growth in volumes. Morgan Stanley has no medium-term concerns about the capacity for growth at Kingsford Smith Airport.
The broker retains an Overweight rating and Cautious industry view. Target is reduced to $7.07 from $7.37.
Target price is $7.07 Current Price is $6.32 Difference: $0.75
If SYD meets the Morgan Stanley target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $7.23, suggesting upside of 14.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 38.00 cents and EPS of 18.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.5, implying annual growth of N/A. Current consensus DPS estimate is 37.8, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 36.1. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 41.00 cents and EPS of 20.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.7, implying annual growth of 12.6%. Current consensus DPS estimate is 41.0, implying a prospective dividend yield of 6.5%. Current consensus EPS estimate suggests the PER is 32.1. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates SYD as Add (1) -
2017 earnings were ahead of forecasts. Morgans suggests guidance for 2018 distributions of 37.5c per security is likely to be conservative.
Net operating receipts increased 13% and fully covered the distribution. Add rating maintained. Target rises to $7.49 from $7.14.
Target price is $7.49 Current Price is $6.32 Difference: $1.17
If SYD meets the Morgans target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $7.23, suggesting upside of 14.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 38.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.5, implying annual growth of N/A. Current consensus DPS estimate is 37.8, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 36.1. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 40.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.7, implying annual growth of 12.6%. Current consensus DPS estimate is 41.0, implying a prospective dividend yield of 6.5%. Current consensus EPS estimate suggests the PER is 32.1. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates SYD as Buy (1) -
2017 earnings were ahead of forecasts. Ord Minnett is a little surprised by the reaction in the share price following the result and suggests investors may have been disappointed by the distribution guidance, or the additional $500m of capital expenditure envisaged for the latter end of 2018-21.
The broker maintains a Buy rating and $8.45 target.
Target price is $8.45 Current Price is $6.32 Difference: $2.13
If SYD meets the Ord Minnett target it will return approximately 34% (excluding dividends, fees and charges).
Current consensus price target is $7.23, suggesting upside of 14.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 38.00 cents and EPS of 17.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.5, implying annual growth of N/A. Current consensus DPS estimate is 37.8, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 36.1. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 41.00 cents and EPS of 19.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.7, implying annual growth of 12.6%. Current consensus DPS estimate is 41.0, implying a prospective dividend yield of 6.5%. Current consensus EPS estimate suggests the PER is 32.1. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates SYD as Buy (1) -
2017 results seemed to please the broker. The second half saw Sydney Airport generate growth of 9% in EBITDA and 12% in cashflow per security.
Costs grew by a greater than expected 12% due to investment in passenger experience and non-aero assets. Management has guided to plus 9% growth in CY18 which UBS view as conservative.
Buy rating retained and target is reduced to $7.10 from $7.60.
Target price is $7.10 Current Price is $6.32 Difference: $0.78
If SYD meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $7.23, suggesting upside of 14.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 38.00 cents and EPS of 17.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.5, implying annual growth of N/A. Current consensus DPS estimate is 37.8, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 36.1. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 41.00 cents and EPS of 20.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.7, implying annual growth of 12.6%. Current consensus DPS estimate is 41.0, implying a prospective dividend yield of 6.5%. Current consensus EPS estimate suggests the PER is 32.1. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
TRS THE REJECT SHOP LIMITED
Household & Personal Products
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Overnight Price: $6.80
Macquarie rates TRS as Neutral (3) -
Reject's result beat the broker and guidance in what the broker describes as a materially improved performance. The broker no longer expects a repeat of last year's second half loss this year.
While earnings forecasts have been lifted significantly, the broker cites a fair valuation in retaining Neutral. Target rises to $6.45 from $4.06.
Target price is $6.45 Current Price is $6.80 Difference: minus $0.35 (current price is over target).
If TRS meets the Macquarie target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 24.00 cents and EPS of 59.70 cents. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 25.20 cents and EPS of 61.30 cents. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $41.93
Citi rates WES as Upgrade to Neutral from Sell (3) -
For Citi's initial assessment, see yesterday's Broker Call Report. After second consideration, Citi has now upgraded to Neutral from Sell, while bumping up the price target to $41 from $39.30.
FY17 results revealed sales momentum has stalled at Coles, but margins are coming in better than expected and this feeding into improved forecasts. The analysts do point out further investment is required to restart momentum at Coles.
The good news, as Citi sees it, is the supermarket operators are seemingly behaving rationally for now. The outlook for the conglomerate as a whole has improved, say the analysts, because of stabilisation in EBIT margin declines for Coles on top of the sustained earnings growth for Bunnings (outside the UK). Woolworths ((WOW)) remains the preferred choice.
Target price is $41.00 Current Price is $41.93 Difference: minus $0.93 (current price is over target).
If WES 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 $41.05, suggesting downside of -2.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 225.00 cents and EPS of 247.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 231.3, implying annual growth of -9.2%. Current consensus DPS estimate is 214.9, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 18.1. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 225.00 cents and EPS of 246.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 250.8, implying annual growth of 8.4%. Current consensus DPS estimate is 217.5, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 16.7. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates WES as Neutral (3) -
First half results were in line. Retail results exceeded forecasts but Credit Suisse is not sure that downside risks to Coles have abated. Meanwhile, the uncertainty with respect to Bunnings UK means capital expenditure is constrained in the near term.
The broker doubts the company's current mix of businesses can outperform the market. Neutral maintained. Target raised to $40.65 from $40.43.
Target price is $40.65 Current Price is $41.93 Difference: minus $1.28 (current price is over target).
If WES 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 $41.05, suggesting downside of -2.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 194.00 cents and EPS of 249.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 231.3, implying annual growth of -9.2%. Current consensus DPS estimate is 214.9, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 18.1. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 173.00 cents and EPS of 241.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 250.8, implying annual growth of 8.4%. Current consensus DPS estimate is 217.5, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 16.7. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates WES as Outperform (1) -
Wesfarmers result was better than feared, the broker notes. Headline profit was below expectations but the earnings decline at Coles was not as bad as expected and the comparables are starting to move forward. Bunnings A&NZ posted another stellar result.
Cash flow was strong despite Bunnings UK&I losses and management will consider capital management once the Curragh mine sales has settled. On improving trends in Coles, and a 19% forecast total shareholder return, the broker retains Outperform. Target rises to $46.30 from $43.92.
Target price is $46.30 Current Price is $41.93 Difference: $4.37
If WES meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $41.05, suggesting downside of -2.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 216.00 cents and EPS of 249.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 231.3, implying annual growth of -9.2%. Current consensus DPS estimate is 214.9, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 18.1. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 243.00 cents and EPS of 270.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 250.8, implying annual growth of 8.4%. Current consensus DPS estimate is 217.5, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 16.7. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates WES as Underweight (5) -
Morgan Stanley was pleased and surprised by the margin and sales at Coles in the first half. Bunnings and Kmart are showing signs of slowing, however, which could compress the multiple further.
The broker suspects the company has taken a proactive approach with Kmart, in view of Amazon's entry to the Australian market, and this has meant margins have narrowed.
Underweight rating retained. Industry view is Cautious. Target is raised to $40 from $39.
Target price is $40.00 Current Price is $41.93 Difference: minus $1.93 (current price is over target).
If WES meets the Morgan Stanley target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $41.05, suggesting downside of -2.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 208.00 cents and EPS of 248.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 231.3, implying annual growth of -9.2%. Current consensus DPS estimate is 214.9, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 18.1. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 217.00 cents and EPS of 255.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 250.8, implying annual growth of 8.4%. Current consensus DPS estimate is 217.5, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 16.7. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates WES as Hold (3) -
First half results were broadly in line with expectations. A drop in earnings at Coles and losses at Bunnings UK were partially offset by stronger earnings at Bunnings Australasia, Officeworks and in the industrial division.
Morgans considers the stock a core portfolio holding but fully valued, given the earnings concerns at Coles, Target and Bunnings UK. Hold rating maintained. Target is raised to $41.18 from $40.64.
Target price is $41.18 Current Price is $41.93 Difference: minus $0.75 (current price is over target).
If WES meets the Morgans target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $41.05, suggesting downside of -2.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 223.00 cents and EPS of 241.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 231.3, implying annual growth of -9.2%. Current consensus DPS estimate is 214.9, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 18.1. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 230.00 cents and EPS of 251.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 250.8, implying annual growth of 8.4%. Current consensus DPS estimate is 217.5, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 16.7. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates WES as Hold (3) -
First half net profit was slightly ahead of forecasts. Ord Minnett expects Bunnings will continue to perform well, given its strong position in Australasia, although the UK business is worse than expected and the tail risk regarding an exit is increasing.
While the dividend yield is supportive, the broker believes the valuation is not compelling. Hold maintained. Target is $41.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $41.00 Current Price is $41.93 Difference: minus $0.93 (current price is over target).
If WES meets the Ord Minnett target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $41.05, suggesting downside of -2.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 225.00 cents and EPS of 128.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 231.3, implying annual growth of -9.2%. Current consensus DPS estimate is 214.9, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 18.1. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 225.00 cents and EPS of 252.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 250.8, implying annual growth of 8.4%. Current consensus DPS estimate is 217.5, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 16.7. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates WES as Neutral (3) -
First half results were better than UBS had expected, driven by stronger results at Coles and CEF.
FY18 to FY20 EPS group forecasts have been lifted 1-2%. Reflecting the strong result from Coles, the broker has raised FY18 to FY20 forecasts by 4-6%.
UBS maintains a Neutral rating, preferring Woolworths ((WOW)) and Treasury Wine Estates ((TWE)) in the space. Target raised to $41.30 from $40.30.
Target price is $41.30 Current Price is $41.93 Difference: minus $0.63 (current price is over target).
If WES meets the UBS target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $41.05, suggesting downside of -2.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 218.00 cents and EPS of 250.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 231.3, implying annual growth of -9.2%. Current consensus DPS estimate is 214.9, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 18.1. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 212.00 cents and EPS of 247.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 250.8, implying annual growth of 8.4%. Current consensus DPS estimate is 217.5, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 16.7. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
WGN WAGNERS HOLDING COMPANY LIMITED
Building Products & Services
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Overnight Price: $4.12
Credit Suisse rates WGN as Outperform (1) -
First half results were above expectations. Credit Suisse believes that plans to increase composite fibre production from 3 to 5 lines underpin the immediate growth that is available in the existing Australian business.
The company has tendered for projects in US parks and ranges and hopes to establish long-term multi-project relationships. Credit Suisse considers this a $1.84 per share value opportunity. Outperform rating and $4.20 target maintained.
Target price is $4.20 Current Price is $4.12 Difference: $0.08
If WGN meets the Credit Suisse target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $3.89, suggesting downside of -5.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 5.40 cents and EPS of 15.37 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.8, implying annual growth of N/A. Current consensus DPS estimate is 5.5, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 26.1. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 11.00 cents and EPS of 18.32 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.1, implying annual growth of 14.6%. Current consensus DPS estimate is 12.8, implying a prospective dividend yield of 3.1%. 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 WGN as Underperform (5) -
Wagner's maiden pro forma result beat the broker, driven by a strong construction materials & services result. Cement volumes were the highlight and Next Generation building materials continue to grow.
Risks in the group's operating environment nevertheless keep the broker on Underperform, with valuation not reflecting intensifying competition and the negative impacts of growing a downstream concrete business. Target unchanged at $3.25.
Target price is $3.25 Current Price is $4.12 Difference: minus $0.87 (current price is over target).
If WGN meets the Macquarie target it will return approximately minus 21% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $3.89, suggesting downside of -5.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 9.50 cents and EPS of 16.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.8, implying annual growth of N/A. Current consensus DPS estimate is 5.5, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 26.1. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 16.00 cents and EPS of 16.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.1, implying annual growth of 14.6%. Current consensus DPS estimate is 12.8, implying a prospective dividend yield of 3.1%. 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 WGN as Add (1) -
First half results were above estimates, and Morgans has confidence in the ability of the company to leverage its earnings during periods of strong demand.
A pick up in aggregates, crushing/haulage and a quick re-entry into fixed concrete all contributed to the earnings momentum. A maiden 1.5c interim dividend was declared. Add rating retained. Target is raised to $4.22 from $4.21.
Target price is $4.22 Current Price is $4.12 Difference: $0.1
If WGN meets the Morgans target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $3.89, suggesting downside of -5.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 1.50 cents and EPS of 16.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.8, implying annual growth of N/A. Current consensus DPS estimate is 5.5, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 26.1. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 11.50 cents and EPS of 19.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.1, implying annual growth of 14.6%. Current consensus DPS estimate is 12.8, implying a prospective dividend yield of 3.1%. 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
Overnight Price: $5.04
Morgans rates WLL as Add (1) -
Morgans observes first half results were solid, as revenue from new clients more than offset the former client losses which had been previously flagged. The company is on the hunt for acquisitions, with several targets cited.
Shareholders have received a special dividend at $0.25, fully franked. Add rating maintained. Target is reduced to $5.54 from $5.66.
Target price is $5.54 Current Price is $5.04 Difference: $0.5
If WLL meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 51.00 cents and EPS of 30.00 cents. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 24.00 cents and EPS of 31.00 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
WOR WORLEYPARSONS LIMITED
Energy Sector Contracting
More Research Tools In Stock Analysis - click HERE
Overnight Price: $15.51
Citi rates WOR as Buy (1) -
First half results were slightly better than Citi expected, although EBIT was lower due to lower than expected hydrocarbons margins.
The interim dividend of 10c was higher than expected, reflecting management's confidence in outlook. Citi has made marginal changes to FY18-20 NPAT assumptions while aggregate revenue assumptions remain largely unchanged.
Buy rating retained and target is raised to $17.50 from $16.25.
Target price is $17.50 Current Price is $15.51 Difference: $1.99
If WOR meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $15.86, suggesting upside of 2.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 30.00 cents and EPS of 66.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 60.6, implying annual growth of 348.9%. Current consensus DPS estimate is 21.5, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 25.6. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 40.00 cents and EPS of 87.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 78.4, implying annual growth of 29.4%. Current consensus DPS estimate is 31.4, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 19.8. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates WOR as Underperform (5) -
First half net profit was ahead of estimates. The broker suggests a market should be pleased with the $0.10 interim dividend and believes the order book is still yet to fully flow into earnings.
Despite the improvement, Credit Suisse struggles with continuing to strip out "one-offs" each year and notes the receivables still outstanding are substantial.
Underperform rating maintained. Target rises to $10.50 from $9.50.
Target price is $10.50 Current Price is $15.51 Difference: minus $5.01 (current price is over target).
If WOR meets the Credit Suisse target it will return approximately minus 32% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $15.86, suggesting upside of 2.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 21.00 cents and EPS of 61.02 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 60.6, implying annual growth of 348.9%. Current consensus DPS estimate is 21.5, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 25.6. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 23.00 cents and EPS of 65.24 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 78.4, implying annual growth of 29.4%. Current consensus DPS estimate is 31.4, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 19.8. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates WOR as Buy (1) -
The recovery is shaping up at a slower pace than was expected, but Deutsche Bank maintains the recovery is still happening, and that's the positive news. The interim report is considered further proof.
On a strong growth outlook, Buy rating retained. The financial report itself surprised at the top line, but underlying EBIT disappointed, with net profits in-line, but that was partially due to lower tax. Price target drops to $17.74 from $18.32.
Target price is $17.74 Current Price is $15.51 Difference: $2.23
If WOR meets the Deutsche Bank target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $15.86, suggesting upside of 2.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 29.00 cents and EPS of 61.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 60.6, implying annual growth of 348.9%. Current consensus DPS estimate is 21.5, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 25.6. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 49.00 cents and EPS of 75.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 78.4, implying annual growth of 29.4%. Current consensus DPS estimate is 31.4, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 19.8. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates WOR as Outperform (1) -
Worley's result beat the broker and the positive surprise was a reinstatement of the dividend, six months earlier than the broker had assumed. The long awaited recovery is getting closer, the broker suggests, although there remains a lag.
Outperform retained, target rises to $16.08 from $14.70. The share price has underperformed the oil price recently, the broker notes, but revenue growth and de-gearing are driving earnings upside. Dar Group has now crept up to a 19.9% stake.
Target price is $16.08 Current Price is $15.51 Difference: $0.57
If WOR meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $15.86, suggesting upside of 2.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 25.10 cents and EPS of 75.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 60.6, implying annual growth of 348.9%. Current consensus DPS estimate is 21.5, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 25.6. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 36.20 cents and EPS of 82.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 78.4, implying annual growth of 29.4%. Current consensus DPS estimate is 31.4, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 19.8. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates WOR as Overweight (1) -
First half results were slightly better than expected. The company has decided to resume dividends, with an interim dividend of $0.10. Morgan Stanley believes this provides confidence in the outlook.
Gearing is also declining. The broker notes more needs to be done with receivables collection, as there has been no noticeable progress across the four large outstanding customers.
Overweight rating retained. Industry view is Cautious. Price target is $16.44.
Target price is $16.44 Current Price is $15.51 Difference: $0.93
If WOR meets the Morgan Stanley target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $15.86, suggesting upside of 2.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 0.00 cents and EPS of 64.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 60.6, implying annual growth of 348.9%. Current consensus DPS estimate is 21.5, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 25.6. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 0.00 cents and EPS of 78.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 78.4, implying annual growth of 29.4%. Current consensus DPS estimate is 31.4, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 19.8. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates WOR as Buy (1) -
First half results were broadly in line with forecasts. Ord Minnett notes clear evidence of improving business conditions and the contracting and engineering markets. The broker believes consensus estimates are too low.
The broker maintains a Buy rating and $16.90 target.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $16.90 Current Price is $15.51 Difference: $1.39
If WOR meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $15.86, suggesting upside of 2.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 24.00 cents and EPS of 36.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 60.6, implying annual growth of 348.9%. Current consensus DPS estimate is 21.5, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 25.6. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 40.00 cents and EPS of 82.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 78.4, implying annual growth of 29.4%. Current consensus DPS estimate is 31.4, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 19.8. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $10.19
Citi rates WTC as Sell (5) -
Citi analysts make an extra effort to highlight they remain a huge fan of this company and its capable management, it's just that the share price valuation is now at stratospheric highs that can no longer be justified on standard financial numbers.
The above sentences were written in late November, but they still apply today, the day after the company released a disappointing set of financial results, suggesting organic growth is slowing. Citi reiterates their Sell rating, to make that extra point about valuation.
Earnings estimates have been reduced. Price target tumbles by -10% to $9.02 (somehow we missed the lift to $10.04 between late November and today).
Target price is $9.02 Current Price is $10.19 Difference: minus $1.17 (current price is over target).
If WTC 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 $9.53, suggesting downside of -6.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 2.70 cents and EPS of 13.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 14.7, implying annual growth of 34.9%. Current consensus DPS estimate is 2.9, implying a prospective dividend yield of 0.3%. Current consensus EPS estimate suggests the PER is 69.3. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 3.80 cents and EPS of 19.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.2, implying annual growth of 37.4%. Current consensus DPS estimate is 4.0, implying a prospective dividend yield of 0.4%. Current consensus EPS estimate suggests the PER is 50.4. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates WTC as Underperform (5) -
First half earnings were below estimates. The broker suggests the market was pricing in sky-high expectations so any disappointment was guaranteed to have an outsized impact.
The company has maintained prior revenue guidance of $207-217m, despite having acquired around $80m of annualised revenue. Credit Suisse suggests that the organic top-line "downgrade" is around 3% at the mid point.
Underperform maintained. Target is reduced to $7.10 from $7.60.
Target price is $7.10 Current Price is $10.19 Difference: minus $3.09 (current price is over target).
If WTC meets the Credit Suisse target it will return approximately minus 30% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $9.53, suggesting downside of -6.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 2.55 cents and EPS of 12.81 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 14.7, implying annual growth of 34.9%. Current consensus DPS estimate is 2.9, implying a prospective dividend yield of 0.3%. Current consensus EPS estimate suggests the PER is 69.3. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 3.50 cents and EPS of 17.07 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.2, implying annual growth of 37.4%. Current consensus DPS estimate is 4.0, implying a prospective dividend yield of 0.4%. Current consensus EPS estimate suggests the PER is 50.4. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates WTC as Overweight (1) -
First half earnings were slightly below expectations. Full year guidance is reiterated and, with no lift in guidance, Morgan Stanley suspects the stock will de-rate.
Overweight maintained. Industry view: Attractive. Target is $15.
Target price is $15.00 Current Price is $10.19 Difference: $4.81
If WTC meets the Morgan Stanley target it will return approximately 47% (excluding dividends, fees and charges).
Current consensus price target is $9.53, suggesting downside of -6.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 3.50 cents and EPS of 18.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 14.7, implying annual growth of 34.9%. Current consensus DPS estimate is 2.9, implying a prospective dividend yield of 0.3%. Current consensus EPS estimate suggests the PER is 69.3. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 5.10 cents and EPS of 26.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.2, implying annual growth of 37.4%. Current consensus DPS estimate is 4.0, implying a prospective dividend yield of 0.4%. Current consensus EPS estimate suggests the PER is 50.4. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Summaries
| A2M | THE A2 MILK CO | Buy - Citi | Overnight Price $12.24 |
| Upgrade to Outperform from Neutral - Credit Suisse | Overnight Price $12.24 | ||
| Upgrade to Buy from Hold - Deutsche Bank | Overnight Price $12.24 | ||
| Outperform - Macquarie | Overnight Price $12.24 | ||
| Neutral - UBS | Overnight Price $12.24 | ||
| APA | APA | Neutral - Citi | Overnight Price $8.26 |
| Underperform - Credit Suisse | Overnight Price $8.26 | ||
| Neutral - Macquarie | Overnight Price $8.26 | ||
| Underweight - Morgan Stanley | Overnight Price $8.26 | ||
| No Rating - Ord Minnett | Overnight Price $8.26 | ||
| APE | AP EAGERS | Underweight - Morgan Stanley | Overnight Price $8.38 |
| Add - Morgans | Overnight Price $8.38 | ||
| Hold - Ord Minnett | Overnight Price $8.38 | ||
| APX | APPEN | Buy - Citi | Overnight Price $9.72 |
| ARB | ARB CORP | Neutral - Credit Suisse | Overnight Price $19.89 |
| Upgrade to Outperform from Neutral - Macquarie | Overnight Price $19.89 | ||
| Lighten - Ord Minnett | Overnight Price $19.89 | ||
| AWE | AWE | Sell - Citi | Overnight Price $0.96 |
| Hold - Deutsche Bank | Overnight Price $0.96 | ||
| No Rating - UBS | Overnight Price $0.96 | ||
| BAL | BELLAMY'S AUSTRALIA | Add - Morgans | Overnight Price $14.99 |
| CCL | COCA-COLA AMATIL | Buy - Citi | Overnight Price $8.91 |
| Outperform - Credit Suisse | Overnight Price $8.91 | ||
| Hold - Deutsche Bank | Overnight Price $8.91 | ||
| Outperform - Macquarie | Overnight Price $8.91 | ||
| Underweight - Morgan Stanley | Overnight Price $8.91 | ||
| Hold - Morgans | Overnight Price $8.91 | ||
| Hold - Ord Minnett | Overnight Price $8.91 | ||
| Neutral - UBS | Overnight Price $8.91 | ||
| CRR | CONVENIENCE RETAIL REIT | Add - Morgans | Overnight Price $2.75 |
| CTD | CORPORATE TRAVEL | Neutral - Macquarie | Overnight Price $24.88 |
| Upgrade to Buy from Neutral - UBS | Overnight Price $24.88 | ||
| CWY | CLEANAWAY WASTE MANAGEMENT | Neutral - Credit Suisse | Overnight Price $1.53 |
| Buy - Deutsche Bank | Overnight Price $1.53 | ||
| No Rating - Macquarie | Overnight Price $1.53 | ||
| Upgrade to Add from Hold - Morgans | Overnight Price $1.53 | ||
| Hold - Ord Minnett | Overnight Price $1.53 | ||
| Buy - UBS | Overnight Price $1.53 | ||
| DOW | DOWNER EDI | Buy - Citi | Overnight Price $6.78 |
| Buy - Deutsche Bank | Overnight Price $6.78 | ||
| Outperform - Macquarie | Overnight Price $6.78 | ||
| Lighten - Ord Minnett | Overnight Price $6.78 | ||
| DTL | DATA#3 | Hold - Morgans | Overnight Price $1.59 |
| FBU | FLETCHER BUILDING | Outperform - Credit Suisse | Overnight Price $6.05 |
| Hold - Deutsche Bank | Overnight Price $6.05 | ||
| Underperform - Macquarie | Overnight Price $6.05 | ||
| Overweight - Morgan Stanley | Overnight Price $6.05 | ||
| Buy - UBS | Overnight Price $6.05 | ||
| FMG | FORTESCUE | Buy - Citi | Overnight Price $5.12 |
| Outperform - Credit Suisse | Overnight Price $5.12 | ||
| Hold - Deutsche Bank | Overnight Price $5.12 | ||
| Outperform - Macquarie | Overnight Price $5.12 | ||
| Add - Morgans | Overnight Price $5.12 | ||
| Hold - Ord Minnett | Overnight Price $5.12 | ||
| Buy - UBS | Overnight Price $5.12 | ||
| FXJ | FAIRFAX MEDIA | Neutral - Credit Suisse | Overnight Price $0.72 |
| Upgrade to Outperform from Neutral - Macquarie | Overnight Price $0.72 | ||
| Overweight - Morgan Stanley | Overnight Price $0.72 | ||
| Upgrade to Buy from Neutral - UBS | Overnight Price $0.72 | ||
| FXL | FLEXIGROUP | Upgrade to Buy from Neutral - Citi | Overnight Price $1.78 |
| GOR | GOLD ROAD RESOURCES | Outperform - Macquarie | Overnight Price $0.77 |
| HUO | HUON AQUACULTURE | Outperform - Credit Suisse | Overnight Price $4.55 |
| Buy - Ord Minnett | Overnight Price $4.55 | ||
| IGO | INDEPENDENCE GROUP | Underperform - Credit Suisse | Overnight Price $4.99 |
| Sell - Deutsche Bank | Overnight Price $4.99 | ||
| Neutral - Macquarie | Overnight Price $4.99 | ||
| LLC | LEND LEASE CORP | Buy - Citi | Overnight Price $17.03 |
| Outperform - Macquarie | Overnight Price $17.03 | ||
| Overweight - Morgan Stanley | Overnight Price $17.03 | ||
| Hold - Ord Minnett | Overnight Price $17.03 | ||
| LOV | LOVISA | Outperform - Macquarie | Overnight Price $8.03 |
| Downgrade to Hold from Add - Morgans | Overnight Price $8.03 | ||
| MLX | METALS X | Outperform - Macquarie | Overnight Price $0.85 |
| MMS | MCMILLAN SHAKESPEARE | Neutral - Credit Suisse | Overnight Price $16.82 |
| Neutral - Macquarie | Overnight Price $16.82 | ||
| MND | MONADELPHOUS GROUP | Underperform - Credit Suisse | Overnight Price $18.04 |
| MP1 | MEGAPORT | Add - Morgans | Overnight Price $3.67 |
| NEA | NEARMAP | Overweight - Morgan Stanley | Overnight Price $0.95 |
| PGH | PACT GROUP | Outperform - Credit Suisse | Overnight Price $5.33 |
| Buy - Deutsche Bank | Overnight Price $5.33 | ||
| Neutral - Macquarie | Overnight Price $5.33 | ||
| Hold - Morgans | Overnight Price $5.33 | ||
| Hold - Ord Minnett | Overnight Price $5.33 | ||
| PRU | PERSEUS MINING | Outperform - Credit Suisse | Overnight Price $0.42 |
| PSQ | PACIFIC SMILES GROUP | Overweight - Morgan Stanley | Overnight Price $1.67 |
| SBM | ST BARBARA | Underperform - Credit Suisse | Overnight Price $4.05 |
| Hold - Deutsche Bank | Overnight Price $4.05 | ||
| Outperform - Macquarie | Overnight Price $4.05 | ||
| Upgrade to Accumulate from Hold - Ord Minnett | Overnight Price $4.05 | ||
| SCG | SCENTRE GROUP | Neutral - Citi | Overnight Price $3.81 |
| Buy - Deutsche Bank | Overnight Price $3.81 | ||
| Outperform - Macquarie | Overnight Price $3.81 | ||
| Accumulate - Ord Minnett | Overnight Price $3.81 | ||
| Buy - UBS | Overnight Price $3.81 | ||
| SDF | STEADFAST GROUP | Outperform - Credit Suisse | Overnight Price $2.37 |
| Outperform - Macquarie | Overnight Price $2.37 | ||
| Accumulate - Ord Minnett | Overnight Price $2.37 | ||
| SGP | STOCKLAND | Neutral - Citi | Overnight Price $4.06 |
| Buy - Deutsche Bank | Overnight Price $4.06 | ||
| Neutral - Macquarie | Overnight Price $4.06 | ||
| Overweight - Morgan Stanley | Overnight Price $4.06 | ||
| Accumulate - Ord Minnett | Overnight Price $4.06 | ||
| SIQ | SMARTGROUP | Upgrade to Buy from Neutral - Citi | Overnight Price $11.23 |
| Neutral - Credit Suisse | Overnight Price $11.23 | ||
| Accumulate - Ord Minnett | Overnight Price $11.23 | ||
| SLK | SEALINK TRAVEL | Buy - Ord Minnett | Overnight Price $3.95 |
| SPK | SPARK NEW ZEALAND | Underperform - Credit Suisse | Overnight Price $3.14 |
| Hold - Deutsche Bank | Overnight Price $3.14 | ||
| Underperform - Macquarie | Overnight Price $3.14 | ||
| Neutral - UBS | Overnight Price $3.14 | ||
| SPO | SPOTLESS | Hold - Ord Minnett | Overnight Price $1.15 |
| SRX | SIRTEX MEDICAL | Downgrade to Neutral from Buy - UBS | Overnight Price $27.61 |
| STO | SANTOS | Neutral - Citi | Overnight Price $5.11 |
| Outperform - Credit Suisse | Overnight Price $5.11 | ||
| Buy - Deutsche Bank | Overnight Price $5.11 | ||
| Overweight - Morgan Stanley | Overnight Price $5.11 | ||
| Reduce - Morgans | Overnight Price $5.11 | ||
| Hold - Ord Minnett | Overnight Price $5.11 | ||
| Upgrade to Neutral from Sell - UBS | Overnight Price $5.11 | ||
| SVW | SEVEN GROUP | Outperform - Credit Suisse | Overnight Price $18.19 |
| Neutral - Macquarie | Overnight Price $18.19 | ||
| SYD | SYDNEY AIRPORT | Neutral - Credit Suisse | Overnight Price $6.32 |
| Downgrade to Neutral from Outperform - Macquarie | Overnight Price $6.32 | ||
| Overweight - Morgan Stanley | Overnight Price $6.32 | ||
| Add - Morgans | Overnight Price $6.32 | ||
| Buy - Ord Minnett | Overnight Price $6.32 | ||
| Buy - UBS | Overnight Price $6.32 | ||
| TRS | THE REJECT SHOP | Neutral - Macquarie | Overnight Price $6.80 |
| WES | WESFARMERS | Upgrade to Neutral from Sell - Citi | Overnight Price $41.93 |
| Neutral - Credit Suisse | Overnight Price $41.93 | ||
| Outperform - Macquarie | Overnight Price $41.93 | ||
| Underweight - Morgan Stanley | Overnight Price $41.93 | ||
| Hold - Morgans | Overnight Price $41.93 | ||
| Hold - Ord Minnett | Overnight Price $41.93 | ||
| Neutral - UBS | Overnight Price $41.93 | ||
| WGN | WAGNERS HOLDING | Outperform - Credit Suisse | Overnight Price $4.12 |
| Underperform - Macquarie | Overnight Price $4.12 | ||
| Add - Morgans | Overnight Price $4.12 | ||
| WLL | WELLCOM GROUP | Add - Morgans | Overnight Price $5.04 |
| WOR | WORLEYPARSONS | Buy - Citi | Overnight Price $15.51 |
| Underperform - Credit Suisse | Overnight Price $15.51 | ||
| Buy - Deutsche Bank | Overnight Price $15.51 | ||
| Outperform - Macquarie | Overnight Price $15.51 | ||
| Overweight - Morgan Stanley | Overnight Price $15.51 | ||
| Buy - Ord Minnett | Overnight Price $15.51 | ||
| WTC | WISETECH GLOBAL | Sell - Citi | Overnight Price $10.19 |
| Underperform - Credit Suisse | Overnight Price $10.19 | ||
| Overweight - Morgan Stanley | Overnight Price $10.19 |
RATING SUMMARY
| Rating | No. Of Recommendations |
| 1. Buy | 73 |
| 2. Accumulate | 5 |
| 3. Hold | 47 |
| 4. Reduce | 2 |
| 5. Sell | 18 |
Thursday 22 February 2018
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Disclaimer:
The content of this information does in no way reflect the opinions of
FNArena, or of its journalists. In fact we don't have any opinion about
the stock market, its value, future direction or individual shares. FNArena solely reports about what the main experts in the market note, believe
and comment on. By doing so we believe we provide intelligent investors
with a valuable tool that helps them in making up their own minds, reading
market trends and getting a feel for what is happening beneath the surface.
This document is provided for informational purposes only. It does not
constitute an offer to sell or a solicitation to buy any security or other
financial instrument. FNArena employs very experienced journalists who
base their work on information believed to be reliable and accurate, though
no guarantee is given that the daily report is accurate or complete. Investors
should contact their personal adviser before making any investment decision.
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