Australian Broker Call
August 22, 2017
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COMPANIES DISCUSSED IN THIS ISSUE
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Last Updated: 02:38 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
| APO - | APN OUTDOOR | Downgrade to Neutral from Buy | UBS |
| BPT - | BEACH ENERGY | Downgrade to Neutral from Buy | Citi |
| GOZ - | GROWTHPOINT PROP | Downgrade to Underperform from Neutral | Macquarie |
| GWA - | GWA GROUP | Downgrade to Underperform from Neutral | Credit Suisse |
| NHF - | NIB HOLDINGS | Downgrade to Underweight from Equal-weight | Morgan Stanley |
Macquarie rates ABA as Neutral (3) -
Auswide Bank's result and dividend beat the broker on a strong contribution from non-interest income. The balance sheet trend improved after a weak first half, the broker notes, but margins still declined despite mortgage repricing.
An announced DRP was surprising, given APRA tightening is expected to slow growth, state the analysts. Neutral retained. Target rises to $5.50 from $5.25.
Target price is $5.50 Current Price is $5.36 Difference: $0.14
If ABA meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 31.50 cents and EPS of 44.60 cents. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 32.00 cents and EPS of 46.70 cents. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates APO as Neutral (3) -
First half results were in line with expectations. Credit Suisse remains wary of the ongoing issue of supply acceleration across the roadside digital segment and, in regard to the company's meaningful, and highly sought after, contracts being up for renewal in the second half.
The broker retains a Neutral rating and reduces the target to $5.45 from $5.85.
Target price is $5.45 Current Price is $5.02 Difference: $0.43
If APO meets the Credit Suisse target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $5.67, suggesting upside of 18.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 19.56 cents and EPS of 31.75 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 83.8, implying annual growth of 188.0%. Current consensus DPS estimate is 19.6, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 5.7. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 20.97 cents and EPS of 34.49 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 35.3, implying annual growth of -57.9%. Current consensus DPS estimate is 21.6, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 13.6. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates APO as Buy (1) -
First half numbers were ahead of Deutsche Bank estimates. The broker observes guidance for 2017 EBITDA of $90-95m requires 6.6% growth in the second half at the mid point.
The broker retains a Buy rating and $5.40 target.
Target price is $5.40 Current Price is $5.02 Difference: $0.38
If APO meets the Deutsche Bank target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $5.67, suggesting upside of 18.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 20.00 cents and EPS of 33.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 83.8, implying annual growth of 188.0%. Current consensus DPS estimate is 19.6, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 5.7. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 22.00 cents and EPS of 35.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 35.3, implying annual growth of -57.9%. Current consensus DPS estimate is 21.6, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 13.6. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates APO as Overweight (1) -
Morgan Stanley observes first half earnings were at risk of some disappointment because of the distractions from the failed merger but this was not as bad as feared and EBITDA was ahead of estimates.
The broker finds encouraging signs for medium term earnings growth and value drivers. Overweight rating and $6.50 target retained. Industry view: Attractive.
Target price is $6.50 Current Price is $5.02 Difference: $1.48
If APO meets the Morgan Stanley target it will return approximately 29% (excluding dividends, fees and charges).
Current consensus price target is $5.67, suggesting upside of 18.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 18.20 cents and EPS of 32.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 83.8, implying annual growth of 188.0%. Current consensus DPS estimate is 19.6, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 5.7. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 20.10 cents and EPS of 35.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 35.3, implying annual growth of -57.9%. Current consensus DPS estimate is 21.6, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 13.6. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates APO as Add (1) -
First half results were softer than expected because of weak demand for transit, rail and airport billboards. The company has guided to full year EBITDA of $90-95m, observing that 60% of second half capacity has been sold.
Morgans downgrades earnings forecast to reflect the new guidance range. Add rating retained. Target is reduced to $5.76 from $6.37.
Target price is $5.76 Current Price is $5.02 Difference: $0.74
If APO meets the Morgans target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $5.67, suggesting upside of 18.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 18.00 cents and EPS of 333.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 83.8, implying annual growth of 188.0%. Current consensus DPS estimate is 19.6, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 5.7. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 24.00 cents and EPS of 38.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 35.3, implying annual growth of -57.9%. Current consensus DPS estimate is 21.6, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 13.6. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates APO as Downgrade to Neutral from Buy (3) -
APN Outdoor's full-year result was in-line - much to UBS's surprise. The market had been bracing itself for a miss given the failed oOh!media merger, churn in sales staff and the resignation of the CEO. Guidance also met consensus, albeit a touch shy of the broker.
UBS expects FY18 may be more subdued, expecting growth to be driven by smaller digital boards, and anticipating growing re-contracting risk and rising depreciation and amortisation.
The broker cuts FY18-FY19 earnings per share by -9% and -12%. UBS downgrades the stock to Neutral from Buy and cuts the target price to $5.25 from $6.
Target price is $5.25 Current Price is $5.02 Difference: $0.23
If APO meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $5.67, suggesting upside of 18.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 19.00 cents and EPS of 32.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 83.8, implying annual growth of 188.0%. Current consensus DPS estimate is 19.6, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 5.7. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 21.00 cents and EPS of 34.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 35.3, implying annual growth of -57.9%. Current consensus DPS estimate is 21.6, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 13.6. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates ASX as Reduce (5) -
FY17 cash net profit was slightly below expectations and Morgans downgrades FY18 and FY19 forecasts for earnings per share by -1-2%.
The company has guided to costs growth in FY18 of 8% which the broker expects will translate to another low year for growth in earnings per share.
Reduce retained. Target is raised to $48.63 from $42.28 as the valuation is rolled forward.
Target price is $48.63 Current Price is $53.79 Difference: minus $5.16 (current price is over target).
If ASX meets the Morgans target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $51.32, suggesting downside of -5.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 207.00 cents and EPS of 230.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 231.3, implying annual growth of 3.0%. Current consensus DPS estimate is 207.4, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 23.4. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 218.00 cents and EPS of 242.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 244.6, implying annual growth of 5.8%. Current consensus DPS estimate is 217.9, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 22.1. |
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates BHP as Outperform (1) -
Macquarie analysts, in an initial assessment of the FY17 release, note bottom line performance fell well short of market expectations. Cash flow, however, was much better and in-line.
Macquarie thinks the decision to exit the shale assets, which the analysts believe could yield US$8-10bn in a sale, is likely to be well received. Outperform. Target $29.
Target price is $29.00 Current Price is $25.70 Difference: $3.3
If BHP meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $27.45, suggesting upside of 5.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 112.18 cents and EPS of 180.15 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 162.6, implying annual growth of N/A. Current consensus DPS estimate is 102.5, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 16.0. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 64.69 cents and EPS of 106.93 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 147.3, implying annual growth of -9.4%. Current consensus DPS estimate is 87.6, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 17.7. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates BHP as Buy (1) -
In an initial response to the FY17 release, UBS notes headline profit has missed market expectations while the final dividend fell short as well. Strong cash flows and the decision to declare US shale operations non-core will likely please investors, suggest the analysts.
Buy rating retained, as well as the $28 price target (equal to Net Present Value).
Target price is $28.00 Current Price is $25.70 Difference: $2.3
If BHP meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $27.45, suggesting upside of 5.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 116.14 cents and EPS of 179.49 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 162.6, implying annual growth of N/A. Current consensus DPS estimate is 102.5, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 16.0. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 108.22 cents and EPS of 182.13 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 147.3, implying annual growth of -9.4%. Current consensus DPS estimate is 87.6, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 17.7. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates BPT as Downgrade to Neutral from Buy (3) -
Beach Energy's full-year result was in line with the broker, save for a big beat on tax that put the net profit 10% ahead of forecast.
Citi notes all the ducks are lining up for Beach: it delivered on cost cutting, and reserves growth, and the outlook is rosy.
But the broker downgrades core net profit forecasts for FY8 and FY9 by -13% to -16%, expecting higher depreciation and amortisation and higher corporate costs.
Rating is downgraded to Neutral from Buy after a 10% share-price jump post the the result. Target price eases to 76c from 80c.
Target price is $0.76 Current Price is $0.69 Difference: $0.075
If BPT meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $0.72, suggesting upside of 4.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 2.00 cents and EPS of 7.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.5, implying annual growth of N/A. Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 9.2. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 2.10 cents and EPS of 8.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 8.7, implying annual growth of 16.0%. Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 7.9. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates BPT as Outperform (1) -
Credit Suisse was pleasantly surprised by the 5mmboe uplift to 2P reserves post production. The company is targeting full replacement of produced reserves from existing operating acreage over the next three years.
Meanwhile, FY17 results were ahead of the broker's estimates and a large part of the beat was driven by cost savings. Outperform retained. Target rises to $0.80 from $0.70.
Target price is $0.80 Current Price is $0.69 Difference: $0.115
If BPT meets the Credit Suisse target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $0.72, suggesting upside of 4.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 2.00 cents and EPS of 9.08 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.5, implying annual growth of N/A. Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 9.2. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 2.00 cents and EPS of 11.65 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 8.7, implying annual growth of 16.0%. Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 7.9. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates BPT as Hold (3) -
FY17 underlying net profit was ahead of Ord Minnett. The broker found a number of key positives in the announcement. Total reserves have increased ex production for the year.
Management has reiterated guidance of at least 10mmboe production for the next three years and full reserve replacement to FY19. Hold retained. Target rises to $0.72 from $0.68.
Target price is $0.72 Current Price is $0.69 Difference: $0.035
If BPT meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $0.72, suggesting upside of 4.3% (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 7.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.5, implying annual growth of N/A. Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 9.2. |
Forecast for FY19:
Ord Minnett 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 8.7, implying annual growth of 16.0%. Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 7.9. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates BPT as Neutral (3) -
After digging deeper into Beach Energy's result, UBS adds another cent to the target price - 74c (previously 73c). See yesterday's commentary for more in-depth result details.
UBS increases its FY18 and FY19 earnings-per-share forecast 3% and 6% across FY18 and FY19 to reflect higher revenue assumptions. Neutral rating retained.
Target price is $0.74 Current Price is $0.69 Difference: $0.055
If BPT meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $0.72, suggesting upside of 4.3% (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 8.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.5, implying annual growth of N/A. Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 9.2. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 2.00 cents and EPS of 8.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 8.7, implying annual growth of 16.0%. Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 7.9. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates BSL as Buy (1) -
BlueScope Steel's full-year result was in line with the broker but the company guided to a sharp downgrade in first-half FY18 earnings, triggering a harsh reaction from the market.
Citi remains positive towards the stock, citing temporal not structural problems. In other news, the company has appointed Mark Vasella (head of the NZ steel business) to take over from CEO Paul O'Malley.
Buy rating retained and target price falls to $15.46 from $17.16 to reflect the earnings downgrade.
Target price is $15.46 Current Price is $11.03 Difference: $4.43
If BSL meets the Citi target it will return approximately 40% (excluding dividends, fees and charges).
Current consensus price target is $13.12, suggesting upside of 13.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 12.90 cents and EPS of 98.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 98.3, implying annual growth of N/A. Current consensus DPS estimate is 11.9, implying a prospective dividend yield of 1.0%. Current consensus EPS estimate suggests the PER is 11.8. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 18.40 cents and EPS of 108.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 101.6, implying annual growth of 3.4%. Current consensus DPS estimate is 14.6, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 11.4. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates BSL as Outperform (1) -
FY17 net profit was in line with Credit Suisse. Guidance for first half EBIT is softer than expected because of higher energy prices and import pressures.
The broker retains an Outperform rating and reduces the target to $12.75 from $13.30.
Target price is $12.75 Current Price is $11.03 Difference: $1.72
If BSL meets the Credit Suisse target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $13.12, suggesting upside of 13.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 13.00 cents and EPS of 96.79 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 98.3, implying annual growth of N/A. Current consensus DPS estimate is 11.9, implying a prospective dividend yield of 1.0%. Current consensus EPS estimate suggests the PER is 11.8. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 13.00 cents and EPS of 97.08 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 101.6, implying annual growth of 3.4%. Current consensus DPS estimate is 14.6, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 11.4. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates BSL as Hold (3) -
FY17 operating earnings were in line with Deutsche Bank. The broker observes further cost reductions and efficiency gains across most divisions but there are now some headwinds.
FY18 guidance is weaker - the company expects first half EBIT to be 80% of the prior half - but the broker suspects this is conservative. Hold rating retained. Target is reduced to $11.00 from $11.50.
Target price is $11.00 Current Price is $11.03 Difference: minus $0.03 (current price is over target).
If BSL meets the Deutsche Bank target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $13.12, suggesting upside of 13.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 22.00 cents and EPS of 110.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 98.3, implying annual growth of N/A. Current consensus DPS estimate is 11.9, implying a prospective dividend yield of 1.0%. Current consensus EPS estimate suggests the PER is 11.8. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 22.00 cents and EPS of 109.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 101.6, implying annual growth of 3.4%. Current consensus DPS estimate is 14.6, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 11.4. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates BSL as Outperform (1) -
While slightly missing the broker's high-end expectations, BlueScope's result was seen as solid. It was FY18 guidance that disappointed.
Steel price weakness in Aust due to imports, reversing raw material cost benefits, rising electricity prices and pressure on US spreads are all expected to weigh. The retirement of the CEO was a slight negative but overall the broker believes the market overreacted to the downside yesterday.
Outperform retained, target falls to $12.40 from $14.30.
Target price is $12.40 Current Price is $11.03 Difference: $1.37
If BSL meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $13.12, suggesting upside of 13.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 14.00 cents and EPS of 91.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 98.3, implying annual growth of N/A. Current consensus DPS estimate is 11.9, implying a prospective dividend yield of 1.0%. Current consensus EPS estimate suggests the PER is 11.8. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 18.00 cents and EPS of 82.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 101.6, implying annual growth of 3.4%. Current consensus DPS estimate is 14.6, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 11.4. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates BSL as Accumulate (2) -
FY17 results were below Ord Minnett forecasts. The company has guided to first half underlying EBIT being 80% lower than the June half of FY17.
While the results do not necessarily mark the end of the company's cost improvements, the broker notes immediate headwinds in terms of energy costs, currency and raw materials will most likely be a drag on earnings.
Accumulate rating retained. Target is reduced to $12.30 from $15.00.
Target price is $12.30 Current Price is $11.03 Difference: $1.27
If BSL meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $13.12, suggesting upside of 13.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 8.00 cents and EPS of 86.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 98.3, implying annual growth of N/A. Current consensus DPS estimate is 11.9, implying a prospective dividend yield of 1.0%. Current consensus EPS estimate suggests the PER is 11.8. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 8.00 cents and EPS of 108.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 101.6, implying annual growth of 3.4%. Current consensus DPS estimate is 14.6, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 11.4. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates BSL as Buy (1) -
BlueScope Steel's full-year result met guidance and the broker - a 55% jump year on year - but missed the beat on guidance.
ASP led the charge, earnings rising 27% - about 18% in front of UBS forecasts thanks to a one-off raw materials buying benefit. BlueScope reported net debt of $230m despite completing most of the buyback.
But weak guidance for FY18 proved the downer, BlueScope forecasting lower ASP earnings, poorer NA steel spreads and higher energy costs. Add increased competition and a weaker manufacturing outlook to the mix and UBS cuts earnings-per-share forecasts for FY18 -13% and FY19 -5%.
The broker believes the share-market sell-off was overdone, citing confidence in outer-year earnings, downstream businesses, and strong free cash flow, while noting the stock is trading on an earnings multiple of 7x (compared to the peer average of 10x).
Target price falls to $14.25 from $15. Buy rating retained.
Target price is $14.25 Current Price is $11.03 Difference: $3.22
If BSL meets the UBS target it will return approximately 29% (excluding dividends, fees and charges).
Current consensus price target is $13.12, suggesting upside of 13.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 7.00 cents and EPS of 105.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 98.3, implying annual growth of N/A. Current consensus DPS estimate is 11.9, implying a prospective dividend yield of 1.0%. Current consensus EPS estimate suggests the PER is 11.8. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 8.00 cents and EPS of 105.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 101.6, implying annual growth of 3.4%. Current consensus DPS estimate is 14.6, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 11.4. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates BXB as Neutral (3) -
Brambles delivered a mixed full-year result, broadly in line with the broker.
Citi expects earnings headwinds in FY18 both domestically and from cost and competitive pressures on the US CHEP pallet business (despite CHEP being forecast to return to 4% volume growth).
Citi's target price falls to $9.90 from $10.15. Neutral rating retained.
Target price is $9.90 Current Price is $9.63 Difference: $0.27
If BXB meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $10.35, suggesting upside of 7.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 30.49 cents and EPS of 53.06 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 53.9, implying annual growth of N/A. Current consensus DPS estimate is 32.1, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 17.9. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 31.68 cents and EPS of 55.96 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 57.0, implying annual growth of 5.8%. Current consensus DPS estimate is 32.6, implying a prospective dividend yield of 3.4%. 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: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates BXB as Neutral (3) -
Brambles' result was broadly in line with consensus. Net new wins are returning, the broker notes, but overall growth will remain below trend on pallet competition in the US, plus price investment in the US and emerging markets means subdued growth into FY19.
A reduction in longer term earnings profile forecast takes the target down to $10.10 from $10.37. Neutral retained.
Target price is $10.10 Current Price is $9.63 Difference: $0.47
If BXB meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $10.35, suggesting upside of 7.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 29.96 cents and EPS of 54.11 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 53.9, implying annual growth of N/A. Current consensus DPS estimate is 32.1, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 17.9. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 32.34 cents and EPS of 56.62 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 57.0, implying annual growth of 5.8%. Current consensus DPS estimate is 32.6, implying a prospective dividend yield of 3.4%. 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: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates BXB as Hold (3) -
FY17 results were broadly in line with Morgans expectations. Given the impact of the rolling off of a large RPC contract, increased investment in digital and automotive plant closures in Australia, the broker decreases FY18 underlying EBIT estimates by -5%.
Morgans maintains a Hold rating and reduces the target to $9.28 from $9.71.
Target price is $9.28 Current Price is $9.63 Difference: minus $0.35 (current price is over target).
If BXB meets the Morgans target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $10.35, suggesting upside of 7.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 39.59 cents and EPS of 52.79 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 53.9, implying annual growth of N/A. Current consensus DPS estimate is 32.1, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 17.9. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 40.91 cents and EPS of 55.43 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 57.0, implying annual growth of 5.8%. Current consensus DPS estimate is 32.6, implying a prospective dividend yield of 3.4%. 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: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates BXB as Buy (1) -
FY17 results were in line with Ord Minnett forecasts. The company's first result under the new reporting structure makes it difficult for comparisons but the outlook suggests to the broker the business is doing better than its recent share price performance would imply.
FY18 guidance is for mid single digit growth in constant currency revenue. Buy rating and $12.65 target.
Target price is $12.65 Current Price is $9.63 Difference: $3.02
If BXB meets the Ord Minnett target it will return approximately 31% (excluding dividends, fees and charges).
Current consensus price target is $10.35, suggesting upside 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 29.04 cents and EPS of 52.79 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 53.9, implying annual growth of N/A. Current consensus DPS estimate is 32.1, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 17.9. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 27.72 cents and EPS of 56.75 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 57.0, implying annual growth of 5.8%. Current consensus DPS estimate is 32.6, implying a prospective dividend yield of 3.4%. 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: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates BXB as Buy (1) -
Brambles full-year result was just shy of guidance but was well-received by the broker given earnings rose 6% after including the weak US pallets business.
UBS says management flagged a recovery in the pallets business. It notes the IFCO business posted a 22% jump in earnings, although return on the business's capital investment remains low.
The broker eases earnings-per-share estimates -3% on re-basing due to temporary issues in the US. UBS expects the stock can generate medium to high single digit earnings growth off a defensive revenue line and a strong competitive network advantage.
Buy rating retained, UBS citing the 18x price-earnings multiple as undemanding.Target price inches up to $11.40 from $11.30.
Target price is $11.40 Current Price is $9.63 Difference: $1.77
If BXB meets the UBS target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $10.35, suggesting upside of 7.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 38.45 cents and EPS of 68.94 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 53.9, implying annual growth of N/A. Current consensus DPS estimate is 32.1, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 17.9. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 38.27 cents and EPS of 73.91 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 57.0, implying annual growth of 5.8%. Current consensus DPS estimate is 32.6, implying a prospective dividend yield of 3.4%. 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: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates CLW as Accumulate (2) -
FY17 operating earnings were in line with Ord Minnett's forecasts. FY18 guidance implies 3.9% growth and is within expectations. The broker highlights that acquisition-led growth is now more challenging and the company's gearing is likely to reach around 40% in FY18.
The broker retains an Accumulate rating and trims the target to $4.35 from $4.45.
Target price is $4.35 Current Price is $4.16 Difference: $0.19
If CLW meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $4.14, suggesting downside of -0.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 26.00 cents and EPS of 26.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.4, implying annual growth of 11.1%. Current consensus DPS estimate is 26.3, implying a prospective dividend yield of 6.3%. Current consensus EPS estimate suggests the PER is 15.7. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 27.00 cents and EPS of 27.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.8, implying annual growth of 5.3%. Current consensus DPS estimate is 27.6, implying a prospective dividend yield of 6.7%. Current consensus EPS estimate suggests the PER is 14.9. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates ENN as Buy (1) -
Funds management revenue was up strongly in FY17 underpinned by performance and acquisition fees. Ord Minnett forecasts $250m for inflows in FY18 and around $65m in realisations.
The company has also announced a new fund, utilising hotel Ibis Eaglehawk as a cornerstone asset. The broker retains a Buy rating and raises the target to $2.62 from $2.41.
Target price is $2.62 Current Price is $2.14 Difference: $0.48
If ENN meets the Ord Minnett target it will return approximately 22% (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 13.80 cents and EPS of 29.90 cents. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 16.00 cents and EPS of 12.80 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates FMG as Outperform (1) -
FY17 underlying net profit was marginally below Credit Suisse estimates. The focus for FY18 is cost performance and how price realisation ultimately progresses.
The company has announced a new dividend policy, which the broker believes is a sign of confidence in the continued ability to generate cash. Policy is for a 50-80% pay-out of net profit, up from the previous 30-40%.
Outperform rating and $6.50 target retained.
Target price is $6.50 Current Price is $5.85 Difference: $0.65
If FMG meets the Credit Suisse target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $6.01, suggesting upside of 1.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 46.44 cents and EPS of 71.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 53.2, implying annual growth of N/A. Current consensus DPS estimate is 33.1, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 11.2. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 31.95 cents and EPS of 48.99 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 52.5, implying annual growth of -1.3%. Current consensus DPS estimate is 32.6, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 11.3. |
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 FMG as Hold (3) -
FY17 net profit was slightly below Deutsche Bank's estimates. The main difference was a higher final dividend of 25c versus forecasts for 15c.
Capital returns target is revised to 50-80% of net profit going forward. The broker believes the stock is fully valued and retains a Hold rating. Target is $5.50.
Target price is $5.50 Current Price is $5.85 Difference: minus $0.35 (current price is over target).
If FMG meets the Deutsche Bank target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $6.01, suggesting upside of 1.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 31.68 cents and EPS of 48.83 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 53.2, implying annual growth of N/A. Current consensus DPS estimate is 33.1, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 11.2. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 42.23 cents and EPS of 64.67 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 52.5, implying annual growth of -1.3%. Current consensus DPS estimate is 32.6, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 11.3. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates FMG as Outperform (1) -
Fortescue's result met the broker although cash generation was stronger leading to faster pay down of debt. The significant news was a dividend increase to a 67% payout for the half (52% for FY17) and an ongoing lift in payout ratio to 50-80% of profit.
Higher capex and tax will weigh in FY18 but falling costs will offset, the broker notes. Outperform retained. Target rises to $6.60 from $6.10.
Target price is $6.60 Current Price is $5.85 Difference: $0.75
If FMG meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $6.01, suggesting upside of 1.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 26.13 cents and EPS of 32.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 53.2, implying annual growth of N/A. Current consensus DPS estimate is 33.1, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 11.2. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 28.77 cents and EPS of 36.03 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 52.5, implying annual growth of -1.3%. Current consensus DPS estimate is 32.6, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 11.3. |
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 FMG as Equal-weight (3) -
FY17 results were in line with Morgan Stanley. The dividend was better-than-expected with a new policy to pay out 50-80% of profits.
Morgan Stanley suggests, as many miners pursue value over volume strategies, increased returns may become the new norm and this will require a shift in both the corporate mindset and investment expectations.
Equal-weight rating retained. Target is $5.40. Attractive industry view.
Target price is $5.40 Current Price is $5.85 Difference: minus $0.45 (current price is over target).
If FMG meets the Morgan Stanley target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $6.01, suggesting upside of 1.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 22.44 cents and EPS of 56.75 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 53.2, implying annual growth of N/A. Current consensus DPS estimate is 33.1, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 11.2. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 19.80 cents and EPS of 48.83 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 52.5, implying annual growth of -1.3%. Current consensus DPS estimate is 32.6, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 11.3. |
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 FMG as Hold (3) -
FY17 results were slightly softer than Morgans estimates. The company surprised the market with a final dividend of $0.25 per share.
The balance sheet is now repaired and Morgans has a positive view on the company's strategy. With spot iron ore prices back up near US$80/t, the company is enjoying solid cash flow. Hold rating retained. Target is raised to $6.06 from $5.95.
Target price is $6.06 Current Price is $5.85 Difference: $0.21
If FMG meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $6.01, suggesting upside of 1.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 31.68 cents and EPS of 52.79 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 53.2, implying annual growth of N/A. Current consensus DPS estimate is 33.1, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 11.2. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 36.95 cents and EPS of 62.03 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 52.5, implying annual growth of -1.3%. Current consensus DPS estimate is 32.6, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 11.3. |
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 FMG as Accumulate (2) -
FY17 earnings were within Ord Minnett's forecasts. Highlights include an increased pay-out ratio of 50-80% of net profit and increase in the resources in the Western Hub.
The broker forecasts a 51% dividend pay-out in FY18. Target is $6.50. Accumulate rating retained.
Target price is $6.50 Current Price is $5.85 Difference: $0.65
If FMG meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $6.01, suggesting upside of 1.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 47.51 cents and EPS of 68.63 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 53.2, implying annual growth of N/A. Current consensus DPS estimate is 33.1, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 11.2. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 55.43 cents and EPS of 84.47 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 52.5, implying annual growth of -1.3%. Current consensus DPS estimate is 32.6, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 11.3. |
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 FMG as Neutral (3) -
Fortescue Metals full-year result fell short of the broker and consensus, but a surprise beat on the dividend sweetened the result
Fortescue flagged continuing strong returns, guided to an increased payout ratio of 50-80%, reported a stronger balance sheet and sharp fall in net gearing to 21% from 38%.
UBS lifts the target price to $6 from $5.60, setting the new target at a 9x multiple of net present value to account for concerns of iron-ore discounting. Neutral rating retained.
Target price is $6.00 Current Price is $5.85 Difference: $0.15
If FMG meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $6.01, suggesting upside of 1.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 39.59 cents and EPS of 59.39 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 53.2, implying annual growth of N/A. Current consensus DPS estimate is 33.1, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 11.2. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 29.00 cents and EPS of 58.07 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 52.5, implying annual growth of -1.3%. Current consensus DPS estimate is 32.6, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 11.3. |
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 GBT as Add (1) -
The company has announced a surge in the cost of re-developing its core management system, Composer. The project has been taken back in-house after an external contractor was unable to meet timelines and quality benchmarks.
The cost has blown out to $50m, 2.5 times the original estimate. Despite the setback, Morgans believes the business model is robust and maintains an Add rating. Target is reduced to $3.36 from $3.86.
Target price is $3.36 Current Price is $1.99 Difference: $1.37
If GBT meets the Morgans target it will return approximately 69% (excluding dividends, fees and charges).
Current consensus price target is $3.69, suggesting upside of 84.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 6.00 cents and EPS of 12.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 12.5, implying annual growth of -9.6%. Current consensus DPS estimate is 6.2, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 16.0. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 5.00 cents and EPS of 7.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 14.8, implying annual growth of 18.4%. Current consensus DPS estimate is 8.2, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 13.5. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates GEM as Buy (1) -
First half EBIT was ahead of Deutsche Bank estimates, driven by impressive cost control. The broker notes the company managed to expand margins and growth earnings despite a decline in occupancy.
The broker considers the stock attractively priced and retains a Buy rating. Target is raised to $4.40 from $4.00.
Target price is $4.40 Current Price is $4.06 Difference: $0.34
If GEM meets the Deutsche Bank target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $4.36, suggesting upside of 6.1% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 24.00 cents and EPS of 24.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.7, implying annual growth of 0.1%. Current consensus DPS estimate is 21.1, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 16.6. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 20.00 cents and EPS of 27.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 28.6, implying annual growth of 15.8%. Current consensus DPS estimate is 20.5, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 14.4. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates GEM as Neutral (3) -
G8 Education's result fell short of the broker. Lower occupancy led to weak revenue growth but margins improved thanks to efficiencies. Second half acquisitions performed well and will make a more meaningful contribution in FY18, the broker suggests.
While forecasts have been trimmed, a roll forward of valuation leads to a target increase to $4.10 from $3.90. Neutral retained.
Target price is $4.10 Current Price is $4.06 Difference: $0.04
If GEM meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $4.36, suggesting upside of 6.1% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 16.50 cents and EPS of 25.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.7, implying annual growth of 0.1%. Current consensus DPS estimate is 21.1, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 16.6. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 20.00 cents and EPS of 28.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 28.6, implying annual growth of 15.8%. Current consensus DPS estimate is 20.5, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 14.4. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates GEM as Buy (1) -
G8 Education's first half results were broadly in line with estimates. Reported EBIT increased 6% to $60.8m, highlighting that soft occupancy was offset by strong cost control.
Ord Minnett expects FY17 cash conversion to improve to around 95% to 97%. Management has reiterated a target of approx $1bn of revenue and EPS of 40c by December 2019.
Buy rating retained and target is raised to $4.50 from $4.30.
Target price is $4.50 Current Price is $4.06 Difference: $0.44
If GEM meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $4.36, suggesting upside of 6.1% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 24.00 cents and EPS of 24.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.7, implying annual growth of 0.1%. Current consensus DPS estimate is 21.1, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 16.6. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 20.00 cents and EPS of 31.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 28.6, implying annual growth of 15.8%. Current consensus DPS estimate is 20.5, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 14.4. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates GEM as Buy (1) -
G8 Education's first-half result outpaced the broker, providing a 7% earnings beat thanks to lower interest costs.
Despite some weakness in the fundamentals and a downgrade of earnings guidance to match consensus, UBS retains a positive view of the stock, noting strong cost containment, an improvement in government funding from July 2018, income from new sites over the next three years and a much stronger balance sheet.
UBS adds 3% to earnings per share estimates in FY18 and 4% for FY19. Target price rises to $4.45 from $4.35. Buy rating retained.
Target price is $4.45 Current Price is $4.06 Difference: $0.39
If GEM meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $4.36, suggesting upside of 6.1% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 20.00 cents and EPS of 25.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.7, implying annual growth of 0.1%. Current consensus DPS estimate is 21.1, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 16.6. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 22.00 cents and EPS of 28.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 28.6, implying annual growth of 15.8%. Current consensus DPS estimate is 20.5, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 14.4. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates GMG as Buy (1) -
Goodman Group reported a full-year result in line with guidance, consensus and the broker. FY18 guidance was also in line.
Improved portfolio performance, demand for new developments, higher funds management fees and easing interest expenses skew the risk to the upside in Citi's view.
Citi retains a Buy rating and expects the market may re-rate the stock given it is trading at a -7% FY18 price-earnings multiple discount to global peers. Target price rises to $9.42 from $8.95.
Target price is $9.42 Current Price is $8.42 Difference: $1
If GMG meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $8.24, suggesting downside of -3.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 27.50 cents and EPS of 46.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 46.2, implying annual growth of N/A. Current consensus DPS estimate is 27.8, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 18.4. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 29.10 cents and EPS of 49.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 48.8, implying annual growth of 5.6%. Current consensus DPS estimate is 29.3, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 17.5. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates GMG as Hold (3) -
FY17 operating earnings per share were in line with Deutsche Bank. FY18 guidance is for EPS growth of 6%. The broker believes this is likely to be a conservative estimate and factors in 6.6%.
Hold rating retained as the selling of assets and de-gearing implies the company is becoming more cautious about the market. Target is reduced to $8.18 from $8.25.
Target price is $8.18 Current Price is $8.42 Difference: minus $0.24 (current price is over target).
If GMG meets the Deutsche Bank target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $8.24, suggesting downside of -3.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 28.00 cents and EPS of 46.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 46.2, implying annual growth of N/A. Current consensus DPS estimate is 27.8, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 18.4. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 29.00 cents and EPS of 48.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 48.8, implying annual growth of 5.6%. Current consensus DPS estimate is 29.3, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 17.5. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates GMG as Outperform (1) -
While FY18 guidance is in line with the broker, the FY17 result was of lower quality given development work, internal assets under management and asset valuation has stalled for 12 months.
However, Goodman continues to deliver consistent earnings growth, and that's what the market likes, comment the analysts.
With earnings risk skewed to the upside, the broker retains Outperform. Target rises to $8.49 from $8.46.
Target price is $8.49 Current Price is $8.42 Difference: $0.07
If GMG meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $8.24, suggesting downside of -3.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 27.60 cents and EPS of 46.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 46.2, implying annual growth of N/A. Current consensus DPS estimate is 27.8, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 18.4. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 29.30 cents and EPS of 48.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 48.8, implying annual growth of 5.6%. Current consensus DPS estimate is 29.3, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 17.5. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates GMG as Overweight (1) -
Headline results and guidance were in line with expectations. FY18 guidance suggests ongoing dilution with 1.5-2% of growth in earnings per share driven by the redemption of hybrids.
Morgan Stanley believes the company is well-positioned to deliver superior growth for the next 2-3 years but a relatively weak second half operating result and recent outperformance means there is less conviction about the near-term.
Overweight rating and $8.20 target retained. Industry view is Cautious.
Target price is $8.20 Current Price is $8.42 Difference: minus $0.22 (current price is over target).
If GMG meets the Morgan Stanley target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $8.24, suggesting downside of -3.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 27.60 cents and EPS of 46.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 46.2, implying annual growth of N/A. Current consensus DPS estimate is 27.8, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 18.4. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 29.30 cents and EPS of 48.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 48.8, implying annual growth of 5.6%. Current consensus DPS estimate is 29.3, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 17.5. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates GMG as Hold (3) -
FY17 operating profit was in line with forecasts. Ord Minnett believes the current environment is as good as it will get for the company and maintaining earnings growth will become more challenging as yield compression will no longer underpin the current above-trend margins.
Profitability in the active business remains high, but the pressure to utilise cash is lower and this will change as margins normalise. Hold retained. Target reduced to $7.80 from $7.90.
Target price is $7.80 Current Price is $8.42 Difference: minus $0.62 (current price is over target).
If GMG 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 $8.24, suggesting downside of -3.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 28.00 cents and EPS of 46.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 46.2, implying annual growth of N/A. Current consensus DPS estimate is 27.8, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 18.4. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 29.00 cents and EPS of 48.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 48.8, implying annual growth of 5.6%. Current consensus DPS estimate is 29.3, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 17.5. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates GMG as Neutral (3) -
Goodman Group's full-year result met the broker and consensus, management flagging FY18 growth in excess of 6%.
UBS notes strong portfolio metrics, gearing of 5.9% and cash of $2.1bn, strong returns fro Partnership, and a rise in assets under management despite $2.5bn in asset sales (another $2bn are expected in FY18).
While there wasn't much not to like, UBS notes the stock is trading on a stretched 18.5x price-earnings multiple. The broker expects it to trade at a premium to valuation given structural logistics trends, but is becoming cautious.
Neutral rating and $7.68 target price retained.
Target price is $7.68 Current Price is $8.42 Difference: minus $0.74 (current price is over target).
If GMG meets the UBS target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $8.24, suggesting downside of -3.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 27.70 cents and EPS of 46.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 46.2, implying annual growth of N/A. Current consensus DPS estimate is 27.8, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 18.4. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 29.80 cents and EPS of 49.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 48.8, implying annual growth of 5.6%. Current consensus DPS estimate is 29.3, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 17.5. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates GOZ as Downgrade to Underperform from Neutral (5) -
Growthpoint's result was in line with Macquarie and recent FY18 guidance was reaffirmed. The dividend is nevertheless some 4% in excess of free cash flow which is why, the broker suggests, the payout ratio declined to 84% from 89% in FY16.
A payout ratio of 85%-plus has been indicated for the medium term, but Macquarie sees limited upside to distributions. Despite being defensive and high yielding, Growthpoint's above-sector gearing and the fact the stock is trading above net asset valuation prompts the broker to downgrade to Underperform.
Target rises to $3.19 from $3.05.
Target price is $3.19 Current Price is $3.21 Difference: minus $0.02 (current price is over target).
If GOZ meets the Macquarie target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 22.00 cents and EPS of 22.20 cents. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 22.60 cents and EPS of 23.30 cents. |
Market Sentiment: -1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates GOZ as Sell (5) -
Growthpoint's full-year result was in line with recent guidance but UBS believes the stock is expensive, highly geared and carrying acquisition risk given its 18% stake in Industria REIT ((IDR)).
Management guided to a 6% earnings shift in FY18. UBS forecasts a -3% change in funds from operations per share in the period and a dividend of 22.1c.
Target price inches up to $2.94 from $2.90. UBS retains its view that it prefers other sector stocks and retains a Sell rating.
Target price is $2.94 Current Price is $3.21 Difference: minus $0.27 (current price is over target).
If GOZ meets the UBS target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 22.20 cents and EPS of 24.80 cents. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 22.70 cents and EPS of 24.90 cents. |
Market Sentiment: -1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates GWA as Sell (5) -
GWA Group's full-year result failed to impress the broker, which reiterates a Sell rating, believing the stock is expensive at a price-earnings multiple of 16.3x.
Looking ahead to FY18, Citi believes organic growth will struggle as dwelling completions fall.
Target price rises to $2.49 from $2.40 and core earnings-per-share estimates fall -5% and -4% in FY18 and FY19
Target price is $2.49 Current Price is $3.17 Difference: minus $0.68 (current price is over target).
If GWA meets the Citi target it will return approximately minus 21% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $2.79, suggesting downside of -10.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 15.50 cents and EPS of 19.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.5, implying annual growth of N/A. Current consensus DPS estimate is 16.0, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 15.9. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 14.50 cents and EPS of 18.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.9, implying annual growth of -3.1%. Current consensus DPS estimate is 15.3, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 16.5. |
Market Sentiment: -0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates GWA as Downgrade to Underperform from Neutral (5) -
FY17 results were in line with Credit Suisse. The broker observes the balance sheet is in good shape and management is to be commended for its execution.
Nevertheless, most of the low hanging fruit appears to have been picked and the broker suspects it will be difficult to grow in FY18-19. Subsequently, rating is downgraded to Underperform from Neutral following a strong share price performance. Target is $2.90.
Target price is $2.90 Current Price is $3.17 Difference: minus $0.27 (current price is over target).
If GWA meets the Credit Suisse target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $2.79, suggesting downside 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 16.00 cents and EPS of 19.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.5, implying annual growth of N/A. Current consensus DPS estimate is 16.0, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 15.9. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 15.00 cents and EPS of 18.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.9, implying annual growth of -3.1%. Current consensus DPS estimate is 15.3, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 16.5. |
Market Sentiment: -0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates GWA as Hold (3) -
FY17 EBIT was in line with expectations. No guidance was provided for FY18 although management suggests renovations are expected to remain stable.
Cost savings ahead of the $13-15m target for FY19 have been outlined and Deutsche Bank notes a proportion will be invested in growth. Hold retained. Target is raised to $3.27 from $3.05.
Target price is $3.27 Current Price is $3.17 Difference: $0.1
If GWA meets the Deutsche Bank target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $2.79, suggesting downside 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 17.00 cents and EPS of 20.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.5, implying annual growth of N/A. Current consensus DPS estimate is 16.0, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 15.9. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 17.00 cents and EPS of 20.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.9, implying annual growth of -3.1%. Current consensus DPS estimate is 15.3, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 16.5. |
Market Sentiment: -0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates GWA as Underperform (5) -
GWA's result was broadly in line with the broker's expectations. Bathrooms & kitchens held up as expected while door & access systems suffered from weakness in WA. No guidance was provided.
GWA is a late-cycle exposure to the housing market but the broker is concerned over declining building approvals that it expects will hit revenues in FY18 and beyond. Underperform and $2.60 target retained.
Target price is $2.60 Current Price is $3.17 Difference: minus $0.57 (current price is over target).
If GWA meets the Macquarie target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $2.79, suggesting downside of -10.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 15.50 cents and EPS of 18.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.5, implying annual growth of N/A. Current consensus DPS estimate is 16.0, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 15.9. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 14.00 cents and EPS of 18.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.9, implying annual growth of -3.1%. Current consensus DPS estimate is 15.3, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 16.5. |
Market Sentiment: -0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates GWA as Hold (3) -
FY17 earnings were ahead of Morgans estimates. The company is doing all the right things internally, developing new products and controlling costs yet Morgans believes the stock is fully valued, given subdued macroeconomic conditions and an expected slowing in building activity over the next 12 months.
The broker maintains a Hold rating and increases the target to $3.07 from $3.00.
Target price is $3.07 Current Price is $3.17 Difference: minus $0.1 (current price is over target).
If GWA meets the Morgans target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $2.79, suggesting downside of -10.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 16.00 cents and EPS of 20.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.5, implying annual growth of N/A. Current consensus DPS estimate is 16.0, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 15.9. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 15.00 cents and EPS of 19.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.9, implying annual growth of -3.1%. Current consensus DPS estimate is 15.3, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 16.5. |
Market Sentiment: -0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates GWA as Sell (5) -
GWA Group's full-year result edged in ahead of the broker, thanks to margin support.
UBS says while cost-outs helped the result, top-line growth and margin maintenance may weigh in FY18 and beyond.
Sell rating and $2.40 target price retained.
Target price is $2.40 Current Price is $3.17 Difference: minus $0.77 (current price is over target).
If GWA meets the UBS target it will return approximately minus 24% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $2.79, suggesting downside of -10.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 16.00 cents and EPS of 19.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.5, implying annual growth of N/A. Current consensus DPS estimate is 16.0, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 15.9. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 16.00 cents and EPS of 18.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.9, implying annual growth of -3.1%. Current consensus DPS estimate is 15.3, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 16.5. |
Market Sentiment: -0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates HSN as Neutral (3) -
FY17 results were in line with expectations. Credit Suisse calculates that underlying billing growth on a constant currency basis was around 2%, down from more than 10% in FY16 and below managements previously stated 4-8% target range.
The broker reduces the target price to $3.60 from $3.70 because of lower earnings estimates. The business is considered solid with strong cash flow and a sticky customer base. Neutral retained as the broker struggles to see material upside in the near-term.
Target price is $3.60 Current Price is $3.62 Difference: minus $0.02 (current price is over target).
If HSN meets the Credit Suisse target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 5.94 cents and EPS of 17.37 cents. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 6.88 cents and EPS of 18.57 cents. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates HSN as Accumulate (2) -
FY17 results were in line with the recently lowered guidance, but the 65% second half cash conversion negatively surprised the broker. In addition, capex and capitalised development remained elevated on first half levels.
Hansen has guided to growth in underlying profitability and a positive earnings contribution from Enoro in FY18. Ord Minnett maintains an Accumulate rating and price target is reduced to $3.98 from $4.59.
Target price is $3.98 Current Price is $3.62 Difference: $0.36
If HSN meets the Ord Minnett target it will return approximately 10% (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 6.00 cents and EPS of 15.90 cents. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 6.00 cents and EPS of 16.80 cents. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates MHJ as Outperform (1) -
FY17 results were in line with Credit Suisse estimates. The operating performance reflects headwinds for margins in the second half.
Gains in core markets of Australasia and Canada were hampered by further operating losses in the US and Emma & Roe. The broker reduces FY18 net profit forecasts by -1.9% and raises FY19 by 1.1%.
Credit Suisse retains an Outperform rating. Target is raised to NZ$1.50 from NZ$1.45.
Current Price is $1.25. Target price not assessed.
Current consensus price target is $1.49, suggesting upside of 19.7% (ex-dividends)
Forecast for FY18:
Current consensus EPS estimate is 9.2, implying annual growth of N/A. Current consensus DPS estimate is 5.3, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 13.5. |
Forecast for FY19:
Current consensus EPS estimate is 10.3, implying annual growth of 12.0%. Current consensus DPS estimate is 5.9, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 12.1. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates MHJ as Outperform (1) -
Michael Hill's result was in line and featured solid growth in the core A&NZ and Canadian markets offset by losses in the US and from start-up Emma & Roe. The broker expects Emma & Roe will begin to improve but a decision will need to be made about whether the company can compete in the large US market.
Then there's Amazon, but the broker believes any share price weakness is a good opportunity for value investors. Outperform and $1.64 target retained.
Target price is $1.64 Current Price is $1.25 Difference: $0.39
If MHJ meets the Macquarie target it will return approximately 31% (excluding dividends, fees and charges).
Current consensus price target is $1.49, suggesting upside of 19.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 5.30 cents and EPS of 9.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.2, implying annual growth of N/A. Current consensus DPS estimate is 5.3, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 13.5. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 5.70 cents and EPS of 10.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 10.3, implying annual growth of 12.0%. Current consensus DPS estimate is 5.9, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 12.1. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates MHJ as Hold (3) -
FY17 results were in line with forecasts. The two loss-making businesses, Michael Hill US and Emma & Roe contributed combined EBIT losses of -$11.7m. A large portion of this is being capitalised.
Morgans believes there are some execution risks given the quantum of losses and retains a Hold rating. Target is raised to $1.34 from $1.32.
Target price is $1.34 Current Price is $1.25 Difference: $0.09
If MHJ meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $1.49, suggesting upside of 19.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 5.30 cents and EPS of 9.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.2, implying annual growth of N/A. Current consensus DPS estimate is 5.3, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 13.5. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 6.00 cents and EPS of 10.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 10.3, implying annual growth of 12.0%. Current consensus DPS estimate is 5.9, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 12.1. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates MVF as Overweight (1) -
FY17 top line was weaker and in line with expectations. Morgan Stanley observes broader market weakness and volatility is persisting. Some market share losses are evident.
The broker believes the period of weakness is now behind the industry and it should be growing 3-4% in the long-term. Questions of market disruption at the low-cost end and specialist retention will probably weigh on the stock until this is resolved, suggest the analysts.
Overweight rating retained. Target is reduced to $2.50 from $2.60. In-Line industry view.
Target price is $2.50 Current Price is $1.53 Difference: $0.975
If MVF meets the Morgan Stanley target it will return approximately 64% (excluding dividends, fees and charges).
Current consensus price target is $2.04, suggesting upside of 28.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 8.80 cents and EPS of 13.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 13.6, implying annual growth of N/A. Current consensus DPS estimate is 9.3, implying a prospective dividend yield of 5.9%. Current consensus EPS estimate suggests the PER is 11.7. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 9.50 cents and EPS of 14.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 13.5, implying annual growth of -0.7%. Current consensus DPS estimate is 9.4, implying a prospective dividend yield of 5.9%. Current consensus EPS estimate suggests the PER is 11.8. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates MVF as Hold (3) -
FY17 results were weaker than expected. Morgans lower's forecasts by -7% for FY18, in line with guidance.
Morgans retains a Hold rating, given the suggested total shareholder return, although concedes the yield is attractive. Target is reduced to $1.58 from $1.63.
Target price is $1.58 Current Price is $1.53 Difference: $0.055
If MVF meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $2.04, suggesting upside of 28.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 8.80 cents and EPS of 13.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 13.6, implying annual growth of N/A. Current consensus DPS estimate is 9.3, implying a prospective dividend yield of 5.9%. Current consensus EPS estimate suggests the PER is 11.7. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 9.20 cents and EPS of 13.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 13.5, implying annual growth of -0.7%. Current consensus DPS estimate is 9.4, implying a prospective dividend yield of 5.9%. Current consensus EPS estimate suggests the PER is 11.8. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates NHF as Sell (5) -
Citi has downgraded nib Holdings earnings per share estimates by -3% in FY18 and -2% in FY19 as part of its revaluation for releasing FY20 forecasts.
The broker maintains a Sell rating, believing the stock to be expensive given short-term challenges and little improvement on the regulatory front.
Target price is steady at $4.95.
Target price is $4.95 Current Price is $5.85 Difference: minus $0.9 (current price is over target).
If NHF meets the Citi target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $5.58, suggesting downside of -6.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 19.00 cents and EPS of 27.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.2, implying annual growth of N/A. Current consensus DPS estimate is 20.3, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 22.8. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 19.50 cents and EPS of 29.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.9, implying annual growth of 6.5%. Current consensus DPS estimate is 21.7, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 21.4. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates NHF as Underperform (5) -
FY17 operating profit was below Credit Suisse forecasts. FY18 guidance suggests a decline in underlying operating profit of up to -2.5%, impacted by margin contraction as well as additional investment in new ventures and technology. Underperform retained. Target is $5.50.
Target price is $5.50 Current Price is $5.85 Difference: minus $0.35 (current price is over target).
If NHF meets the Credit Suisse target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $5.58, suggesting downside of -6.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 18.00 cents and EPS of 27.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.2, implying annual growth of N/A. Current consensus DPS estimate is 20.3, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 22.8. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 18.00 cents and EPS of 28.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.9, implying annual growth of 6.5%. Current consensus DPS estimate is 21.7, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 21.4. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates NHF as Re-instate Coverage with Hold (3) -
Deutsche Bank re-instates coverage of nib Holdings with a Hold rating and $5.75 target. The broker is positive about the medium-term prospects but accepts some headwinds on margins in the short term.
FY18 guidance is unusually subdued, in the broker's opinion.
Target price is $5.75 Current Price is $5.85 Difference: minus $0.1 (current price is over target).
If NHF 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 $5.58, suggesting downside of -6.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 19.00 cents and EPS of 28.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.2, implying annual growth of N/A. Current consensus DPS estimate is 20.3, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 22.8. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 20.00 cents and EPS of 29.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.9, implying annual growth of 6.5%. Current consensus DPS estimate is 21.7, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 21.4. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates NHF as Outperform (1) -
Nib reported slightly ahead of expectation. Sector headwinds are evident, the broker notes, but the insurer has outperformed peers and is investing in medium term growth options.
Nib continues to deliver operational performance, supporting the broker's Outperform rating that balances growth, investment and risk. Target rises to $6.40 from $6.10.
Target price is $6.40 Current Price is $5.85 Difference: $0.55
If NHF meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $5.58, suggesting downside of -6.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 20.90 cents and EPS of 28.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.2, implying annual growth of N/A. Current consensus DPS estimate is 20.3, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 22.8. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 22.90 cents and EPS of 30.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.9, implying annual growth of 6.5%. Current consensus DPS estimate is 21.7, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 21.4. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates NHF as Downgrade to Underweight from Equal-weight (5) -
Morgan Stanley believes cyclical lows in claims inflation, sub-zero systems growth, the gradual breakdown in community ratings and the 2018 election present headwinds.
The broker believes margin risks are elevated in the form of higher costs of acquisition, rising costs for retention and upside risk to hospital and ancillary claims.
Given the risks and trading multiples, the broker downgrades to Underweight from Equal-weight. Target is raised to $4.95 from $4.85. In-Line industry view.
Target price is $4.95 Current Price is $5.85 Difference: minus $0.9 (current price is over target).
If NHF meets the Morgan Stanley target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $5.58, suggesting downside of -6.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 18.80 cents and EPS of 26.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.2, implying annual growth of N/A. Current consensus DPS estimate is 20.3, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 22.8. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 19.95 cents and EPS of 28.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.9, implying annual growth of 6.5%. Current consensus DPS estimate is 21.7, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 21.4. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates NHF as Hold (3) -
FY17 underlying operating profit was ahead of expectations. Morgans observes the performance in New Zealand was slightly better than the market expected.
The main disappointments were outstanding claims reserves in Australian residential health insurance and FY18 guidance. Morgans downgrades FY18 and FY19 estimates for earnings per share by -5% and -3% respectively.
Target rises to $5.58 from $5.02 on the rolling forward of valuation and changes to the valuation methodology. Hold retained.
Target price is $5.58 Current Price is $5.85 Difference: minus $0.27 (current price is over target).
If NHF meets the Morgans target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $5.58, suggesting downside of -6.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 17.70 cents and EPS of 27.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.2, implying annual growth of N/A. Current consensus DPS estimate is 20.3, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 22.8. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 19.30 cents and EPS of 29.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.9, implying annual growth of 6.5%. Current consensus DPS estimate is 21.7, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 21.4. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates NHF as Accumulate (2) -
FY17 underlying profit was slightly ahead of Ord Minnett estimates. Australian residents health insurance trends appeared weak and gross margins fell sharply.
Ord Minnett suggests the minimum profit guidance of $150m provided for FY18 appears conservative. The broker also notes the company is investing in growth initiatives to maintain value for shareholders. Accumulate retained. Target is reduced to $5.95 from $6.10.
Target price is $5.95 Current Price is $5.85 Difference: $0.1
If NHF meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $5.58, suggesting downside of -6.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 29.00 cents and EPS of 19.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.2, implying annual growth of N/A. Current consensus DPS estimate is 20.3, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 22.8. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 32.00 cents and EPS of 21.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.9, implying annual growth of 6.5%. Current consensus DPS estimate is 21.7, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 21.4. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates PLG as Outperform (1) -
FY17 distributable earnings beat Credit Suisse estimates. The outperformance was driven by higher co-investment income and property management fees and the realised gain on the sale of 10-12 Pike Street Rydalmere.
At the midpoint, around 8.6c, earnings guidance is -3.6% below the broker's prior forecasts after adjusting the transaction profits. This appears to be based on relatively conservative acquisition assumptions and the broker believes it needs to be viewed in the context of a competitive transaction environment and a focus on acquiring the right assets.
Outperform and $0.92 target retained.
Target price is $0.92 Current Price is $0.85 Difference: $0.07
If PLG meets the Credit Suisse target it will return approximately 8% (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 7.00 cents and EPS of 9.00 cents. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 7.00 cents and EPS of 8.00 cents. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates RHP as Add (1) -
FY17 results were in line with recent guidance. The company has also announced an on-market buy-back of up to 10% of shares on issue.
Morgans reduces forecasts by -10%. The broker believes the outlook is positive and the valuation attractive relative to growth in earnings per share. The broker believes the business is back on the radar for investors.
Add rating retained. Target is $0.82.
Target price is $0.82 Current Price is $0.72 Difference: $0.105
If RHP meets the Morgans target it will return approximately 15% (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 3.80 cents. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 0.00 cents and EPS of 4.40 cents. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates TGP as Hold (3) -
FY17 results were in line with recent guidance and reflect the sale of the majority of the company's funds management business and co-investments. FY18 guidance was reiterated with a base earnings per share of 3c.
Morgans expects potential upside to earnings, depending on the timing and quantum of new fund/cash deployment. Hold rating retained. Target rises to $0.99 from $0.95.
Target price is $0.99 Current Price is $0.99 Difference: $0
If TGP meets the Morgans target it will return approximately 0% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 3.10 cents and EPS of 3.10 cents. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 3.40 cents and EPS of 3.40 cents. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates VOC as Hold (3) -
Takeover discussions with KKR and Affinity have ceased. The bidders were unable to provide an offer that was acceptable to the board. FY18 guidance for underlying EBITDA is $370-390m, ahead of Deutsche Bank's forecasts.
Deutsche Bank increases corporate & wholesale revenue growth rates for FY18 but lowers mass market margin estimates. Hold rating retained. Target is reduced to $2.26 from $3.50.
Target price is $2.26 Current Price is $2.75 Difference: minus $0.49 (current price is over target).
If VOC 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 $3.13, suggesting upside of 18.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 8.00 cents and EPS of 26.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.4, implying annual growth of 29.4%. Current consensus DPS estimate is 9.7, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 10.8. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 3.00 cents and EPS of 22.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 22.1, implying annual growth of -9.4%. Current consensus DPS estimate is 7.4, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 12.0. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates WBC as Buy (1) -
The third quarter update was in line with expectations. The CET1 ratio of 10.0% indicates the bank is on track to reach the broker's forecast of 10.4%.
Buy rating and $34.50 target retained.
Target price is $34.50 Current Price is $32.22 Difference: $2.28
If WBC meets the Deutsche Bank target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $33.68, suggesting upside of 3.8% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 188.00 cents and EPS of 241.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 238.7, implying annual growth of 6.3%. Current consensus DPS estimate is 188.0, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 13.6. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 192.00 cents and EPS of 251.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 244.5, implying annual growth of 2.4%. Current consensus DPS estimate is 188.9, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 13.3. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Summaries
| ABA - | AUSWIDE BANK | Neutral - Macquarie | Overnight Price $5.36 |
| APO - | APN OUTDOOR | Neutral - Credit Suisse | Overnight Price $5.02 |
| Buy - Deutsche Bank | Overnight Price $5.02 | ||
| Overweight - Morgan Stanley | Overnight Price $5.02 | ||
| Add - Morgans | Overnight Price $5.02 | ||
| Downgrade to Neutral from Buy - UBS | Overnight Price $5.02 | ||
| ASX - | ASX | Reduce - Morgans | Overnight Price $53.79 |
| BHP - | BHP BILLITON | Outperform - Macquarie | Overnight Price $25.70 |
| Buy - UBS | Overnight Price $25.70 | ||
| BPT - | BEACH ENERGY | Downgrade to Neutral from Buy - Citi | Overnight Price $0.69 |
| Outperform - Credit Suisse | Overnight Price $0.69 | ||
| Hold - Ord Minnett | Overnight Price $0.69 | ||
| Neutral - UBS | Overnight Price $0.69 | ||
| BSL - | BLUESCOPE STEEL | Buy - Citi | Overnight Price $11.03 |
| Outperform - Credit Suisse | Overnight Price $11.03 | ||
| Hold - Deutsche Bank | Overnight Price $11.03 | ||
| Outperform - Macquarie | Overnight Price $11.03 | ||
| Accumulate - Ord Minnett | Overnight Price $11.03 | ||
| Buy - UBS | Overnight Price $11.03 | ||
| BXB - | BRAMBLES | Neutral - Citi | Overnight Price $9.63 |
| Neutral - Macquarie | Overnight Price $9.63 | ||
| Hold - Morgans | Overnight Price $9.63 | ||
| Buy - Ord Minnett | Overnight Price $9.63 | ||
| Buy - UBS | Overnight Price $9.63 | ||
| CLW - | CHARTER HALL LONG WALE REIT | Accumulate - Ord Minnett | Overnight Price $4.16 |
| ENN - | ELANOR INVESTORS | Buy - Ord Minnett | Overnight Price $2.14 |
| FMG - | FORTESCUE | Outperform - Credit Suisse | Overnight Price $5.85 |
| Hold - Deutsche Bank | Overnight Price $5.85 | ||
| Outperform - Macquarie | Overnight Price $5.85 | ||
| Equal-weight - Morgan Stanley | Overnight Price $5.85 | ||
| Hold - Morgans | Overnight Price $5.85 | ||
| Accumulate - Ord Minnett | Overnight Price $5.85 | ||
| Neutral - UBS | Overnight Price $5.85 | ||
| GBT - | GBST HOLDINGS | Add - Morgans | Overnight Price $1.99 |
| GEM - | G8 EDUCATION | Buy - Deutsche Bank | Overnight Price $4.06 |
| Neutral - Macquarie | Overnight Price $4.06 | ||
| Buy - Ord Minnett | Overnight Price $4.06 | ||
| Buy - UBS | Overnight Price $4.06 | ||
| GMG - | GOODMAN GRP | Buy - Citi | Overnight Price $8.42 |
| Hold - Deutsche Bank | Overnight Price $8.42 | ||
| Outperform - Macquarie | Overnight Price $8.42 | ||
| Overweight - Morgan Stanley | Overnight Price $8.42 | ||
| Hold - Ord Minnett | Overnight Price $8.42 | ||
| Neutral - UBS | Overnight Price $8.42 | ||
| GOZ - | GROWTHPOINT PROP | Downgrade to Underperform from Neutral - Macquarie | Overnight Price $3.21 |
| Sell - UBS | Overnight Price $3.21 | ||
| GWA - | GWA GROUP | Sell - Citi | Overnight Price $3.17 |
| Downgrade to Underperform from Neutral - Credit Suisse | Overnight Price $3.17 | ||
| Hold - Deutsche Bank | Overnight Price $3.17 | ||
| Underperform - Macquarie | Overnight Price $3.17 | ||
| Hold - Morgans | Overnight Price $3.17 | ||
| Sell - UBS | Overnight Price $3.17 | ||
| HSN - | HANSEN TECHNOLOGIES | Neutral - Credit Suisse | Overnight Price $3.62 |
| Accumulate - Ord Minnett | Overnight Price $3.62 | ||
| MHJ - | MICHAEL HILL | Outperform - Credit Suisse | Overnight Price $1.25 |
| Outperform - Macquarie | Overnight Price $1.25 | ||
| Hold - Morgans | Overnight Price $1.25 | ||
| MVF - | MONASH IVF | Overweight - Morgan Stanley | Overnight Price $1.53 |
| Hold - Morgans | Overnight Price $1.53 | ||
| NHF - | NIB HOLDINGS | Sell - Citi | Overnight Price $5.85 |
| Underperform - Credit Suisse | Overnight Price $5.85 | ||
| Re-instate Coverage with Hold - Deutsche Bank | Overnight Price $5.85 | ||
| Outperform - Macquarie | Overnight Price $5.85 | ||
| Downgrade to Underweight from Equal-weight - Morgan Stanley | Overnight Price $5.85 | ||
| Hold - Morgans | Overnight Price $5.85 | ||
| Accumulate - Ord Minnett | Overnight Price $5.85 | ||
| PLG - | PROPERTYLINK GROUP | Outperform - Credit Suisse | Overnight Price $0.85 |
| RHP - | RHIPE | Add - Morgans | Overnight Price $0.72 |
| TGP - | 360 CAPITAL GROUP | Hold - Morgans | Overnight Price $0.99 |
| VOC - | VOCUS COMMUNICATIONS | Hold - Deutsche Bank | Overnight Price $2.75 |
| WBC - | WESTPAC BANKING | Buy - Deutsche Bank | Overnight Price $32.22 |
RATING SUMMARY
| Rating | No. Of Recommendations |
| 1. Buy | 29 |
| 2. Accumulate | 5 |
| 3. Hold | 27 |
| 5. Sell | 10 |
Tuesday 22 August 2017
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Disclaimer:
The content of this information does in no way reflect the opinions of
FNArena, or of its journalists. In fact we don't have any opinion about
the stock market, its value, future direction or individual shares. FNArena solely reports about what the main experts in the market note, believe
and comment on. By doing so we believe we provide intelligent investors
with a valuable tool that helps them in making up their own minds, reading
market trends and getting a feel for what is happening beneath the surface.
This document is provided for informational purposes only. It does not
constitute an offer to sell or a solicitation to buy any security or other
financial instrument. FNArena employs very experienced journalists who
base their work on information believed to be reliable and accurate, though
no guarantee is given that the daily report is accurate or complete. Investors
should contact their personal adviser before making any investment decision.
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