Australian Broker Call
August 17, 2017
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COMPANIES DISCUSSED IN THIS ISSUE
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Last Updated: 03:56 PM
Your daily news report on the latest recommendation, valuation, forecast and opinion changes.
This report includes concise but limited reviews of research recently published by Stockbrokers, which should be considered as information concerning likely market behaviour rather than advice on the securities mentioned. Do not act on the contents of this Report without first reading the important information included at the end.
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Today's Upgrades and Downgrades
| ARB - | ARB CORP | Upgrade to Buy from Neutral | Citi |
| CL1 - | CLASS | Upgrade to Add from Hold | Morgans |
| CSL - | CSL | Upgrade to Add from Hold | Morgans |
| DMP - | DOMINO'S PIZZA | Downgrade to Neutral from Outperform | Macquarie |
| FXJ - | FAIRFAX MEDIA | Downgrade to Neutral from Outperform | Credit Suisse |
| MIN - | MINERAL RESOURCES | Downgrade to Hold from Buy | Deutsche Bank |
| SEK - | SEEK | Downgrade to Underperform from Neutral | Credit Suisse |
| SHL - | SONIC HEALTHCARE | Downgrade to Underperform from Neutral | Credit Suisse |
| WFD - | WESTFIELD CORP | Upgrade to Outperform from Neutral | Credit Suisse |
Macquarie rates AIZ as Neutral (3) -
Macquarie updates forecasts to account for changes to its oil outlook as well as updating capacity. Demand is expected to grow into recent capacity additions and this should support load factors.
The broker observes the industry is demonstrating more rational behaviour around capacity. Neutral retained. Target rises to NZ$3.38 from NZ$3.09.
Current Price is $3.02. Target price not assessed.
Current consensus price target is N/A
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 18.88 cents and EPS of 30.68 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.1, implying annual growth of N/A. Current consensus DPS estimate is 24.2, implying a prospective dividend yield of 7.8%. Current consensus EPS estimate suggests the PER is 10.3. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 18.88 cents and EPS of 32.37 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.5, implying annual growth of 4.7%. Current consensus DPS estimate is 18.8, implying a prospective dividend yield of 6.1%. Current consensus EPS estimate suggests the PER is 9.8. |
This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates ANZ as Hold (3) -
Third-quarter cash earnings exceeded Deutsche Bank's expectations, driven by very low bad debt expense. Nevertheless, the broker observes soft underlying revenue growth is exacerbated by weaker markets income.
Hold rating retained. Target is raised to $30.90 from $30.60.
Target price is $30.90 Current Price is $30.42 Difference: $0.48
If ANZ meets the Deutsche Bank target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $30.80, suggesting upside of 1.9% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 160.00 cents and EPS of 220.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 229.8, implying annual growth of 13.4%. Current consensus DPS estimate is 161.1, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 13.2. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 160.00 cents and EPS of 244.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 235.4, implying annual growth of 2.4%. Current consensus DPS estimate is 163.3, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 12.8. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates ANZ as Hold (3) -
ANZ's pre-provision third-quarter update beat the broker by a nose, Morgans describing the result as intriguing.
Morgan's notes a surprisingly low credit impairment charge (possibly from high write-backs on the individual provision). Given the lack of clarity on the collective provision, the broker is unsure about its sustainability. The low charge resulted in an earnings per share forecast revision of 2.7% for FY17 and 0.6% for FY18.
Morgans notes slow third-quarter asset sales and revenue weakness. Given net interest margins are firm and home-loan growth beat the system, the broker sheets the weakness back to continued institutional run-off and lower markets income and expects continued run-off to yield further weakness in the fourth quarter.
The broker surmises the -1% fall in expenses may reflect headcount cuts and suspects a restructuring may be in the wings for FY18. Hold rating and $30 target price retained.
Target price is $30.00 Current Price is $30.42 Difference: minus $0.42 (current price is over target).
If ANZ meets the Morgans target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $30.80, suggesting upside of 1.9% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 160.00 cents and EPS of 234.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 229.8, implying annual growth of 13.4%. Current consensus DPS estimate is 161.1, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 13.2. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 160.00 cents and EPS of 227.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 235.4, implying annual growth of 2.4%. Current consensus DPS estimate is 163.3, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 12.8. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates AOG as Outperform (1) -
FY17 operating earnings were above Macquarie's expectations, driven by better-than-expected margins.
Nevertheless, negative media coverage regarding customer experience has reduced the importance of the result, although the broker observes the company is responding well to the criticism.
Outperform retained with a $4.35 target.
Target price is $4.35 Current Price is $2.70 Difference: $1.65
If AOG meets the Macquarie target it will return approximately 61% (excluding dividends, fees and charges).
Current consensus price target is $3.73, suggesting upside of 37.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 10.30 cents and EPS of 20.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.1, implying annual growth of N/A. Current consensus DPS estimate is 10.6, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 13.5. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 9.80 cents and EPS of 19.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.5, implying annual growth of 2.0%. Current consensus DPS estimate is 10.9, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 13.2. |
Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates AOG as Overweight (1) -
Aveo Group's full-year earnings-per-share result rocketed in 33% ahead of guidance, the broker describing it as a strong result.
But recent media attention dogs the stock. Customer queries dived -40% in July but recovered in August to run just -10% below the previous corresponding period.
The broker is taking a conservative approach for the established portfolio, noting that there is roughly a -7% fall in group earnings for every percentage point fall in turnover. While cautious, the analysts note that the stock is cheap, trading at a 20% discount to Morgan Stanley's new target price of $3.25.
The broker retains an Overweight rating and In-Line industry view. The target price falls to $3.25 from $4.20.
Target price is $3.25 Current Price is $2.70 Difference: $0.55
If AOG meets the Morgan Stanley target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $3.73, suggesting upside of 37.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 10.00 cents and EPS of 20.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.1, implying annual growth of N/A. Current consensus DPS estimate is 10.6, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 13.5. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 11.00 cents and EPS of 22.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.5, implying annual growth of 2.0%. Current consensus DPS estimate is 10.9, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 13.2. |
Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates AOG as Add (1) -
Aveo Group romped in 3% ahead of guidance and 1% ahead of consensus, the broker noting retirement EBITDA jumped 26% over FY17.
Morgans says it is difficult to determine the outcome of the negative media attention at this point but suggests initial damage to brand and enquiries seem to be easing.
The broker notes that following the media-inspired de-rating, the stock is trading at a -20% discount to the higher net-tangible asset backing of $3.37 and on a 13x price-earnings multiple (well below peers) - which it believes will be unsustainable. It is also happy with the tweaks Aveo made to resident contracts regarding flexibility.
Earnings per share forecasts fall -1.2% and -2.8% for FY18 an FY19, and jump 6.6% for FY20. Add rating retained. Target price falls to $3.61 from $4.10.
Target price is $3.61 Current Price is $2.70 Difference: $0.91
If AOG meets the Morgans target it will return approximately 34% (excluding dividends, fees and charges).
Current consensus price target is $3.73, suggesting upside of 37.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 10.00 cents and EPS of 20.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.1, implying annual growth of N/A. Current consensus DPS estimate is 10.6, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 13.5. |
Forecast for FY19:
Current consensus EPS estimate is 20.5, implying annual growth of 2.0%. Current consensus DPS estimate is 10.9, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 13.2. |
Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates AOG as Accumulate (2) -
FY17 results were in line with Ord Minnett. Guidance for FY18 earnings per share of 20.4c was reiterated.
A 10% on-market share buy-back can commence and is expected to be materially accretive to earnings but the company is not inclined to push gearing higher to fund the buy-back. Instead, the company is likely to fund it by accelerating the plant divestment of Gasworks, suggests the broker.
Accumulate rating maintained. Target is $3.70.
Target price is $3.70 Current Price is $2.70 Difference: $1
If AOG meets the Ord Minnett target it will return approximately 37% (excluding dividends, fees and charges).
Current consensus price target is $3.73, suggesting upside of 37.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 12.00 cents and EPS of 20.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.1, implying annual growth of N/A. Current consensus DPS estimate is 10.6, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 13.5. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 12.00 cents and EPS of 20.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.5, implying annual growth of 2.0%. Current consensus DPS estimate is 10.9, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 13.2. |
Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates ARB as Upgrade to Buy from Neutral (1) -
Citi analysts have upgraded to Buy from Neutral, while bumping up their price target to $17.85 from $16.77 on the back of small reductions to estimates post the FY17 results release.
The analysts seem convinced management continues doing all the right things, and this company remains poised to widen the gap with its competitors, in Citi's view.
Target price is $17.85 Current Price is $16.47 Difference: $1.38
If ARB meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $16.43, suggesting downside of -0.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 37.00 cents and EPS of 69.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 70.1, implying annual growth of N/A. Current consensus DPS estimate is 38.0, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 23.6. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 40.00 cents and EPS of 76.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 76.5, implying annual growth of 9.1%. Current consensus DPS estimate is 41.5, implying a prospective dividend yield of 2.5%. Current consensus EPS estimate suggests the PER is 21.6. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates ARB as Neutral (3) -
FY17 results were slightly below Credit Suisse estimates. The broker is reasonably confident in a double-digit growth outlook given demand for the company's products and potential for further margin expansion in FY18.
Target rises to $16.55 from $15.45. Neutral retained.
Target price is $16.55 Current Price is $16.47 Difference: $0.08
If ARB meets the Credit Suisse target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $16.43, suggesting downside of -0.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 38.19 cents and EPS of 69.56 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 70.1, implying annual growth of N/A. Current consensus DPS estimate is 38.0, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 23.6. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 42.57 cents and EPS of 77.53 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 76.5, implying annual growth of 9.1%. Current consensus DPS estimate is 41.5, implying a prospective dividend yield of 2.5%. Current consensus EPS estimate suggests the PER is 21.6. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates ARB as Neutral (3) -
FY17 results were in line with Macquarie's estimates. Sales increased 7.2% and reflected the benefits of increased market diversification.
Macquarie believes the results reinforce the strength of the operating model but a potential slowing of housing and a tightening of retail tempers the near-term view.
Neutral rating retained. Target is $17.70.
Target price is $17.70 Current Price is $16.47 Difference: $1.23
If ARB meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $16.43, suggesting downside of -0.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 37.40 cents and EPS of 68.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 70.1, implying annual growth of N/A. Current consensus DPS estimate is 38.0, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 23.6. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 41.50 cents and EPS of 76.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 76.5, implying annual growth of 9.1%. Current consensus DPS estimate is 41.5, implying a prospective dividend yield of 2.5%. Current consensus EPS estimate suggests the PER is 21.6. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates ARB as Lighten (4) -
FY17 results were in line with Ord Minnett. The broker suggests FY18 estimates are challenging, requiring sales growth to accelerate and margins to expand.
The broker considers the company high-quality but the stock has re-rated materially over the past few years. Lighten retained. Target is $13.60.
Target price is $13.60 Current Price is $16.47 Difference: minus $2.87 (current price is over target).
If ARB meets the Ord Minnett target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $16.43, suggesting downside of -0.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 38.00 cents and EPS of 69.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 70.1, implying annual growth of N/A. Current consensus DPS estimate is 38.0, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 23.6. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 42.00 cents and EPS of 76.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 76.5, implying annual growth of 9.1%. Current consensus DPS estimate is 41.5, implying a prospective dividend yield of 2.5%. Current consensus EPS estimate suggests the PER is 21.6. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates BOQ as Sell (5) -
In the wake of results from peer Bendigo & Adelaide ((BEN)) and results/updates from the majors, the broker lifts its net interest margin assumptions, noting Bank of Qld does not have to pay the bank levy.
The benign bad debt trend is likely to continue although credit growth will remain subdued. The broker has lifted forecasts and its target to $10.75 from $10.00 but continues to see challenges ahead. Sell retained.
Target price is $10.75 Current Price is $12.86 Difference: minus $2.11 (current price is over target).
If BOQ meets the UBS target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $11.96, suggesting downside of -5.9% (ex-dividends)
The company's fiscal year ends in August.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 76.00 cents and EPS of 90.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 90.1, implying annual growth of 4.9%. Current consensus DPS estimate is 76.1, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 14.1. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 76.00 cents and EPS of 92.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 94.2, implying annual growth of 4.6%. Current consensus DPS estimate is 76.6, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 13.5. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates CL1 as Upgrade to Add from Hold (1) -
Class Limited shrugged of industry woes to meet consensus, suggests stockbroker Morgans.
Core operating earnings before interest, tax, depreciation and amortisation jumped 38%, struck on a 25% rise in revenue, with cash generation of 89%.
Morgans notes pleasant margin expansion and strong investment in sales and customer service and upgrades the stock to Add from Hold.
Target price rises to $3.55 per share from $3.37.
Target price is $3.55 Current Price is $2.94 Difference: $0.61
If CL1 meets the Morgans target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $3.55, suggesting upside of 17.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 4.30 cents and EPS of 9.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 8.3, implying annual growth of N/A. Current consensus DPS estimate is 5.4, implying a prospective dividend yield of 1.8%. Current consensus EPS estimate suggests the PER is 36.4. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 5.70 cents and EPS of 11.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 10.4, implying annual growth of 25.3%. Current consensus DPS estimate is 6.8, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 29.0. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates CL1 as Buy (1) -
Class' result was in line with the broker. Margins improved and the migration of accounts back to AMP ((AMP)), expected by November, no longer has a set date, the broker notes.
While the AMP extension supports near term earnings, new account assumptions are more conservative and costs higher on investing in new products and marketing. Class nevertheless continues to benefit, the broker notes, from the growth of SMSFs and the migration to the cloud.
Buy retained. Target falls to $3.30 from $3.40.
Target price is $3.30 Current Price is $2.94 Difference: $0.36
If CL1 meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $3.55, suggesting upside of 17.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 6.00 cents and EPS of 8.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 8.3, implying annual growth of N/A. Current consensus DPS estimate is 5.4, implying a prospective dividend yield of 1.8%. Current consensus EPS estimate suggests the PER is 36.4. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 7.80 cents and EPS of 10.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 10.4, implying annual growth of 25.3%. Current consensus DPS estimate is 6.8, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 29.0. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates CPU as Neutral (3) -
FY18 guidance disappointed Citi analysts. They remain of the view that this company should be entering a significant growth phase, primarily driven by material cost saves from its efficiency programs and UKAR rationalisation, but a slow start means expectations have to be tempered.
Estimates have been lowered. Citi remains of the view profits will receive a big boost from the UKAR contract in FY19, plus there will be more cost savings, predict the analysts. Neutral rating retained. Target unchanged at $14.40.
Target price is $14.40 Current Price is $13.97 Difference: $0.43
If CPU meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $14.22, suggesting upside of 3.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 39.61 cents and EPS of 79.75 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 74.2, implying annual growth of N/A. Current consensus DPS estimate is 41.2, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 18.5. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 41.06 cents and EPS of 91.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 82.2, implying annual growth of 10.8%. Current consensus DPS estimate is 45.2, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 16.7. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates CPU as Outperform (1) -
FY17 results were in line with Credit Suisse. FY18 guidance is considered soft, significantly below the broker's forecasts and lacking in detail. Credit Suisse downgrades forecasts for earnings per share by -5% in FY18 and -7% and FY19.
The buy-back, increased dividend and falling gearing highlight the cash generating nature of the business which, when combined with strong earnings growth, warrants a price/earnings premium, suggest the analysts.. Hence, despite downgrades, the broker remains comfortable with its valuation.
Outperform retained. Target is $15.00.
Target price is $15.00 Current Price is $13.97 Difference: $1.03
If CPU meets the Credit Suisse target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $14.22, suggesting upside of 3.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 50.17 cents and EPS of 79.03 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 74.2, implying annual growth of N/A. Current consensus DPS estimate is 41.2, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 18.5. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 51.49 cents and EPS of 89.11 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 82.2, implying annual growth of 10.8%. Current consensus DPS estimate is 45.2, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 16.7. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates CPU as Neutral (3) -
Macquarie observes, while the headline FY17 result came in at the upper end of guidance, this was not enough to meet heightened expectations following the re-rating recently.
FY18 guidance does not appear too demanding to the broker. In constant currency terms the company expects earnings per share to increase by around 7.5%. Neutral rating retained. Target is raised to $14.22 from $12.03.
Target price is $14.22 Current Price is $13.97 Difference: $0.25
If CPU meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $14.22, suggesting upside of 3.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 39.35 cents and EPS of 78.29 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 74.2, implying annual growth of N/A. Current consensus DPS estimate is 41.2, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 18.5. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 41.99 cents and EPS of 83.18 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 82.2, implying annual growth of 10.8%. Current consensus DPS estimate is 45.2, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 16.7. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates CPU as Underweight (5) -
Morgan Stanley observes the market price/earnings premium is unjustified as registry is ex-growth and the acquired mortgage servicing revenue growth is a lower-margin business.
Guidance for 7.5% constant currency growth does not seem conservative to the broker.
Underweight rating retained. Target is reduced to $11.50 from $11.70. Industry view: In-Line.
Target price is $11.50 Current Price is $13.97 Difference: minus $2.47 (current price is over target).
If CPU meets the Morgan Stanley target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $14.22, suggesting upside of 3.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 51.49 cents and EPS of 79.48 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 74.2, implying annual growth of N/A. Current consensus DPS estimate is 41.2, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 18.5. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 54.13 cents and EPS of 84.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 82.2, implying annual growth of 10.8%. Current consensus DPS estimate is 45.2, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 16.7. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates CPU as Hold (3) -
FY17 result was slightly below Ord Minnett forecasts. Guidance for FY18, on the surface, appears weaker than previously expected but is considered defensible, with tailwinds from currency and a buy-back.
The stock is already factoring in strong prospects for growth which the broker believes needs to be delivered to justify the share price. Hold retained. Target is reduced to $13.50 from $14.00.
Target price is $13.50 Current Price is $13.97 Difference: minus $0.47 (current price is over target).
If CPU meets the Ord Minnett target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $14.22, suggesting upside of 3.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 34.33 cents and EPS of 58.09 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 74.2, implying annual growth of N/A. Current consensus DPS estimate is 41.2, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 18.5. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 38.29 cents and EPS of 75.26 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 82.2, implying annual growth of 10.8%. Current consensus DPS estimate is 45.2, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 16.7. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates CPU as Neutral (3) -
Computershare's FY17 result slightly missed the broker on a higher tax rate but FY18 guidance is weaker than expected on both higher tax and depreciation. Key investment drivers nevertheless remain intact, the broker suggests.
Corporate action revenue fell to its lowest level since FY05 but this was offset elsewhere, while the key growth drivers of mortgage services and employee share plans saw earnings almost doubling. The broker retains Neutral. Target falls to $14.80 from $15.25.
Target price is $14.80 Current Price is $13.97 Difference: $0.83
If CPU meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $14.22, suggesting upside of 3.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 47.53 cents and EPS of 79.22 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 74.2, implying annual growth of N/A. Current consensus DPS estimate is 41.2, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 18.5. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 56.77 cents and EPS of 93.74 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 82.2, implying annual growth of 10.8%. Current consensus DPS estimate is 45.2, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 16.7. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates CQR as Neutral (3) -
FY17 results underwhelmed Credit Suisse. Like-for-like income growth decelerated to 1.0% from 2.4% in December 2016, with sub-regionals particularly weak.
FY18 guidance is below the broker's expectations, at 30.2-30.6c for free funds from operations. Neutral retained along with $4.13 target.
Target price is $4.13 Current Price is $4.02 Difference: $0.11
If CQR meets the Credit Suisse target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $4.17, suggesting upside of 6.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 29.00 cents and EPS of 31.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.3, implying annual growth of N/A. Current consensus DPS estimate is 28.3, implying a prospective dividend yield of 7.2%. Current consensus EPS estimate suggests the PER is 13.0. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 30.00 cents and EPS of 31.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.6, implying annual growth of 1.0%. Current consensus DPS estimate is 28.4, implying a prospective dividend yield of 7.2%. Current consensus EPS estimate suggests the PER is 12.8. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates CSL as Buy (1) -
It was a strong performance, yet another one, though not quite what had been expected. Citi analysts have mildly reduced forecasts, while arguing FY18 guidance is likely to prove conservative.
The analysts do acknowledge they are themselves very positive on the prospects for HAEGARDA and the incremental profits this product can deliver, particularly in 2H18.
On Citi's revised projections, CSL stands to deliver 14% EPS CAGR for FY17-FY20. Such reliability deserves a premium, say the analysts. They think the stock looks attractive on a relative comparison. Price target declines to $145 from $148. Buy rating retained.
Target price is $145.00 Current Price is $125.27 Difference: $19.73
If CSL meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $134.90, suggesting upside of 6.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 192.77 cents and EPS of 478.88 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 437.4, implying annual growth of N/A. Current consensus DPS estimate is 192.3, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 29.0. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 205.97 cents and EPS of 574.86 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 497.7, implying annual growth of 13.8%. Current consensus DPS estimate is 208.8, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 25.5. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates CSL as Outperform (1) -
FY17 net profit was ahead of Credit Suisse forecasts. strong growth was noted in both Privigen, Hizentra and Inframarginal products.
The broker believes the company is well-placed to meet demand for immunoglobulin although investment is required over the next few years to ensure supply growth keeps pace with demand.
Target is reduced to $133 from $134. Outperform retained.
Target price is $133.00 Current Price is $125.27 Difference: $7.73
If CSL meets the Credit Suisse target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $134.90, suggesting upside of 6.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 199.37 cents and EPS of 456.83 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 437.4, implying annual growth of N/A. Current consensus DPS estimate is 192.3, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 29.0. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 221.81 cents and EPS of 512.28 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 497.7, implying annual growth of 13.8%. Current consensus DPS estimate is 208.8, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 25.5. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates CSL as Equal-weight (3) -
FY17 results underpinned Morgan Stanley's suspicions about costs growth and leverage. FY18 is expected to be lower growth because of a high hurdle together with rising costs.
FY18 net profit guidance of US$1.48-1.55bn implies low single digit profit growth in the plasma business, in line with expectations.
Equal-weight rating and In-Line industry view are retained. Target is reduced to $117 from $122.
Target price is $117.00 Current Price is $125.27 Difference: minus $8.27 (current price is over target).
If CSL meets the Morgan Stanley target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $134.90, suggesting upside of 6.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 225.77 cents and EPS of 433.06 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 437.4, implying annual growth of N/A. Current consensus DPS estimate is 192.3, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 29.0. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 EPS of 475.31 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 497.7, implying annual growth of 13.8%. Current consensus DPS estimate is 208.8, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 25.5. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates CSL as Upgrade to Add from Hold (1) -
CSL's FY17 full-year results beat the broker thanks to a margin lift on high-value products, strong plasma sales, more efficient operations and a stumble by competitors.
Morgans says expected second-half weakness should give way to a reinvestment year in 2018, and believes forecasts may be conservative.
CSL is upgraded to Add from Hold and the target price eases marginally to $138.40 from $140.20.
Target price is $138.40 Current Price is $125.27 Difference: $13.13
If CSL meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $134.90, suggesting upside of 6.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 203.33 cents and EPS of 456.83 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 437.4, implying annual growth of N/A. Current consensus DPS estimate is 192.3, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 29.0. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 233.69 cents and EPS of 518.88 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 497.7, implying annual growth of 13.8%. Current consensus DPS estimate is 208.8, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 25.5. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates CSL as Accumulate (2) -
FY17 net profit fell short of Ord Minnett estimates because of currency, yet underlying growth was ahead of estimates and beat FY17 guidance.
Ord Minnett remains confident the company will gain share in a buoyant plasma market. Accumulate retained. Target is lowered to $135 from $138.
Target price is $135.00 Current Price is $125.27 Difference: $9.73
If CSL meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $134.90, suggesting upside of 6.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 196.73 cents and EPS of 463.43 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 437.4, implying annual growth of N/A. Current consensus DPS estimate is 192.3, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 29.0. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 225.77 cents and EPS of 532.08 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 497.7, implying annual growth of 13.8%. Current consensus DPS estimate is 208.8, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 25.5. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates CSL as Buy (1) -
CSL's result met guidance and the broker's forecast. The broker has not changed its FY18 forecast.
The second half was weaker than the first given the first was boosted by one-offs, but the broker suggests the second half featured more "normal" trading and that this short term factor distracts from recent structural positives. The broker is not fazed about no more buybacks being expected.
Despite recent volatility, the broker still considers CSL a core holding. Target falls to $141 from $145. Buy retained.
Target price is $141.00 Current Price is $125.27 Difference: $15.73
If CSL meets the UBS target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $134.90, suggesting upside of 6.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 190.12 cents and EPS of 458.15 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 437.4, implying annual growth of N/A. Current consensus DPS estimate is 192.3, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 29.0. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 205.97 cents and EPS of 513.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 497.7, implying annual growth of 13.8%. Current consensus DPS estimate is 208.8, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 25.5. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates DMP as Downgrade to Neutral from Outperform (3) -
FY17 earnings missed expectations. Macquarie observes the weaker performance was a function of softening comparable store sales growth across all regions and weaker earnings growth in Australia.
As much of the de-rating to the stock has already taken place, the broker finds merit in pulling back to Neutral from Outperform, given concerns around the growth drivers and earnings quality. Target is reduced by -40.7% to $44.47.
Target price is $44.47 Current Price is $44.50 Difference: minus $0.03 (current price is over target).
If DMP meets the Macquarie target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $46.83, suggesting upside of 8.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 111.70 cents and EPS of 155.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 158.5, implying annual growth of N/A. Current consensus DPS estimate is 112.8, implying a prospective dividend yield of 2.6%. Current consensus EPS estimate suggests the PER is 27.3. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 137.40 cents and EPS of 190.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 194.6, implying annual growth of 22.8%. Current consensus DPS estimate is 133.8, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 22.2. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates DXS as Neutral (3) -
Performance proved in line with pre-flagged results, but things are looking even more robust in the Office space. Citi analysts have been forced to add a little more in their forecasts.
Positive revaluations have had a commensurate impact on the target price; up to $9.78 from $9.59. Neutral rating retained.
Probably worth pointing out: Citi analysts remain firm believers in the Sydney office market remaining strong with future supply unlikely to drive a correction in rents. Assuming this view proves correct, the analysts see risks to profits as biased to the upside.
Target price is $9.78 Current Price is $9.58 Difference: $0.2
If DXS meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $9.64, suggesting downside of -1.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 47.30 cents and EPS of 64.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 57.9, implying annual growth of N/A. Current consensus DPS estimate is 47.0, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 16.9. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 49.20 cents and EPS of 65.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 57.3, implying annual growth of -1.0%. Current consensus DPS estimate is 47.8, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 17.1. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates DXS as Outperform (1) -
FY17 results were in line with expectations while the FY18 outlook is a little better than Macquarie expected. The company has re-affirmed FY18 growth guidance for distributions of 4.0-4.5%.
Earnings growth may have been adversely affected by dilutive asset sales and reduced trading profit, but Macquarie observes growth options exist with a relatively under--geared balance sheet and a healthcare real estate mandate that is likely to be aggressively pursued. Outperform retained. Target is $10.21.
Target price is $10.21 Current Price is $9.58 Difference: $0.63
If DXS meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $9.64, suggesting downside of -1.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 48.00 cents and EPS of 53.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 57.9, implying annual growth of N/A. Current consensus DPS estimate is 47.0, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 16.9. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 48.10 cents and EPS of 53.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 57.3, implying annual growth of -1.0%. Current consensus DPS estimate is 47.8, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 17.1. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates DXS as Overweight (1) -
Dexus reported a full-year result roughly in line with the broker. Morgan Stanley expects dividend growth of 4-4.5% and underlying funds from operations to rise 2-2.5%.
Morgan Stanley says secured trading profits give good visibility into FY18; capital expenditure continues to fall, and momentum in Sydney and Melbourne remains strong, while Brisbane and Perth's woes appear to be easing.
Target price steady at $9.65. Industry view cautious. Stock rating overweight.
Target price is $9.65 Current Price is $9.58 Difference: $0.07
If DXS meets the Morgan Stanley target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $9.64, suggesting downside of -1.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 47.40 cents and EPS of 50.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 57.9, implying annual growth of N/A. Current consensus DPS estimate is 47.0, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 16.9. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 48.60 cents and EPS of 51.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 57.3, implying annual growth of -1.0%. Current consensus DPS estimate is 47.8, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 17.1. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates DXS as Hold (3) -
FY17 funds from operations was slightly ahead of Ord Minnett forecasts. FY18 guidance is for funds, excluding trading profits, to increase 2-2.5%.
Ord Minnett observes the market remains to be convinced of the acquisition metrics for the MLC Centre and would have appreciated the company providing more detail on the business case.
Hold rating and $9.50 target retained.
Target price is $9.50 Current Price is $9.58 Difference: minus $0.08 (current price is over target).
If DXS meets the Ord Minnett target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $9.64, suggesting downside of -1.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 48.00 cents and EPS of 51.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 57.9, implying annual growth of N/A. Current consensus DPS estimate is 47.0, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 16.9. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 47.00 cents and EPS of 53.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 57.3, implying annual growth of -1.0%. Current consensus DPS estimate is 47.8, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 17.1. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates DXS as Sell (5) -
Dexus' result was in line and FY18 guidance had already been provided. The quality of the result was high, the broker suggests, but office income growth was surprisingly soft in a strong market even after accounting for the Woodside rent review.
This highlights risks still present in the Perth market, the broker believes, and attention now turns to cap rate compression in the Sydney market. Relatively, Dexus looks expensive, and the broker prefers GPT ((GPT)) and Mirvac ((MGR)) in the office space.
Sell and $9.57 target retained.
Target price is $9.57 Current Price is $9.58 Difference: minus $0.01 (current price is over target).
If DXS meets the UBS target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $9.64, suggesting downside of -1.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 44.40 cents and EPS of 63.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 57.9, implying annual growth of N/A. Current consensus DPS estimate is 47.0, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 16.9. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 46.30 cents and EPS of 63.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 57.3, implying annual growth of -1.0%. Current consensus DPS estimate is 47.8, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 17.1. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates FBU as Outperform (1) -
FY17 EBITDA was in line with guidance although the mix was slightly weaker than Credit Suisse expected. The company is expected to sustain its current earnings level given ongoing strength in the NZ building and construction sector.
Outperform rating. Target is lowered to NZ$9.20 from NZ$9.40.
Current Price is $7.67. Target price not assessed.
Current consensus price target is $9.00, suggesting upside of 15.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 38.70 cents and EPS of 57.48 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 58.8, implying annual growth of N/A. Current consensus DPS estimate is 38.1, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 13.2. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 42.47 cents and EPS of 63.14 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 59.0, implying annual growth of 0.3%. Current consensus DPS estimate is 38.3, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 13.2. |
This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates FBU as Buy (1) -
FY17 earnings were in line with guidance. No FY18 guidance was provided, with a further update to be provided at the annual meeting on October 25.
Deutsche Bank suspects that non-core assets including Tradelink and IPlex may be sold.
Buy rating retained. Target rises to NZ$9.55 from NZ$9.21.
Current Price is $7.67. Target price not assessed.
Current consensus price target is $9.00, suggesting upside of 15.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 42.47 cents and EPS of 60.41 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 58.8, implying annual growth of N/A. Current consensus DPS estimate is 38.1, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 13.2. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 42.47 cents and EPS of 63.24 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 59.0, implying annual growth of 0.3%. Current consensus DPS estimate is 38.3, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 13.2. |
This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates FBU as Underperform (5) -
FY17 results were below Macquarie's estimates, although the broker acknowledges the numbers contained significant complexities. FY18 capital expenditure guidance is above the broker's estimates. No FY18 operating earnings guidance was provided.
Macquarie's long-term assumptions around NZ import parity pricing drags down valuation well below the market. As a result, an Underperform rating is retained. Target is reduced to NZ$6.54 from NZ$6.72.
Current Price is $7.67. Target price not assessed.
Current consensus price target is $9.00, suggesting upside of 15.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 34.92 cents and EPS of 53.33 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 58.8, implying annual growth of N/A. Current consensus DPS estimate is 38.1, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 13.2. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 34.92 cents and EPS of 48.51 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 59.0, implying annual growth of 0.3%. Current consensus DPS estimate is 38.3, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 13.2. |
This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates FBU as Buy (1) -
Fletcher's result met previously downgraded guidance but only after the bonus provision was lowered and land sales increased, making it of low quality, the broker suggests. A flat dividend at least provides comfort construction cost increases are not systemic.
No guidance was offered ahead of the AGM. The broker continues to see FY18 as a peak in the earnings cycle, but believes an NZ "under-build" since the GFC should provide for medium to long term construction activity. Buy retained on undemanding valuation. Target falls to NZ$8.84 from NZ$8.90.
Current Price is $7.67. Target price not assessed.
Current consensus price target is $9.00, suggesting upside of 15.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 36.81 cents and EPS of 60.41 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 58.8, implying annual growth of N/A. Current consensus DPS estimate is 38.1, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 13.2. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 36.81 cents and EPS of 59.46 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 59.0, implying annual growth of 0.3%. Current consensus DPS estimate is 38.3, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 13.2. |
This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates FXJ as Buy (1) -
At face value, Fairfax's FY17 result beat expectations but Citi argues the mix behind the financial numbers was rather "poor". Old media publishing surprised through better than expected cost cutting, and Domain actually underwhelmed.
Regardless, the future is all about Domain and here the analysts believe guidance seems too conservative. Fairfax remains intent on achieving a separate listing and Domain shares might well be trading on the ASX from November onwards.
Target of $1.10 and Buy rating retained, predominantly because of Domain, explain the analysts.
Target price is $1.10 Current Price is $1.01 Difference: $0.085
If FXJ meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $1.16, suggesting upside of 13.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 4.20 cents and EPS of 5.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.1, implying annual growth of N/A. Current consensus DPS estimate is 4.2, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 16.7. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 4.40 cents and EPS of 6.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.3, implying annual growth of 3.3%. Current consensus DPS estimate is 4.1, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 16.2. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates FXJ as Downgrade to Neutral from Outperform (3) -
FY17 results were broadly in line with Credit Suisse. The outlook for Domain revenue is strong but the broker notes costs will be higher. Domain digital revenue is up 26% in the first six weeks of FY18.
Credit Suisse reduces Domain base case valuation to reflect lower forecast earnings. While there is long-term valuation upside the higher cost base means this will take longer to be realised.
Rating downgraded to Neutral from Outperform and target drops to $1.06 from $1.10.
Target price is $1.06 Current Price is $1.01 Difference: $0.045
If FXJ meets the Credit Suisse target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $1.16, suggesting upside of 13.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 4.00 cents and EPS of 5.68 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.1, implying annual growth of N/A. Current consensus DPS estimate is 4.2, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 16.7. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 4.00 cents and EPS of 5.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.3, implying annual growth of 3.3%. Current consensus DPS estimate is 4.1, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 16.2. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates FXJ as No Rating (-1) -
FY17 operating earnings (EBIT) were down -4.3% to $271.1m. The company expects a proposed separation and ASX listing of Domain to be completed in November.
The broker is advising and as such is restricted from making a recommendation.
Current Price is $1.01. Target price not assessed.
Current consensus price target is $1.16, suggesting upside of 13.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 4.00 cents and EPS of 6.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.1, implying annual growth of N/A. Current consensus DPS estimate is 4.2, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 16.7. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 4.00 cents and EPS of 6.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.3, implying annual growth of 3.3%. Current consensus DPS estimate is 4.1, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 16.2. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates FXJ as Overweight (1) -
FY17 earnings were ahead of Morgan Stanley's expectations. The main focus was the affirmation of the earnings base for Domain and the outlook.
The broker also notes that Australian metro media and radio actually delivered positive EBITDA growth because of cost reductions.
The broker reiterates an Overweight rating and Attractive industry view. Target is $1.50.
Target price is $1.50 Current Price is $1.01 Difference: $0.485
If FXJ meets the Morgan Stanley target it will return approximately 48% (excluding dividends, fees and charges).
Current consensus price target is $1.16, suggesting upside of 13.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 4.80 cents and EPS of 7.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.1, implying annual growth of N/A. Current consensus DPS estimate is 4.2, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 16.7. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 EPS of 7.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.3, implying annual growth of 3.3%. Current consensus DPS estimate is 4.1, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 16.2. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates ILU as Neutral (3) -
The release of Iluka's interim report has triggered upgrades to sales projections at Citi, but only for 2017. Projections have declined for 2018 and 2019. As the analysts are anticipating further price increases, they suggest risk remains to the upside.
Supply constraints across the industry are seen as vindicating the view of upside bias. Target price falls to $9.20 from $9.50. Neutral rating retained.
Target price is $9.20 Current Price is $9.35 Difference: minus $0.15 (current price is over target).
If ILU meets the Citi target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $9.03, suggesting downside of -3.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 12.00 cents and EPS of 20.60 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 15.1, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 47.7. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 12.00 cents and EPS of 37.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 49.1, implying annual growth of 151.8%. Current consensus DPS estimate is 11.6, implying a prospective dividend yield of 1.2%. Current consensus EPS estimate suggests the PER is 19.0. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates ILU as Outperform (1) -
First half earnings were ahead of Credit Suisse estimates. The company has upgraded production guidance while sales volume guidance is ahead of the broker's expectations.
The net impact means the broker increases underlying net profit estimates by 11%. Outperform. Target is $9.90.
Target price is $9.90 Current Price is $9.35 Difference: $0.55
If ILU meets the Credit Suisse target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $9.03, suggesting downside of -3.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 12.00 cents and EPS of 23.71 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 15.1, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 47.7. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 0.00 cents and EPS of 71.14 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 49.1, implying annual growth of 151.8%. Current consensus DPS estimate is 11.6, implying a prospective dividend yield of 1.2%. Current consensus EPS estimate suggests the PER is 19.0. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates ILU as Sell (5) -
First half results were below Deutsche Bank's estimates. The Cataby project has been delayed further and a development decision is likely in the second half.
The broker now expects a temporary gap in Sierra Rutile production in the first half of FY19. Sell rating retained. Target reduced to $6.50 from $6.80.
Target price is $6.50 Current Price is $9.35 Difference: minus $2.85 (current price is over target).
If ILU meets the Deutsche Bank target it will return approximately minus 30% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $9.03, suggesting downside of -3.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 10.00 cents and EPS of 26.00 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 15.1, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 47.7. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 12.00 cents and EPS of 43.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 49.1, implying annual growth of 151.8%. Current consensus DPS estimate is 11.6, implying a prospective dividend yield of 1.2%. Current consensus EPS estimate suggests the PER is 19.0. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates ILU as Underperform (5) -
First half results were weaker than Macquarie expected. Guidance is for stronger shipments in the second half, which the broker finds encouraging, given the company seems to have also locked in higher prices for both zircon and rutile from July.
The broker upgrades sales volume estimates for 2017. Underperform rating retained. Target is raised to $7.20 from $6.80.
Target price is $7.20 Current Price is $9.35 Difference: minus $2.15 (current price is over target).
If ILU meets the Macquarie target it will return approximately minus 23% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $9.03, suggesting downside of -3.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 21.00 cents and EPS of 25.20 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 15.1, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 47.7. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 9.00 cents and EPS of 41.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 49.1, implying annual growth of 151.8%. Current consensus DPS estimate is 11.6, implying a prospective dividend yield of 1.2%. Current consensus EPS estimate suggests the PER is 19.0. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates ILU as Overweight (1) -
Iluka Resource's first-half result proved steady as she goes for Morgan Stanley. The highlight for the broker proved to be the 10% jump in production guidance - 6% ahead of the broker's estimate.
A 50% fall in capital expenditure suggest Cataby may come on line in the first-half of FY19. With the Sierra Rutile integration finished, the broker expects lower costs and improved production.
While the dividend disappointed, the broker suspects it may be weighted to the second half.
The target price edges up slightly to $9.40 from $9.35. Industry View is attractive. Overweight rating retained.
Target price is $9.40 Current Price is $9.35 Difference: $0.05
If ILU meets the Morgan Stanley target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $9.03, suggesting downside of -3.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 25.00 cents and EPS of 21.00 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 15.1, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 47.7. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 28.00 cents and EPS of 48.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 49.1, implying annual growth of 151.8%. Current consensus DPS estimate is 11.6, implying a prospective dividend yield of 1.2%. Current consensus EPS estimate suggests the PER is 19.0. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates ILU as Accumulate (2) -
First half results were in line with Ord Minnett. The company has increased 2017 production guidance by 10% while unit costs have fallen -3%.
The broker observes the market outlook commentary remains optimistic, and the company flags upward pricing momentum for both zircon and feedstock.
Accumulate retained. Target is $10.
Target price is $10.00 Current Price is $9.35 Difference: $0.65
If ILU meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $9.03, suggesting downside of -3.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 11.00 cents and EPS of minus 3.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.5, implying annual growth of N/A. Current consensus DPS estimate is 15.1, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 47.7. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 8.00 cents and EPS of 65.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 49.1, implying annual growth of 151.8%. Current consensus DPS estimate is 11.6, implying a prospective dividend yield of 1.2%. Current consensus EPS estimate suggests the PER is 19.0. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates ILU as Buy (1) -
Iluka's result slightly beat the broker. Net debt reduced by -40% over the half driven by strong cash flow, inventory drawdowns and a stronger A$. Dividend payments recommenced ahead of the broker's expectation.
The zircon price environment continues to look healthy, the broker notes, and Iluka has new projects in place to take advantage. The broker awaits final board approval of Cataby. Buy retained on the assumption the price cycle has further to run.
Target rises to $11.00 from $10.60.
Target price is $11.00 Current Price is $9.35 Difference: $1.65
If ILU meets the UBS target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $9.03, suggesting downside of -3.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 15.00 cents and EPS of 23.00 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 15.1, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 47.7. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 12.00 cents and EPS of 38.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 49.1, implying annual growth of 151.8%. Current consensus DPS estimate is 11.6, implying a prospective dividend yield of 1.2%. Current consensus EPS estimate suggests the PER is 19.0. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates ISU as Outperform (1) -
FY17 result disappointed Credit Suisse. The broker makes negative revisions to forecasts for earnings per share of -16% in FY18-19, based on moderated revenue growth assumptions.
Nevertheless, the broker believes the growth/valuation combination offers upside at current levels. Outperform retained.Target is reduced to $2.10 from $2.40.
Target price is $2.10 Current Price is $1.75 Difference: $0.35
If ISU meets the Credit Suisse target it will return approximately 20% (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 6.00 cents and EPS of 8.39 cents. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 7.29 cents and EPS of 9.85 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates IVC as Sell (5) -
Underlying performance proved better than market consensus and Citi's expectations. It appears New Zealand delivered the positive surprise. The company admitted it has lost some market share in Australia, point out the analysts.
According to Citi, guidance for full year 2017 suggests circa 6% growth in EPS. Sell rating retained, as well as the $11.50 target price.
Target price is $11.50 Current Price is $14.83 Difference: minus $3.33 (current price is over target).
If IVC meets the Citi target it will return approximately minus 22% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $13.96, suggesting downside of -7.7% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 44.00 cents and EPS of 53.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 56.7, implying annual growth of -12.4%. Current consensus DPS estimate is 45.4, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 26.7. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 47.20 cents and EPS of 57.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 59.2, implying annual growth of 4.4%. Current consensus DPS estimate is 48.5, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 25.5. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates IVC as Sell (5) -
First half results were slightly ahead of Deutsche Bank. The results signalled an acceleration in loss of market share in Australia, especially at the lower end of the market, which the broker believes validates concerns around the price lever becoming a less-dependable driver.
Upside appears limited in the absence of earnings surprises and a Sell rating is retained. Target is raised to $12.00 from $11.70.
Target price is $12.00 Current Price is $14.83 Difference: minus $2.83 (current price is over target).
If IVC meets the Deutsche Bank target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $13.96, suggesting downside of -7.7% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 45.00 cents and EPS of 55.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 56.7, implying annual growth of -12.4%. Current consensus DPS estimate is 45.4, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 26.7. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 47.00 cents and EPS of 58.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 59.2, implying annual growth of 4.4%. Current consensus DPS estimate is 48.5, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 25.5. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates IVC as Outperform (1) -
First half net profit was up 13.5% and broadly in line with Macquarie's expectations. The main negative was the loss in Australian funeral market share of -1.3%.
Market share is expected to stabilise in FY18. Outperform rating retained. Target rises to $15.31 from $14.85.
Target price is $15.31 Current Price is $14.83 Difference: $0.48
If IVC meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $13.96, suggesting downside of -7.7% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 45.40 cents and EPS of 54.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 56.7, implying annual growth of -12.4%. Current consensus DPS estimate is 45.4, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 26.7. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 49.50 cents and EPS of 58.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 59.2, implying annual growth of 4.4%. Current consensus DPS estimate is 48.5, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 25.5. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates IVC as Overweight (1) -
First half sales missed Morgan Stanley's forecasts by -6% but beat on cost to deliver operating earnings that were in line.
The broker observes market share is stabilising, although the fact that the company has lost share but still upgrades earnings is seen as a demonstration of the quality of the business.
Overweight retained. Target is raised to $16.50 from $15.50. In-Line industry view.
Target price is $16.50 Current Price is $14.83 Difference: $1.67
If IVC meets the Morgan Stanley target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $13.96, suggesting downside of -7.7% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 45.50 cents and EPS of 55.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 56.7, implying annual growth of -12.4%. Current consensus DPS estimate is 45.4, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 26.7. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 49.00 cents and EPS of 59.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 59.2, implying annual growth of 4.4%. Current consensus DPS estimate is 48.5, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 25.5. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates IVC as Hold (3) -
InvoCare's first-half result outpaced the broker, second-half guidance proving the highlight. Underlying net profit after tax beat the broker by 5%., thanks largely to improved net interest expense.
Earnings before interest, tax, depreciation and amortisation rose 6% with a 23% jump posted from New Zealand operations, and Singapore yielding 4%.
Hold rating retained - reflecting the high price-earnings multiple of 25.1x and low yield of 3.3%. Target price rises to $14.54 from $14.42.
Target price is $14.54 Current Price is $14.83 Difference: minus $0.29 (current price is over target).
If IVC meets the Morgans target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $13.96, suggesting downside of -7.7% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 46.00 cents and EPS of 55.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 56.7, implying annual growth of -12.4%. Current consensus DPS estimate is 45.4, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 26.7. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 49.00 cents and EPS of 59.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 59.2, implying annual growth of 4.4%. Current consensus DPS estimate is 48.5, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 25.5. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates IVC as Lighten (4) -
First half results were ahead of Ord Minnett estimates. The beat was largely on the back of lower-than-expected costs growth and lower financing costs.
The broker continues to like the business and believes it can sustain higher levels of gearing. Given the increased capital intensity versus longer-dated, and potentially uncertain, future returns the broker maintains a Lighten rating. Target is raised to $13.15 from $13.00.
Target price is $13.15 Current Price is $14.83 Difference: minus $1.68 (current price is over target).
If IVC meets the Ord Minnett target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $13.96, suggesting downside of -7.7% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 46.00 cents and EPS of 74.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 56.7, implying annual growth of -12.4%. Current consensus DPS estimate is 45.4, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 26.7. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 50.00 cents and EPS of 67.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 59.2, implying annual growth of 4.4%. Current consensus DPS estimate is 48.5, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 25.5. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates IVC as Neutral (3) -
InvoCare's result beat the broker but only through impressive cost-outs. The death rate recovered in the half but traditional funeral services continued to lose market share. 2017 guidance was upgraded but only due to capex growth delay.
Otherwise, Australian revenues were much lower than expected, the broker notes. NZ was strong as was Singapore, but undermined by forex. Neutral retained. Target rises to $14.70 from $14.45.
Target price is $14.70 Current Price is $14.83 Difference: minus $0.13 (current price is over target).
If IVC meets the UBS target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $13.96, suggesting downside of -7.7% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 46.00 cents and EPS of 54.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 56.7, implying annual growth of -12.4%. Current consensus DPS estimate is 45.4, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 26.7. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 48.00 cents and EPS of 56.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 59.2, implying annual growth of 4.4%. Current consensus DPS estimate is 48.5, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 25.5. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates MIN as Downgrade to Hold from Buy (3) -
FY17 earnings were below Deutsche Bank's estimates. The broker remains positive on the company's growth strategy but downgrades to Hold from Buy on valuation.
The broker observes the company has a solid track record of beating earnings guidance. FY18 guidance is for EBITDA of at least $500m.
Deutsche Bank believes guidance is conservative, despite the company flagging high iron product discounts. Target is $13.50.
Target price is $13.50 Current Price is $13.96 Difference: minus $0.46 (current price is over target).
If MIN 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 $14.62, suggesting upside of 1.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 67.00 cents and EPS of 133.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 116.3, implying annual growth of N/A. Current consensus DPS estimate is 59.8, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 12.4. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 74.00 cents and EPS of 1149.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 479.3, implying annual growth of 312.1%. Current consensus DPS estimate is 79.4, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 3.0. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates MIN as Outperform (1) -
FY17 earnings were broadly in line with Macquarie's forecasts. Cash flow beat expectations.
Lithium is emerging as the main earnings driver and Macquarie expects a contribution from lithium mining to increase to 55% of group EBITDA in FY18 and nearly 70% in FY19.
Outperform rating retained. Target is raised to $17.00 from $16.30.
Target price is $17.00 Current Price is $13.96 Difference: $3.04
If MIN meets the Macquarie target it will return approximately 22% (excluding dividends, fees and charges).
Current consensus price target is $14.62, suggesting upside of 1.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 70.20 cents and EPS of 140.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 116.3, implying annual growth of N/A. Current consensus DPS estimate is 59.8, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 12.4. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 84.80 cents and EPS of 155.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 479.3, implying annual growth of 312.1%. Current consensus DPS estimate is 79.4, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 3.0. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates MIN as Overweight (1) -
FY17 was broadly in line. The company has provided FY18 EBITDA guidance that is 10% above Morgan Stanley's estimates. This flags a substantial shift towards lithium and mining services, insulating the business from adverse pricing in the low-grade iron ore market.
The broker currently only values Wodgina as a DSO project and Mt Marion could represent significant upside.
Overweight retained. Target is $13.35. Industry view is Attractive.
Target price is $13.35 Current Price is $13.96 Difference: minus $0.61 (current price is over target).
If MIN meets the Morgan Stanley target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $14.62, suggesting upside of 1.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 60.10 cents and EPS of 108.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 116.3, implying annual growth of N/A. Current consensus DPS estimate is 59.8, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 12.4. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 EPS of 133.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 479.3, implying annual growth of 312.1%. Current consensus DPS estimate is 79.4, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 3.0. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates ORG as Neutral (3) -
It was the rapid de-gearing of the balance sheet that took the market by surprise, explain Citi analysts. They also suggest FY18 guidance looks conservative.
Citi analysts continue to forecast the return of dividends in FY19, but seem to suggest FY18 is an option. They see a good news story unfolding, but cannot get more excited because of the current valuation. Neutral rating retained. Target gains 11c to $7.54.
Target price is $7.54 Current Price is $7.22 Difference: $0.32
If ORG meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $7.72, suggesting upside of 4.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 0.00 cents and EPS of 62.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 51.4, implying annual growth of N/A. Current consensus DPS estimate is 5.0, implying a prospective dividend yield of 0.7%. Current consensus EPS estimate suggests the PER is 14.3. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 0.00 cents and EPS of 60.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 66.6, implying annual growth of 29.6%. Current consensus DPS estimate is 23.2, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 11.1. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates ORG as Neutral (3) -
FY17 result was slightly above Credit Suisse estimates. FY18 guidance for operating earnings in energy markets is in line with forecasts.
The company has promised a significant reduction in costs at APLNG and, while the broker has no doubt that unit drilling cost reductions can be achieved, prior guidance for a 66% increase in the number of wells by 2023, as acreage quality declines, shows the uphill task, says the broker.
Target price rises to $7.30 from $7.20. Neutral rating retained.
Target price is $7.30 Current Price is $7.22 Difference: $0.08
If ORG meets the Credit Suisse target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $7.72, suggesting upside of 4.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 0.00 cents and EPS of 31.25 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 51.4, implying annual growth of N/A. Current consensus DPS estimate is 5.0, implying a prospective dividend yield of 0.7%. Current consensus EPS estimate suggests the PER is 14.3. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 0.00 cents and EPS of 57.32 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 66.6, implying annual growth of 29.6%. Current consensus DPS estimate is 23.2, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 11.1. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates ORG as No Rating (-1) -
FY17 earnings were slightly below Macquarie's estimates. The company continues to focus on achieving debt reductions.
Break even on APLNG was updated and increased to US$48/bbl, mainly reflecting currency movements.
Macquarie is restricted on rating and target at this stage.
Current Price is $7.22. Target price not assessed.
Current consensus price target is $7.72, suggesting upside of 4.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 10.00 cents and EPS of 51.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 51.4, implying annual growth of N/A. Current consensus DPS estimate is 5.0, implying a prospective dividend yield of 0.7%. Current consensus EPS estimate suggests the PER is 14.3. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 50.00 cents and EPS of 62.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 66.6, implying annual growth of 29.6%. Current consensus DPS estimate is 23.2, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 11.1. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates ORG as Overweight (1) -
Morgan Stanley observes the company is trading its way to a sustainable balance sheet, helped by rising electricity prices and the ramp up with APLNG.
The broker believes the stock will re-rate as the company returns to a sound footing and investors gain confidence on execution.
Overweight rating. Target rises to $8.88 from $8.82 target. Industry view: Cautious.
Target price is $8.88 Current Price is $7.22 Difference: $1.66
If ORG meets the Morgan Stanley target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $7.72, suggesting upside of 4.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 0.00 cents and EPS of 66.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 51.4, implying annual growth of N/A. Current consensus DPS estimate is 5.0, implying a prospective dividend yield of 0.7%. Current consensus EPS estimate suggests the PER is 14.3. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 EPS of 75.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 66.6, implying annual growth of 29.6%. Current consensus DPS estimate is 23.2, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 11.1. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates ORG as Hold (3) -
Origin's full-year FY17 result beat consensus and matched the broker, although it clocked massive impairments totalling $2.777bn, gearing ratcheting up to 42% despite recent repayments.
On the upside, Origin has cleared the decks and margins on earnings before interest, tax, depreciation and amortisation rose to 19% (14% in FY16) thanks to rising wholesale market prices and a better than average oil price. No dividend was announced (reflecting the rise in gearing).
Morgans expects flat earnings, pending the oil price.
Hold retained. Target price rises to $7.57 from $6.98. to reflect the strong pre-provision result.
Target price is $7.57 Current Price is $7.22 Difference: $0.35
If ORG meets the Morgans target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $7.72, suggesting upside of 4.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 25.00 cents and EPS of 44.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 51.4, implying annual growth of N/A. Current consensus DPS estimate is 5.0, implying a prospective dividend yield of 0.7%. Current consensus EPS estimate suggests the PER is 14.3. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 38.00 cents and EPS of 59.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 66.6, implying annual growth of 29.6%. Current consensus DPS estimate is 23.2, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 11.1. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates ORG as Accumulate (2) -
FY17 results were broadly in line with Ord Minnett forecasts.. The broker expects further reductions in net debt in FY18.
The broker remains positive on the stock because of the margin expansion in electricity and the improving cash flow from APLNG.
Ord Minnett retains an Accumulate rating and $7.85 target.
Target price is $7.85 Current Price is $7.22 Difference: $0.63
If ORG meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $7.72, suggesting upside of 4.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 0.00 cents and EPS of 56.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 51.4, implying annual growth of N/A. Current consensus DPS estimate is 5.0, implying a prospective dividend yield of 0.7%. Current consensus EPS estimate suggests the PER is 14.3. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 20.00 cents and EPS of 70.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 66.6, implying annual growth of 29.6%. Current consensus DPS estimate is 23.2, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 11.1. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates ORG as Buy (1) -
Origin's result beat the broker by 2% and consensus by 5%. The forecast 6% growth in energy markets earnings in FY18 was key to the share price rally, the broker suggests. Wholesale electricity prices are the key driver of earnings.
Origin is now looking beyond debt reduction and towards growth. The market also awaits the outcome of the Lattice Energy divestment. The broker sees dividends being reinstated in FY19, but the second half FY18 is a possibility. Buy and $8.50 target retained.
Target price is $8.50 Current Price is $7.22 Difference: $1.28
If ORG meets the UBS target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $7.72, suggesting upside of 4.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 0.00 cents and EPS of 61.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 51.4, implying annual growth of N/A. Current consensus DPS estimate is 5.0, implying a prospective dividend yield of 0.7%. Current consensus EPS estimate suggests the PER is 14.3. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 31.00 cents and EPS of 82.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 66.6, implying annual growth of 29.6%. Current consensus DPS estimate is 23.2, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 11.1. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates PGH as Neutral (3) -
FY17 earnings were below Credit Suisse estimates because of weaker volumes. The FY18 outlook has been downgraded as the company sacrifices some margin to protect certain plastics contracts.
Credit Suisse believes investors will be more cautious about anticipating organic growth and retains a Neutral rating. Target is reduced to $5.70 from $6.45.
Target price is $5.70 Current Price is $5.48 Difference: $0.22
If PGH meets the Credit Suisse target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $6.05, suggesting upside of 10.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 23.00 cents and EPS of 35.16 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 37.5, implying annual growth of N/A. Current consensus DPS estimate is 25.3, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 14.6. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 24.00 cents and EPS of 37.58 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 39.5, implying annual growth of 5.3%. Current consensus DPS estimate is 26.4, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 13.8. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates PGH as Buy (1) -
FY17 results were slightly below expectations, affected by weaker volumes and margin compression. The company has guided to better underlying revenue in earnings growth in FY18 and should benefit from recent acquisitions.
Deutsche Bank maintains a Buy rating and reduces the target to $6.80 from $6.85.
Target price is $6.80 Current Price is $5.48 Difference: $1.32
If PGH meets the Deutsche Bank target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $6.05, suggesting upside of 10.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 27.10 cents and EPS of 39.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 37.5, implying annual growth of N/A. Current consensus DPS estimate is 25.3, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 14.6. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 29.00 cents and EPS of 42.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 39.5, implying annual growth of 5.3%. Current consensus DPS estimate is 26.4, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 13.8. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates PGH as Neutral (3) -
FY17 underlying net profit missed Macquarie's forecasts. The shortfall was attributable to the larger-than-expected Jalco start-up costs for new contracts.
Macquarie expects the second round of consensus downgrades after this result and there is a weak run rate effect into FY18 with the first half facing tough comparables.
Neutral maintained. Target is reduced to $5.80 from $6.60.
Target price is $5.80 Current Price is $5.48 Difference: $0.32
If PGH meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $6.05, suggesting upside of 10.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 23.50 cents and EPS of 35.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 37.5, implying annual growth of N/A. Current consensus DPS estimate is 25.3, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 14.6. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 25.00 cents and EPS of 38.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 39.5, implying annual growth of 5.3%. Current consensus DPS estimate is 26.4, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 13.8. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates PGH as Hold (3) -
Pact Group Holdings' full-year result seriously disappointed the broker, as weak demand coincided with increased competition.
A 4-5% earnings-before-interest-and-tax improvement across operations fell well short of the broker's 9% forecast, triggering a cut to FY18 valuation by -4%.
Hold rating retained and the target falls to $5.48 from $6.10.
Target price is $5.48 Current Price is $5.48 Difference: $0
If PGH meets the Morgans target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $6.05, suggesting upside of 10.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 25.00 cents and EPS of 36.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 37.5, implying annual growth of N/A. Current consensus DPS estimate is 25.3, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 14.6. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 27.00 cents and EPS of 38.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 39.5, implying annual growth of 5.3%. Current consensus DPS estimate is 26.4, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 13.8. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates PGH as Hold (3) -
FY17 results missed Ord Minnett forecasts. Organic growth fell short because of volume declines in the discounting of specific products.
Management has suggested demand has improved sequentially but the broker believes revenue will show a modest decline in the first half on an organic basis.
Hold rating retained. Target is lower to $5.90 from $6.30.
Target price is $5.90 Current Price is $5.48 Difference: $0.42
If PGH meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $6.05, suggesting upside of 10.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 25.00 cents and EPS of 39.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 37.5, implying annual growth of N/A. Current consensus DPS estimate is 25.3, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 14.6. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 27.00 cents and EPS of 41.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 39.5, implying annual growth of 5.3%. Current consensus DPS estimate is 26.4, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 13.8. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates SEK as Sell (5) -
It is Citi's view that Seek’s earnings trajectory has deteriorated due to higher cost growth. The analysts retain a positive view long term, but on a shorter horizon they suggest cost growth is spoiling the party at Seek.
Earnings estimates have been scaled back. Target price falls to $13.75 (from $15.30). Sell rating retained. Management is seen as executing the right strategy, but it's merely defensive, argue the analysts.
Target price is $13.75 Current Price is $17.26 Difference: minus $3.51 (current price is over target).
If SEK meets the Citi target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $16.84, suggesting downside of -0.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 39.50 cents and EPS of 56.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 60.6, implying annual growth of N/A. Current consensus DPS estimate is 44.2, implying a prospective dividend yield of 2.6%. Current consensus EPS estimate suggests the PER is 28.0. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 42.90 cents and EPS of 61.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 70.6, implying annual growth of 16.5%. Current consensus DPS estimate is 47.5, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 24.0. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates SEK as Downgrade to Underperform from Neutral (5) -
FY17 results were broadly in line with Credit Suisse. The broker reduces FY18 net profit forecast by -8.6% to reflect lower guidance.
The stock may be high-quality but the broker struggles to justify the share price at current levels. Rating is downgraded to Underperform from Neutral. Target is raised to $15.80 from $14.70.
Target price is $15.80 Current Price is $17.26 Difference: minus $1.46 (current price is over target).
If SEK meets the Credit Suisse target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $16.84, suggesting downside of -0.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 45.00 cents and EPS of 56.54 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 60.6, implying annual growth of N/A. Current consensus DPS estimate is 44.2, implying a prospective dividend yield of 2.6%. Current consensus EPS estimate suggests the PER is 28.0. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 48.00 cents and EPS of 67.95 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 70.6, implying annual growth of 16.5%. Current consensus DPS estimate is 47.5, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 24.0. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates SEK as Hold (3) -
Underlying result was in line with company guidance but FY18 guidance has triggered mild reductions to Deutsche Bank's forecasts. The analysts note ongoing investments remain on the agenda, which reinforces the company’s competitive position but these expenses are also dilutive to earnings.
The analysts think it remains too early to bank on earnings upside or on additional value creation. Hold rating retained. Price target drops to $16 from $16.60.
Target price is $16.00 Current Price is $17.26 Difference: minus $1.26 (current price is over target).
If SEK meets the Deutsche Bank target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $16.84, suggesting downside of -0.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 37.00 cents and EPS of 57.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 60.6, implying annual growth of N/A. Current consensus DPS estimate is 44.2, implying a prospective dividend yield of 2.6%. Current consensus EPS estimate suggests the PER is 28.0. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 44.00 cents and EPS of 66.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 70.6, implying annual growth of 16.5%. Current consensus DPS estimate is 47.5, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 24.0. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates SEK as Outperform (1) -
Overall, FY17 results were in line with Macquarie's expectations. Net profit was up 12%.
While the momentum on the top line is strong in FY18, the broker observes re-investment levels dampen the earnings conversion. While this does not shift the end game, the broker observes it clearly tempers the short term outlook.
Outperform. Target is lowered -1.7% to $17.20.
Target price is $17.20 Current Price is $17.26 Difference: minus $0.06 (current price is over target).
If SEK meets the Macquarie target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $16.84, suggesting downside of -0.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 42.00 cents and EPS of 60.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 60.6, implying annual growth of N/A. Current consensus DPS estimate is 44.2, implying a prospective dividend yield of 2.6%. Current consensus EPS estimate suggests the PER is 28.0. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 49.50 cents and EPS of 70.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 70.6, implying annual growth of 16.5%. Current consensus DPS estimate is 47.5, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 24.0. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates SEK as Overweight (1) -
FY17 earnings were broadly in line with Morgan Stanley. The company appears confident in medium-term revenue growth and is stepping up investment in both organic opportunities and some bolt-on acquisitions.
Morgan Stanley observes this will mean higher costs in FY18 and a flattish year for reported profit. Overweight rating rertained. Target is $19.10. Attractive sector view maintained.
Target price is $19.10 Current Price is $17.26 Difference: $1.84
If SEK meets the Morgan Stanley target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $16.84, suggesting downside of -0.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 52.10 cents and EPS of 69.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 60.6, implying annual growth of N/A. Current consensus DPS estimate is 44.2, implying a prospective dividend yield of 2.6%. Current consensus EPS estimate suggests the PER is 28.0. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 EPS of 79.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 70.6, implying annual growth of 16.5%. Current consensus DPS estimate is 47.5, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 24.0. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates SEK as Hold (3) -
SEEK's full-year profit met consensus but guidance disappointed, the company forecasting heavy investments in FY18, resulting in lower profit margins. Despite this, the broker notes strong growth in job ads sets the scene for strong profit growth.
Morgans cuts forecasts -11.6%, -10.2% and -10% for FY18/19/20 to reflect guidance, but the roll-over to a new valuation base year results in an increase in the discounted cash flow valuation to $17.92. Target price rises to $17.39 from $16.29. Hold retained.
Target price is $17.39 Current Price is $17.26 Difference: $0.13
If SEK meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $16.84, suggesting downside of -0.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 45.00 cents and EPS of 66.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 60.6, implying annual growth of N/A. Current consensus DPS estimate is 44.2, implying a prospective dividend yield of 2.6%. Current consensus EPS estimate suggests the PER is 28.0. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 46.00 cents and EPS of 80.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 70.6, implying annual growth of 16.5%. Current consensus DPS estimate is 47.5, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 24.0. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates SEK as Accumulate (2) -
FY17 operating earnings were better than Ord Minnett expected. The broker is encouraged by the 14% growth from Australasian employment and 13% constant currency growth from international operations.
Ord Minnett lowers FY18 EBITDA estimates, but still expects a 10% increase year-on-year, because of increased re-investment and lower margins in education, early-stage ventures, Zhaopin and Asia.
Accumulate rating and $20 target retained.
Target price is $20.00 Current Price is $17.26 Difference: $2.74
If SEK meets the Ord Minnett target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $16.84, suggesting downside of -0.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 48.00 cents and EPS of 56.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 60.6, implying annual growth of N/A. Current consensus DPS estimate is 44.2, implying a prospective dividend yield of 2.6%. Current consensus EPS estimate suggests the PER is 28.0. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 53.00 cents and EPS of 70.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 70.6, implying annual growth of 16.5%. Current consensus DPS estimate is 47.5, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 24.0. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates SEK as Sell (5) -
Seek's FY17 result took a back seat to FY18 guidance which is -8% below prior consensus. The broker had been concerned elevated investment would offset stronger revenues and this has proven to be the case, with rebound expectations now pushed out to FY19.
FY18 guidance will have investors shaking their heads, the broker suggests, but it appears the company is retaining a "healthy paranoia" with regard disruptors and re-investment. That said, Seek is trading on the same PE multiple as peer REA Group ((REA)) while offering lower growth, point out the analysts.
Sell retained. Target rises to $15.50 from $14.00.
Target price is $15.50 Current Price is $17.26 Difference: minus $1.76 (current price is over target).
If SEK meets the UBS target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $16.84, suggesting downside of -0.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 45.00 cents and EPS of 64.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 60.6, implying annual growth of N/A. Current consensus DPS estimate is 44.2, implying a prospective dividend yield of 2.6%. Current consensus EPS estimate suggests the PER is 28.0. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 49.00 cents and EPS of 70.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 70.6, implying annual growth of 16.5%. Current consensus DPS estimate is 47.5, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 24.0. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates SGP as Buy (1) -
As it turned out, free funds from operations slightly beat expectations. FY18 guidance did so too, by less than 1% on Citi's assessment. While adjusting estimates slightly upwards, Citi analysts question whether the market might take the view this is as good as it gets?
Citi thinks it's premature, still, to concentrate on whether a peak has been seen. Buy rating retained. Target price gains 1c to $5.05.
Target price is $5.05 Current Price is $4.34 Difference: $0.71
If SGP meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $4.73, suggesting upside of 6.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 26.50 cents and EPS of 35.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.1, implying annual growth of N/A. Current consensus DPS estimate is 26.7, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 13.0. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 27.50 cents and EPS of 37.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.3, implying annual growth of 0.6%. Current consensus DPS estimate is 27.8, implying a prospective dividend yield of 6.3%. Current consensus EPS estimate suggests the PER is 12.9. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates SGP as Neutral (3) -
FY17 result highlighted the residential development business, where settlements were well ahead of Macquarie's expectations. The result underpins growth of over 5% in FY18, the broker observes, lifting forecast by 1.5%.
Nevertheless, the result did nothing to allay Macquarie's concerns about the retail portfolio. Neutral rating retained. Target is raised to $4.60 from $4.53.
Target price is $4.60 Current Price is $4.34 Difference: $0.26
If SGP meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $4.73, suggesting upside of 6.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 26.50 cents and EPS of 30.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.1, implying annual growth of N/A. Current consensus DPS estimate is 26.7, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 13.0. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 27.60 cents and EPS of 32.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.3, implying annual growth of 0.6%. Current consensus DPS estimate is 27.8, implying a prospective dividend yield of 6.3%. Current consensus EPS estimate suggests the PER is 12.9. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates SGP as Underweight (5) -
Stockland reported a full-year result in line with the broker. Guidance was mixed; ahead of consensus but below some of the broker's estimates.
A 40% jump in electricity costs is now hitting the sector, with Stockland the first to take the hit. The broker believes the stock's margins will rise to 17% and debt will remain steady at 5.4%.
Morgan Stanley retains the $4.50 target price and Overweight rating. Industry view is cautious.
Target price is $4.50 Current Price is $4.34 Difference: $0.16
If SGP meets the Morgan Stanley target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $4.73, suggesting upside of 6.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 27.10 cents and EPS of 31.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.1, implying annual growth of N/A. Current consensus DPS estimate is 26.7, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 13.0. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 28.10 cents and EPS of 32.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.3, implying annual growth of 0.6%. Current consensus DPS estimate is 27.8, implying a prospective dividend yield of 6.3%. Current consensus EPS estimate suggests the PER is 12.9. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates SGP as Accumulate (2) -
FY17 funds from operations were marginally ahead of Ord Minnett forecasts. The broker believes some rationalisation of the retail portfolio is required over time although the company does not appear to be in any hurry and the balance sheet is in great shape.
Accumulate rating retained. Target is reduced to $5.10 from $5.30.
Target price is $5.10 Current Price is $4.34 Difference: $0.76
If SGP meets the Ord Minnett target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $4.73, suggesting upside of 6.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 27.00 cents and EPS of 30.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.1, implying annual growth of N/A. Current consensus DPS estimate is 26.7, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 13.0. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 28.00 cents and EPS of 32.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.3, implying annual growth of 0.6%. Current consensus DPS estimate is 27.8, implying a prospective dividend yield of 6.3%. Current consensus EPS estimate suggests the PER is 12.9. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates SGP as Neutral (3) -
Stockland's result beat the broker by 1% as funds from operations growth marginally exceeded guidance. It was another record result for resi, while retail met expectation. Asset impairments on non-metro shopping centres provided a drag on asset value.
FFO growth guidance is lower than expected and as such dividend guidance, hence the broker lowers forecasts and its target to $4.62 from $4.76. Neutral retained, with Mirvac ((MGR)) preferred.
Target price is $4.62 Current Price is $4.34 Difference: $0.28
If SGP meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $4.73, suggesting upside of 6.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 26.50 cents and EPS of 35.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.1, implying annual growth of N/A. Current consensus DPS estimate is 26.7, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 13.0. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 27.80 cents and EPS of 37.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.3, implying annual growth of 0.6%. Current consensus DPS estimate is 27.8, implying a prospective dividend yield of 6.3%. Current consensus EPS estimate suggests the PER is 12.9. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates SHL as Sell (5) -
FY17 financial achievement proved largely in line, according to Citi's commentary. FY18 guidance assumes no regulatory changes, point out the analysts. They themselves suggest this might be a tad optimistic.
Throwing in a rebasing of group profits, plus FX, has resulted in -5% cuts to forecasts. Target price moves to $21.50 from $19.50 on rolling forward the model.
While the chances remain that further acquisitions might be announced, Citi analysts are of the view that because of looming regulatory risks, this stock does not represent a favourable risk reward offering for investors. Sell rating reiterated.
Target price is $21.50 Current Price is $23.59 Difference: minus $2.09 (current price is over target).
If SHL meets the Citi target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $23.45, suggesting upside of 2.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 81.00 cents and EPS of 112.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 113.3, implying annual growth of N/A. Current consensus DPS estimate is 80.3, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 20.2. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 86.00 cents and EPS of 119.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 119.0, implying annual growth of 5.0%. Current consensus DPS estimate is 85.6, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 19.2. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates SHL as Downgrade to Underperform from Neutral (5) -
FY17 net profit was below Credit Suisse forecasts. The broker updates modelling assumptions and, as a result, forecasts for earnings per share decreased by -7% over FY18-20.
Based on recent relative share price performance, the broker downgrades to Underperform from Neutral. Operating earnings growth is expected to improve in FY18 but this is essentially because of acquisitions rather than a step change in regional organic growth rates.
Target is reduced to $22.40 from $22.60.
Target price is $22.40 Current Price is $23.59 Difference: minus $1.19 (current price is over target).
If SHL meets the Credit Suisse target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $23.45, suggesting upside of 2.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 81.00 cents and EPS of 111.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 113.3, implying annual growth of N/A. Current consensus DPS estimate is 80.3, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 20.2. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 86.00 cents and EPS of 119.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 119.0, implying annual growth of 5.0%. Current consensus DPS estimate is 85.6, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 19.2. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates SHL as Overweight (1) -
FY17 results were in line with Morgan Stanley's expectations. The broker marks earnings to market for FX and new guidance on growth and interest.
The broker considers FY18 guidance for growth of 6-8% in operating earnings is a continuation of the FY17 trends.
Overweight retained. Target raised to $26.70 from $25.10. In-Line industry view retained.
Target price is $26.70 Current Price is $23.59 Difference: $3.11
If SHL meets the Morgan Stanley target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $23.45, suggesting upside of 2.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 80.70 cents and EPS of 113.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 113.3, implying annual growth of N/A. Current consensus DPS estimate is 80.3, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 20.2. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 86.90 cents and EPS of 122.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 119.0, implying annual growth of 5.0%. Current consensus DPS estimate is 85.6, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 19.2. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates SHL as Add (1) -
Sonic Healthcare fell short of the broker but in line with guidance, as FX and non-recurring items took their toll.
On the upside, the company posted strong organic lab growth, amidst a benign regulatory environment, plus it has a good acquisition pipeline, with Oz pathology back in the black and Labs and imaging leading the charge.
While the broker's underlying earnings estimates ease up to -1% across FY18-20, the target price rises on a discounted cash flow/SOTP and sum-of-the-parts valuation to $25.91 from $24.97. Hold rating retained.
Target price is $25.91 Current Price is $23.59 Difference: $2.32
If SHL meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $23.45, suggesting upside of 2.6% (ex-dividends)
Forecast for FY18:
Current consensus EPS estimate is 113.3, implying annual growth of N/A. Current consensus DPS estimate is 80.3, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 20.2. |
Forecast for FY19:
Current consensus EPS estimate is 119.0, implying annual growth of 5.0%. Current consensus DPS estimate is 85.6, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 19.2. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates SHL as Lighten (4) -
FY17 results were in line with Ord Minnett. Despite the potential for further acquisitions, the broker believes the risk is to the downside because of the likelihood that funding cuts will be confirmed in coming months.
FY18 guidance fell short of expectations although a pick up in operating earnings growth is forecast, supported by recent acquisitions.
Lighten rating retained. Target is reduced to $21.20 from $22.00.
Target price is $21.20 Current Price is $23.59 Difference: minus $2.39 (current price is over target).
If SHL meets the Ord Minnett target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $23.45, suggesting upside of 2.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 79.00 cents and EPS of 113.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 113.3, implying annual growth of N/A. Current consensus DPS estimate is 80.3, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 20.2. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 82.00 cents and EPS of 118.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 119.0, implying annual growth of 5.0%. Current consensus DPS estimate is 85.6, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 19.2. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates SHL as Neutral (3) -
Sonic's result came in a little short but forex movements dampened a solid performance, the broker suggests. FY18 guidance fell short on higher interest expense and a higher tax rate.
While Sonic can continue to pursue M&A to bolster earnings, the broker notes regulatory risks continue to overhang in the US and Aust. Neutral retained. Target falls to $23.00 from $23.50.
Target price is $23.00 Current Price is $23.59 Difference: minus $0.59 (current price is over target).
If SHL meets the UBS target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $23.45, suggesting upside of 2.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 81.00 cents and EPS of 109.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 113.3, implying annual growth of N/A. Current consensus DPS estimate is 80.3, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 20.2. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 87.00 cents and EPS of 117.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 119.0, implying annual growth of 5.0%. Current consensus DPS estimate is 85.6, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 19.2. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates SLK as Buy (1) -
FY17 results were in line with Ord Minnett. The broker suspects the step down in earnings, post the construction phase at Gladstone, is now largely complete and all Capricorn vessels are fully deployed.
This removes a level of uncertainty that has plagued the stock since the interim result. Buy rating retained. Target rises to $5.00 from $4.90.
Target price is $5.00 Current Price is $3.98 Difference: $1.02
If SLK meets the Ord Minnett target it will return approximately 26% (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 14.50 cents and EPS of 25.10 cents. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 15.00 cents and EPS of 26.90 cents. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates SSM as Buy (1) -
FY17 results beat guidance. Ord Minnett currently forecasts high single-digit underlying EBITDA growth through FY18-19. The risk is considered to the upside over the next 12 months.
The stock remains the broker's key pick for leverage to the NBN roll out and associated maintenance work. Buy retained. Target is raised to $1.40 from $1.30.
Target price is $1.40 Current Price is $1.36 Difference: $0.045
If SSM meets the Ord Minnett target it will return approximately 3% (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 5.00 cents and EPS of 9.30 cents. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 5.00 cents and EPS of 9.90 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 SWM as Neutral (3) -
FY17 results were helped by the waiver of the license fees and operating earnings were in line with Credit Suisse. Guidance is for a -5% decline in operating earnings in FY18.
Credit Suisse does not consider the stock expensive but the issue is the TV advertising market is weak. Neutral rating retained and the target is reduced to $0.77 from $0.81.
Target price is $0.77 Current Price is $0.77 Difference: $0
If SWM meets the Credit Suisse target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $0.75, suggesting downside of -3.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 4.00 cents and EPS of 8.61 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.4, implying annual growth of N/A. Current consensus DPS estimate is 4.7, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 8.3. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 5.00 cents and EPS of 10.76 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.4, implying annual growth of N/A. Current consensus DPS estimate is 5.0, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 8.3. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates SWM as Underweight (5) -
FY17 operating earnings were in line with guidance, down -18%, but Morgan Stanley observes only with the $35m benefit from the cut to TV licence fees.
The broker suspects FY18 guidance may prove optimistic as it relies on an improved TV advertising market.
The broker retains an Underweight rating and 70c target. Industry view is Attractive.
Target price is $0.70 Current Price is $0.77 Difference: minus $0.07 (current price is over target).
If SWM meets the Morgan Stanley target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $0.75, 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 EPS of 10.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.4, implying annual growth of N/A. Current consensus DPS estimate is 4.7, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 8.3. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 EPS of 8.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.4, implying annual growth of N/A. Current consensus DPS estimate is 5.0, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 8.3. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates TLS as Sell (5) -
Citi analysts had penciled in a dividend cut to 25c but the new dividend policy proved much, much worse. In an initial assessment of Telstra's negative surprise announcement, the analysts predict ordinary dividends are likely to continue declining through to FY21 as underlying earnings decline further during the remainder of the NBN rollout.
In addition, argue the analysts, FY17 was sort of in-line, but FY18 guidance is likely to disappoint a few. Target $4. Sell.
Target price is $4.00 Current Price is $4.33 Difference: minus $0.33 (current price is over target).
If TLS meets the Citi target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.33, suggesting upside of 9.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 31.00 cents and EPS of 25.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.0, implying annual growth of -34.6%. Current consensus DPS estimate is 31.1, implying a prospective dividend yield of 7.9%. Current consensus EPS estimate suggests the PER is 12.7. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 25.00 cents and EPS of 24.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 32.4, implying annual growth of 4.5%. Current consensus DPS estimate is 29.6, implying a prospective dividend yield of 7.5%. Current consensus EPS estimate suggests the PER is 12.2. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates TWE as Sell (5) -
Treasury Wines' FY17 revealed lower sales with pressure on Asian margin, but cost savings saved the day, comment Citi analysts in an initial assessment.
The analysts wouldn't be surprised to see some downward pressure emerging on both consensus market expectations and the share price. Sell rating retained. Target unchanged at $10.50.
Target price is $10.50 Current Price is $12.58 Difference: minus $2.08 (current price is over target).
If TWE meets the Citi target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $11.93, suggesting downside of -7.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 27.00 cents and EPS of 41.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 40.2, implying annual growth of 60.2%. Current consensus DPS estimate is 26.1, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 32.0. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 32.00 cents and EPS of 45.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 46.7, implying annual growth of 16.2%. Current consensus DPS estimate is 31.2, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 27.6. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates VCX as Underperform (5) -
FY17 was disappointing and FY18 guidance below expectations. Credit Suisse did not expect the company, at this point, to re-set its distribution policy and bring its earnings definition into line with its peers. As well, the company is selling additional structurally-challenged real estate.
The main question is whether the steps go far enough. The broker continues to believe the company needs to shed more weak assets. Underperform. Target is $2.65.
Target price is $2.65 Current Price is $2.68 Difference: minus $0.03 (current price is over target).
If VCX meets the Credit Suisse target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $2.95, suggesting upside of 10.6% (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 18.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.0, implying annual growth of N/A. Current consensus DPS estimate is 16.8, implying a prospective dividend yield of 6.3%. Current consensus EPS estimate suggests the PER is 14.8. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 17.00 cents and EPS of 19.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.6, implying annual growth of 3.3%. Current consensus DPS estimate is 17.0, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 14.3. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates VCX as Outperform (1) -
FY17 results were in line with Macquarie's forecasts. The broker believes the stock offers a relatively defensive income stream from a high-quality retail shopping centre portfolio.
The broker believes the company is ideally placed for the changing retail landscape, given a strong balance sheet and prudent approach to development.
Outperform. Target raised to $3.02 from $2.91.
Target price is $3.02 Current Price is $2.68 Difference: $0.34
If VCX meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $2.95, suggesting upside of 10.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 16.20 cents and EPS of 17.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.0, implying annual growth of N/A. Current consensus DPS estimate is 16.8, implying a prospective dividend yield of 6.3%. Current consensus EPS estimate suggests the PER is 14.8. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 16.90 cents and EPS of 18.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.6, implying annual growth of 3.3%. Current consensus DPS estimate is 17.0, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 14.3. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates VCX as Underweight (5) -
FY17 underwhelmed and FY18 guidance is below Morgan Stanley's estimates. After the significant underperformance, a buy-back announcement and re-based pay-out policy the broker suspects the downside is now more limited.
Underweight rating retained as retail operating metrics are moderating and asset sales continue. Target is $2.65. Industry view: Cautious.
Target price is $2.65 Current Price is $2.68 Difference: minus $0.03 (current price is over target).
If VCX meets the Morgan Stanley target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $2.95, suggesting upside of 10.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 16.30 cents and EPS of 17.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.0, implying annual growth of N/A. Current consensus DPS estimate is 16.8, implying a prospective dividend yield of 6.3%. Current consensus EPS estimate suggests the PER is 14.8. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 16.40 cents and EPS of 17.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.6, implying annual growth of 3.3%. Current consensus DPS estimate is 17.0, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 14.3. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates VCX as Accumulate (2) -
FY17 underlying earnings were in line with Ord Minnett forecasts. Net tangible assets and the share buy-back provide valuation support against a backdrop of slowing sales growth, the broker observes.
Accumulate rating and $3.20 target retained.
Target price is $3.20 Current Price is $2.68 Difference: $0.52
If VCX meets the Ord Minnett target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $2.95, suggesting upside of 10.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 18.00 cents and EPS of 18.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.0, implying annual growth of N/A. Current consensus DPS estimate is 16.8, implying a prospective dividend yield of 6.3%. Current consensus EPS estimate suggests the PER is 14.8. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 18.00 cents and EPS of 19.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.6, implying annual growth of 3.3%. Current consensus DPS estimate is 17.0, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 14.3. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates VCX as Buy (1) -
Vicinity's result was in line with the broker but this was overshadowed by a change in earnings and dividend policy, affecting an -8% dividend cut. FY18 guidance is in line once adjusted for the new payout policy.
Cutting the payout ratio from 107% of free cash flow should not be a surprise, but given the balance sheet is now in a much better position, portfolio quality has improved and development capex is winding down, the timing is strange, the broker suggests.
The buyback will nevertheless provide support so the broker retains Buy and a $2.92 target.
Target price is $2.92 Current Price is $2.68 Difference: $0.24
If VCX meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $2.95, suggesting upside of 10.6% (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 18.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.0, implying annual growth of N/A. Current consensus DPS estimate is 16.8, implying a prospective dividend yield of 6.3%. Current consensus EPS estimate suggests the PER is 14.8. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 16.80 cents and EPS of 19.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.6, implying annual growth of 3.3%. Current consensus DPS estimate is 17.0, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 14.3. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates VLW as Add (1) -
Villaworld nosed in ahead of guidance, delivering a small rise in dividend and provided guidance of 10% net profit after tax growth, and steady earnings per share.
Following the capital raising in the second half, the company is aiming for a 20% rise in profitability for FY19 and Morgans notes it has made the necessary acquisitions to hit the target so it's just a matter of seeing how project delivery and cyclical trends (which are capping the stock) play out.
The broker notes the stock is trading on a price-earnings multiple of 7.1x and is delivering an 8% yield. Add rating retained but target price falls to $2.60 from $2.83, to reflect a lower earnings-per-share multiple for FY18.
Target price is $2.60 Current Price is $2.34 Difference: $0.26
If VLW meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 19.00 cents and EPS of 33.00 cents. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 20.00 cents and EPS of 39.00 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates WES as Sell (5) -
Citi analysts' initial assessment is that FY17 core profit narrowly missed consensus, with the added observation that Coles' earnings were -13% lower than the prior year.
Also, nearly all of the $800m lift in group EBIT came from Resources, the analysts highlight. The stronger dividend may be attractive to some, suggest the analysts. Irrespective, Sell rating remains. Target price $38.
Target price is $38.00 Current Price is $41.75 Difference: minus $3.75 (current price is over target).
If WES meets the Citi target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $40.34, suggesting downside of -3.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 203.00 cents and EPS of 253.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 257.7, implying annual growth of 611.9%. Current consensus DPS estimate is 217.3, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 16.3. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 205.00 cents and EPS of 242.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 255.9, implying annual growth of -0.7%. Current consensus DPS estimate is 217.6, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 16.4. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates WFD as Neutral (3) -
At face value, it appeared Westfield's interim had managed to beat expectations, but Citi analysts highlight at the EBIT level the performance disappointed. Forecasts have been cut.
On the back of lowered forecasts, target price falls to $8.32 from $8.70. Neutral rating retained, with the added notion that Westfield remains Citi's least preferred retail large cap exposure.
The analysts see downward pressure on market expectations while current multiples remain elevated versus US and Australian peers.
Target price is $8.32 Current Price is $7.72 Difference: $0.6
If WFD meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $9.10, suggesting upside of 19.1% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 33.68 cents and EPS of 44.77 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 41.4, implying annual growth of N/A. Current consensus DPS estimate is 32.2, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 18.5. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 34.33 cents and EPS of 45.55 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 44.3, implying annual growth of 7.0%. Current consensus DPS estimate is 33.3, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 17.3. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates WFD as Upgrade to Outperform from Neutral (1) -
First half results were in line with Credit Suisse. The company has re-affirmed four-year earnings guidance.
The company has again indicated that future disposals will be at the margin and Credit Suisse no longer allows for US$1.5bn in sales in FY18. In isolation this boosts funds flow estimates by 5-6%.
The broker believes the year-to-date decline in the share price of -18% creates an attractive buying opportunity and upgrades to Outperform from Neutral. Target is reduced to $8.95 from $9.25.
Target price is $8.95 Current Price is $7.72 Difference: $1.23
If WFD meets the Credit Suisse target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $9.10, suggesting upside of 19.1% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 33.01 cents and EPS of 44.89 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 41.4, implying annual growth of N/A. Current consensus DPS estimate is 32.2, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 18.5. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 35.65 cents and EPS of 47.53 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 44.3, implying annual growth of 7.0%. Current consensus DPS estimate is 33.3, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 17.3. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates WFD as Outperform (1) -
First half results confirmed for Macquarie the sluggish start to 2017. Consistent with expectations, the company has re-affirmed FY17 guidance of 33.8-34.0c per share in free funds from operations.
As the stock has de-rated materially in the last 12 months and offers a better total shareholder return, despite a modest earnings profile, the broker retains an Outperform rating. Target is $9.15.
Target price is $9.15 Current Price is $7.72 Difference: $1.43
If WFD meets the Macquarie target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $9.10, suggesting upside of 19.1% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 33.67 cents and EPS of 40.93 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 41.4, implying annual growth of N/A. Current consensus DPS estimate is 32.2, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 18.5. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 34.33 cents and EPS of 44.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 44.3, implying annual growth of 7.0%. Current consensus DPS estimate is 33.3, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 17.3. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates WFD as Underweight (5) -
Westfield reported a half-year result in line with forecast. The broker believes downside risk has eased after the recent big sell-off and the development pipeline will drive net-tangible asset upside, but remains underweight given the difficult retail environment.
Morgan Stanley notes the stock is trading at a discount to its target price but cites lack of visibility on growth, downside risk to net asset value, balance sheet and capital management and relative valuation as reasons to remain cautious.
Target price falls to $7.90 from $8.90. Industry view is cautious. Underweight retained.
Target price is $7.90 Current Price is $7.72 Difference: $0.18
If WFD meets the Morgan Stanley target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $9.10, suggesting upside of 19.1% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 33.93 cents and EPS of 42.91 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 41.4, implying annual growth of N/A. Current consensus DPS estimate is 32.2, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 18.5. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 35.78 cents and EPS of 46.21 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 44.3, implying annual growth of 7.0%. Current consensus DPS estimate is 33.3, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 17.3. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates WFD as Accumulate (2) -
First half funds from operations were ahead of Ord Minnett estimates. Key developments are progressing in line with expectations.
The broker maintains an Accumulate rating and $11.10 target.
Target price is $11.10 Current Price is $7.72 Difference: $3.38
If WFD meets the Ord Minnett target it will return approximately 44% (excluding dividends, fees and charges).
Current consensus price target is $9.10, suggesting upside of 19.1% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 34.33 cents and EPS of 40.93 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 41.4, implying annual growth of N/A. Current consensus DPS estimate is 32.2, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 18.5. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 34.33 cents and EPS of 46.21 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 44.3, implying annual growth of 7.0%. Current consensus DPS estimate is 33.3, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 17.3. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates WFD as Buy (1) -
The broker was somewhat concerned given a volatile US reporting season but is relieved that Westfield has reconfirmed 2017 guidance. Operating metrics were stable in the first half and quality was reasonable.
Development completions and the introduction of third party capital into Milan and UK apartments loom as key catalysts, the broker suggests. Buy and $9.20 target retained.
Target price is $9.20 Current Price is $7.72 Difference: $1.48
If WFD meets the UBS target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $9.10, suggesting upside of 19.1% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 44.89 cents and EPS of 44.89 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 41.4, implying annual growth of N/A. Current consensus DPS estimate is 32.2, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 18.5. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 44.89 cents and EPS of 48.85 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 44.3, implying annual growth of 7.0%. Current consensus DPS estimate is 33.3, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 17.3. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates WPL as Sell (5) -
Woodside's report missed Citi's expectation by some -8%. No surprise, the analysts commentary talks about a lack of excitement. Post the interim release, Citi analysts struggle to reconcile the positive market response.
Assuming a US$55/bbl long term oil price, the analysts find the share price expensive. Target price moves to $27.49, up 5c. Sell rating retained. Core profit forecasts have been reduced by -5-11% in CY17-19.
Target price is $27.49 Current Price is $29.90 Difference: minus $2.41 (current price is over target).
If WPL meets the Citi target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $30.11, suggesting upside of 2.8% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 125.43 cents and EPS of 155.93 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 146.9, implying annual growth of N/A. Current consensus DPS estimate is 117.0, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 19.9. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 129.39 cents and EPS of 160.95 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 157.6, implying annual growth of 7.3%. Current consensus DPS estimate is 123.7, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 18.6. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates WPL as Underperform (5) -
First half results highlight the quality of the business, say the analysts. The performance was ahead of Credit Suisse forecasts. The beat on production costs impressed the broker.
Credit Suisse forecasts net profit up 16% in 2017 and 26% in 2018. Nevertheless, the broker still believes too much optimism is baked into the share price.
Underperform rating retained. Target is raised to $25.60 from $25.50.
Target price is $25.60 Current Price is $29.90 Difference: minus $4.3 (current price is over target).
If WPL meets the Credit Suisse target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $30.11, suggesting upside of 2.8% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 114.38 cents and EPS of 142.59 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 146.9, implying annual growth of N/A. Current consensus DPS estimate is 117.0, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 19.9. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 111.05 cents and EPS of 138.63 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 157.6, implying annual growth of 7.3%. Current consensus DPS estimate is 123.7, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 18.6. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates WPL as Hold (3) -
First half results were ahead of Deutsche Bank's estimates. Cost reduction initiatives impressed the broker.
The company has re-affirmed that the commissioning of the first train at Wheatstone is nearing completion. Deutsche Bank highlights the strong balance sheet and positive momentum.
Price target is raised to $28.60 from $27.60. Hold rating retained.
Target price is $28.60 Current Price is $29.90 Difference: minus $1.3 (current price is over target).
If WPL meets the Deutsche Bank target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $30.11, suggesting upside of 2.8% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 120.15 cents and EPS of 147.87 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 146.9, implying annual growth of N/A. Current consensus DPS estimate is 117.0, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 19.9. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 120.15 cents and EPS of 150.52 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 157.6, implying annual growth of 7.3%. Current consensus DPS estimate is 123.7, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 18.6. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates WPL as Neutral (3) -
First half results beat Macquarie's expectations. This was driven by cost reductions across the oil and North West Shelf business. Guidance for 2017 of 84-90mmboe is maintained.
As a result of the higher-than-expected dividend, Macquarie believes the stock will continue to trade at a premium to Brent.
Neutral retained. Target is $28.50.
Target price is $28.50 Current Price is $29.90 Difference: minus $1.4 (current price is over target).
If WPL meets the Macquarie target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $30.11, suggesting upside of 2.8% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 138.63 cents and EPS of 172.83 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 146.9, implying annual growth of N/A. Current consensus DPS estimate is 117.0, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 19.9. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 149.20 cents and EPS of 188.28 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 157.6, implying annual growth of 7.3%. Current consensus DPS estimate is 123.7, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 18.6. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates WPL as Overweight (1) -
First half results beat Morgan Stanley's estimates. The broker observes Wheatstone appears to be close to first production.
Target is $36.65. Overweight rating and In-Line industry view retained.
Target price is $36.65 Current Price is $29.90 Difference: $6.75
If WPL meets the Morgan Stanley target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $30.11, suggesting upside of 2.8% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 109.59 cents and EPS of 137.31 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 146.9, implying annual growth of N/A. Current consensus DPS estimate is 117.0, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 19.9. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 115.23 cents and EPS of 144.37 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 157.6, implying annual growth of 7.3%. Current consensus DPS estimate is 123.7, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 18.6. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates WPL as Hold (3) -
Woodside Petroleum's first-half result outpaced the broker, the company posting a 14% year-on-year jump in gross earnings, despite a -4% fall in revenue.
Morgans says the result positions Woodside well to meet full-year consensus estimates. Morgans notes an increase in dividend, the payout ratio steady at 80%.
The company increased debt slightly and remains at the higher end of its gearing target, and Wheatstone is running behind schedule.
Hold rating retained. Price target falls to $30.26 from $30.46 given activity is likely to remain capped in the weak oil environment, explains the broker.
Target price is $30.26 Current Price is $29.90 Difference: $0.36
If WPL meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $30.11, suggesting upside of 2.8% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 125.43 cents and EPS of 166.36 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 146.9, implying annual growth of N/A. Current consensus DPS estimate is 117.0, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 19.9. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 145.23 cents and EPS of 205.97 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 157.6, implying annual growth of 7.3%. Current consensus DPS estimate is 123.7, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 18.6. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates WPL as Hold (3) -
First half results were in line with Ord Minnett. The broker notes the strong cost performance. Management remains constructive on its ability to deliver on production at the high end of guidance.
Ord Minnett maintains a Hold rating and lowers the target to $29.50 from $30.00.
Target price is $29.50 Current Price is $29.90 Difference: minus $0.4 (current price is over target).
If WPL meets the Ord Minnett target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $30.11, suggesting upside of 2.8% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 132.03 cents and EPS of 165.04 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 146.9, implying annual growth of N/A. Current consensus DPS estimate is 117.0, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 19.9. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 145.70 cents and EPS of 182.78 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 157.6, implying annual growth of 7.3%. Current consensus DPS estimate is 123.7, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 18.6. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates WPL as Buy (1) -
Woodside's result beat the broker by 12% on lower corporate and production costs and a lower tax rate. 2017 guidance is unchanged but management suggested upside risk to production.
The broker believes the market is overly focused on LNG repricing risk as existing contracts roll off and remains unwilling to pay for growth, with Wheatstone commencing this year and Greater Enfield next year while the Pluto expansion, Senegal and Myanmar loom and longer term Browse and Scarborough.
Buy retained. Target rises to $34.30 from $34.00.
Target price is $34.30 Current Price is $29.90 Difference: $4.4
If WPL meets the UBS target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $30.11, suggesting upside of 2.8% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 112.23 cents and EPS of 139.95 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 146.9, implying annual growth of N/A. Current consensus DPS estimate is 117.0, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 19.9. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 121.47 cents and EPS of 150.52 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 157.6, implying annual growth of 7.3%. Current consensus DPS estimate is 123.7, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 18.6. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Summaries
| AIZ - | AIR NEW ZEALAND | Neutral - Macquarie | Overnight Price $3.02 |
| ANZ - | ANZ BANKING GROUP | Hold - Deutsche Bank | Overnight Price $30.42 |
| Hold - Morgans | Overnight Price $30.42 | ||
| AOG - | AVEO | Outperform - Macquarie | Overnight Price $2.70 |
| Overweight - Morgan Stanley | Overnight Price $2.70 | ||
| Add - Morgans | Overnight Price $2.70 | ||
| Accumulate - Ord Minnett | Overnight Price $2.70 | ||
| ARB - | ARB CORP | Upgrade to Buy from Neutral - Citi | Overnight Price $16.47 |
| Neutral - Credit Suisse | Overnight Price $16.47 | ||
| Neutral - Macquarie | Overnight Price $16.47 | ||
| Lighten - Ord Minnett | Overnight Price $16.47 | ||
| BOQ - | BANK OF QUEENSLAND | Sell - UBS | Overnight Price $12.86 |
| CL1 - | CLASS | Upgrade to Add from Hold - Morgans | Overnight Price $2.94 |
| Buy - UBS | Overnight Price $2.94 | ||
| CPU - | COMPUTERSHARE | Neutral - Citi | Overnight Price $13.97 |
| Outperform - Credit Suisse | Overnight Price $13.97 | ||
| Neutral - Macquarie | Overnight Price $13.97 | ||
| Underweight - Morgan Stanley | Overnight Price $13.97 | ||
| Hold - Ord Minnett | Overnight Price $13.97 | ||
| Neutral - UBS | Overnight Price $13.97 | ||
| CQR - | CHARTER HALL RETAIL | Neutral - Credit Suisse | Overnight Price $4.02 |
| CSL - | CSL | Buy - Citi | Overnight Price $125.27 |
| Outperform - Credit Suisse | Overnight Price $125.27 | ||
| Equal-weight - Morgan Stanley | Overnight Price $125.27 | ||
| Upgrade to Add from Hold - Morgans | Overnight Price $125.27 | ||
| Accumulate - Ord Minnett | Overnight Price $125.27 | ||
| Buy - UBS | Overnight Price $125.27 | ||
| DMP - | DOMINO'S PIZZA | Downgrade to Neutral from Outperform - Macquarie | Overnight Price $44.50 |
| DXS - | DEXUS PROPERTY | Neutral - Citi | Overnight Price $9.58 |
| Outperform - Macquarie | Overnight Price $9.58 | ||
| Overweight - Morgan Stanley | Overnight Price $9.58 | ||
| Hold - Ord Minnett | Overnight Price $9.58 | ||
| Sell - UBS | Overnight Price $9.58 | ||
| FBU - | FLETCHER BUILDING | Outperform - Credit Suisse | Overnight Price $7.67 |
| Buy - Deutsche Bank | Overnight Price $7.67 | ||
| Underperform - Macquarie | Overnight Price $7.67 | ||
| Buy - UBS | Overnight Price $7.67 | ||
| FXJ - | FAIRFAX MEDIA | Buy - Citi | Overnight Price $1.01 |
| Downgrade to Neutral from Outperform - Credit Suisse | Overnight Price $1.01 | ||
| No Rating - Macquarie | Overnight Price $1.01 | ||
| Overweight - Morgan Stanley | Overnight Price $1.01 | ||
| ILU - | ILUKA RESOURCES | Neutral - Citi | Overnight Price $9.35 |
| Outperform - Credit Suisse | Overnight Price $9.35 | ||
| Sell - Deutsche Bank | Overnight Price $9.35 | ||
| Underperform - Macquarie | Overnight Price $9.35 | ||
| Overweight - Morgan Stanley | Overnight Price $9.35 | ||
| Accumulate - Ord Minnett | Overnight Price $9.35 | ||
| Buy - UBS | Overnight Price $9.35 | ||
| ISU - | ISELECT | Outperform - Credit Suisse | Overnight Price $1.75 |
| IVC - | INVOCARE | Sell - Citi | Overnight Price $14.83 |
| Sell - Deutsche Bank | Overnight Price $14.83 | ||
| Outperform - Macquarie | Overnight Price $14.83 | ||
| Overweight - Morgan Stanley | Overnight Price $14.83 | ||
| Hold - Morgans | Overnight Price $14.83 | ||
| Lighten - Ord Minnett | Overnight Price $14.83 | ||
| Neutral - UBS | Overnight Price $14.83 | ||
| MIN - | MINERAL RESOURCES | Downgrade to Hold from Buy - Deutsche Bank | Overnight Price $13.96 |
| Outperform - Macquarie | Overnight Price $13.96 | ||
| Overweight - Morgan Stanley | Overnight Price $13.96 | ||
| ORG - | ORIGIN ENERGY | Neutral - Citi | Overnight Price $7.22 |
| Neutral - Credit Suisse | Overnight Price $7.22 | ||
| No Rating - Macquarie | Overnight Price $7.22 | ||
| Overweight - Morgan Stanley | Overnight Price $7.22 | ||
| Hold - Morgans | Overnight Price $7.22 | ||
| Accumulate - Ord Minnett | Overnight Price $7.22 | ||
| Buy - UBS | Overnight Price $7.22 | ||
| PGH - | PACT GROUP | Neutral - Credit Suisse | Overnight Price $5.48 |
| Buy - Deutsche Bank | Overnight Price $5.48 | ||
| Neutral - Macquarie | Overnight Price $5.48 | ||
| Hold - Morgans | Overnight Price $5.48 | ||
| Hold - Ord Minnett | Overnight Price $5.48 | ||
| SEK - | SEEK | Sell - Citi | Overnight Price $17.26 |
| Downgrade to Underperform from Neutral - Credit Suisse | Overnight Price $17.26 | ||
| Hold - Deutsche Bank | Overnight Price $17.26 | ||
| Outperform - Macquarie | Overnight Price $17.26 | ||
| Overweight - Morgan Stanley | Overnight Price $17.26 | ||
| Hold - Morgans | Overnight Price $17.26 | ||
| Accumulate - Ord Minnett | Overnight Price $17.26 | ||
| Sell - UBS | Overnight Price $17.26 | ||
| SGP - | STOCKLAND | Buy - Citi | Overnight Price $4.34 |
| Neutral - Macquarie | Overnight Price $4.34 | ||
| Underweight - Morgan Stanley | Overnight Price $4.34 | ||
| Accumulate - Ord Minnett | Overnight Price $4.34 | ||
| Neutral - UBS | Overnight Price $4.34 | ||
| SHL - | SONIC HEALTHCARE | Sell - Citi | Overnight Price $23.59 |
| Downgrade to Underperform from Neutral - Credit Suisse | Overnight Price $23.59 | ||
| Overweight - Morgan Stanley | Overnight Price $23.59 | ||
| Add - Morgans | Overnight Price $23.59 | ||
| Lighten - Ord Minnett | Overnight Price $23.59 | ||
| Neutral - UBS | Overnight Price $23.59 | ||
| SLK - | SEALINK TRAVEL | Buy - Ord Minnett | Overnight Price $3.98 |
| SSM - | SERVICE STREAM | Buy - Ord Minnett | Overnight Price $1.36 |
| SWM - | SEVEN WEST MEDIA | Neutral - Credit Suisse | Overnight Price $0.77 |
| Underweight - Morgan Stanley | Overnight Price $0.77 | ||
| TLS - | TELSTRA CORP | Sell - Citi | Overnight Price $4.33 |
| TWE - | TREASURY WINE ESTATES | Sell - Citi | Overnight Price $12.58 |
| VCX - | VICINITY CENTRES | Underperform - Credit Suisse | Overnight Price $2.68 |
| Outperform - Macquarie | Overnight Price $2.68 | ||
| Underweight - Morgan Stanley | Overnight Price $2.68 | ||
| Accumulate - Ord Minnett | Overnight Price $2.68 | ||
| Buy - UBS | Overnight Price $2.68 | ||
| VLW - | VILLA WORLD | Add - Morgans | Overnight Price $2.34 |
| WES - | WESFARMERS | Sell - Citi | Overnight Price $41.75 |
| WFD - | WESTFIELD CORP | Neutral - Citi | Overnight Price $7.72 |
| Upgrade to Outperform from Neutral - Credit Suisse | Overnight Price $7.72 | ||
| Outperform - Macquarie | Overnight Price $7.72 | ||
| Underweight - Morgan Stanley | Overnight Price $7.72 | ||
| Accumulate - Ord Minnett | Overnight Price $7.72 | ||
| Buy - UBS | Overnight Price $7.72 | ||
| WPL - | WOODSIDE PETROLEUM | Sell - Citi | Overnight Price $29.90 |
| Underperform - Credit Suisse | Overnight Price $29.90 | ||
| Hold - Deutsche Bank | Overnight Price $29.90 | ||
| Neutral - Macquarie | Overnight Price $29.90 | ||
| Overweight - Morgan Stanley | Overnight Price $29.90 | ||
| Hold - Morgans | Overnight Price $29.90 | ||
| Hold - Ord Minnett | Overnight Price $29.90 | ||
| Buy - UBS | Overnight Price $29.90 |
RATING SUMMARY
| Rating | No. Of Recommendations |
| 1. Buy | 44 |
| 2. Accumulate | 8 |
| 3. Hold | 37 |
| 4. Reduce | 3 |
| 5. Sell | 23 |
Thursday 17 August 2017
Access Broker Call Report Archives here
Disclaimer:
The content of this information does in no way reflect the opinions of
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the stock market, its value, future direction or individual shares. FNArena solely reports about what the main experts in the market note, believe
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This document is provided for informational purposes only. It does not
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base their work on information believed to be reliable and accurate, though
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should contact their personal adviser before making any investment decision.
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