Australian Broker Call
October 28, 2016
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COMPANIES DISCUSSED IN THIS ISSUE
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Last Updated: 12:55 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
| BKL - | BLACKMORES | downgrade to Accumulate from Buy | Ord Minnett |
| BPT - | BEACH ENERGY | Downgrade to Lighten from Accumulate | Ord Minnett |
| CWN - | CROWN RESORTS | Upgrade to Outperform from Neutral | Credit Suisse |
| RRL - | REGIS RESOURCES | Upgrade to Accumulate from Hold | Ord Minnett |
| SFR - | SANDFIRE | Upgrade to Add from Hold | Morgans |
Credit Suisse rates AAD as Neutral (3) -
The company at the AGM has flagged lower attendance and earnings after the tragic accident at the Dreamworld asset. Credit Suisse forecasts a 30% decline in Dreamworld revenue.
The worst case scenario is closure of the park but the broker believes this is unlikely, although notes it sits in a growth corridor for residential housing.
Uncertainty around the various negative scenarios warrants caution and, hence, the broker retains a Neutral rating. Target falls to $2.35 from $3.00.
Target price is $2.35 Current Price is $2.15 Difference: $0.2
If AAD meets the Credit Suisse target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $2.52, suggesting upside of 22.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 9.57 cents and EPS of 11.97 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 8.9, implying annual growth of -5.0%. Current consensus DPS estimate is 11.5, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 23.2. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 11.50 cents and EPS of 15.25 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 12.2, implying annual growth of 37.1%. Current consensus DPS estimate is 12.4, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 16.9. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates AAD as Neutral (3) -
At the AGM the company re-affirmed 11 new Main Event centres in FY17 and is in the final stages of negotiations with a potential purchaser of the marinas division.
UBS reduces theme parks attendance, revenue and EBITDA forecasts following the tragic event at Dreamworld as the company expects it will have a significant impact on earnings. There remains a great deal of uncertainty on potential fines and compensation, depending on the outcome of the coronial investigation.
Dividend estimates are reduced on the back of the earnings cuts. Neutral retained. Target falls to $2.10 from $3.05.
Target price is $2.10 Current Price is $2.15 Difference: minus $0.05 (current price is over target).
If AAD meets the UBS target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $2.52, suggesting upside of 22.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 11.00 cents and EPS of 2.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 8.9, implying annual growth of -5.0%. Current consensus DPS estimate is 11.5, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 23.2. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 11.00 cents and EPS of 6.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 12.2, implying annual growth of 37.1%. Current consensus DPS estimate is 12.4, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 16.9. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates AQG as Buy (1) -
Production at Copler was below Deutsche Bank's forecasts. Alacer Gold is aiming for the lower end of 2016 guidance of 150-170,000 ozs but the broker suspects this will not be reached and forecasts 142,000 ozs.
All major equipment purchase orders are complete and Deutsche Bank expects an increase in cash outflows during the December quarter.
Buy rating retained. Target is reduced to $4.60 from $4.80.
Target price is $4.60 Current Price is $2.90 Difference: $1.7
If AQG meets the Deutsche Bank target it will return approximately 59% (excluding dividends, fees and charges).
Current consensus price target is $4.50, suggesting upside of 60.7% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Deutsche Bank forecasts a full year FY16 dividend of 0.00 cents and EPS of 28.39 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 12.6, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 22.2. |
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 0.00 cents and EPS of minus 4.06 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -0.1, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is N/A. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates AQG as Neutral (3) -
Pit wall instability led to restricted access and a subsequent production miss for Alacer in the Sep Q, while planned re-leach program was also delayed. The company expects it can recover and still meet FY guidance and the broker agrees, but suggests such mishaps introduce new uncertainties.
Alacer's costs are also rising and cash flow generation slowing, leaving less margin for error, the broker suggests. Neutral retained, Target falls to $3.40 from $3.70.
Target price is $3.40 Current Price is $2.90 Difference: $0.5
If AQG meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $4.50, suggesting upside of 60.7% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Macquarie forecasts a full year FY16 dividend of 0.00 cents and EPS of 9.46 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 12.6, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 22.2. |
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 0.00 cents and EPS of minus 2.57 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -0.1, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is N/A. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates BDR as Neutral (3) -
Beadell Resources appears en route to achieving targeted gold production this financial year and Citi analysts see this as a clear positive, given such performance hasn't always been in place in the past.
Regardless, the analysts continue to highlight an investment in the stock remains "High Risk" and despite an estimated total return of no less than 21.3% over the 12-months ahead (including dividends) the rating remains at Neutral. Target price jumps to 56c from 47c.
Target price is $0.56 Current Price is $0.46 Difference: $0.105
If BDR meets the Citi target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $0.50, suggesting upside of 10.6% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Citi forecasts a full year FY16 dividend of 1.00 cents and EPS of 5.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 5.6, implying annual growth of N/A. Current consensus DPS estimate is 0.3, implying a prospective dividend yield of 0.7%. Current consensus EPS estimate suggests the PER is 8.1. |
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 1.00 cents and EPS of 6.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.7, implying annual growth of 19.6%. Current consensus DPS estimate is 0.3, implying a prospective dividend yield of 0.7%. Current consensus EPS estimate suggests the PER is 6.8. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates BKL as Hold (3) -
First quarter was weaker than Morgans expected, because of a slowdown in the Australian wholesale market caused by retailers de-stocking and some exporters changing the channels through which they acquire product.
Profit was down 47% on the prior corresponding quarter. The fixed cost leverage was evident to Morgans, given the extent margins were crunched.
Trading conditions are improving, the broker notes, although off a lower base. The broker stresses that short-term earnings uncertainty remains and retains a Hold rating. Target is reduced to $110.00 from $136.40.
Target price is $110.00 Current Price is $105.74 Difference: $4.26
If BKL meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $128.33, suggesting upside of 19.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 309.00 cents and EPS of 441.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 476.0, implying annual growth of -18.0%. Current consensus DPS estimate is 342.7, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 22.6. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 395.00 cents and EPS of 564.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 568.3, implying annual growth of 19.4%. Current consensus DPS estimate is 419.7, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 18.9. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates BKL as downgrade to Accumulate from Buy (2) -
First quarter results were very weak, Ord Minnett observes, with sales down 8.1% and net profit down 46.6% to $12.1m.
The company had previously guided to a weaker quarter and the decline in sales was broadly in line with expectations, but the broker notes the operating de-leverage in the business was significant.
While sales are showing signs of delivering more momentum, given the mixed feedback from channel checks and a transfer of analyst coverage, the broker reduces its rating to Accumulate from Buy. Target is cut to $120 from $150.
Target price is $120.00 Current Price is $105.74 Difference: $14.26
If BKL meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $128.33, suggesting upside of 19.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 279.00 cents and EPS of 401.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 476.0, implying annual growth of -18.0%. Current consensus DPS estimate is 342.7, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 22.6. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 334.00 cents and EPS of 480.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 568.3, implying annual growth of 19.4%. Current consensus DPS estimate is 419.7, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 18.9. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates BPT as Neutral (3) -
Q1 performance was broadly in-line with expectations with a small positive from the Kangaroo-1 discovery, comment analysts at Citi. Also, the analysts suggest the Cooper Basin operations should benefit from further lay offs at partner Santos ((STO)). Price target 74c. Neutral/High Risk.
Target price is $0.74 Current Price is $0.73 Difference: $0.015
If BPT meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $0.68, suggesting downside of -6.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 1.40 cents and EPS of 6.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.0, implying annual growth of N/A. Current consensus DPS estimate is 1.1, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 12.1. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 1.90 cents and EPS of 9.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.0, implying annual growth of 50.0%. Current consensus DPS estimate is 1.4, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 8.1. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates BPT as Neutral (3) -
Beach posted record production and sales volumes in the Sep Q, but only slightly higher revenue due to weak A$ prices, the broker notes. Exploration is being ramped up to counter declining reserves in the Cooper.
The broker is concerned with the decision to bring forward production to offset declining reserves while the oil price is low. And the recent rally in the oil price has pushed Beach to above valuation, hence Underperform retained. Target unchanged at 60c.
Target price is $0.60 Current Price is $0.73 Difference: minus $0.125 (current price is over target).
If BPT meets the Macquarie target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $0.68, suggesting downside of -6.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 0.50 cents and EPS of 8.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.0, implying annual growth of N/A. Current consensus DPS estimate is 1.1, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 12.1. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 0.50 cents and EPS of 12.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.0, implying annual growth of 50.0%. Current consensus DPS estimate is 1.4, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 8.1. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates BPT as Equal-weight (3) -
First quarter production was strong and Morgan Stanley observes cash continues to grow.
The potential for M&A remains but identifying targets is difficult, the broker contends, given Beach Energy's onshore competency in oil & gas. The broker finds onshore assets of scale are limited where they don't have a large exploration component.
The broker retains an Equal-weight rating and In-Line sector view. Target is raised to 70c from 60c.
Target price is $0.70 Current Price is $0.73 Difference: minus $0.025 (current price is over target).
If BPT meets the Morgan Stanley target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $0.68, suggesting downside of -6.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 1.00 cents and EPS of 7.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.0, implying annual growth of N/A. Current consensus DPS estimate is 1.1, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 12.1. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 1.00 cents and EPS of 7.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.0, implying annual growth of 50.0%. Current consensus DPS estimate is 1.4, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 8.1. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates BPT as Downgrade to Lighten from Accumulate (4) -
The company performed strongly in the first quarter, with record production and further evidence of drilling success. Ord Minnett believes there could be more positive announcements in the near term, particularly as the company looks likely to beat its FY17 production guidance.
Nevertheless, the stock has jumped 35% in six weeks and the broker believes the price now factors in the positives. Given Beach is trading at a 20% premium to the broker's valuation the recommendation is cut to Lighten from Accumulate. Target edges down to 64c from 65c.
Target price is $0.64 Current Price is $0.73 Difference: minus $0.085 (current price is over target).
If BPT meets the Ord Minnett target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $0.68, suggesting downside of -6.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 2.00 cents and EPS of 6.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.0, implying annual growth of N/A. Current consensus DPS estimate is 1.1, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 12.1. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 2.00 cents and EPS of 7.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.0, implying annual growth of 50.0%. Current consensus DPS estimate is 1.4, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 8.1. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates BPT as Neutral (3) -
September quarter production and revenue was above UBS estimates. The Bauer-23 well came online in the quarter and boosted Bauer production by 5%.
UBS notes this prolific field continues to deliver for the company but there are no other Bauer development wells to be added in the near term.
With Bauer forecast to boost production for the rest of the year and Kangaroo-1 successful, UBS increases valuation and raises the target to 70c from 65c. At the current share price UBS retains a Neutral rating.
Target price is $0.70 Current Price is $0.73 Difference: minus $0.025 (current price is over target).
If BPT 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 $0.68, suggesting downside of -6.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 1.00 cents and EPS of 5.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.0, implying annual growth of N/A. Current consensus DPS estimate is 1.1, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 12.1. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 1.00 cents and EPS of 7.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.0, implying annual growth of 50.0%. Current consensus DPS estimate is 1.4, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 8.1. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates CGF as Sell (5) -
Citi is issuing a warning to analysts elsewhere and to investors to not get too carried away with strong momentum in annuity sales in Q1. Challenger has left guidance for the year unchanged and Citi thinks at least part of the current momentum will be eroded away through accumulating headwinds.
The risk is these headwinds might lead to near term earnings disappointment relative to consensus’ relatively bullish forecasts, say the analysts. Sell rating and $10 price target retained.
Target price is $10.00 Current Price is $10.94 Difference: minus $0.94 (current price is over target).
If CGF 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 $10.02, suggesting downside of -6.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 34.50 cents and EPS of 65.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 64.9, implying annual growth of 10.9%. Current consensus DPS estimate is 34.5, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 16.5. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 36.50 cents and EPS of 71.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 71.1, implying annual growth of 9.6%. Current consensus DPS estimate is 37.3, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 15.1. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates CGF as Outperform (1) -
Having already provided a strong quarterly update, the news from the AGM is that Challenger will issue 20-year A$ fixed rate annuities to support a reinsurance agreement with Mitsui Sumitomo Primary Life, which issues A$ annuity and life products in Japan. And from next year Challenger will sell its full range of annuity products through AMP ((AMP)) platforms.
There was no change to guidance and there is no change to the broker's positive view on Challenger. Outperform and $11.84 target retained.
Target price is $11.84 Current Price is $10.94 Difference: $0.9
If CGF meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $10.02, suggesting downside of -6.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 35.00 cents and EPS of 65.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 64.9, implying annual growth of 10.9%. Current consensus DPS estimate is 34.5, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 16.5. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 38.00 cents and EPS of 72.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 71.1, implying annual growth of 9.6%. Current consensus DPS estimate is 37.3, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 15.1. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates CSR as Underweight (5) -
Morgan Stanley maintains an Underweight rating ahead of the first half result. Pricing momentum in east coast bricks & plasterboard is positive for now and a strong result is expected for building products.
The broker continues to favour offshore earners in the sector. The risks evolving in Australia around oversupply of apartments alongside a soft landing in detached housing means Morgan Stanley is cautious about domestic exposed stocks.
In-Line sector view retained. Target is reduced to $3.09 from $3.19.
Target price is $3.09 Current Price is $3.64 Difference: minus $0.55 (current price is over target).
If CSR meets the Morgan Stanley target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $3.65, suggesting downside of -0.2% (ex-dividends)
The company's fiscal year ends in March.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 23.80 cents and EPS of 33.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 32.9, implying annual growth of 16.7%. Current consensus DPS estimate is 23.9, implying a prospective dividend yield of 6.5%. Current consensus EPS estimate suggests the PER is 11.1. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 22.50 cents and EPS of 33.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.4, implying annual growth of -7.6%. Current consensus DPS estimate is 21.6, implying a prospective dividend yield of 5.9%. Current consensus EPS estimate suggests the PER is 12.0. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates CTX as Hold (3) -
The September realised refiner margin of US$10.94/bbl was ahead of Deutsche Bank's forecasts. The broker believes refiner margins remained strong in October.
2016 forecasts for earnings per share have increased by 1.3% and the target is raised to $33.65 from $33.60. A Hold rating is retained.
Target price is $33.65 Current Price is $30.36 Difference: $3.29
If CTX meets the Deutsche Bank target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $35.07, suggesting upside of 16.3% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Deutsche Bank forecasts a full year FY16 dividend of 99.00 cents and EPS of 199.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 203.5, implying annual growth of -12.7%. Current consensus DPS estimate is 103.7, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 14.8. |
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 115.00 cents and EPS of 218.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 219.3, implying annual growth of 7.8%. Current consensus DPS estimate is 115.9, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 13.8. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates CWN as Upgrade to Outperform from Neutral (1) -
Credit Suisse has updated modeling for a more conservative outlook for VIP operations in Australia as well as better performance in Macau where MPEL seems to be coping with increased competition better than expected.
The outcome is an increase in price target to $12.85 from $12.30 and an upgrade in rating; to Outperform from Neutral. The latter comes with a special comment in that any investment in Crown is now regarded as "high risk" given the legal issue emerging from China.
Target price is $12.85 Current Price is $10.54 Difference: $2.31
If CWN meets the Credit Suisse target it will return approximately 22% (excluding dividends, fees and charges).
Current consensus price target is $13.75, suggesting upside of 29.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 50.40 cents and EPS of 55.43 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 64.5, implying annual growth of -50.5%. Current consensus DPS estimate is 49.8, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 16.5. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 46.90 cents and EPS of 52.35 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 65.5, implying annual growth of 1.6%. Current consensus DPS estimate is 57.5, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 16.2. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates CWY as Outperform (1) -
Cleanaway's AGM was a non-event for the broker. Guidance for both divisions to grow FY17 earnings was unchanged.
The broker agrees earnings should grow this year and beyond, underscored by a positive medium term outlook for the industry and a credible strategy from the company. Outperform and $1.14 target retained.
Target price is $1.14 Current Price is $1.14 Difference: $0
If CWY meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $1.10, suggesting downside of -4.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 2.20 cents and EPS of 4.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 4.3, implying annual growth of 53.6%. Current consensus DPS estimate is 2.1, implying a prospective dividend yield of 1.8%. Current consensus EPS estimate suggests the PER is 26.7. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 2.60 cents and EPS of 5.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 5.4, implying annual growth of 25.6%. Current consensus DPS estimate is 2.7, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 21.3. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates GTN as Outperform (1) -
As of next year, Radiate will become CBS Radio's new broadcast content traffic partner. CBS operates 117 stations across the US and the broker believes the deal could be material for Radiate.
GTN holds an option to acquire Radiate, expiring Dec 31. The funds required were set aside after the IPO. While the broker assumes exercise is now more likely, it will await further detail before adjusting forecasts. Outperform and $2.71 target retained for now.
Target price is $2.71 Current Price is $3.55 Difference: minus $0.84 (current price is over target).
If GTN meets the Macquarie target it will return approximately minus 24% (excluding dividends, fees and charges - negative figures indicate an expected loss).
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 12.00 cents and EPS of 12.60 cents. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 13.40 cents and EPS of 14.20 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates HGG as Neutral (3) -
Henderson's market update revealed sizeable retail net outflows but institutional net inflows and Citi analysts suggest it was a "respectable" performance, given circumstances.
The analysts are expecting better momentum for the final quarter of 2016. Alas, merger partner Janus’s ,market update was rather disappointing. The analysts acknowledge this has the potential to drag on the stock.
Estimates for standalone Henderson have been lifted, slightly. Neutral rating and $4.20 price target remain unchanged.
Target price is $4.20 Current Price is $3.77 Difference: $0.43
If HGG meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $4.34, suggesting upside of 17.5% (ex-dividends)
Forecast for FY16:
Current consensus EPS estimate is 23.9, implying annual growth of N/A. Current consensus DPS estimate is 15.1, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 15.5. |
Forecast for FY17:
Current consensus EPS estimate is 27.9, implying annual growth of 16.7%. Current consensus DPS estimate is 16.8, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 13.2. |
This company reports in GBP. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates HGG as Outperform (1) -
September quarter assets under management were ahead of Credit Suisse expectations. Positive market movements offset net outflows. Retail outflows decelerated throughout the quarter while institutional flows were positive.
Credit Suisse believes Henderson has valuation appeal as a standalone entity and expects sentiment regarding the merger with Janus Capital to drive the stock price in the short term, creating volatility, while envisaging longer-term merit from the deal.
Target of $4.50 and Outperform rating retained.
Target price is $4.50 Current Price is $3.77 Difference: $0.73
If HGG meets the Credit Suisse target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $4.34, suggesting upside of 17.5% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Credit Suisse forecasts a full year FY16 dividend of 19.82 cents and EPS of 28.31 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.9, implying annual growth of N/A. Current consensus DPS estimate is 15.1, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 15.5. |
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 21.90 cents and EPS of 35.86 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.9, implying annual growth of 16.7%. Current consensus DPS estimate is 16.8, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 13.2. |
This company reports in GBP. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates HGG as Neutral (3) -
Retail net outflows moderated for Henderson in the Sep Q (noting the June Q was hit by Brexit). But looking ahead it's all about the merger with Janus which is proposed for completion in the June Q next year, the broker notes. Synergies should thereafter flow and funds flow improve.
In the meantime, Henderson's performance will come down to the funds flows of Janus as well as its own, the broker suggests. Neutral retained. Target rises to $4.32 from $4.21.
Target price is $4.32 Current Price is $3.77 Difference: $0.55
If HGG meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $4.34, suggesting upside of 17.5% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Macquarie forecasts a full year FY16 dividend of 16.80 cents and EPS of 28.12 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.9, implying annual growth of N/A. Current consensus DPS estimate is 15.1, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 15.5. |
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 18.88 cents and EPS of 31.71 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.9, implying annual growth of 16.7%. Current consensus DPS estimate is 16.8, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 13.2. |
This company reports in GBP. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates HGG as Equal-weight (3) -
Morgan Stanley analysts note the End September 2016 AUM update was a little ahead of market consensus expectations, but they also believe the quality of the report was rather weak. It turns out Brexit has led to retail outflows.
Meanwhile, 77% of funds is outperforming over three years, while over one year, 54% of funds outperformed, the analysts note. The pipeline of institutional mandates due to fund in 4Q16 remains, in the analysts' choice of word, "strong".
Equal-weight rating retained. Industry view is In-Line. Price target GBP2.82.
Current Price is $3.77. Target price not assessed.
Current consensus price target is $4.34, suggesting upside of 17.5% (ex-dividends)
Forecast for FY16:
Current consensus EPS estimate is 23.9, implying annual growth of N/A. Current consensus DPS estimate is 15.1, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 15.5. |
Forecast for FY17:
Current consensus EPS estimate is 27.9, implying annual growth of 16.7%. Current consensus DPS estimate is 16.8, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 13.2. |
This company reports in GBP. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates IPH as Add (1) -
IPH will acquire Ella Cheong for around $27m. Morgans views the acquisition as a positive and consistent with the company's stated strategy of expanding into the higher growth Asian market.
It will provide geographic diversity as well as scale and critical mass in regions which the company does not currently service adequately.
Add rating retained. Target rises to $7.51 from $7.47.
Target price is $7.51 Current Price is $5.48 Difference: $2.03
If IPH meets the Morgans target it will return approximately 37% (excluding dividends, fees and charges).
Current consensus price target is $7.00, suggesting upside of 25.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 23.00 cents and EPS of 29.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 28.4, implying annual growth of 29.6%. Current consensus DPS estimate is 23.3, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 19.7. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 27.00 cents and EPS of 33.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.7, implying annual growth of 11.6%. Current consensus DPS estimate is 26.4, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 17.7. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates JBH as Sell (5) -
Momentum remains strong for JB Hi-fi. Citi analysts highlight Dick Smith, the iPhone 7 and currency driven inflation were all a likely tailwind to sales in the September quarter. Sell rating and $27.20 target retained.
Target price is $27.20 Current Price is $28.26 Difference: minus $1.06 (current price is over target).
If JBH meets the Citi target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $29.67, suggesting upside of 5.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 106.00 cents and EPS of 155.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 170.1, implying annual growth of 10.6%. Current consensus DPS estimate is 111.0, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 16.5. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 127.00 cents and EPS of 191.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 194.0, implying annual growth of 14.1%. Current consensus DPS estimate is 127.3, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 14.5. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates JBH as Underperform (5) -
The trading update was in line with Credit Suisse's expectations. The broker anticipates an easing of the housing sector tailwind in 2017 and suggests guidance for EBIT to be in FY17 in line with FY16 is realistic, as there is more than the usual uncertainty about the level of sustainable earnings for The Good Guys.
Credit Suisse notes, expansion of The Good Guys store base necessitates taking share in a crowded appliance market. Underperform rating is maintained. Target is $26.16.
Target price is $26.16 Current Price is $28.26 Difference: minus $2.1 (current price is over target).
If JBH meets the Credit Suisse target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $29.67, suggesting upside of 5.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 113.00 cents and EPS of 181.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 170.1, implying annual growth of 10.6%. Current consensus DPS estimate is 111.0, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 16.5. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 126.00 cents and EPS of 194.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 194.0, implying annual growth of 14.1%. Current consensus DPS estimate is 127.3, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 14.5. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates JBH as Hold (3) -
First quarter sales were up 12.4% at the headline level. Like-for-like increased 8.3%. Deutsche Bank expects the exit of Dick Smith will be lapped in coming months and the sales growth rate will slow.
The company commentary that sales growth was "in line with expectations" signals to the broker that JB Hi-Fi also expects the tailwind from Dick Smith to dissipate after the first half. The broker retains a Hold rating and $30 target.
Target price is $30.00 Current Price is $28.26 Difference: $1.74
If JBH meets the Deutsche Bank target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $29.67, suggesting upside of 5.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 113.00 cents and EPS of 173.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 170.1, implying annual growth of 10.6%. Current consensus DPS estimate is 111.0, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 16.5. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 129.00 cents and EPS of 199.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 194.0, implying annual growth of 14.1%. Current consensus DPS estimate is 127.3, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 14.5. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates JBH as Add (1) -
The AGM update revealed a strong performance in the first quarter, with sales growth up 12.4% and Morgans suspects full year guidance will prove conservative if the current run rate is maintained.
The broker raises forecasts for earnings per share by 0.4% and 0.6% for FY17 and FY18 respectively. Add rating maintained. Target increases to $32.75 from $32.55.
Target price is $32.75 Current Price is $28.26 Difference: $4.49
If JBH meets the Morgans target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $29.67, suggesting upside of 5.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 111.00 cents and EPS of 171.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 170.1, implying annual growth of 10.6%. Current consensus DPS estimate is 111.0, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 16.5. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 130.00 cents and EPS of 200.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 194.0, implying annual growth of 14.1%. Current consensus DPS estimate is 127.3, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 14.5. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates JBH as Accumulate (2) -
The AGM update revealed sales were up 12.4% and like-for-like up 8.3%. The result signals to Ord Minnett an accelerating growth trend and upside risk to the company's sales forecast for $4.25bn in FY17.
The broker maintains an Accumulate rating and $32 target.
Target price is $32.00 Current Price is $28.26 Difference: $3.74
If JBH meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $29.67, suggesting upside of 5.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 105.00 cents and EPS of 168.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 170.1, implying annual growth of 10.6%. Current consensus DPS estimate is 111.0, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 16.5. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 135.00 cents and EPS of 208.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 194.0, implying annual growth of 14.1%. Current consensus DPS estimate is 127.3, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 14.5. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates JBH as Buy (1) -
The first quarter trading update was positive and UBS estimates that FY17 sales guidance, ex The Good Guys, of $4.25bn implies a 3% lift in underlying store like-for-like sales.
This suggests upside risk to estimates exists, should the strength in the September quarter continue. Buy and $31.60 target retained.
Target price is $31.60 Current Price is $28.26 Difference: $3.34
If JBH meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $29.67, suggesting upside of 5.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 115.00 cents and EPS of 173.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 170.1, implying annual growth of 10.6%. Current consensus DPS estimate is 111.0, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 16.5. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 132.00 cents and EPS of 201.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 194.0, implying annual growth of 14.1%. Current consensus DPS estimate is 127.3, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 14.5. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates JHX as Outperform (1) -
Credit Suisse believes capacity in the US is now an urgent priority and there is no hiding from the miscalculation of utilisation, now at 91%. The broker observes supply is extremely tight, if not sold out across some products and regions, which may amplify inefficiencies until new capacity is commissioned.
The growth and market penetration story underpins the broker's long-term valuation and Outperform rating. Yet Credit Suisse acknowledges the stock could be range bound until there is clarity around the capex profile and/or ramp-up costs and inefficiencies. Target edges down to $21.70 from $22.70.
Target price is $21.70 Current Price is $19.93 Difference: $1.77
If JHX meets the Credit Suisse target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $21.58, suggesting upside of 10.0% (ex-dividends)
The company's fiscal year ends in March.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 58.13 cents and EPS of 84.18 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 81.8, implying annual growth of N/A. Current consensus DPS estimate is 57.1, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 24.0. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 64.89 cents and EPS of 97.76 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 98.5, implying annual growth of 20.4%. Current consensus DPS estimate is 64.9, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 19.9. |
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 MGC as Neutral (3) -
MG has announced the completion of its Mild Supply Support Package. Clearly the company has chosen to support suppliers to restore farmer confidence, prevent further loss of milk supply and maintain a competitive price position, the broker suggests.
MG has extended the recoupment period from three to six years, meaning a lower per annum payment from farmers. Recoupments will also be capped to match support previously received, meaning no farmer will have to pay back more than was paid out. While this does not prevent farmers deciding to walk away without paying, it does mean any new farmer wanting to join (?) would not have to cover that loss.
Neutral retained. Target falls to $1.15 from $1.25.
Target price is $1.15 Current Price is $1.07 Difference: $0.085
If MGC meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 6.30 cents and EPS of 6.30 cents. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 8.80 cents and EPS of 8.80 cents. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates MYO as Buy (1) -
One of those odd stockbroker initiations of coverage. We already have a Buy rating and $4.00 target for Citi in the FNArena archive, yet the broker maintains coverage officially starts today with a Buy rating and price target of $4.30.
The analysts are positive about transferring the desktop clients into the cloud and see potential for positive surprise. They note the company has since listing not disappointed on IPO forecasts (as many others have).
Target price is $4.30 Current Price is $3.64 Difference: $0.66
If MYO meets the Citi target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $3.92, suggesting upside of 8.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Citi forecasts a full year FY16 dividend of 11.60 cents and EPS of 16.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.1, implying annual growth of 38.3%. Current consensus DPS estimate is 11.0, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 23.9. |
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 13.10 cents and EPS of 18.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.1, implying annual growth of 13.2%. Current consensus DPS estimate is 12.4, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 21.1. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates MYX as Outperform (1) -
Credit Suisse makes minor adjustments to operational forecasts and updates currency assumptions. This has resulted in earnings downgrades of around 6-7% over the forecast period.
The broker is cognisant of the risks inherent in the business and the impending launch of several new products as well as a full pipeline of generic drug candidates and believes the business can withstand some decay in its base.
Credit Suisse retains an Outperform rating and reduces the target to $2.00 from $2.15.
Target price is $2.00 Current Price is $1.71 Difference: $0.295
If MYX meets the Credit Suisse target it will return approximately 17% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 0.00 cents and EPS of 6.70 cents. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 0.00 cents and EPS of 7.57 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates NAB as Neutral (3) -
Citi analysts thought NAB delivered a "commendable" effort in FY16, but its key issues remain. The analysts note the board maintained a 99c final dividend, but they suggest future dividends are now a period-by-period proposition. Cutting the dividend is still a real possibility in their view.
Sector outperformance from here onwards is unlikely, find the analysts. Their preference lies with ANZ Bank ((ANZ)), then Westpac ((WBC)) as the latter seems to have a better cost-out story. Neutral rating retained. Target unchanged at $30.50.
Noted: DPS estimates have been upgraded to 198c (flat) in FY17, but to still a reduced 178c in FY18.
Target price is $30.50 Current Price is $27.59 Difference: $2.91
If NAB meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $28.70, suggesting upside of 3.5% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 198.00 cents and EPS of 229.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 236.7, implying annual growth of N/A. Current consensus DPS estimate is 186.1, implying a prospective dividend yield of 6.7%. Current consensus EPS estimate suggests the PER is 11.7. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 178.00 cents and EPS of 230.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 237.9, implying annual growth of 0.5%. Current consensus DPS estimate is 184.0, implying a prospective dividend yield of 6.6%. Current consensus EPS estimate suggests the PER is 11.7. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates NAB as Outperform (1) -
Following the FY16 results Credit Suisse downgrades estimates by 2-3%. The result has forced a reappraisal of the consensus expectations for cuts to the dividend and the broker is more confident the dividend can be sustained.
The bank is estimated to be finally reaching an inflection point in its business lending margin. The broker did not like the flat second half revenue or the decline in headline margins.
Outperform rating and $30.00 target retained.
Target price is $30.00 Current Price is $27.59 Difference: $2.41
If NAB meets the Credit Suisse target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $28.70, suggesting upside of 3.5% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 198.00 cents and EPS of 253.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 236.7, implying annual growth of N/A. Current consensus DPS estimate is 186.1, implying a prospective dividend yield of 6.7%. Current consensus EPS estimate suggests the PER is 11.7. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 198.00 cents and EPS of 261.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 237.9, implying annual growth of 0.5%. Current consensus DPS estimate is 184.0, implying a prospective dividend yield of 6.6%. Current consensus EPS estimate suggests the PER is 11.7. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates NAB as Buy (1) -
FY16 results signalled to Deutsche Bank a significant 40 basis points beat on the CET1 capital ratio as well as a good cost performance and margin expansion.
The positives are viewed offsetting slightly weaker revenue. The broker notes a stronger capital base improves prospects for keeping the dividend at current levels.
Deutsche Bank retains a Buy rating and raises the target to $30.40 from $29.20.
Target price is $30.40 Current Price is $27.59 Difference: $2.81
If NAB meets the Deutsche Bank target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $28.70, suggesting upside of 3.5% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 198.00 cents and EPS of 237.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 236.7, implying annual growth of N/A. Current consensus DPS estimate is 186.1, implying a prospective dividend yield of 6.7%. Current consensus EPS estimate suggests the PER is 11.7. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 198.00 cents and EPS of 239.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 237.9, implying annual growth of 0.5%. Current consensus DPS estimate is 184.0, implying a prospective dividend yield of 6.6%. Current consensus EPS estimate suggests the PER is 11.7. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates NAB as Neutral (3) -
NAB's result was solid and relatively clean, the broker suggests. Lower than expected bad debts and costs lead to a slight tick up in FY17 earnings growth forecasts. Those forecasts nevertheless remain the lowest among peers, hence the broker sees NAB as less likely to outperform peers from here.
This is balanced out by NAB trading at a 6% discount to peers by the broker's measure. Neutral retained, target rises to $30.00 from $29.50.
Target price is $30.00 Current Price is $27.59 Difference: $2.41
If NAB meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $28.70, suggesting upside of 3.5% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 171.00 cents and EPS of 232.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 236.7, implying annual growth of N/A. Current consensus DPS estimate is 186.1, implying a prospective dividend yield of 6.7%. Current consensus EPS estimate suggests the PER is 11.7. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 175.00 cents and EPS of 230.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 237.9, implying annual growth of 0.5%. Current consensus DPS estimate is 184.0, implying a prospective dividend yield of 6.6%. Current consensus EPS estimate suggests the PER is 11.7. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates NAB as Underweight (5) -
The second half was better than Morgan Stanley expected but the broker's view on the outlook has not changed materially and a reduction in the dividend is still expected in FY17. The main positive was the increase in the CET1 ratio.
The broker observes the re-shaping of the business has reduced the potential capital build, which supports returns on equity. This, in turn, lifts the target to $25.30 from $24.10. Morgan Stanley retains an Underweight rating and an In-Line sector view.
Target price is $25.30 Current Price is $27.59 Difference: minus $2.29 (current price is over target).
If NAB meets the Morgan Stanley target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $28.70, suggesting upside of 3.5% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 170.00 cents and EPS of 230.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 236.7, implying annual growth of N/A. Current consensus DPS estimate is 186.1, implying a prospective dividend yield of 6.7%. Current consensus EPS estimate suggests the PER is 11.7. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 170.00 cents and EPS of 224.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 237.9, implying annual growth of 0.5%. Current consensus DPS estimate is 184.0, implying a prospective dividend yield of 6.6%. Current consensus EPS estimate suggests the PER is 11.7. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates NAB as Hold (3) -
FY16 cash earnings were ahead of Morgans forecasts as a result of tighter cost management and lower credit impairment charges.
The broker notes the CET1 capital position was strong at 9.77%, benefitting from the run off of low-returning institutional risk-weighted assets.
Hold retained. Target is raised to $26.90 from $26.70.
Target price is $26.90 Current Price is $27.59 Difference: minus $0.69 (current price is over target).
If NAB meets the Morgans target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $28.70, suggesting upside of 3.5% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 188.00 cents and EPS of 245.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 236.7, implying annual growth of N/A. Current consensus DPS estimate is 186.1, implying a prospective dividend yield of 6.7%. Current consensus EPS estimate suggests the PER is 11.7. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 188.00 cents and EPS of 250.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 237.9, implying annual growth of 0.5%. Current consensus DPS estimate is 184.0, implying a prospective dividend yield of 6.6%. Current consensus EPS estimate suggests the PER is 11.7. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates NAB as Hold (3) -
The positives from the FY16 result such as stabilised business banking margins, improved cost trajectory and a more comfortable capital position still lead to Ord Minnett estimating no growth in earnings per share in either FY17 or FY18.
Without a compelling valuation gap, the broker retains a Hold recommendation and believes revenue growth will remain challenging. Target is raised to $29 from $28.
Target price is $29.00 Current Price is $27.59 Difference: $1.41
If NAB meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $28.70, suggesting upside of 3.5% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 EPS of 234.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 236.7, implying annual growth of N/A. Current consensus DPS estimate is 186.1, implying a prospective dividend yield of 6.7%. Current consensus EPS estimate suggests the PER is 11.7. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 EPS of 234.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 237.9, implying annual growth of 0.5%. Current consensus DPS estimate is 184.0, implying a prospective dividend yield of 6.6%. Current consensus EPS estimate suggests the PER is 11.7. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates NAB as Neutral (3) -
FY16 cash profit of $6.48bn was a respectable result, UBS believes. The bank is now a pure Australasian operation for the first time in several decades.
The highlight for the broker was the stronger CET1 ratio at 9.77%. The broker continues to expect a reduction in the dividend to 90c per half and retains Neutral rating and a $27.50 target.
Target price is $27.50 Current Price is $27.59 Difference: minus $0.09 (current price is over target).
If NAB 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 $28.70, suggesting upside of 3.5% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 180.00 cents and EPS of 233.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 236.7, implying annual growth of N/A. Current consensus DPS estimate is 186.1, implying a prospective dividend yield of 6.7%. Current consensus EPS estimate suggests the PER is 11.7. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 181.00 cents and EPS of 235.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 237.9, implying annual growth of 0.5%. Current consensus DPS estimate is 184.0, implying a prospective dividend yield of 6.6%. Current consensus EPS estimate suggests the PER is 11.7. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates NCM as Buy (1) -
Citi analysts note production in SepQ improved over JunQ on flat costs (US$790/oz). On their assessment, Cadia East ramp-up and ounces at Gosowong have been offsetting a softer performance for Lihir.
Citi analysts are already looking forward to Newcrest's Investor Day and site visits starting November 21st. Will these include a strategic update from management? Buy rating retained while the price target falls to $26.20 from $28.
Target price is $26.20 Current Price is $21.37 Difference: $4.83
If NCM meets the Citi target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $20.23, suggesting downside of -5.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 34.68 cents and EPS of 117.33 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 93.7, implying annual growth of 60.7%. Current consensus DPS estimate is 17.4, implying a prospective dividend yield of 0.8%. Current consensus EPS estimate suggests the PER is 22.8. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 40.82 cents and EPS of 135.94 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 103.1, implying annual growth of 10.0%. Current consensus DPS estimate is 30.5, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 20.7. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates NCM as Underperform (5) -
September quarter production was in line with expectations. FY17 guidance for 2.35-2.65m ozs at US$723-877/oz in cash costs is re-affirmed.
Credit Suisse retains an Underperform rating and $18.20 target.
Target price is $18.20 Current Price is $21.37 Difference: minus $3.17 (current price is over target).
If NCM meets the Credit Suisse target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $20.23, suggesting downside of -5.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 13.52 cents and EPS of 116.56 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 93.7, implying annual growth of 60.7%. Current consensus DPS estimate is 17.4, implying a prospective dividend yield of 0.8%. Current consensus EPS estimate suggests the PER is 22.8. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 54.08 cents and EPS of 169.84 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 103.1, implying annual growth of 10.0%. Current consensus DPS estimate is 30.5, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 20.7. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates NCM as Sell (5) -
September quarter production was mixed with Cadia surprising Deutsche Bank on the upside and Lihir on the downside.
It remains clear to the broker that Cadia is the key asset, contributing over 50% of free cash flow in the quarter.
The broker retains a Sell rating with a $13.10 target.
Target price is $13.10 Current Price is $21.37 Difference: minus $8.27 (current price is over target).
If NCM meets the Deutsche Bank target it will return approximately minus 39% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $20.23, suggesting downside of -5.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 17.00 cents and EPS of 67.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 93.7, implying annual growth of 60.7%. Current consensus DPS estimate is 17.4, implying a prospective dividend yield of 0.8%. Current consensus EPS estimate suggests the PER is 22.8. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 20.00 cents and EPS of 81.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 103.1, implying annual growth of 10.0%. Current consensus DPS estimate is 30.5, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 20.7. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates NCM as Neutral (3) -
Newcrest's Sep Q report showed 9% higher gold production than the broker's forecast, 12% higher copper and 5% lower costs. Impressive, the broker suggests, given both Telfer and Lihir were hit with mill shutdowns during the quarter.
Production guidance is nevertheless unchanged. The broker retains Neutral, noting the next major potential catalysts will come from the AGM and site tours of Cadia and Lihir. Target unchanged at $24.
Target price is $24.00 Current Price is $21.37 Difference: $2.63
If NCM meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $20.23, suggesting downside of -5.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 24.00 cents and EPS of 78.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 93.7, implying annual growth of 60.7%. Current consensus DPS estimate is 17.4, implying a prospective dividend yield of 0.8%. Current consensus EPS estimate suggests the PER is 22.8. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 27.00 cents and EPS of 90.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 103.1, implying annual growth of 10.0%. Current consensus DPS estimate is 30.5, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 20.7. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates NCM as Lighten (4) -
First quarter production revealed mining rates at Cadia continue to perform well while grades at Lihir disappointed Ord Minnett.
The stock is trading at a 25% premium to its peers on 2017 enterprise value to operating earnings multiples and faces a weak macroeconomic outlook, the broker observes.
The broker maintains a Lighten rating and $19.00 target.
Target price is $19.00 Current Price is $21.37 Difference: minus $2.37 (current price is over target).
If NCM 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 $20.23, suggesting downside of -5.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 10.00 cents and EPS of 87.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 93.7, implying annual growth of 60.7%. Current consensus DPS estimate is 17.4, implying a prospective dividend yield of 0.8%. Current consensus EPS estimate suggests the PER is 22.8. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 31.00 cents and EPS of 74.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 103.1, implying annual growth of 10.0%. Current consensus DPS estimate is 30.5, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 20.7. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates NCM as Sell (5) -
September quarter production was better than UBS expected, despite planned maintenance at Lihir and Telfer.
UBS concedes that the stock is benefitting from its size and liquidity, as well as investor willingness to pay for a higher earnings and cash flow outlook given heightened uncertainty.
Yet, unless an investor is solely focused on near-term earnings and momentum in the gold price the broker finds it hard to justify the share price. Sell rating and $12.28 target retained.
Target price is $12.28 Current Price is $21.37 Difference: minus $9.09 (current price is over target).
If NCM meets the UBS target it will return approximately minus 43% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $20.23, suggesting downside of -5.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 20.00 cents and EPS of 101.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 93.7, implying annual growth of 60.7%. Current consensus DPS estimate is 17.4, implying a prospective dividend yield of 0.8%. Current consensus EPS estimate suggests the PER is 22.8. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 17.00 cents and EPS of 87.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 103.1, implying annual growth of 10.0%. Current consensus DPS estimate is 30.5, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 20.7. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates OGC as Outperform (1) -
September quarter production was weak, as Credit Suisse expected. The Haile and Didipio developments are on schedule and the Macraies gold/tungsten study is progressing.
Outperform and a $4.10 target retained.
Target price is $4.10 Current Price is $3.97 Difference: $0.13
If OGC meets the Credit Suisse target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $4.12, suggesting upside of 3.3% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Credit Suisse forecasts a full year FY16 dividend of 5.41 cents and EPS of 31.18 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.2, implying annual growth of N/A. Current consensus DPS estimate is 4.9, implying a prospective dividend yield of 1.2%. Current consensus EPS estimate suggests the PER is 13.7. |
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 2.70 cents and EPS of 54.48 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 192.6, implying annual growth of 559.6%. Current consensus DPS estimate is 4.8, implying a prospective dividend yield of 1.2%. Current consensus EPS estimate suggests the PER is 2.1. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates QAN as Outperform (1) -
International airline forward capacity schedules suggest Qantas is adding 7.5% capacity in the second half. Credit Suisse suspects the international market to and from Australia is at risk of reaching oversupply.
Outperform retained as the recent sell off represents a highly attractive entry point for the broker. Target falls to $4.60 from $4.80 on weaker international estimates.
Target price is $4.60 Current Price is $3.05 Difference: $1.55
If QAN meets the Credit Suisse target it will return approximately 51% (excluding dividends, fees and charges).
Current consensus price target is $4.44, suggesting upside of 49.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 27.00 cents and EPS of 55.64 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 62.1, implying annual growth of 25.7%. Current consensus DPS estimate is 28.3, implying a prospective dividend yield of 9.6%. Current consensus EPS estimate suggests the PER is 4.8. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 29.00 cents and EPS of 58.73 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 59.4, implying annual growth of -4.3%. Current consensus DPS estimate is 26.1, implying a prospective dividend yield of 8.8%. Current consensus EPS estimate suggests the PER is 5.0. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates QAN as Outperform (1) -
Ahead of Qantas' quarterly update, the broker has made changes to its yield assumptions which lead to earnings forecast cuts of around 6% out to FY19. However the broker still believes the market is not appreciating the positive earnings implication of a return to dividend payments.
Target falls to $4.30 from $4.40. Outperform retained.
Target price is $4.30 Current Price is $3.05 Difference: $1.25
If QAN meets the Macquarie target it will return approximately 41% (excluding dividends, fees and charges).
Current consensus price target is $4.44, suggesting upside of 49.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 53.60 cents and EPS of 64.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 62.1, implying annual growth of 25.7%. Current consensus DPS estimate is 28.3, implying a prospective dividend yield of 9.6%. Current consensus EPS estimate suggests the PER is 4.8. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 29.40 cents and EPS of 58.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 59.4, implying annual growth of -4.3%. Current consensus DPS estimate is 26.1, implying a prospective dividend yield of 8.8%. Current consensus EPS estimate suggests the PER is 5.0. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates RRL as Upgrade to Accumulate from Hold (2) -
Ord Minnett reviews its investment case on Regis Resources following falling share prices in the sector and finds the pull-back has created an opportunity.
Compelling dividend yield, solid free cash flow and a pipeline of organic options to deliver near-term production growth leads the broker to upgrade to Accumulate from Hold.
Target is raised to $4.00 from $3.90.
Target price is $4.00 Current Price is $3.16 Difference: $0.84
If RRL meets the Ord Minnett target it will return approximately 27% (excluding dividends, fees and charges).
Current consensus price target is $3.22, suggesting downside of -2.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 14.00 cents and EPS of 28.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.6, implying annual growth of 23.4%. Current consensus DPS estimate is 14.6, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 11.9. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 16.00 cents and EPS of 32.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 32.8, implying annual growth of 18.8%. Current consensus DPS estimate is 18.1, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 10.0. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates RSG as Neutral (3) -
Post a slightly weaker September quarter production report, Citi analysts have cut their price target by 20c to $1.97. They maintain a Neutral recommendation but move to a High Risk rating based on the potential for strike action in Mali.
Target price is $1.97 Current Price is $1.60 Difference: $0.37
If RSG meets the Citi target it will return approximately 23% (excluding dividends, fees and charges).
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates SFR as Neutral (3) -
Citi analysts point out the stock's valuation is highly leveraged to the copper price. Unfortunately, they expect copper to stay relatively flat until FY18. Meanwhile, there is the possibility for operational life of DeGrussa to be extended beyond FY21.
As far as the quarterly production update goes, it proved weaker than expected. Citi also reduced gold price forecasts, which is yet another contributor to reduced estimates for the company. Target falls to $5.54 from $5.69. Neutral.
Target price is $5.54 Current Price is $5.06 Difference: $0.48
If SFR meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $5.61, suggesting upside of 13.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 20.00 cents and EPS of 19.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.1, implying annual growth of -1.4%. Current consensus DPS estimate is 10.2, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 16.5. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 55.00 cents and EPS of 54.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 47.8, implying annual growth of 58.8%. Current consensus DPS estimate is 19.0, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 10.4. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates SFR as Underperform (5) -
September quarter production was in line with guidance. Underperform rating and $3.95 target retained.
Credit Suisse notes Sandfire has increased its stake in Tintina Resources to 61% from 57% via a rights issue. The proceeds of the rights issue will be used to progress with the development of the Black Butte copper project in Montana.
Target price is $3.95 Current Price is $5.06 Difference: minus $1.11 (current price is over target).
If SFR meets the Credit Suisse target it will return approximately minus 22% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $5.61, suggesting upside of 13.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 3.95 cents and EPS of 13.18 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.1, implying annual growth of -1.4%. Current consensus DPS estimate is 10.2, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 16.5. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 5.98 cents and EPS of 19.94 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 47.8, implying annual growth of 58.8%. Current consensus DPS estimate is 19.0, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 10.4. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates SFR as Buy (1) -
September quarter copper and gold production was ahead of Deutsche Bank's estimates.
The company has ended the quarter in a net cash position which the broker believes can be maintained throughout the Monty development while continuing to pay dividends.
Buy rating retained. Target edges down to $6.70 from $6.80.
Target price is $6.70 Current Price is $5.06 Difference: $1.64
If SFR meets the Deutsche Bank target it will return approximately 32% (excluding dividends, fees and charges).
Current consensus price target is $5.61, suggesting upside of 13.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 8.00 cents and EPS of 25.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.1, implying annual growth of -1.4%. Current consensus DPS estimate is 10.2, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 16.5. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 22.00 cents and EPS of 67.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 47.8, implying annual growth of 58.8%. Current consensus DPS estimate is 19.0, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 10.4. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates SFR as Neutral (3) -
Sandfire's Sep Q production was higher than the broker had forecast but so were costs. Production guidance has been maintained and the work on the Monty feasibility study is progressing.
Exploration continued without much luck yet but the broker notes this remains a major potential catalyst, if DeGrussa mine life can be extended. Neutral and $5.40 target retained.
Target price is $5.40 Current Price is $5.06 Difference: $0.34
If SFR meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $5.61, suggesting upside of 13.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 9.00 cents and EPS of 29.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.1, implying annual growth of -1.4%. Current consensus DPS estimate is 10.2, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 16.5. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 15.00 cents and EPS of 50.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 47.8, implying annual growth of 58.8%. Current consensus DPS estimate is 19.0, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 10.4. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates SFR as Upgrade to Add from Hold (1) -
September quarter production was consistent, as Morgans has come to expect from Sandfire Resources.
Commodity price and currency movements are slightly worse than the broker's forecasts. Hence slight downward revisions to earnings and valuation are made.
Rating is upgraded to Add from Hold on the back of price weakness although US dollar volatility is expected to remain a headwind. Target is reduced to $5.82 from $5.91.
Target price is $5.82 Current Price is $5.06 Difference: $0.76
If SFR meets the Morgans target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $5.61, suggesting upside of 13.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 12.00 cents and EPS of 35.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.1, implying annual growth of -1.4%. Current consensus DPS estimate is 10.2, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 16.5. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 16.00 cents and EPS of 47.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 47.8, implying annual growth of 58.8%. Current consensus DPS estimate is 19.0, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 10.4. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates SFR as Hold (3) -
Copper production was in line and gold output beat Ord Minnett's expectations. The Monty feasibility study is on track for early 2017 and management has flagged the possibility of mill feed rates at around 350,000 tpa from mid 2018.
Ord Minnett acknowledges the valuation attraction and the upside potential from further exploration success and Monty, but is not sufficiently confident to extend estimates for operations beyond 2022.
A Hold rating is retained. Target is lowered to $5.70 from $6.10.
Target price is $5.70 Current Price is $5.06 Difference: $0.64
If SFR meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $5.61, suggesting upside of 13.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 11.00 cents and EPS of 31.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.1, implying annual growth of -1.4%. Current consensus DPS estimate is 10.2, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 16.5. |
Forecast for FY18:
Ord Minnett 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 47.8, implying annual growth of 58.8%. Current consensus DPS estimate is 19.0, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 10.4. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates SGF as Buy (1) -
SG Fleet has used its AGM to pare back consensus expectations, not entirely a surprise to Citi analysts who seem to welcome the rebasing of market expectations.
Finance margins on some product lines are being impacted by competition and Citi analysts will be keen observers when Eclipx (ECX) updates coming Tuesday. Lowered estimates pull back the price target by 5c to $5.00. Buy rating retained.
The analysts highlight their fundamental thesis for this company remains intact.
Target price is $5.00 Current Price is $3.85 Difference: $1.15
If SGF meets the Citi target it will return approximately 30% (excluding dividends, fees and charges).
Current consensus price target is $4.66, suggesting upside of 32.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 17.00 cents and EPS of 25.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.9, implying annual growth of 27.9%. Current consensus DPS estimate is 17.0, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 14.7. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 19.50 cents and EPS of 28.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.6, implying annual growth of 15.5%. Current consensus DPS estimate is 19.1, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 12.7. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates SGF as Outperform (1) -
FY17 profit guidance announced by SG Fleet at its AGM is 8% lower than the broker's forecast, while still representing 20-25% growth. Commentary pointed to the federal election delaying contract wins and competition increasing in the space.
The broker nevertheless retains Outperform, remaining attracted to the company's capital-light business model and multi-level growth strategy. Target falls to $4.37 from $4.68.
Target price is $4.37 Current Price is $3.85 Difference: $0.52
If SGF meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $4.66, suggesting upside of 32.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 17.00 cents and EPS of 26.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.9, implying annual growth of 27.9%. Current consensus DPS estimate is 17.0, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 14.7. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 18.60 cents and EPS of 28.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.6, implying annual growth of 15.5%. Current consensus DPS estimate is 19.1, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 12.7. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates SUL as Neutral (3) -
Post Super Retail's AGM, Citi analysts suggest the market is likely to start zooming in on the underlying growth pace for the automotive parts operations. They believe this will support the share price.
Super Cheap Auto is rapidly approaching its long-term 12% EBIT margin and 350 store target, point out the analysts. Both are forecast to be at 11.5% and 321 respectively in FY17. An upgrade to these targets seems but logical, in the analysts' opinion.
Citi analysts also point out the eventual arrival of Amazon in Australia should have no impact on auto parts. Estimates have been lifted. Target lifts to $10.80 from $10.40. Neutral.
Target price is $10.80 Current Price is $10.01 Difference: $0.79
If SUL meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $10.86, 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 48.50 cents and EPS of 65.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 65.7, implying annual growth of 106.6%. Current consensus DPS estimate is 47.5, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 15.1. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 56.50 cents and EPS of 77.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 75.2, implying annual growth of 14.5%. Current consensus DPS estimate is 52.5, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 13.2. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates VOC as Outperform (1) -
The broker had been advising on the NextGen transaction but has now returned from research restriction with Outperform and a price target of $6.65.
Credit Suisse is of the opinion that, if Vocus can demonstrate the operating fundamentals remain on track, there should be potential for a sizeable share price re-rating. The corporate growth potential has been strengthened with the addition of NextGen, in the analysts' opinion.
The key operational risk, according to the analysts, lies with voice exposure in the former M2 business.
Target price is $6.65 Current Price is $5.53 Difference: $1.12
If VOC meets the Credit Suisse target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $8.08, suggesting upside of 44.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 18.50 cents and EPS of 36.93 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 38.5, implying annual growth of 104.1%. Current consensus DPS estimate is 20.4, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 14.6. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 21.70 cents and EPS of 43.26 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 43.8, implying annual growth of 13.8%. Current consensus DPS estimate is 21.2, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 12.8. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates WES as Hold (3) -
Morgans was most concerned about the food & liquor division in the first quarter numbers as like-for-like sales growth was well below expectations of 3.0% at 1.8%.
Lower Bunnings comparable sales growth was partially expected because of the inventory clearance at Masters and unseasonal weather.
The broker expects industry conditions will become increasingly difficult for Coles and the downside risk to margins will increase. Morgans retains a Hold rating. Target slips to $42 from $43.
Target price is $42.00 Current Price is $40.32 Difference: $1.68
If WES meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $41.37, suggesting upside of 2.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 202.00 cents and EPS of 238.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 242.1, implying annual growth of 568.8%. Current consensus DPS estimate is 202.7, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 16.7. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 215.00 cents and EPS of 260.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 256.5, implying annual growth of 5.9%. Current consensus DPS estimate is 213.7, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 15.7. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Summaries
| AAD - | ARDENT LEISURE | Neutral - Credit Suisse | Overnight Price $2.15 |
| Neutral - UBS | Overnight Price $2.15 | ||
| AQG - | ALACER GOLD | Buy - Deutsche Bank | Overnight Price $2.90 |
| Neutral - Macquarie | Overnight Price $2.90 | ||
| BDR - | BEADELL RESOURCES | Neutral - Citi | Overnight Price $0.46 |
| BKL - | BLACKMORES | Hold - Morgans | Overnight Price $105.74 |
| downgrade to Accumulate from Buy - Ord Minnett | Overnight Price $105.74 | ||
| BPT - | BEACH ENERGY | Neutral - Citi | Overnight Price $0.73 |
| Neutral - Macquarie | Overnight Price $0.73 | ||
| Equal-weight - Morgan Stanley | Overnight Price $0.73 | ||
| Downgrade to Lighten from Accumulate - Ord Minnett | Overnight Price $0.73 | ||
| Neutral - UBS | Overnight Price $0.73 | ||
| CGF - | CHALLENGER | Sell - Citi | Overnight Price $10.94 |
| Outperform - Macquarie | Overnight Price $10.94 | ||
| CSR - | CSR | Underweight - Morgan Stanley | Overnight Price $3.64 |
| CTX - | CALTEX AUSTRALIA | Hold - Deutsche Bank | Overnight Price $30.36 |
| CWN - | CROWN RESORTS | Upgrade to Outperform from Neutral - Credit Suisse | Overnight Price $10.54 |
| CWY - | CLEANAWAY WASTE MANAGEMENT | Outperform - Macquarie | Overnight Price $1.14 |
| GTN - | GTN LTD | Outperform - Macquarie | Overnight Price $3.55 |
| HGG - | HENDERSON GROUP | Neutral - Citi | Overnight Price $3.77 |
| Outperform - Credit Suisse | Overnight Price $3.77 | ||
| Neutral - Macquarie | Overnight Price $3.77 | ||
| Equal-weight - Morgan Stanley | Overnight Price $3.77 | ||
| IPH - | IPH | Add - Morgans | Overnight Price $5.48 |
| JBH - | JB HI-FI | Sell - Citi | Overnight Price $28.26 |
| Underperform - Credit Suisse | Overnight Price $28.26 | ||
| Hold - Deutsche Bank | Overnight Price $28.26 | ||
| Add - Morgans | Overnight Price $28.26 | ||
| Accumulate - Ord Minnett | Overnight Price $28.26 | ||
| Buy - UBS | Overnight Price $28.26 | ||
| JHX - | JAMES HARDIE | Outperform - Credit Suisse | Overnight Price $19.93 |
| MGC - | MURRAY GOULBURN | Neutral - Macquarie | Overnight Price $1.07 |
| MYO - | MYOB | Buy - Citi | Overnight Price $3.64 |
| MYX - | MAYNE PHARMA GROUP | Outperform - Credit Suisse | Overnight Price $1.71 |
| NAB - | NATIONAL AUSTRALIA BANK | Neutral - Citi | Overnight Price $27.59 |
| Outperform - Credit Suisse | Overnight Price $27.59 | ||
| Buy - Deutsche Bank | Overnight Price $27.59 | ||
| Neutral - Macquarie | Overnight Price $27.59 | ||
| Underweight - Morgan Stanley | Overnight Price $27.59 | ||
| Hold - Morgans | Overnight Price $27.59 | ||
| Hold - Ord Minnett | Overnight Price $27.59 | ||
| Neutral - UBS | Overnight Price $27.59 | ||
| NCM - | NEWCREST MINING | Buy - Citi | Overnight Price $21.37 |
| Underperform - Credit Suisse | Overnight Price $21.37 | ||
| Sell - Deutsche Bank | Overnight Price $21.37 | ||
| Neutral - Macquarie | Overnight Price $21.37 | ||
| Lighten - Ord Minnett | Overnight Price $21.37 | ||
| Sell - UBS | Overnight Price $21.37 | ||
| OGC - | OCEANAGOLD | Outperform - Credit Suisse | Overnight Price $3.97 |
| QAN - | QANTAS AIRWAYS | Outperform - Credit Suisse | Overnight Price $3.05 |
| Outperform - Macquarie | Overnight Price $3.05 | ||
| RRL - | REGIS RESOURCES | Upgrade to Accumulate from Hold - Ord Minnett | Overnight Price $3.16 |
| RSG - | RESOLUTE MINING | Neutral - Citi | Overnight Price $1.60 |
| SFR - | SANDFIRE | Neutral - Citi | Overnight Price $5.06 |
| Underperform - Credit Suisse | Overnight Price $5.06 | ||
| Buy - Deutsche Bank | Overnight Price $5.06 | ||
| Neutral - Macquarie | Overnight Price $5.06 | ||
| Upgrade to Add from Hold - Morgans | Overnight Price $5.06 | ||
| Hold - Ord Minnett | Overnight Price $5.06 | ||
| SGF - | SG FLEET | Buy - Citi | Overnight Price $3.85 |
| Outperform - Macquarie | Overnight Price $3.85 | ||
| SUL - | SUPER RETAIL | Neutral - Citi | Overnight Price $10.01 |
| VOC - | VOCUS COMMUNICATIONS | Outperform - Credit Suisse | Overnight Price $5.53 |
| WES - | WESFARMERS | Hold - Morgans | Overnight Price $40.32 |
RATING SUMMARY
| Rating | No. Of Recommendations |
| 1. Buy | 23 |
| 2. Accumulate | 3 |
| 3. Hold | 27 |
| 4. Reduce | 2 |
| 5. Sell | 9 |
Friday 28 October 2016
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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
and comment on. By doing so we believe we provide intelligent investors
with a valuable tool that helps them in making up their own minds, reading
market trends and getting a feel for what is happening beneath the surface.
This document is provided for informational purposes only. It does not
constitute an offer to sell or a solicitation to buy any security or other
financial instrument. FNArena employs very experienced journalists who
base their work on information believed to be reliable and accurate, though
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