Australian Broker Call
October 11, 2017
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COMPANIES DISCUSSED IN THIS ISSUE
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The number next to the symbol represents the number of brokers covering it for this report -(if more than 1)
Last Updated: 12:50 PM
Your daily news report on the latest recommendation, valuation, forecast and opinion changes.
This report includes concise but limited reviews of research recently published by Stockbrokers, which should be considered as information concerning likely market behaviour rather than advice on the securities mentioned. Do not act on the contents of this Report without first reading the important information included at the end.
For more info about the different terms used by stockbrokers, as well as the different methodologies behind similar sounding ratings, download our guide HERE
Today's Upgrades and Downgrades
| AMC - | AMCOR | Downgrade to Neutral from Buy | Citi |
| CMW - | CROMWELL PROPERTY | Upgrade to Hold from Sell | Ord Minnett |
| IGO - | INDEPENDENCE GROUP | Upgrade to Neutral from Underperform | Macquarie |
| NHC - | NEW HOPE CORP | Downgrade to Underperform from Neutral | Credit Suisse |
| ORA - | ORORA | Upgrade to Buy from Neutral | Citi |
| ORE - | OROCOBRE | Downgrade to Underperform from Neutral | Macquarie |
| PRU - | PERSEUS MINING | Downgrade to Neutral from Outperform | Macquarie |
| RRL - | REGIS RESOURCES | Upgrade to Neutral from Underperform | Macquarie |
| SAR - | SARACEN MINERAL | Upgrade to Outperform from Neutral | Macquarie |
| SGM - | SIMS METAL MANAGEMENT | Upgrade to Outperform from Neutral | Macquarie |
| WSA - | WESTERN AREAS | Upgrade to Outperform from Neutral | Macquarie |
Macquarie rates AJM as Underperform (5) -
Macquarie has updated price forecasts for all commodities. The most significant increases are reserved for the lithium ion battery commodities of lithium, cobalt and nickel, which see upgrades of 20-50%. Copper and aluminium forecasts rise by 5-10%.
Earnings forecast changes result for Altura. Underperform retained, target rises to 25c from 20c.
Target price is $0.25 Current Price is $0.28 Difference: minus $0.025 (current price is over target).
If AJM meets the Macquarie target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 0.00 cents and EPS of minus 0.50 cents. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 0.00 cents and EPS of 0.00 cents. |
Market Sentiment: -1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates AMC as Downgrade to Neutral from Buy (3) -
Citi transfers coverage to another analyst. The broker trims FY20 forecasts and reduces its target price to $16.00 from $16.20.
Acquisitions are a likely catalyst but the broker considers high valuations will challenge the company's strict hurdle rates.
Rating is downgraded to Neutral from Buy as the shares have enjoyed a significant re-rating and may be vulnerable to unwinding as interest rates begin to rise.
Target price is $16.00 Current Price is $15.34 Difference: $0.66
If AMC meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $16.27, suggesting upside of 4.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 63.33 cents and EPS of 87.86 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 85.3, implying annual growth of N/A. Current consensus DPS estimate is 59.8, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 18.3. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 67.28 cents and EPS of 94.72 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 91.7, implying annual growth of 7.5%. Current consensus DPS estimate is 64.9, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 17.0. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates AQG as Outperform (1) -
Macquarie has updated price forecasts for all commodities. Gold is downgraded modestly in FY18 but thereafter changes are minimal.
Earnings forecasts little changed for Alacer. Outperform and $2.80 target retained.
Target price is $2.80 Current Price is $2.31 Difference: $0.49
If AQG meets the Macquarie target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $3.76, suggesting upside of 62.8% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 0.00 cents and EPS of 58.38 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 39.2, 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 5.9. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 0.00 cents and EPS of minus 1.05 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.0, implying annual growth of -59.2%. Current consensus DPS estimate is 2.9, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 14.4. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates AWC as Neutral (3) -
Macquarie has updated price forecasts for all commodities. Manganese and alumina see 10% increases in FY18.
Earnings forecast upgrades result for Alumina. Neutral retained, target rises to $2.30 from $1.90.
Target price is $2.30 Current Price is $2.22 Difference: $0.08
If AWC meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $2.11, suggesting downside of -5.5% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 16.53 cents and EPS of 16.79 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 13.6, implying annual growth of N/A. Current consensus DPS estimate is 12.9, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 16.4. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 17.19 cents and EPS of 18.76 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 14.2, implying annual growth of 4.4%. Current consensus DPS estimate is 15.1, implying a prospective dividend yield of 6.8%. Current consensus EPS estimate suggests the PER is 15.7. |
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
Macquarie rates BDR as Outperform (1) -
Macquarie has updated price forecasts for all commodities. Gold is downgraded modestly in FY18 but thereafter changes are minimal.
Earnings forecasts downgraded for Beadell on currency forecasts. Outperform retained, target falls to 25c from 30c.
Target price is $0.25 Current Price is $0.22 Difference: $0.03
If BDR meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $0.24, suggesting upside of 8.8% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 0.00 cents and EPS of minus 0.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -0.7, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is N/A. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 0.00 cents and EPS of 2.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 2.6, implying annual growth of N/A. Current consensus DPS estimate is 0.3, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 8.4. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates BHP as Outperform (1) -
Macquarie has updated price forecasts for all commodities. Capacity closures in China see aluminium prices upgraded 4-8% in the longer term and a widening deficit sees copper upgraded 10%. Alumina and manganese see shorter term 10% increases and 5% for iron ore.
In addition, Macquarie has reduced near-term US natural gas price expectations by 3-14%. Short term, milder weather expectations for the US winter heating season play a major role.
The analysts do not expect natural gas to average above US$3.50/mmbtu over any extended periods of time. Earnings forecast upgrades result for BHP. Outperform and $31 target retained, with a preference for Rio Tinto ((RIO)).
Target price is $31.00 Current Price is $26.45 Difference: $4.55
If BHP meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $29.20, suggesting upside of 9.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 104.95 cents and EPS of 161.35 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 171.1, implying annual growth of N/A. Current consensus DPS estimate is 105.4, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 15.5. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 69.53 cents and EPS of 108.88 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 150.5, implying annual growth of -12.0%. Current consensus DPS estimate is 94.9, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 17.6. |
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 BSL as Outperform (1) -
Macquarie raises net profit estimates for FY18 and FY19 by 10% and 35% respectively. At current spot prices the broker envisages further upside risks.
Fundamentals are supportive and the valuation is attractive and the broker retains an Outperform rating. Target rises to $13.65 from $12.40.
Target price is $13.65 Current Price is $11.50 Difference: $2.15
If BSL meets the Macquarie target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $13.24, suggesting upside of 14.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 14.00 cents and EPS of 91.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 96.9, implying annual growth of -22.7%. Current consensus DPS estimate is 11.9, implying a prospective dividend yield of 1.0%. Current consensus EPS estimate suggests the PER is 11.9. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 18.00 cents and EPS of 82.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 100.7, implying annual growth of 3.9%. Current consensus DPS estimate is 14.4, implying a prospective dividend yield of 1.2%. Current consensus EPS estimate suggests the PER is 11.4. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates CCL as Outperform (1) -
Credit Suisse believes the stock is undervalued, trading on a price/earnings discount to the ASX200 not seen in the past 10 years. The dividend yield is now the highest it has ever been.
July retail sales scan data suggest there is increasing value and volume growth for the business in New Zealand, supported by a positive mix shift.
New Zealand is roughly 15% of Coca-Cola Amatil's operating earnings and the modest growth the broker models is not sufficient to offset the erosion in Australia. Nevertheless, Credit Suisse considers the stock priced for disappointment, and NZ should deliver growth.
Outperform retained. Target is $9.90.
Target price is $9.90 Current Price is $7.81 Difference: $2.09
If CCL meets the Credit Suisse target it will return approximately 27% (excluding dividends, fees and charges).
Current consensus price target is $8.71, suggesting upside of 9.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 46.00 cents and EPS of 55.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 54.9, implying annual growth of 70.5%. Current consensus DPS estimate is 46.0, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 14.5. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 47.00 cents and EPS of 56.74 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 55.5, implying annual growth of 1.1%. Current consensus DPS estimate is 46.3, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 14.3. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
CGR CML GROUP LIMITED
Business & Consumer Credit
Overnight Price: $0.37
Morgans rates CGR as Initiation of coverage with Add (1) -
CML Group is the second largest non-bank provider of debt finance in Australia, having consolidated the small end of the market over the past two years.
Morgans acknowledges current earnings are negatively affected by relatively high debt funding costs, yet believes re-financing existing facilities provides an earnings uplift that remains under-appreciated at the current market capitalisation.
The broker initiates coverage with an Add rating and $0.48 target.
Target price is $0.48 Current Price is $0.37 Difference: $0.11
If CGR meets the Morgans target it will return approximately 30% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 1.50 cents and EPS of 3.00 cents. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 2.30 cents and EPS of 4.70 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates CHC as Outperform (1) -
Following the company's market update, Macquarie believes the valuation backdrop is likely to remain supportive for the near term. Moreover there is upside risk to earnings from further performance fees.
As the stock offers an attractive return, the broker retains an Outperform rating. Target is $6.42.
Target price is $6.42 Current Price is $5.39 Difference: $1.03
If CHC meets the Macquarie target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $5.72, suggesting upside of 4.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 32.30 cents and EPS of 35.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 36.3, implying annual growth of -40.7%. Current consensus DPS estimate is 31.9, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 15.1. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 33.50 cents and EPS of 37.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 38.2, implying annual growth of 5.2%. Current consensus DPS estimate is 34.1, implying a prospective dividend yield of 6.2%. Current consensus EPS estimate suggests the PER is 14.4. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates CHC as Neutral (3) -
The company has signalled a solid start to the year, with funds under management increasing to $20.4bn from $19.8bn.
Growth is annualised at around 12% per annum, excluding revaluations, which is ahead of UBS expectations.
Neutral and $5.60 target retained.
Target price is $5.60 Current Price is $5.39 Difference: $0.21
If CHC meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $5.72, suggesting upside of 4.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 32.00 cents and EPS of 36.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 36.3, implying annual growth of -40.7%. Current consensus DPS estimate is 31.9, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 15.1. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 34.10 cents and EPS of 37.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 38.2, implying annual growth of 5.2%. Current consensus DPS estimate is 34.1, implying a prospective dividend yield of 6.2%. Current consensus EPS estimate suggests the PER is 14.4. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates CLQ as Outperform (1) -
Macquarie has updated price forecasts for all commodities. The most significant increases are reserved for the lithium ion battery commodities of lithium, cobalt and nickel, which see upgrades of 20-50%. Copper and aluminium forecasts rise by 5-10%.
In addition, the company has updated the market about its resource estimate which includes a 16% jump in contained cobalt. This leads to Macquarie significantly increasing future production rates.
Significant earnings forecast upgrades result for CleanTeq in FY201-22. Outperform retained, target rises to $1.90 from $1.10, on the general update, and then further to $2.10 on the company's revised resource projections.
Target price is $2.10 Current Price is $1.30 Difference: $0.797
If CLQ meets the Macquarie target it will return approximately 61% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 0.00 cents and EPS of minus 2.50 cents. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 0.00 cents and EPS of minus 1.80 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates CMW as Upgrade to Hold from Sell (3) -
Ord Minnett reviews Cromwell following reports that Redefine Properties, which owns 25%, may be looking to sell shares. The broker suspects, if this were the case, it will be challenging to find a buyer.
Cromwell's relatively high retail ownership, estimated at 30-35%, is expected to limit demand to a strategic investor or incoming institutions.
Rating is upgraded to Hold from Sell. Target rises to $1.05 from $0.87.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $1.05 Current Price is $0.97 Difference: $0.08
If CMW meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $0.98, suggesting downside of -1.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 8.00 cents and EPS of 8.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 8.0, implying annual growth of -49.3%. Current consensus DPS estimate is 8.2, implying a prospective dividend yield of 8.3%. Current consensus EPS estimate suggests the PER is 12.4. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 8.00 cents and EPS of 7.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.7, implying annual growth of -3.7%. Current consensus DPS estimate is 8.2, implying a prospective dividend yield of 8.3%. Current consensus EPS estimate suggests the PER is 12.9. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates DCN as Outperform (1) -
Macquarie has updated price forecasts for all commodities. Gold is downgraded modestly in FY18 but thereafter changes are minimal.
Earnings forecasts downgraded for Dacian. Outperform and $3.00 target retained.
Target price is $3.00 Current Price is $2.10 Difference: $0.9
If DCN meets the Macquarie target it will return approximately 43% (excluding dividends, fees and charges).
Current consensus price target is $3.00, suggesting upside of 43.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 0.00 cents and EPS of 4.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -4.6, 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 N/A. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 0.00 cents and EPS of 53.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.6, 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 7.9. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates DMP as Buy (1) -
The company hosted its investor briefing with a focus on digital innovations. UBS considers ongoing menu diversification as a positive in that it grows the addressable market.
The broker also considers management's guidance for around 20% net profit growth is conservative. By rating and $60 target retained.
Target price is $60.00 Current Price is $45.30 Difference: $14.7
If DMP meets the UBS target it will return approximately 32% (excluding dividends, fees and charges).
Current consensus price target is $46.54, suggesting upside of 0.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 116.20 cents and EPS of 165.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 158.5, implying annual growth of 36.6%. Current consensus DPS estimate is 112.8, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 29.2. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 140.30 cents and EPS of 198.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 194.6, implying annual growth of 22.8%. Current consensus DPS estimate is 138.0, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 23.8. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates EVN as Outperform (1) -
Macquarie has updated price forecasts for all commodities. Gold is downgraded modestly in FY18 but thereafter changes are minimal.
FY18 earnings forecast downgraded for Evolution. Outperform and $2.80 target retained.
Target price is $2.80 Current Price is $2.28 Difference: $0.52
If EVN meets the Macquarie target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $2.45, suggesting upside of 7.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 3.00 cents and EPS of 17.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.8, implying annual growth of 26.5%. Current consensus DPS estimate is 7.1, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 13.5. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 8.00 cents and EPS of 25.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.2, implying annual growth of 20.2%. Current consensus DPS estimate is 9.7, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 11.2. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates FMG as Outperform (1) -
Credit Suisse marks to market for the September quarter for both iron ore prices and currency. The broker expects iron ore prices to be under pressure as demand falls within China when production is curtailed through the winter months.
The broker maintains its forecast for December quarter iron ore price of US$55/t but moves December quarter realisation numbers to 70%, in line with the September quarter.
Outperform rating. Target is reduced to $6.40 from $6.50.
Target price is $6.40 Current Price is $5.06 Difference: $1.34
If FMG meets the Credit Suisse target it will return approximately 26% (excluding dividends, fees and charges).
Current consensus price target is $5.74, suggesting upside of 14.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 40.59 cents and EPS of 62.22 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 57.6, implying annual growth of N/A. Current consensus DPS estimate is 35.7, implying a prospective dividend yield of 7.1%. Current consensus EPS estimate suggests the PER is 8.7. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 31.44 cents and EPS of 48.21 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 55.4, implying annual growth of -3.8%. Current consensus DPS estimate is 33.5, implying a prospective dividend yield of 6.7%. Current consensus EPS estimate suggests the PER is 9.1. |
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
Macquarie rates FMG as Outperform (1) -
Macquarie has updated price forecasts for all commodities. Coal and iron ore prices see modest increases but lower grade iron ore sees a decrease due to discounting.
Earnings forecast downgrades result for Fortescue. Outperform retained, target falls to $6.20 from $7.30.
Target price is $6.20 Current Price is $5.06 Difference: $1.14
If FMG meets the Macquarie target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $5.74, suggesting upside of 14.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 43.29 cents and EPS of 72.94 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 57.6, implying annual growth of N/A. Current consensus DPS estimate is 35.7, implying a prospective dividend yield of 7.1%. Current consensus EPS estimate suggests the PER is 8.7. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 39.36 cents and EPS of 59.56 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 55.4, implying annual growth of -3.8%. Current consensus DPS estimate is 33.5, implying a prospective dividend yield of 6.7%. Current consensus EPS estimate suggests the PER is 9.1. |
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
Macquarie rates GOR as Outperform (1) -
The company has signed two agreements with Cygnus Gold over exploration projects in Western Australia south-west. The earn-in agreements cover the Wadderin and Lake Grace tenements and allow Gold Road to acquire up to 75%.
With a substantial budget and proven greenfield expertise, Macquarie believes the company can bring significant impetus to the projects should results prove positive.
Outperform and $1.00 target retained.
Target price is $1.00 Current Price is $0.73 Difference: $0.275
If GOR meets the Macquarie target it will return approximately 38% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 0.00 cents and EPS of minus 1.20 cents. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 0.00 cents and EPS of 5.40 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates GOR as Outperform (1) -
Macquarie has updated price forecasts for all commodities. Gold is downgraded modestly in FY18 but thereafter changes are minimal.
Earnings forecasts little changed for Gold Road. Outperform and $1.00 target retained.
Target price is $1.00 Current Price is $0.73 Difference: $0.275
If GOR meets the Macquarie target it will return approximately 38% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 0.00 cents and EPS of minus 1.20 cents. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 0.00 cents and EPS of 5.40 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates GXY as Outperform (1) -
Macquarie has updated price forecasts for all commodities. The most significant increases are reserved for the lithium ion battery commodities of lithium, cobalt and nickel, which see upgrades of 20-50%. Copper and aluminium forecasts rise by 5-10%.
Earnings forecast upgrades result for Galaxy. Target rises to $3.30 from $2.10 but rating downgraded to Neutral on valuation.
Target price is $3.30 Current Price is $3.13 Difference: $0.17
If GXY meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $3.05, suggesting downside of -1.3% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 0.00 cents and EPS of 23.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 12.7, implying annual growth of -69.4%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 24.3. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 0.00 cents and EPS of 22.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.9, implying annual growth of 88.2%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 12.9. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates IGO as Upgrade to Neutral from Underperform (3) -
Macquarie has updated price forecasts for all commodities. The most significant increases are reserved for the lithium ion battery commodities of lithium, cobalt and nickel, which see upgrades of 20-50%. Copper and aluminium forecasts rise by 5-10%.
Significant earnings forecast upgrades result for Independence. Upgrade to Neutral from Underperform, target rises to $3.80 from $3.20.
Target price is $3.80 Current Price is $3.76 Difference: $0.04
If IGO meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $3.69, suggesting downside of -3.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 12.00 cents and EPS of 13.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.7, implying annual growth of 777.1%. Current consensus DPS estimate is 9.2, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 14.9. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 13.00 cents and EPS of 36.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 35.7, implying annual growth of 38.9%. Current consensus DPS estimate is 11.7, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 10.7. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates ILU as Underperform (5) -
Macquarie has updated price forecasts for all commodities.
Earnings forecast downgrades result for Iluka. Underperform retained, target falls to $7.30 from $7.50.
Target price is $7.30 Current Price is $9.51 Difference: minus $2.21 (current price is over target).
If ILU meets the Macquarie target it will return approximately minus 23% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $9.24, suggesting downside of -3.7% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 20.00 cents and EPS of 24.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.2, implying annual growth of N/A. Current consensus DPS estimate is 15.0, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 52.7. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 9.00 cents and EPS of 37.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 49.0, implying annual growth of 169.2%. Current consensus DPS estimate is 11.6, implying a prospective dividend yield of 1.2%. Current consensus EPS estimate suggests the PER is 19.6. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates JHG as Overweight (1) -
Morgan Stanley suspects the third quarter result on November 9 may surprise, with better operating trends and stronger markets not reflected in consensus estimates.
The broker considers the valuation compelling and the business is generating faster synergies than previously expected.
Overweight retained. Industry view is In-Line. Target is raised to $57.00 from $52.30.
Target price is $57.00 Current Price is $44.50 Difference: $12.5
If JHG meets the Morgan Stanley target it will return approximately 28% (excluding dividends, fees and charges).
Current consensus price target is $49.01, suggesting upside of 8.5% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 315.36 cents and EPS of 322.71 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 312.3, implying annual growth of N/A. Current consensus DPS estimate is 206.5, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 14.5. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 365.47 cents and EPS of 355.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 336.0, implying annual growth of 7.6%. Current consensus DPS estimate is 238.6, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 13.4. |
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 MGX as Outperform (1) -
Macquarie has updated price forecasts for all commodities. Coal and iron ore prices see modest increases but lower grade iron ore sees a decrease due to discounting.
Outperform retained for Mt Gibson, target falls to 50c from 53c.
Target price is $0.50 Current Price is $0.38 Difference: $0.12
If MGX meets the Macquarie target it will return approximately 32% (excluding dividends, fees and charges).
Current consensus price target is $0.43, suggesting upside of 16.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 2.00 cents and EPS of minus 1.10 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 3.0, implying a prospective dividend yield of 8.1%. Current consensus EPS estimate suggests the PER is N/A. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 2.00 cents and EPS of minus 1.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -0.9, implying annual growth of N/A. Current consensus DPS estimate is 3.0, implying a prospective dividend yield of 8.1%. Current consensus EPS estimate suggests the PER is N/A. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates MIN as Outperform (1) -
Macquarie has updated price forecasts for all commodities. The most significant increases are reserved for the lithium ion battery commodities of lithium, cobalt and nickel, which see upgrades of 20-50%. Copper and aluminium forecasts rise by 5-10%.
Earnings forecast upgrades result for Mineral Resources in latter years. Outperform retained, target rises to $21.00 from $20.40.
Target price is $21.00 Current Price is $17.97 Difference: $3.03
If MIN meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $18.30, suggesting upside of 3.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 68.20 cents and EPS of 142.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 122.2, implying annual growth of 13.5%. Current consensus DPS estimate is 60.4, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 14.5. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 87.30 cents and EPS of 161.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 181.7, implying annual growth of 48.7%. Current consensus DPS estimate is 93.3, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 9.7. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates MLX as Outperform (1) -
Macquarie has updated price forecasts for all commodities. The most significant increases are reserved for the lithium ion battery commodities of lithium, cobalt and nickel, which see upgrades of 20-50%. Copper and aluminium forecasts rise by 5-10%.
Earnings forecast upgrades result for Metals X. Outperform retained, target rises to $1.20 from $1.10.
Target price is $1.20 Current Price is $0.80 Difference: $0.4
If MLX meets the Macquarie target it will return approximately 50% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 1.00 cents and EPS of 4.10 cents. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 4.00 cents and EPS of 11.90 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates NCM as Neutral (3) -
Macquarie has updated price forecasts for all commodities. Gold is downgraded modestly in FY18 but thereafter changes are minimal.
FY18 earnings forecast downgraded for Newcrest. Neutral and $22 target retained.
Target price is $22.00 Current Price is $21.97 Difference: $0.03
If NCM meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $19.93, suggesting downside of -9.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 24.27 cents and EPS of 67.69 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 77.8, implying annual growth of N/A. Current consensus DPS estimate is 24.5, implying a prospective dividend yield of 1.1%. Current consensus EPS estimate suggests the PER is 28.4. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 36.73 cents and EPS of 122.66 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 112.8, implying annual growth of 45.0%. Current consensus DPS estimate is 33.7, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 19.6. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates NHC as Downgrade to Underperform from Neutral (5) -
Credit Suisse analysts observe how coal prices remain above in-house price projections. On this basis, while leaving future estimates unchanged, the analysts cannot but concede there seems to be ongoing upside risk.
They have marked-to-market and updated FX forecasts and this has resulted in mild earnings reductions. The target price has been lifted to $1.70, a little above the new DCF SoTP valuation at $1.66.
Irrespective, Credit Suisse thinks it's time to take some profits, Downgrade to Underperform from Neutral.
Target price is $1.70 Current Price is $2.00 Difference: minus $0.295 (current price is over target).
If NHC 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 $2.13, suggesting upside of 7.6% (ex-dividends)
The company's fiscal year ends in July.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 2.00 cents and EPS of 20.94 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.2, implying annual growth of 43.2%. Current consensus DPS estimate is 9.8, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 8.2. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 2.00 cents and EPS of 8.13 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.9, implying annual growth of -30.2%. Current consensus DPS estimate is 9.1, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 11.7. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates NHC as Outperform (1) -
Macquarie has updated price forecasts for all commodities. Coal and iron ore prices see modest increases but lower grade iron ore sees a decrease due to discounting.
Earnings forecast downgrades result for New Hope. Outperform retained, target rises to $2.90 from $2.80.
Target price is $2.90 Current Price is $2.00 Difference: $0.905
If NHC meets the Macquarie target it will return approximately 45% (excluding dividends, fees and charges).
Current consensus price target is $2.13, suggesting upside of 7.6% (ex-dividends)
The company's fiscal year ends in July.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 17.40 cents and EPS of 31.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.2, implying annual growth of 43.2%. Current consensus DPS estimate is 9.8, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 8.2. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 18.30 cents and EPS of 28.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.9, implying annual growth of -30.2%. Current consensus DPS estimate is 9.1, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 11.7. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates NMT as Outperform (1) -
Macquarie has updated price forecasts for all commodities. The most significant increases are reserved for the lithium ion battery commodities of lithium, cobalt and nickel, which see upgrades of 20-50%. Copper and aluminium forecasts rise by 5-10%.
Earnings forecast changes result for Neometals. Outperform retained, target rises to 40c from 38c.
Target price is $0.40 Current Price is $0.36 Difference: $0.04
If NMT meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 0.00 cents and EPS of 2.60 cents. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 0.00 cents and EPS of 4.00 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates NST as Neutral (3) -
Macquarie has updated price forecasts for all commodities. Gold is downgraded modestly in FY18 but thereafter changes are minimal.
FY18 earnings forecast downgraded for Northern Star. Neutral and $5.40 target retained.
Target price is $5.40 Current Price is $4.97 Difference: $0.43
If NST meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $4.78, suggesting downside of -5.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 10.00 cents and EPS of 32.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 40.2, implying annual growth of 12.0%. Current consensus DPS estimate is 9.8, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 12.5. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 10.00 cents and EPS of 39.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 44.2, implying annual growth of 10.0%. Current consensus DPS estimate is 10.2, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 11.4. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates ORA as Upgrade to Buy from Neutral (1) -
Citi transfers coverage to another analyst, upgrading to Buy from Neutral and raising the target to $3.60 from $3.20. The broker believes the company is strongly positioned for growth opportunities.
Should acquisitions not be forthcoming the broker suspects a capital return is likely. Citi estimates a $200m share buyback would boost earnings per share by 2%, while an acquisition that makes the company's target will be 10% accretive by year three.
Target price is $3.60 Current Price is $3.17 Difference: $0.43
If ORA meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $3.27, suggesting upside of 0.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 12.50 cents and EPS of 17.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.6, implying annual growth of 16.1%. Current consensus DPS estimate is 11.7, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 19.5. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 13.00 cents and EPS of 18.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.8, implying annual growth of 7.2%. Current consensus DPS estimate is 12.6, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 18.2. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates ORE as Downgrade to Underperform from Neutral (5) -
Macquarie has updated price forecasts for all commodities. The most significant increases are reserved for the lithium ion battery commodities of lithium, cobalt and nickel, which see upgrades of 20-50%. Copper and aluminium forecasts rise by 5-10%.
Earnings forecast upgrades result for Orocobre. Target rises to $4.90 from $3.78 but rating downgraded to Underperform on valuation.
Target price is $4.90 Current Price is $4.94 Difference: minus $0.04 (current price is over target).
If ORE meets the Macquarie target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.59, suggesting downside of -6.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 0.00 cents and EPS of 4.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.0, implying annual growth of 581.8%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 32.6. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 0.00 cents and EPS of 9.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.9, implying annual growth of 39.3%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 23.4. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates OZL as Outperform (1) -
Macquarie has updated price forecasts for all commodities. The most significant increases are reserved for the lithium ion battery commodities of lithium, cobalt and nickel, which see upgrades of 20-50%. Copper and aluminium forecasts rise by 5-10%.
Earnings forecast upgrades result for OZ. Outperform retained, target rises to $10.30 from $9.90.
Target price is $10.30 Current Price is $7.87 Difference: $2.435
If OZL meets the Macquarie target it will return approximately 31% (excluding dividends, fees and charges).
Current consensus price target is $8.36, suggesting upside of 5.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 21.00 cents and EPS of 70.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 52.1, implying annual growth of 45.9%. Current consensus DPS estimate is 14.5, implying a prospective dividend yield of 1.8%. Current consensus EPS estimate suggests the PER is 15.2. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 32.00 cents and EPS of 38.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.8, implying annual growth of -39.0%. Current consensus DPS estimate is 13.8, implying a prospective dividend yield of 1.7%. Current consensus EPS estimate suggests the PER is 24.9. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates PLS as Outperform (1) -
Macquarie has updated price forecasts for all commodities. The most significant increases are reserved for the lithium ion battery commodities of lithium, cobalt and nickel, which see upgrades of 20-50%. Copper and aluminium forecasts rise by 5-10%.
Earnings forecast upgrades result for Pilbara Minerals. Outperform retained, target rises to 90c from 75c
Target price is $0.90 Current Price is $0.75 Difference: $0.15
If PLS meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 0.00 cents and EPS of minus 2.30 cents. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 0.00 cents and EPS of 3.00 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates PPS as Add (1) -
Morgans observes the company is off to a strong start in FY18, reporting record gross inflows in the September quarter. Large inflows from a major Australian bank client assisted in achieving the result.
The broker also notes the company continues to edge closer to breaking even on cash flows in the UK.
The broker retains an Add rating and $0.55 target.
Target price is $0.55 Current Price is $0.52 Difference: $0.035
If PPS meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 0.00 cents and EPS of 1.50 cents. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 0.00 cents and EPS of 2.50 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates PRU as Downgrade to Neutral from Outperform (3) -
Macquarie has updated price forecasts for all commodities. Gold is downgraded modestly in FY18 but thereafter changes are minimal.
Earnings forecasts downgraded for Perseus. Target unchanged at 40c, downgrade to Neutral on valuation.
Target price is $0.40 Current Price is $0.38 Difference: $0.025
If PRU meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $0.50, suggesting upside of 38.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 0.00 cents and EPS of minus 3.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 0.4, 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 91.3. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 0.00 cents and EPS of 4.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 4.3, implying annual growth of 975.0%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 8.5. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates PTM as Underperform (5) -
Funds under management in September were up 9.1%. Flows have rebounded more strongly than Credit Suisse expected, supported by improved fund performance, new products and marketing efforts.
Offshore products provide scope for upside but the broker believes these are still several years from maturity.
Underperform retained. Target rises to $5.90 from $5.10.
Target price is $5.90 Current Price is $6.67 Difference: minus $0.77 (current price is over target).
If PTM meets the Credit Suisse target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.71, suggesting downside of -32.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 33.00 cents and EPS of 32.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.4, implying annual growth of -7.4%. Current consensus DPS estimate is 28.6, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 23.6. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 35.00 cents and EPS of 35.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.3, implying annual growth of -0.3%. Current consensus DPS estimate is 28.1, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 23.7. |
Market Sentiment: -1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates PTM as Underperform (5) -
Macquarie does not believe inflows of $115m in September and material outperformance in the international fund are sufficient to justify the current valuation.
Underperform retained. Target rises to $4.70 from $4.56.
Target price is $4.70 Current Price is $6.67 Difference: minus $1.97 (current price is over target).
If PTM meets the Macquarie target it will return approximately minus 30% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.71, suggesting downside of -32.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 30.00 cents and EPS of 29.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.4, implying annual growth of -7.4%. Current consensus DPS estimate is 28.6, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 23.6. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 29.00 cents and EPS of 29.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.3, implying annual growth of -0.3%. Current consensus DPS estimate is 28.1, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 23.7. |
Market Sentiment: -1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates PTM as Underweight (5) -
Morgan Stanley estimates around $125m in flows in September, with modest one-off benefits from seeding the new quoted managed funds.
The broker considers the valuation full. Underweight retained. Target: $4.40. Industry View: In Line.
Target price is $4.40 Current Price is $6.67 Difference: minus $2.27 (current price is over target).
If PTM meets the Morgan Stanley target it will return approximately minus 34% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.71, suggesting downside of -32.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 26.00 cents and EPS of 29.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.4, implying annual growth of -7.4%. Current consensus DPS estimate is 28.6, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 23.6. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 25.00 cents and EPS of 28.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.3, implying annual growth of -0.3%. Current consensus DPS estimate is 28.1, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 23.7. |
Market Sentiment: -1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates RCR as Buy (1) -
Ord Minnett suspects the government has given its clearest indication yet it will not introduce a clean energy target to incentivise renewable energy investment post 2020.
At the margin, the broker does not believe this is good news for incremental solar, with the main problem being regulatory uncertainty that hinders the investment process and the risk of a drop off in contracts in 18 months time.
By rating and $5.08 target maintained.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $5.08 Current Price is $4.41 Difference: $0.67
If RCR meets the Ord Minnett target it will return approximately 15% (excluding dividends, fees and charges).
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates REA as Hold (3) -
The company has launched an online mortgage offering for consumers in partnership with National Australia Bank ((NAB)).
As is the case with a traditional mortgage broker, REA Group will earn both up-front and trailing commissions on loans written through its new service.
Morgans calculates that, above a certain point, each percentage point of the new residential loan market would generate around $14m in incremental profits.
Hold retained. Target is $68.75.
Target price is $68.75 Current Price is $67.83 Difference: $0.92
If REA meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $69.43, suggesting upside of 1.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 106.00 cents and EPS of 211.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 218.8, implying annual growth of 506.1%. Current consensus DPS estimate is 107.8, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 31.2. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 122.00 cents and EPS of 243.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 260.3, implying annual growth of 19.0%. Current consensus DPS estimate is 132.4, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 26.2. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates RIO as Outperform (1) -
Credit Suisse marks to market for the September quarter with most commodity prices above original forecasts, except iron ore.
While the December quarter may provide some downside risks for metallurgical coal and iron ore, the broker expects prevailing copper, aluminium and alumina prices will largely offset this. Outperform retained. Target rises to $75 from $72.
Target price is $75.00 Current Price is $69.15 Difference: $5.85
If RIO meets the Credit Suisse target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $74.37, suggesting upside of 7.3% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 381.74 cents and EPS of 655.91 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 589.4, implying annual growth of N/A. Current consensus DPS estimate is 350.8, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 11.8. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 330.58 cents and EPS of 566.71 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 521.0, implying annual growth of -11.6%. Current consensus DPS estimate is 300.2, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 13.3. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates RIO as Outperform (1) -
Macquarie has updated price forecasts for all commodities. Capacity closures in China see aluminium prices upgraded 4-8% in the longer term and a widening deficit sees copper upgraded 10%. Alumina and manganese see shorter term 10% increases, and 5% for iron ore.
Earnings forecast upgrades result for Rio. Outperform retained, target rises to $84 from $83, with a preference over BHP (BHP)).
Target price is $83.00 Current Price is $69.15 Difference: $13.85
If RIO meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $74.37, suggesting upside of 7.3% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 400.11 cents and EPS of 663.78 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 589.4, implying annual growth of N/A. Current consensus DPS estimate is 350.8, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 11.8. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 291.22 cents and EPS of 495.87 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 521.0, implying annual growth of -11.6%. Current consensus DPS estimate is 300.2, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 13.3. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates RRL as Upgrade to Neutral from Underperform (3) -
Macquarie has updated price forecasts for all commodities. Gold is downgraded modestly in FY18 but thereafter changes are minimal.
FY18 earnings forecast downgraded for Regis Resources. Target unchanged at $4.00, upgrade to neutral on valuation.
Target price is $4.00 Current Price is $3.87 Difference: $0.13
If RRL meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $3.51, suggesting downside of -9.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 20.00 cents and EPS of 33.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.6, implying annual growth of 10.9%. Current consensus DPS estimate is 17.4, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 12.7. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 27.00 cents and EPS of 46.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 35.3, implying annual growth of 15.4%. Current consensus DPS estimate is 21.1, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 11.0. |
Market Sentiment: -0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates RSG as Outperform (1) -
Macquarie has updated price forecasts for all commodities. Gold is downgraded modestly in FY18 but thereafter changes are minimal.
FY18 earnings forecast downgraded for Resolute. Outperform and $1.50 target retained.
Target price is $1.50 Current Price is $1.09 Difference: $0.415
If RSG meets the Macquarie target it will return approximately 38% (excluding dividends, fees and charges).
Current consensus price target is $1.57, suggesting upside of 44.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 1.40 cents and EPS of 14.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 14.5, implying annual growth of -23.9%. Current consensus DPS estimate is 2.1, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 7.5. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 1.80 cents and EPS of 17.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.6, implying annual growth of 7.6%. Current consensus DPS estimate is 2.9, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 6.9. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates S32 as Neutral (3) -
Macquarie has updated price forecasts for all commodities. Capacity closures in China see aluminium prices upgraded 4-8% in the longer term and a widening deficit sees copper upgraded 10%. Alumina and manganese see shorter term 10% increases, and 5% for iron ore.
Significant earnings forecast upgrades result for South32. Neutral retained, target rises to $3.50 from $3.10.
Target price is $3.50 Current Price is $3.28 Difference: $0.22
If S32 meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $3.20, suggesting downside of -2.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 12.73 cents and EPS of 32.01 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.3, implying annual growth of N/A. Current consensus DPS estimate is 11.6, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 14.1. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 12.59 cents and EPS of 31.62 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 22.5, implying annual growth of -3.4%. Current consensus DPS estimate is 12.1, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 14.6. |
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 SAR as Upgrade to Outperform from Neutral (1) -
Macquarie has updated price forecasts for all commodities. Gold is downgraded modestly in FY18 but thereafter changes are minimal.
FY18 earnings forecast downgraded for Saracen. Target unchanged at $1.50, upgrade to Outperform on valuation.
Target price is $1.50 Current Price is $1.39 Difference: $0.11
If SAR meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 1.00 cents and EPS of 10.10 cents. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 2.00 cents and EPS of 16.00 cents. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates SBM as Outperform (1) -
Macquarie has updated price forecasts for all commodities. Gold is downgraded modestly in FY18 but thereafter changes are minimal.
FY18 earnings forecast downgraded for St Barbara. Outperform retained, target falls to $3.40 from $3.50.
Target price is $3.40 Current Price is $2.71 Difference: $0.69
If SBM meets the Macquarie target it will return approximately 25% (excluding dividends, fees and charges).
Current consensus price target is $3.19, suggesting upside of 17.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 0.00 cents and EPS of 24.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.1, implying annual growth of -8.2%. Current consensus DPS estimate is 7.1, implying a prospective dividend yield of 2.6%. Current consensus EPS estimate suggests the PER is 9.3. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 0.00 cents and EPS of 34.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 35.6, implying annual growth of 22.3%. Current consensus DPS estimate is 8.3, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 7.6. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates SFR as Neutral (3) -
Macquarie has updated price forecasts for all commodities. The most significant increases are reserved for the lithium ion battery commodities of lithium, cobalt and nickel, which see upgrades of 20-50%. Copper and aluminium forecasts rise by 5-10%.
Earnings forecast upgrades result for Sandfire. Neutral retained, target rises to $6.50 from $6.20.
Target price is $6.50 Current Price is $5.91 Difference: $0.59
If SFR meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $6.28, suggesting upside of 5.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 20.00 cents and EPS of 55.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 55.6, implying annual growth of 13.1%. Current consensus DPS estimate is 18.4, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 10.7. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 28.00 cents and EPS of 72.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 66.5, implying annual growth of 19.6%. Current consensus DPS estimate is 23.0, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 8.9. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates SGM as Upgrade to Outperform from Neutral (1) -
Macquarie observes the stock has drifted, as scrap prices moderated. Nevertheless, the fundamentals for material velocity are intact, particularly with Chinese exports being subdued.
The broker is now more comfortable that the strategic direction is intact following the settling down of a change in management and upgrades the stock to Outperform from Neutral. Target is $15.40.
Target price is $15.40 Current Price is $13.62 Difference: $1.78
If SGM meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $14.88, suggesting upside of 10.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 42.00 cents and EPS of 77.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 84.5, implying annual growth of -18.0%. Current consensus DPS estimate is 46.7, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 15.9. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 41.00 cents and EPS of 82.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 90.8, implying annual growth of 7.5%. Current consensus DPS estimate is 52.2, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 14.8. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates SHV as Neutral (3) -
The company has announced a $45m equity placement and $20m share purchase plan as well as disclosed it has received and rejected a conditional takeover bid by Abu Dhabi-based investment company, Mubadala.
The company provided a range of reasons for rejecting the indicative $5.85 per share bid, which largely centres on risks associated with delaying an equity injection to restore the balance sheet. Whether Mubadala is still interested in the business is unclear.
Neutral rating maintained and target is raised to $5.14 from $4.24.
Target price is $5.14 Current Price is $5.13 Difference: $0.01
If SHV meets the UBS target it will return approximately 0% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 10.00 cents and EPS of 26.90 cents. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 25.00 cents and EPS of 31.40 cents. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates SYR as Neutral (3) -
Macquarie has updated price forecasts for all commodities. The most significant increases are reserved for the lithium ion battery commodities of lithium, cobalt and nickel, which see upgrades of 20-50%. Copper and aluminium forecasts rise by 5-10%.
No changes result for Syrah. Neutral and $3.70 target retained.
Target price is $3.70 Current Price is $3.60 Difference: $0.1
If SYR meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $4.58, suggesting upside of 24.5% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 0.00 cents and EPS of minus 8.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -9.8, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is N/A. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 0.00 cents and EPS of 10.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 8.9, 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 41.3. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates WAF as Outperform (1) -
Macquarie has updated price forecasts for all commodities. Gold is downgraded modestly in FY18 but thereafter changes are minimal.
Earnings forecasts little changed for West African Resources. Outperform and 50c target retained.
Target price is $0.50 Current Price is $0.34 Difference: $0.16
If WAF meets the Macquarie target it will return approximately 47% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 0.00 cents and EPS of minus 1.10 cents. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 0.00 cents and EPS of minus 0.70 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates WES as Outperform (1) -
Macquarie updates estimates for the company's resources business to reflect the changes in commodity price forecasts. Thermal coal prices have been upgraded by 7% to US$82/t for FY18 and up 8% to US$70/t for FY19.
Whilst the resources business warrants a lower multiple to factor in inherent volatility, with pricing/earnings risk to the upside from this division in isolation, and a reasonable return (implied), Macquarie retains an Outperform rating and increases the target to $44.06 from $44.00.
Target price is $44.06 Current Price is $41.19 Difference: $2.87
If WES meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $41.07, suggesting downside of -0.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 232.40 cents and EPS of 268.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 253.4, implying annual growth of -0.5%. Current consensus DPS estimate is 218.4, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 16.3. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 256.50 cents and EPS of 285.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 262.7, implying annual growth of 3.7%. Current consensus DPS estimate is 225.3, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 15.7. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates WHC as Underperform (5) -
Macquarie has updated price forecasts for all commodities. Coal and iron ore prices see modest increases but lower grade iron ore sees a decrease due to discounting.
Earnings forecast increases result for Whitehaven. Underperform retained, target rises to $3.20 from $2.80.
Target price is $3.20 Current Price is $3.77 Difference: minus $0.57 (current price is over target).
If WHC meets the Macquarie target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $3.28, suggesting downside of -15.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 22.00 cents and EPS of 38.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 38.7, implying annual growth of -6.1%. Current consensus DPS estimate is 18.4, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 10.0. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 2.00 cents and EPS of 25.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.4, implying annual growth of -24.0%. Current consensus DPS estimate is 12.1, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 13.2. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates WOR as Buy (1) -
Citi increases forecasts for earnings per share in FY18-20 by 2-4%, incorporating the proposed acquisition of Amec Foster Wheeler's UK oil and gas business.
Citi considers the acquisition multiple of 8.9x reasonable in the light of a competitive tender process.
Buy rating retained.Target is raised to $16.25 from $15.20.
Target price is $16.25 Current Price is $14.24 Difference: $2.01
If WOR meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $13.81, suggesting downside of -3.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 29.00 cents and EPS of 68.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 67.3, implying annual growth of 398.5%. Current consensus DPS estimate is 17.6, implying a prospective dividend yield of 1.2%. Current consensus EPS estimate suggests the PER is 21.3. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 35.00 cents and EPS of 86.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 79.5, implying annual growth of 18.1%. Current consensus DPS estimate is 29.7, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 18.0. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates WSA as Upgrade to Outperform from Neutral (1) -
Macquarie has updated price forecasts for all commodities. The most significant increases are reserved for the lithium ion battery commodities of lithium, cobalt and nickel, which see upgrades of 20-50%. Copper and aluminium forecasts rise by 5-10%.
Significant earnings forecast upgrades result for Western Areas. Upgrade to Outperform from Neutral, target rises to $3.50 from $2.60.
Target price is $3.50 Current Price is $2.93 Difference: $0.57
If WSA meets the Macquarie target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $2.49, suggesting downside of -16.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 2.00 cents and EPS of 6.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 4.9, implying annual growth of -30.9%. Current consensus DPS estimate is 1.3, implying a prospective dividend yield of 0.4%. Current consensus EPS estimate suggests the PER is 60.9. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 2.00 cents and EPS of 20.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 12.7, implying annual growth of 159.2%. Current consensus DPS estimate is 1.7, implying a prospective dividend yield of 0.6%. Current consensus EPS estimate suggests the PER is 23.5. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Summaries
| AJM - | ALTURA MINING | Underperform - Macquarie | Overnight Price $0.28 |
| AMC - | AMCOR | Downgrade to Neutral from Buy - Citi | Overnight Price $15.34 |
| AQG - | ALACER GOLD | Outperform - Macquarie | Overnight Price $2.31 |
| AWC - | ALUMINA | Neutral - Macquarie | Overnight Price $2.22 |
| BDR - | BEADELL RESOURCES | Outperform - Macquarie | Overnight Price $0.22 |
| BHP - | BHP BILLITON | Outperform - Macquarie | Overnight Price $26.45 |
| BSL - | BLUESCOPE STEEL | Outperform - Macquarie | Overnight Price $11.50 |
| CCL - | COCA-COLA AMATIL | Outperform - Credit Suisse | Overnight Price $7.81 |
| CGR - | CML GROUP | Initiation of coverage with Add - Morgans | Overnight Price $0.37 |
| CHC - | CHARTER HALL | Outperform - Macquarie | Overnight Price $5.39 |
| Neutral - UBS | Overnight Price $5.39 | ||
| CLQ - | CLEAN TEQ HOLDINGS | Outperform - Macquarie | Overnight Price $1.30 |
| CMW - | CROMWELL PROPERTY | Upgrade to Hold from Sell - Ord Minnett | Overnight Price $0.97 |
| DCN - | DACIAN GOLD | Outperform - Macquarie | Overnight Price $2.10 |
| DMP - | DOMINO'S PIZZA | Buy - UBS | Overnight Price $45.30 |
| EVN - | EVOLUTION MINING | Outperform - Macquarie | Overnight Price $2.28 |
| FMG - | FORTESCUE | Outperform - Credit Suisse | Overnight Price $5.06 |
| Outperform - Macquarie | Overnight Price $5.06 | ||
| GOR - | GOLD ROAD RESOURCES | Outperform - Macquarie | Overnight Price $0.73 |
| Outperform - Macquarie | Overnight Price $0.73 | ||
| GXY - | GALAXY RESOURCES | Outperform - Macquarie | Overnight Price $3.13 |
| IGO - | INDEPENDENCE GROUP | Upgrade to Neutral from Underperform - Macquarie | Overnight Price $3.76 |
| ILU - | ILUKA RESOURCES | Underperform - Macquarie | Overnight Price $9.51 |
| JHG - | JANUS HENDERSON GROUP | Overweight - Morgan Stanley | Overnight Price $44.50 |
| MGX - | MOUNT GIBSON IRON | Outperform - Macquarie | Overnight Price $0.38 |
| MIN - | MINERAL RESOURCES | Outperform - Macquarie | Overnight Price $17.97 |
| MLX - | METALS X | Outperform - Macquarie | Overnight Price $0.80 |
| NCM - | NEWCREST MINING | Neutral - Macquarie | Overnight Price $21.97 |
| NHC - | NEW HOPE CORP | Downgrade to Underperform from Neutral - Credit Suisse | Overnight Price $2.00 |
| Outperform - Macquarie | Overnight Price $2.00 | ||
| NMT - | NEOMETALS | Outperform - Macquarie | Overnight Price $0.36 |
| NST - | NORTHERN STAR | Neutral - Macquarie | Overnight Price $4.97 |
| ORA - | ORORA | Upgrade to Buy from Neutral - Citi | Overnight Price $3.17 |
| ORE - | OROCOBRE | Downgrade to Underperform from Neutral - Macquarie | Overnight Price $4.94 |
| OZL - | OZ MINERALS | Outperform - Macquarie | Overnight Price $7.87 |
| PLS - | PILBARA MINERALS | Outperform - Macquarie | Overnight Price $0.75 |
| PPS - | PRAEMIUM | Add - Morgans | Overnight Price $0.52 |
| PRU - | PERSEUS MINING | Downgrade to Neutral from Outperform - Macquarie | Overnight Price $0.38 |
| PTM - | PLATINUM | Underperform - Credit Suisse | Overnight Price $6.67 |
| Underperform - Macquarie | Overnight Price $6.67 | ||
| Underweight - Morgan Stanley | Overnight Price $6.67 | ||
| RCR - | RCR TOMLINSON | Buy - Ord Minnett | Overnight Price $4.41 |
| REA - | REA GROUP | Hold - Morgans | Overnight Price $67.83 |
| RIO - | RIO TINTO | Outperform - Credit Suisse | Overnight Price $69.15 |
| Outperform - Macquarie | Overnight Price $69.15 | ||
| RRL - | REGIS RESOURCES | Upgrade to Neutral from Underperform - Macquarie | Overnight Price $3.87 |
| RSG - | RESOLUTE MINING | Outperform - Macquarie | Overnight Price $1.09 |
| S32 - | SOUTH32 | Neutral - Macquarie | Overnight Price $3.28 |
| SAR - | SARACEN MINERAL | Upgrade to Outperform from Neutral - Macquarie | Overnight Price $1.39 |
| SBM - | ST BARBARA | Outperform - Macquarie | Overnight Price $2.71 |
| SFR - | SANDFIRE | Neutral - Macquarie | Overnight Price $5.91 |
| SGM - | SIMS METAL MANAGEMENT | Upgrade to Outperform from Neutral - Macquarie | Overnight Price $13.62 |
| SHV - | SELECT HARVESTS | Neutral - UBS | Overnight Price $5.13 |
| SYR - | SYRAH RESOURCES | Neutral - Macquarie | Overnight Price $3.60 |
| WAF - | WEST AFRICAN RESOURCES | Outperform - Macquarie | Overnight Price $0.34 |
| WES - | WESFARMERS | Outperform - Macquarie | Overnight Price $41.19 |
| WHC - | WHITEHAVEN COAL | Underperform - Macquarie | Overnight Price $3.77 |
| WOR - | WORLEYPARSONS | Buy - Citi | Overnight Price $14.24 |
| WSA - | WESTERN AREAS | Upgrade to Outperform from Neutral - Macquarie | Overnight Price $2.93 |
RATING SUMMARY
| Rating | No. Of Recommendations |
| 1. Buy | 37 |
| 3. Hold | 14 |
| 5. Sell | 8 |
Wednesday 11 October 2017
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Disclaimer:
The content of this information does in no way reflect the opinions of
FNArena, or of its journalists. In fact we don't have any opinion about
the stock market, its value, future direction or individual shares. FNArena solely reports about what the main experts in the market note, believe
and comment on. By doing so we believe we provide intelligent investors
with a valuable tool that helps them in making up their own minds, reading
market trends and getting a feel for what is happening beneath the surface.
This document is provided for informational purposes only. It does not
constitute an offer to sell or a solicitation to buy any security or other
financial instrument. FNArena employs very experienced journalists who
base their work on information believed to be reliable and accurate, though
no guarantee is given that the daily report is accurate or complete. Investors
should contact their personal adviser before making any investment decision.
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