Australian Broker Call
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April 18, 2018
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COMPANIES DISCUSSED IN THIS ISSUE
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The number next to the symbol represents the number of brokers covering it for this report -(if more than 1)
THIS REPORT WILL BE UPDATED SHORTLY
Last Updated: 01:01 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
| BOQ - | BANK OF QUEENSLAND | Upgrade to Neutral from Underperform | Macquarie |
| HUB - | HUB24 | Upgrade to Buy from Hold | Ord Minnett |
| HVN - | HARVEY NORMAN HOLDINGS | Upgrade to Hold from Lighten | Ord Minnett |
| OZL - | OZ MINERALS | Upgrade to Neutral from Underperform | Credit Suisse |
| Upgrade to Add from Hold | Morgans | ||
| SGR - | STAR ENTERTAINMENT | Upgrade to Outperform from Neutral | Credit Suisse |
| WHC - | WHITEHAVEN COAL | Upgrade to Neutral from Sell | Citi |
BLA BLUE SKY ALTERNATIVE INVESTMENTS LIMITED
Wealth Management & Investments
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Overnight Price: $3.66
Morgans rates BLA as Hold (3) -
The company has downgraded FY18 net profit guidance to $20-25m from $34-36m and its assets-under-management target to $4-4.25bn from $4.25-4.75bn.
Blue Sky has acknowledged that disclosure needs to improve. Morgans notes the risks to transaction revenue, earnings composition and changes to accounting treatments that may affect reported earnings.
The broker incorporates additional capital and shares into its estimates as well as revised guidance, maintaining a Hold rating. The stock is considered high risk in the short term because of the potential for ongoing negative sentiment. Target is set at $5.55 versus $14.95 previously.
Target price is $5.55 Current Price is $3.66 Difference: $1.89
If BLA meets the Morgans target it will return approximately 52% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 18.00 cents and EPS of 30.00 cents. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 18.00 cents and EPS of 22.00 cents. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $10.52
Credit Suisse rates BOQ as Neutral (3) -
Bank of Queensland posted a very soft revenue growth result in the first half, the broker notes, pressured by margin headwinds and despite good cost controls. The net interest margin expanded by a mere single basis point.
The broker has cut FY18 forecast earnings by -6% and lowered its target to $11.40 from $12.75. Neutral retained. The proposed sale of the bank's insurance business will improve tier one capital by 20bps, the broker calculates.
Target price is $11.40 Current Price is $10.52 Difference: $0.88
If BOQ meets the Credit Suisse target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $11.19, suggesting upside of 6.3% (ex-dividends)
The company's fiscal year ends in August.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 86.00 cents and EPS of 93.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 92.1, implying annual growth of -5.6%. Current consensus DPS estimate is 78.9, implying a prospective dividend yield of 7.5%. Current consensus EPS estimate suggests the PER is 11.4. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 77.00 cents and EPS of 94.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 90.5, implying annual growth of -1.7%. Current consensus DPS estimate is 77.6, implying a prospective dividend yield of 7.4%. Current consensus EPS estimate suggests the PER is 11.6. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates BOQ as Upgrade to Neutral from Underperform (3) -
Underlying trends remain challenging for the bank as revenue growth is constrained, Macquarie observes. While Bank of Queensland is affected by elevated funding costs in the near term, the broker continues to believe banks will re-price mortgages to offset the impact.
Macquarie upgrades to Neutral from Underperform. Target is reduced to $11.00 from $12.50.
Target price is $11.00 Current Price is $10.52 Difference: $0.48
If BOQ meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $11.19, suggesting upside of 6.3% (ex-dividends)
The company's fiscal year ends in August.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 76.00 cents and EPS of 91.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 92.1, implying annual growth of -5.6%. Current consensus DPS estimate is 78.9, implying a prospective dividend yield of 7.5%. Current consensus EPS estimate suggests the PER is 11.4. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 76.00 cents and EPS of 91.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 90.5, implying annual growth of -1.7%. Current consensus DPS estimate is 77.6, implying a prospective dividend yield of 7.4%. Current consensus EPS estimate suggests the PER is 11.6. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates BOQ as Underweight (5) -
Morgan Stanley believes margins are turning lower and reduces second half forecasts for margins by -5 basis points, given greater front book competition and wider spreads.
In the absence of new home loan back book re-pricing, the broker believes there is further downside to forecasts if current wholesale funding costs persist. The broker notes a strong record of cost control but expects loan losses will increase.
Underweight maintained. Target is reduced to $10.30 from $11.00. In-Line industry view retained.
Target price is $10.30 Current Price is $10.52 Difference: minus $0.22 (current price is over target).
If BOQ meets the Morgan Stanley target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $11.19, suggesting upside of 6.3% (ex-dividends)
The company's fiscal year ends in August.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 76.00 cents and EPS of 89.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 92.1, implying annual growth of -5.6%. Current consensus DPS estimate is 78.9, implying a prospective dividend yield of 7.5%. Current consensus EPS estimate suggests the PER is 11.4. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 76.00 cents and EPS of 88.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 90.5, implying annual growth of -1.7%. Current consensus DPS estimate is 77.6, implying a prospective dividend yield of 7.4%. Current consensus EPS estimate suggests the PER is 11.6. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates BOQ as Add (1) -
First half earnings were less than Morgans expected. No special dividend was declared, although the broker expects special dividends over the forecast period because of the strong capital position and surplus franking credits.
The broker believes loan growth will remain challenging and it will be difficult to achieve system home loan growth without compromising too much on margins. Add rating maintained. Target is reduced to $11.50 from $12.00.
Target price is $11.50 Current Price is $10.52 Difference: $0.98
If BOQ meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $11.19, suggesting upside of 6.3% (ex-dividends)
The company's fiscal year ends in August.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 76.00 cents and EPS of 91.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 92.1, implying annual growth of -5.6%. Current consensus DPS estimate is 78.9, implying a prospective dividend yield of 7.5%. Current consensus EPS estimate suggests the PER is 11.4. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 76.00 cents and EPS of 90.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 90.5, implying annual growth of -1.7%. Current consensus DPS estimate is 77.6, implying a prospective dividend yield of 7.4%. Current consensus EPS estimate suggests the PER is 11.6. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates BOQ as Lighten (4) -
First half results were weaker than Ord Minnett expected. The broker believes the results demonstrate some of the significant challenges the bank faces, amid competition in mortgages.
Over the longer term, the broker is concerned that competition in retail banking will have more of an impact on the bank than its peers, given its higher exposure to mortgages, lack of differentiation on product and a sub-par digital offering. Lighten rating maintained. Target is reduced to $10.50 from $11.20.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $10.50 Current Price is $10.52 Difference: minus $0.02 (current price is over target).
If BOQ meets the Ord Minnett target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $11.19, suggesting upside of 6.3% (ex-dividends)
The company's fiscal year ends in August.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 EPS of 94.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 92.1, implying annual growth of -5.6%. Current consensus DPS estimate is 78.9, implying a prospective dividend yield of 7.5%. Current consensus EPS estimate suggests the PER is 11.4. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 EPS of 91.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 90.5, implying annual growth of -1.7%. Current consensus DPS estimate is 77.6, implying a prospective dividend yield of 7.4%. Current consensus EPS estimate suggests the PER is 11.6. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates BOQ as Sell (5) -
UBS assesses the first half results as weak, driven by soft revenue. Revenue is the bank's biggest challenge, as lending volumes have suffered over recent years, and UBS expects this problematic situation to continue.
Sell rating maintained and target reduced to $9.80 from $12.00.
Target price is $9.80 Current Price is $10.52 Difference: minus $0.72 (current price is over target).
If BOQ meets the UBS target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $11.19, suggesting upside of 6.3% (ex-dividends)
The company's fiscal year ends in August.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 84.00 cents and EPS of 90.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 92.1, implying annual growth of -5.6%. Current consensus DPS estimate is 78.9, implying a prospective dividend yield of 7.5%. Current consensus EPS estimate suggests the PER is 11.4. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 84.00 cents and EPS of 81.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 90.5, implying annual growth of -1.7%. Current consensus DPS estimate is 77.6, implying a prospective dividend yield of 7.4%. Current consensus EPS estimate suggests the PER is 11.6. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
CIM CIMIC GROUP LIMITED
Industrial Sector Contractors & Engineers
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Overnight Price: $43.49
Credit Suisse rates CIM as Neutral (3) -
Cimic reported first quarter profit in line with the broker's forecast. The 2018 project pipeline remains robust and the company has increased its 2019 pipeline expectations given the extent of PPP opportunities arising. 2018 guidance is retained.
Neutral and $45 target retained.
Target price is $45.00 Current Price is $43.49 Difference: $1.51
If CIM meets the Credit Suisse target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $43.96, suggesting upside of 1.1% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 143.00 cents and EPS of 238.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 236.6, implying annual growth of 9.3%. Current consensus DPS estimate is 148.0, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 18.4. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 145.00 cents and EPS of 242.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 246.5, implying annual growth of 4.2%. Current consensus DPS estimate is 152.3, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 17.6. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates CIM as Outperform (1) -
First quarter net profit was up 7% and the company has reaffirmed net profit guidance of $720-780m. Macquarie considers the company's growth rates attractive over the next three years, coupled with the options on acquisitions.
Outperform maintained. Target is $51.41.
Target price is $51.41 Current Price is $43.49 Difference: $7.92
If CIM meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $43.96, suggesting upside of 1.1% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 144.00 cents and EPS of 240.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 236.6, implying annual growth of 9.3%. Current consensus DPS estimate is 148.0, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 18.4. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 156.50 cents and EPS of 260.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 246.5, implying annual growth of 4.2%. Current consensus DPS estimate is 152.3, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 17.6. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates CIM as Hold (3) -
First quarter revenue was up 6.6% and in line with expectations. Ord Minnett acknowledges the company is well positioned competitively with a strong balance sheet but considers the stock relatively expensive.
With work in hand falling in the first quarter and overall growth levels uninspiring, the broker maintains a Hold rating. Target is lowered to $46.56 from $50.13 because of a slightly lower forecast for 2018 net profit.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $46.56 Current Price is $43.49 Difference: $3.07
If CIM meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $43.96, suggesting upside of 1.1% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 148.00 cents and EPS of 237.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 236.6, implying annual growth of 9.3%. Current consensus DPS estimate is 148.0, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 18.4. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 155.00 cents and EPS of 249.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 246.5, implying annual growth of 4.2%. Current consensus DPS estimate is 152.3, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 17.6. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $17.57
UBS rates CPU as Neutral (3) -
The shares have risen 29% in the last year, UBS observes, significantly outperforming the ASX200. To deliver further upside, the broker estimates Computershare would need to provide stage 3 cost reductions of $55m and double US mortgage targets.
The latter may be difficult to achieve before FY21, UBS asserts, given execution risks and a high reliance on rising interest rates. Neutral maintained. Target rises to $17.40 from $17.10.
Target price is $17.40 Current Price is $17.57 Difference: minus $0.17 (current price is over target).
If CPU meets the UBS target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $16.19, suggesting downside of -7.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 51.65 cents and EPS of 81.34 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 79.1, implying annual growth of N/A. Current consensus DPS estimate is 42.2, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 22.2. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 63.27 cents and EPS of 96.84 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 87.4, implying annual growth of 10.5%. Current consensus DPS estimate is 44.6, implying a prospective dividend yield of 2.5%. Current consensus EPS estimate suggests the PER is 20.1. |
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
DMP DOMINO'S PIZZA ENTERPRISES LIMITED
Food, Beverages & Tobacco
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Overnight Price: $39.57
Credit Suisse rates DMP as Neutral (3) -
The broker believes Domino's 1,000 Australian store target represents an overshoot into unsustainable network density. It will lead to lower franchisee profitability from store splits and slowing sales growth compared to current run-rates. The broker has downgraded longer term earnings forecasts.
Target falls to $42.47 from $48.00. Neutral retained on faith in a strong performance from Europe.
Target price is $42.47 Current Price is $39.57 Difference: $2.9
If DMP meets the Credit Suisse target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $47.12, suggesting upside of 19.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 118.00 cents and EPS of 155.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 155.4, implying annual growth of 34.0%. Current consensus DPS estimate is 116.2, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 25.5. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 135.00 cents and EPS of 191.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 191.1, implying annual growth of 23.0%. Current consensus DPS estimate is 141.6, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 20.7. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $6.55
Citi rates DOW as Buy (1) -
Downer EDI has won a contract with OZ Minerals ((OZL)) and Citi has incorporated the extra revenues in its modeling. On Citi's calculation, the contract win translates into circa $4-5m pa incremental EBITA assuming a 4-5% margin.
This now brings the forecast for FY18 in line with management's guidance, point out the analysts. Price target lifts to $8.20 from $8.05 as a result. Buy rating retained.
Target price is $8.20 Current Price is $6.55 Difference: $1.65
If DOW meets the Citi target it will return approximately 25% (excluding dividends, fees and charges).
Current consensus price target is $7.39, suggesting upside of 12.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 28.80 cents and EPS of 39.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 40.1, implying annual growth of 12.0%. Current consensus DPS estimate is 27.0, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 16.3. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 29.30 cents and EPS of 43.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 48.2, implying annual growth of 20.2%. Current consensus DPS estimate is 28.6, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 13.6. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
FBU FLETCHER BUILDING LIMITED
Building Products & Services
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Overnight Price: $6.00
Citi rates FBU as Neutral (3) -
The company's major rights issue was a painful yet necessary decision, argue Citi analysts. The proceeds will be used to relieve the troubled balance sheet while debt terms are being adjusted.
Once the debt covenants issue has been resolved, management can refocus on restructuring the business, comment the analysts. Target price falls to NZ$6.50 from NZ$7.00.
Current Price is $6.00. Target price not assessed.
Current consensus price target is N/A
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 0.00 cents and EPS of minus 7.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -7.5, implying annual growth of N/A. Current consensus DPS estimate is 3.0, implying a prospective dividend yield of 0.5%. Current consensus EPS estimate suggests the PER is N/A. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 39.76 cents and EPS of 52.42 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 53.5, implying annual growth of N/A. Current consensus DPS estimate is 23.5, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 11.2. |
This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates FBU as No Rating (-1) -
The company has announced a NZ$750m entitlement offer and established a new standby facility to strengthen its balance sheet. FY18 earnings guidance is reaffirmed.
The company has also announced it will focus on Australasia and divest Formica and the roof tiles businesses. Macquarie is restricted on research at present and cannot provide a rating or target.
Current Price is $6.00. Target price not assessed.
Current consensus price target is N/A
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 0.00 cents and EPS of minus 12.39 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -7.5, implying annual growth of N/A. Current consensus DPS estimate is 3.0, implying a prospective dividend yield of 0.5%. Current consensus EPS estimate suggests the PER is N/A. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 12.91 cents and EPS of 43.07 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 53.5, implying annual growth of N/A. Current consensus DPS estimate is 23.5, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 11.2. |
This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates FBU as Overweight (1) -
The company has announced an NZ$750m capital raising through an entitlement offer at NZ$4.80 a share to pay down debt, and the establishment of a new standby banking facility of NZ$500m.
Morgan Stanley was of the view that a capital raising would not be required, particularly with asset sales, but acknowledges this provides a more direct solution and immediate certainty for investors.
Overweight rating. Target is NZ$8.00. Industry view is: Cautious.
Current Price is $6.00. Target price not assessed.
Current consensus price target is N/A
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 0.00 cents and EPS of minus 9.25 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -7.5, implying annual growth of N/A. Current consensus DPS estimate is 3.0, implying a prospective dividend yield of 0.5%. Current consensus EPS estimate suggests the PER is N/A. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 12.91 cents and EPS of 48.88 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 53.5, implying annual growth of N/A. Current consensus DPS estimate is 23.5, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 11.2. |
This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
HUB HUB24 LIMITED
Wealth Management & Investments
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Overnight Price: $11.00
Credit Suisse rates HUB as Outperform (1) -
HUB24 reported another very strong quarter of inflows and net funds under management, leading the broker to upgrade forecasts ahead of what is seasonally the strongest quarter of June. The number of advertisers on the platform continues to grow and the company signed two new major distribution agreements in the quarter.
The broker is forecasting 63% compound earnings growth in the next three years. This is higher than peer Netwealth Group ((NWL)), the broker notes, yet the two trade on a similar multiple. Outperform and $12.80 target retained.
Target price is $12.80 Current Price is $11.00 Difference: $1.8
If HUB meets the Credit Suisse target it will return approximately 16% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 0.00 cents and EPS of 9.00 cents. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 0.00 cents and EPS of 20.00 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates HUB as Upgrade to Buy from Hold (1) -
The March quarter was the company's second strongest overall, which impressed Ord Minnett given flows typically start off the year slowly. Existing forecasts are supported by groups already using the platform and new wins are incremental to the broker's base case.
Ord Minnett calculates a valuation gap has now emerged and its target of $11.85, revised up from $11.00, offers 11% upside. As structural tailwinds are strengthening, the broker upgrades to Buy from Hold.
Target price is $11.85 Current Price is $11.00 Difference: $0.85
If HUB meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 7.40 cents and EPS of 7.40 cents. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 18.50 cents and EPS of 17.00 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
HVN HARVEY NORMAN HOLDINGS LIMITED
Consumer Electronics
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Overnight Price: $3.49
Ord Minnett rates HVN as Upgrade to Hold from Lighten (3) -
While Ord Minnett believes there is an absence of positive catalysts and risks are skewed to the downside, valuation support is now emerging at current share prices. Hence, the broker upgrades to Hold from Lighten. The target is lowered to $3.65 from $3.75.
The broker incorporates lower forecasts for sales and margins in franchising operations in FY18, along with the $28.8m write-off of a loan associated with the Coomboona dairy JV.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $3.65 Current Price is $3.49 Difference: $0.16
If HVN meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $4.02, suggesting upside of 15.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 22.00 cents and EPS of 31.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 33.5, implying annual growth of -17.0%. Current consensus DPS estimate is 24.1, implying a prospective dividend yield of 6.9%. Current consensus EPS estimate suggests the PER is 10.4. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 22.00 cents and EPS of 34.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 33.6, implying annual growth of 0.3%. Current consensus DPS estimate is 24.2, implying a prospective dividend yield of 6.9%. Current consensus EPS estimate suggests the PER is 10.4. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $0.26
Morgans rates ICQ as Add (1) -
The company has reported strong cash flow in the March quarter. Guidance for EBITDA profit by end FY18 for the Malaysian and Thai operations has been reaffirmed.
Add rating maintained. Target is $0.29.
Target price is $0.29 Current Price is $0.26 Difference: $0.03
If ICQ meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).
The company's fiscal year ends in December.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 0.00 cents and EPS of minus 2.90 cents. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 0.00 cents and EPS of minus 1.70 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
IPD IMPEDIMED LIMITED
Medical Equipment & Devices
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Overnight Price: $0.69
Morgans rates IPD as Add (1) -
The company has received FDA clearance to market SOZO as an aid in the clinical assessment of bilateral lymphoedema in adult patient arms and legs. This expands the available market for the technology.
Morgans envisages the next catalyst to be the release of the PREVENT study. Add and $1.46 target retained.
Target price is $1.46 Current Price is $0.69 Difference: $0.77
If IPD meets the Morgans target it will return approximately 112% (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 minus 7.00 cents. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 0.00 cents and EPS of minus 2.10 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
LNK LINK ADMINISTRATION HOLDINGS LIMITED
Wealth Management & Investments
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Overnight Price: $8.47
Citi rates LNK as Buy (1) -
Citi analysts have updated their modeling following a surprise $300m capital raising by the company, with the aim of reducing debt and retaining flexibility for acquisition opportunities. There's probably a strong hint in the latter about what the future holds.
Citi analysts are supportive of the move, arguing balance sheet gearing seemed a bit high for comfort, but that will no longer be the case. Buy rating retained. Target price lowered to $9.85 from $10 to (partially) account for the dilution of the placement.
Target price is $9.85 Current Price is $8.47 Difference: $1.38
If LNK meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $9.19, suggesting upside of 8.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 16.00 cents and EPS of 41.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 40.7, implying annual growth of 79.8%. Current consensus DPS estimate is 16.9, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 20.8. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 25.00 cents and EPS of 47.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 47.4, implying annual growth of 16.5%. Current consensus DPS estimate is 23.8, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 17.9. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates LNK as Neutral (3) -
Link has announced a $300m institutional placement and an SPP looking to raise another ~$40m. The raising is to strengthen the balance sheet, support organic growth and provide for M&A opportunities, management has declared.
The broker assumes the latter to be the primary objective, anticipating a number of small bolt-ons over the next year or more. The broker has trimmed earnings forecasts to reflect dilution but retained a $9.00 target on the assumption acquisitions will prove accretive. Neutral maintained.
Target price is $9.00 Current Price is $8.47 Difference: $0.53
If LNK meets the Credit Suisse target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $9.19, suggesting upside of 8.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 18.10 cents and EPS of 42.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 40.7, implying annual growth of 79.8%. Current consensus DPS estimate is 16.9, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 20.8. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 23.80 cents and EPS of 47.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 47.4, implying annual growth of 16.5%. Current consensus DPS estimate is 23.8, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 17.9. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates LNK as Outperform (1) -
The company will undertake a fully underwritten $300m institutional placement and share purchase plan. While the current valuation appears stretched, Macquarie has not yet incorporated the deployment of excess capital via acquisitions, which would likely be accretive.
The broker continues to envisage longer-term value in the stock but recognises some near-term downside risk as the market absorbs the additional equity. Outperform rating maintained. Target reduced to $9.20 from $9.60.
Target price is $9.20 Current Price is $8.47 Difference: $0.73
If LNK meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $9.19, suggesting upside of 8.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 19.00 cents and EPS of 39.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 40.7, implying annual growth of 79.8%. Current consensus DPS estimate is 16.9, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 20.8. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 26.00 cents and EPS of 47.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 47.4, implying annual growth of 16.5%. Current consensus DPS estimate is 23.8, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 17.9. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates LNK as Neutral (3) -
The company has announced a $300m institutional placement and share purchase plan at $8.50 a share. Proceeds will be used to strengthen the balance sheet.
UBS calculates an acquisition capacity of $550m post the capital raising and suspects the company will consider a range of bolt-on opportunities, including UK pension administration.
The broker downgrades estimates for earnings per share by -5% for FY19 ahead of capital redeployment. Neutral. Target is $9.10.
Target price is $9.10 Current Price is $8.47 Difference: $0.63
If LNK meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $9.19, suggesting upside of 8.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 14.00 cents and EPS of 40.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 40.7, implying annual growth of 79.8%. Current consensus DPS estimate is 16.9, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 20.8. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 21.00 cents and EPS of 46.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 47.4, implying annual growth of 16.5%. Current consensus DPS estimate is 23.8, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 17.9. |
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 observes March quarter production numbers were solid and Nifty continues to improve both head grade and recovery. Construction of the ore sorter to enable higher throughput at Renison Bell remains on track for completion in the June quarter.
Outperform and $1.30 target retained.
Target price is $1.30 Current Price is $0.75 Difference: $0.55
If MLX meets the Macquarie target it will return approximately 73% (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 1.30 cents. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 3.00 cents and EPS of 9.30 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
NWL NETWEALTH GROUP LIMITED
Wealth Management & Investments
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Overnight Price: $6.58
Credit Suisse rates NWL as Neutral (3) -
Netwealth continued to attract a high level of inflows in the March Q, increasing funds under management in line with the broker's expectation. The fee-paying FUA segment performed ahead of expectation. The broker expects an even better June Q on seasonality.
The company continues to attract above-peer inflows and the broker forecasts 38% compound profit growth over the next three years, but at 34x FY20 forecast earnings this is well factored into the price, the broker suggests. Neutral and $6.50 target retained.
Target price is $6.50 Current Price is $6.58 Difference: minus $0.08 (current price is over target).
If NWL meets the Credit Suisse target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $6.17, suggesting downside of -6.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 5.00 cents and EPS of 12.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 10.6, implying annual growth of -79.7%. Current consensus DPS estimate is 5.4, implying a prospective dividend yield of 0.8%. Current consensus EPS estimate suggests the PER is 62.1. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 12.00 cents and EPS of 15.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.5, implying annual growth of 46.2%. Current consensus DPS estimate is 11.9, implying a prospective dividend yield of 1.8%. Current consensus EPS estimate suggests the PER is 42.5. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $7.05
Citi rates NXT as Buy (1) -
Citi sees the newest capital raising as yet another strong signal company management remains confident it can successfully participate in the "material, non-linear growth" that is currently dominating the cloud hosting infrastructure industry.
Citi does not simply stick to its Buy rating, it is being reiterated. Earnings estimates lowered to account for the cap raising, but price target lifts to $8.40 from $8.00. Citi argues there has been modest improvement in medium-term visibility for prospects regarding the company's second generation of assets.
Target price is $8.40 Current Price is $7.05 Difference: $1.35
If NXT meets the Citi target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $7.20, suggesting upside of 2.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 0.00 cents and EPS of 3.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 3.8, implying annual growth of -54.5%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 185.5. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 0.00 cents and EPS of 5.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.6, implying annual growth of 73.7%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 106.8. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates NXT as Outperform (1) -
NextDC has announced a $281m placement to fund the acquisition of property for three new data centres, being a second in Perth and thirds in Sydney and Melbourne. The placement was successfully completed at no discount, the broker notes, highlighting strong investor sentiment.
Taking Sydney and Melbourne to three will require some significantly larger deals, the broker suggests, likely with major public cloud players. While management does not expect pressure on margins, the broker assumes at least a slightly lower return on invested capital.
Target rises to $8.00 from $7.50, Outperform retained.
Target price is $8.00 Current Price is $7.05 Difference: $0.95
If NXT meets the Credit Suisse target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $7.20, suggesting upside of 2.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 0.00 cents and EPS of 4.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 3.8, implying annual growth of -54.5%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 185.5. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 0.00 cents and EPS of 8.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.6, implying annual growth of 73.7%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 106.8. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates NXT as Hold (3) -
The company has announced a $300m institutional placement as well as a share purchase plan. Funds will be used to buy land and build new data centre facilities in Perth, Sydney and Melbourne.
Morgans believes this capital will place the company in a good position for the next few years and support the business in the event that equity market jitters return and, while it dilutes earnings in the short term, it increases the profit potential.
Hold rating maintained. Target is raised to $7.06 from $7.01.
Target price is $7.06 Current Price is $7.05 Difference: $0.01
If NXT meets the Morgans target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $7.20, suggesting upside of 2.1% (ex-dividends)
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 2.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 3.8, implying annual growth of -54.5%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 185.5. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 0.00 cents and EPS of 3.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.6, implying annual growth of 73.7%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 106.8. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates NXT as Buy (1) -
The company has announced a $281m capital raising and plans for three new data centres. UBS does not include the new data centres or capital raising in forecasts.
The broker observes demand in Sydney remains extremely strong and, while Melbourne and Perth are yet to experience the same momentum, the announcement materially de-risks the future growth opportunity.
Buy rating and $7.70 target maintained.
Target price is $7.70 Current Price is $7.05 Difference: $0.65
If NXT meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $7.20, suggesting upside of 2.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 0.00 cents and EPS of 4.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 3.8, implying annual growth of -54.5%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 185.5. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 0.00 cents and EPS of 7.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.6, implying annual growth of 73.7%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 106.8. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $9.46
Morgan Stanley rates ORG as Overweight (1) -
The Northern Territory is reportedly adopting the recommendations of the Pepper Inquiry and allowing development of onshore tight gas reserves, including the Beetaloo JV where Origin Energy is a 70% participant. The company has not commented on the report.
Morgan Stanley notes, if developed, the resource would require infrastructure investment such as an expansion of the northern gas pipeline that connects to the Queensland market.
Overweight rating. Target is $10.88. Industry view: Cautious.
Target price is $10.88 Current Price is $9.46 Difference: $1.42
If ORG meets the Morgan Stanley target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $9.76, suggesting upside of 3.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 0.00 cents and EPS of 54.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 53.7, implying annual growth of N/A. Current consensus DPS estimate is 4.4, implying a prospective dividend yield of 0.5%. Current consensus EPS estimate suggests the PER is 17.6. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 EPS of 73.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 72.6, implying annual growth of 35.2%. Current consensus DPS estimate is 23.8, implying a prospective dividend yield of 2.5%. Current consensus EPS estimate suggests the PER is 13.0. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $7.70
Citi rates OSH as Sell (5) -
Oil Search lowering production guidance for full year 2018 did not come as a surprise to Citi analysts. There had been an earthquake for all to notice. The analysts note higher remedial costs post quake.
The analysts remain of the view the company is probably cum market disappointment as expectations for capex seem a bit low, on Citi's assessment. Any update on this matter might thus turn into a share price negative event, is the underlying suggestion.
Sell rating retained. Price target lowered to $6.53 from $6.60.
Target price is $6.53 Current Price is $7.70 Difference: minus $1.17 (current price is over target).
If OSH meets the Citi target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $8.12, suggesting upside of 5.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 10.33 cents and EPS of 23.37 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.2, implying annual growth of N/A. Current consensus DPS estimate is 11.9, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 26.4. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 11.62 cents and EPS of 26.86 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.6, implying annual growth of 18.5%. Current consensus DPS estimate is 15.5, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 22.3. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates OSH as Neutral (3) -
Oil Search has released revised production, cost and capex guidance post the PNG earthquake. The broker suggests management is being conservative when one takes into account production in the March Q, the earlier than expected start to PNG LNG and a track record of hitting the top of guidance.
What the broker's forecasts lose on the revision they gain on an upward revision to in-house oil price assumptions. Neutral and $7.55 target retained.
Target price is $7.55 Current Price is $7.70 Difference: minus $0.15 (current price is over target).
If OSH meets the Credit Suisse target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $8.12, suggesting upside of 5.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 18.98 cents and EPS of 38.74 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.2, implying annual growth of N/A. Current consensus DPS estimate is 11.9, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 26.4. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 23.37 cents and EPS of 48.03 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.6, implying annual growth of 18.5%. Current consensus DPS estimate is 15.5, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 22.3. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates OSH as Add (1) -
Given the earthquake, 2018 production guidance is lower than Morgans expected, having forecast PNG LNG would bounce back rather than experience an implied two months of lost output.
Nevertheless, the temporary loss of cash flow has not undermined the value upside the broker envisages for the business through de-risking its growth profile. Add rating maintained. Target is reduced to $9.95 from $10.27.
Target price is $9.95 Current Price is $7.70 Difference: $2.25
If OSH meets the Morgans target it will return approximately 29% (excluding dividends, fees and charges).
Current consensus price target is $8.12, suggesting upside of 5.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 9.04 cents and EPS of 23.24 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.2, implying annual growth of N/A. Current consensus DPS estimate is 11.9, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 26.4. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 15.49 cents and EPS of 36.15 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.6, implying annual growth of 18.5%. Current consensus DPS estimate is 15.5, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 22.3. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates OSH as Accumulate (2) -
March quarter production was largely influenced by the earthquake in PNG and management has downgraded full year guidance while upgrading cost guidance.
As the impact on operations is only temporary, Ord Minnett believes investors should look past these changes.
Accumulate rating retained and target lowered to $8.00 from $8.05.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $8.00 Current Price is $7.70 Difference: $0.3
If OSH meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $8.12, suggesting upside of 5.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 15.49 cents and EPS of 32.28 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.2, implying annual growth of N/A. Current consensus DPS estimate is 11.9, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 26.4. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 18.08 cents and EPS of 40.03 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.6, implying annual growth of 18.5%. Current consensus DPS estimate is 15.5, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 22.3. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates OSH as Neutral (3) -
The company has revised 2018 guidance following the earthquake in PNG. Revised production guidance of 23-26 mmboe is below UBS estimates.
The focus is now on the expansion of PNG LNG and, while the timeline is unchanged for FEED entry in the second half, the broker envisages risk of delays.
Neutral rating. Target is raised to $8.20 from $8.10.
Target price is $8.20 Current Price is $7.70 Difference: $0.5
If OSH meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $8.12, suggesting upside of 5.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 11.62 cents and EPS of 23.24 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.2, implying annual growth of N/A. Current consensus DPS estimate is 11.9, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 26.4. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 18.19 cents and EPS of 37.68 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.6, implying annual growth of 18.5%. Current consensus DPS estimate is 15.5, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 22.3. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $9.20
Citi rates OZL as Buy (1) -
The company's quarterly production report missed the mark, but Citi analysts are quick to emphasise guidance for FY18 still looks "secure".
Costs need to fall, and Citi thinks they will. Buy rating retained. Price target $10.70.
Target price is $10.70 Current Price is $9.20 Difference: $1.5
If OZL meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $9.86, suggesting upside of 7.1% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 28.00 cents and EPS of 71.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 75.6, implying annual growth of -1.8%. Current consensus DPS estimate is 22.1, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 12.2. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 12.00 cents and EPS of 61.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 57.6, implying annual growth of -23.8%. Current consensus DPS estimate is 17.1, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 16.0. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates OZL as Upgrade to Neutral from Underperform (3) -
OZ Minerals' March Q production numbers are in line with 2018 guidance and Credit Suisse forecasts. There has been no change to the Carrapateena development timetable.
Carra progress leads the broker to de-risk valuation to 85% from 75%, which combined with revised commodity price and FX assumptions leads to a target price increase to $9.05 from $8.55. This in turn leads Credit Suisse to upgrade to Neutral from Underperform.
Target price is $9.05 Current Price is $9.20 Difference: minus $0.15 (current price is over target).
If OZL meets the Credit Suisse target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $9.86, suggesting upside of 7.1% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 20.00 cents and EPS of 65.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 75.6, implying annual growth of -1.8%. Current consensus DPS estimate is 22.1, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 12.2. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 20.00 cents and EPS of 16.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 57.6, implying annual growth of -23.8%. Current consensus DPS estimate is 17.1, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 16.0. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates OZL as Outperform (1) -
First quarter production was broadly in line with expectations. Macquarie notes costs increased because of a change in reporting methodology and lower by-product credits.
Carrapateena remains on schedule and new power purchase agreements are expected in the second half for both Carrapateena and Prominent Hill.
Outperform retained. Target is reduced to $11.30 from $11.40.
Target price is $11.30 Current Price is $9.20 Difference: $2.1
If OZL meets the Macquarie target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $9.86, suggesting upside of 7.1% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 24.00 cents and EPS of 87.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 75.6, implying annual growth of -1.8%. Current consensus DPS estimate is 22.1, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 12.2. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 14.00 cents and EPS of 77.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 57.6, implying annual growth of -23.8%. Current consensus DPS estimate is 17.1, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 16.0. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates OZL as Upgrade to Add from Hold (1) -
Morgans believes the company is on track to meet 2018 guidance amid stable production. The broker lifts copper price assumptions slightly for 2018-19.
This year is considered the peak for construction and expenditure at Carrapateena and Morgans lowers its risk weighting on Carrapateena to 75%. The broker is backing the company's ability to bring the project on line and upgrades to Add from Hold. Target is raised to $10.05 from $9.80.
Target price is $10.05 Current Price is $9.20 Difference: $0.85
If OZL meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $9.86, suggesting upside of 7.1% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 17.00 cents and EPS of 76.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 75.6, implying annual growth of -1.8%. Current consensus DPS estimate is 22.1, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 12.2. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 14.00 cents and EPS of 64.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 57.6, implying annual growth of -23.8%. Current consensus DPS estimate is 17.1, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 16.0. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates OZL as No Rating (-1) -
First quarter production results are incorporated. Ord Minnett is currently restricted on research and cannot provide a rating or target at present.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Current Price is $9.20. Target price not assessed.
Current consensus price target is $9.86, suggesting upside of 7.1% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 20.00 cents and EPS of 83.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 75.6, implying annual growth of -1.8%. Current consensus DPS estimate is 22.1, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 12.2. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 20.00 cents and EPS of 72.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 57.6, implying annual growth of -23.8%. Current consensus DPS estimate is 17.1, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 16.0. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates OZL as Neutral (3) -
March quarter production was consistent. Copper was ahead of UBS forecasts while gold was below. The company has maintained 2018 guidance, and the broker notes that key to achieving this will be underground mining rates.
Meanwhile, the move into Brazil continues to weigh on investor sentiment and the broker questions whether the long-term potential is worth the additional complexity and associated risks.
The broker maintains a Neutral rating and $9.80 target.
Target price is $9.80 Current Price is $9.20 Difference: $0.6
If OZL meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $9.86, suggesting upside of 7.1% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 26.00 cents and EPS of 88.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 75.6, implying annual growth of -1.8%. Current consensus DPS estimate is 22.1, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 12.2. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 20.00 cents and EPS of 67.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 57.6, implying annual growth of -23.8%. Current consensus DPS estimate is 17.1, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 16.0. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
PPT PERPETUAL LIMITED
Wealth Management & Investments
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Overnight Price: $41.08
Morgans rates PPT as Hold (3) -
Morgans was disappointed with the March quarter fund flows, given net outflows of -$1.3bn. The broker considers the stock offers reasonable value and progress is being made in both the Perpetual Private and Corporate Trust businesses.
Still, Morgans is cautious about the outflows in investments, the largest division. Hold rating maintained. Target is reduced to $44.85 from $51.98.
Target price is $44.85 Current Price is $41.08 Difference: $3.77
If PPT meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $45.60, suggesting upside of 11.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 270.00 cents and EPS of 303.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 301.0, implying annual growth of 0.3%. Current consensus DPS estimate is 271.4, implying a prospective dividend yield of 6.6%. Current consensus EPS estimate suggests the PER is 13.6. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 270.00 cents and EPS of 300.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 298.6, implying annual growth of -0.8%. Current consensus DPS estimate is 272.8, implying a prospective dividend yield of 6.6%. Current consensus EPS estimate suggests the PER is 13.8. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $79.68
Macquarie rates RIO as Outperform (1) -
Macquarie analysts, in an initial reaction to today's production report, talk about a "mixed" result, with strong production and shipments from the Pilbara offsetting weakness elsewhere.
The analysts do point out capital management capacity remains "high". Outperform rating retained. Target $93 (unchanged).
Target price is $93.00 Current Price is $79.68 Difference: $13.32
If RIO meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $84.00, suggesting upside of 5.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 432.54 cents and EPS of 731.18 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 657.6, implying annual growth of N/A. Current consensus DPS estimate is 388.3, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 12.1. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 371.85 cents and EPS of 618.08 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 606.6, implying annual growth of -7.8%. Current consensus DPS estimate is 365.0, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 13.1. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
SAR SARACEN MINERAL HOLDINGS LIMITED
Gold & Silver
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Overnight Price: $1.87
Citi rates SAR as Sell (5) -
Citi analysts spotted a strong March quarter performance, which triggered an upgrade to FY18 guidance from the company. Alas, the analysts remain of the view the share price is overvalued, hence the rating remains Sell. Target price gains 10c to $1.60.
Interestingly, Citi had been expecting a strong report and is not the slightest surprised.
Target price is $1.60 Current Price is $1.87 Difference: minus $0.27 (current price is over target).
If SAR meets the Citi target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 0.00 cents and EPS of 8.70 cents. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 0.00 cents and EPS of 11.00 cents. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates SAR as Outperform (1) -
March quarter production revealed robust cash flow and the company has lifted FY18 guidance to 310-315,000 ounces.
Macquarie remains confident of meaningful production growth and maintains an Outperform rating. Target is raised to $2.00 from $1.90.
Target price is $2.00 Current Price is $1.87 Difference: $0.13
If SAR meets the Macquarie target it will return approximately 7% (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 10.30 cents. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 0.00 cents and EPS of 17.60 cents. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $5.20
Credit Suisse rates SGR as Upgrade to Outperform from Neutral (1) -
Credit Suisse has reassessed its Star valuation to take into account the capital raising, faster growth in VIP revenue and weakness in Brisbane earnings, which together lead to -6-7% earnings forecasts reductions.
Target falls to $5.60 from $5.90 but, as the share price has fallen further, the broker upgrades to Outperform from Neutral.
Target price is $5.60 Current Price is $5.20 Difference: $0.4
If SGR meets the Credit Suisse target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $6.15, suggesting upside of 18.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 20.00 cents and EPS of 28.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.9, implying annual growth of -15.9%. Current consensus DPS estimate is 18.0, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 19.3. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 21.00 cents and EPS of 29.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.5, implying annual growth of 13.4%. Current consensus DPS estimate is 21.6, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 17.0. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
VRL VILLAGE ROADSHOW LIMITED
Travel, Leisure & Tourism
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Overnight Price: $2.55
Macquarie rates VRL as Neutral (3) -
The company has downgraded guidance and now expects to break even at the net profit line or incur a loss of up to -$10m. Macquarie notes a recovery in theme parks has stalled and there is downside risk.
Cinema exhibition requires a strong recovery in the fourth quarter although structural headwinds continue. The broker requires evidence of a sustained improvement in the operating performance to build an investment case and maintains a Neutral rating. Target is reduced to $2.55 from $3.50.
Target price is $2.55 Current Price is $2.55 Difference: $0
If VRL meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $3.30, suggesting upside of 29.4% (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 4.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 21.9, implying annual growth of N/A. Current consensus DPS estimate is 1.6, implying a prospective dividend yield of 0.6%. Current consensus EPS estimate suggests the PER is 11.6. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 5.20 cents and EPS of 10.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.9, implying annual growth of -27.4%. Current consensus DPS estimate is 6.6, implying a prospective dividend yield of 2.6%. Current consensus EPS estimate suggests the PER is 16.0. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $10.80
Ord Minnett rates WEB as Buy (1) -
The company has reiterated FY18 guidance for EBITDA of at least $80m. A new CFO has been appointed.
Ord Minnett notes the share price appears to have been marked down after the announcement of an error in the first half D&A from continuing operations and considers this reaction understandable but overdone.
A Buy rating is maintained. Target is $14.00.
Target price is $14.00 Current Price is $10.80 Difference: $3.2
If WEB meets the Ord Minnett target it will return approximately 30% (excluding dividends, fees and charges).
Current consensus price target is $13.11, suggesting upside of 21.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 16.60 cents and EPS of 33.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 41.2, implying annual growth of -23.4%. Current consensus DPS estimate is 23.6, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 26.2. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 23.50 cents and EPS of 46.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 57.0, implying annual growth of 38.3%. Current consensus DPS estimate is 32.7, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 18.9. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
WGN WAGNERS HOLDING COMPANY LIMITED
Building Products & Services
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Overnight Price: $3.80
Morgans rates WGN as Add (1) -
Morgans revises some second half assumptions for sales after Queensland's wettest March since 2012. The broker considers the company partly protected from the impact of wet weather on construction activity by its take-or-pay contract with Boral ((BLD)).
Morgans also believes recent share price weakness creates an opportunity to add to positions. The broker maintains an Add rating and reduces the target to $4.10 from $4.22.
Target price is $4.10 Current Price is $3.80 Difference: $0.3
If WGN meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $3.85, suggesting upside of 1.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 4.00 cents and EPS of 16.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.8, implying annual growth of N/A. Current consensus DPS estimate is 6.3, implying a prospective dividend yield of 1.7%. Current consensus EPS estimate suggests the PER is 24.1. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 12.00 cents and EPS of 19.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.0, implying annual growth of 13.9%. Current consensus DPS estimate is 13.0, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 21.1. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $4.51
Citi rates WHC as Upgrade to Neutral from Sell (3) -
Whitehaven Coal's March quarter production report has triggered an upgrade to Neutral from Sell, supported by Citi analysts also lifting coal prices input, together with a slightly increased production forecast for FY18.
Mechanical problems at Narrabri have caused a slight downgrade in the company's guidance for that particular operation. Price target rises to $4.50 from $4.20.
Note the company is currently working on optimisation around rail infrastructure and expects to lodge the environmental impact statement (EIS) for its Vickery project in the June quarter, after which the search will commence for JV partners.
Target price is $4.50 Current Price is $4.51 Difference: minus $0.01 (current price is over target).
If WHC meets the Citi target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.69, suggesting upside of 3.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 22.00 cents and EPS of 50.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 54.5, implying annual growth of 32.3%. Current consensus DPS estimate is 29.9, implying a prospective dividend yield of 6.6%. Current consensus EPS estimate suggests the PER is 8.3. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 13.00 cents and EPS of 39.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 47.6, implying annual growth of -12.7%. Current consensus DPS estimate is 21.1, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 9.5. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates WHC as Outperform (1) -
Whitehaven's March Q report highlighted another very strong performance from Maules Creek but weak price realisation and ongoing issues at Narrabri, the broker notes. The timing of growth beyond Maules Creek remains uncertain as the value opportunity in new sites is weighed up.
The broker has adjusted forecast to reflect new coal price and FX assumptions and retains a $4.60 target. Outperform retained on free cash flow and capital management expectations.
Target price is $4.60 Current Price is $4.51 Difference: $0.09
If WHC meets the Credit Suisse target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $4.69, suggesting upside of 3.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 25.50 cents and EPS of 50.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 54.5, implying annual growth of 32.3%. Current consensus DPS estimate is 29.9, implying a prospective dividend yield of 6.6%. Current consensus EPS estimate suggests the PER is 8.3. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 24.00 cents and EPS of 48.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 47.6, implying annual growth of -12.7%. Current consensus DPS estimate is 21.1, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 9.5. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates WHC as Accumulate (2) -
March quarter production was slightly below Ord Minnett estimates. However, the composition of the numbers has caused the broker to revise near-term forecasts.
Narrabri's saleable production was -17% below estimates, while Maules Creek outperformed.
The broker retains an Accumulate rating and reduces the target to $4.50 from $4.55.
Target price is $4.50 Current Price is $4.51 Difference: minus $0.01 (current price is over target).
If WHC meets the Ord Minnett target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.69, suggesting upside of 3.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 45.00 cents and EPS of 55.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 54.5, implying annual growth of 32.3%. Current consensus DPS estimate is 29.9, implying a prospective dividend yield of 6.6%. Current consensus EPS estimate suggests the PER is 8.3. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 28.00 cents and EPS of 54.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 47.6, implying annual growth of -12.7%. Current consensus DPS estimate is 21.1, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 9.5. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates WHC as Buy (1) -
March quarter results were in line with UBS estimates. Pricing and product mix were better than expected.
The broker notes Vickery South, a project that could deliver 10mtpa ROM, is to have its environmental impact statement lodged with the NSW government in the current quarter. First coal is expected early next decade.
The other development project on the company's slate, Winchester South, is estimated to have first production in 4-5 years at the earliest.
Buy rating and $5.50 target maintained.
Target price is $5.50 Current Price is $4.51 Difference: $0.99
If WHC meets the UBS target it will return approximately 22% (excluding dividends, fees and charges).
Current consensus price target is $4.69, suggesting upside of 3.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 27.00 cents and EPS of 54.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 54.5, implying annual growth of 32.3%. Current consensus DPS estimate is 29.9, implying a prospective dividend yield of 6.6%. Current consensus EPS estimate suggests the PER is 8.3. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 28.00 cents and EPS of 57.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 47.6, implying annual growth of -12.7%. Current consensus DPS estimate is 21.1, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 9.5. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $30.75
Macquarie rates WPL as Underperform (5) -
In a preliminary assessment, Macquarie analysts comment Woodside Petroleum's quarterly production report revealed a slightly disappointing production number, but sales and revenue surprised due to strong NWS/Pluto condensate sales and new accounting practice.
Macquarie notes an Investor Day has been planned for May 23rd. In the meantime, Underperform rating retained, alongside $27.50 price target.
Target price is $27.50 Current Price is $30.75 Difference: minus $3.25 (current price is over target).
If WPL meets the Macquarie target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $30.78, suggesting upside of 0.1% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 164.53 cents and EPS of 207.28 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 193.0, implying annual growth of N/A. Current consensus DPS estimate is 142.8, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 15.9. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 136.03 cents and EPS of 172.04 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 189.4, implying annual growth of -1.9%. Current consensus DPS estimate is 136.6, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 16.2. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Summaries
| BLA | BLUE SKY ALT INV | Hold - Morgans | Overnight Price $3.66 |
| BOQ | BANK OF QUEENSLAND | Neutral - Credit Suisse | Overnight Price $10.52 |
| Upgrade to Neutral from Underperform - Macquarie | Overnight Price $10.52 | ||
| Underweight - Morgan Stanley | Overnight Price $10.52 | ||
| Add - Morgans | Overnight Price $10.52 | ||
| Lighten - Ord Minnett | Overnight Price $10.52 | ||
| Sell - UBS | Overnight Price $10.52 | ||
| CIM | CIMIC GROUP | Neutral - Credit Suisse | Overnight Price $43.49 |
| Outperform - Macquarie | Overnight Price $43.49 | ||
| Hold - Ord Minnett | Overnight Price $43.49 | ||
| CPU | COMPUTERSHARE | Neutral - UBS | Overnight Price $17.57 |
| DMP | DOMINO'S PIZZA | Neutral - Credit Suisse | Overnight Price $39.57 |
| DOW | DOWNER EDI | Buy - Citi | Overnight Price $6.55 |
| FBU | FLETCHER BUILDING | Neutral - Citi | Overnight Price $6.00 |
| No Rating - Macquarie | Overnight Price $6.00 | ||
| Overweight - Morgan Stanley | Overnight Price $6.00 | ||
| HUB | HUB24 | Outperform - Credit Suisse | Overnight Price $11.00 |
| Upgrade to Buy from Hold - Ord Minnett | Overnight Price $11.00 | ||
| HVN | HARVEY NORMAN HOLDINGS | Upgrade to Hold from Lighten - Ord Minnett | Overnight Price $3.49 |
| ICQ | ICAR ASIA | Add - Morgans | Overnight Price $0.26 |
| IPD | IMPEDIMED | Add - Morgans | Overnight Price $0.69 |
| LNK | LINK ADMINISTRATION | Buy - Citi | Overnight Price $8.47 |
| Neutral - Credit Suisse | Overnight Price $8.47 | ||
| Outperform - Macquarie | Overnight Price $8.47 | ||
| Neutral - UBS | Overnight Price $8.47 | ||
| MLX | METALS X | Outperform - Macquarie | Overnight Price $0.75 |
| NWL | NETWEALTH GROUP | Neutral - Credit Suisse | Overnight Price $6.58 |
| NXT | NEXTDC | Buy - Citi | Overnight Price $7.05 |
| Outperform - Credit Suisse | Overnight Price $7.05 | ||
| Hold - Morgans | Overnight Price $7.05 | ||
| Buy - UBS | Overnight Price $7.05 | ||
| ORG | ORIGIN ENERGY | Overweight - Morgan Stanley | Overnight Price $9.46 |
| OSH | OIL SEARCH | Sell - Citi | Overnight Price $7.70 |
| Neutral - Credit Suisse | Overnight Price $7.70 | ||
| Add - Morgans | Overnight Price $7.70 | ||
| Accumulate - Ord Minnett | Overnight Price $7.70 | ||
| Neutral - UBS | Overnight Price $7.70 | ||
| OZL | OZ MINERALS | Buy - Citi | Overnight Price $9.20 |
| Upgrade to Neutral from Underperform - Credit Suisse | Overnight Price $9.20 | ||
| Outperform - Macquarie | Overnight Price $9.20 | ||
| Upgrade to Add from Hold - Morgans | Overnight Price $9.20 | ||
| No Rating - Ord Minnett | Overnight Price $9.20 | ||
| Neutral - UBS | Overnight Price $9.20 | ||
| PPT | PERPETUAL | Hold - Morgans | Overnight Price $41.08 |
| RIO | RIO TINTO | Outperform - Macquarie | Overnight Price $79.68 |
| SAR | SARACEN MINERAL | Sell - Citi | Overnight Price $1.87 |
| Outperform - Macquarie | Overnight Price $1.87 | ||
| SGR | STAR ENTERTAINMENT | Upgrade to Outperform from Neutral - Credit Suisse | Overnight Price $5.20 |
| VRL | VILLAGE ROADSHOW | Neutral - Macquarie | Overnight Price $2.55 |
| WEB | WEBJET | Buy - Ord Minnett | Overnight Price $10.80 |
| WGN | WAGNERS HOLDING | Add - Morgans | Overnight Price $3.80 |
| WHC | WHITEHAVEN COAL | Upgrade to Neutral from Sell - Citi | Overnight Price $4.51 |
| Outperform - Credit Suisse | Overnight Price $4.51 | ||
| Accumulate - Ord Minnett | Overnight Price $4.51 | ||
| Buy - UBS | Overnight Price $4.51 | ||
| WPL | WOODSIDE PETROLEUM | Underperform - Macquarie | Overnight Price $30.75 |
RATING SUMMARY
| Rating | No. Of Recommendations |
| 1. Buy | 26 |
| 2. Accumulate | 2 |
| 3. Hold | 20 |
| 4. Reduce | 1 |
| 5. Sell | 5 |
Wednesday 18 April 2018
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