Australian Broker Call
October 20, 2017
Access Broker Call Report Archives here
COMPANIES DISCUSSED IN THIS ISSUE
Click on symbol for fast access.
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: 03:05 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
| ADH - | ADAIRS | Downgrade to Hold from Add | Morgans |
| AGL - | AGL ENERGY | Upgrade to Buy from Neutral | Citi |
| ASL - | AUSDRILL | Upgrade to Buy from Hold | Deutsche Bank |
| BLX - | BEACON LIGHTING | Downgrade to Hold from Add | Morgans |
| DMP - | DOMINO'S PIZZA | Downgrade to Hold from Add | Morgans |
| STO - | SANTOS | Downgrade to Hold from Buy | Ord Minnett |
Morgans rates ADH as Downgrade to Hold from Add (3) -
Adairs has provided a positive update, leading to an earnings guidance upgrade thanks to ongoing strong sales. Morgans has upgraded forecasts in response.
The broker's FY18 sales growth target of 8% looks readily achievable given Adairs is cycling a weak FY17, and earnings risk remains to the upside. On valuation, Morgans downgrades to Hold. Target rises to $1.70 from $1.67.
Target price is $1.70 Current Price is $1.53 Difference: $0.17
If ADH meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 9.40 cents and EPS of 15.60 cents. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 10.30 cents and EPS of 17.20 cents. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates AGL as Upgrade to Buy from Neutral (1) -
While the devil may yet reveal itself into the details of the government's new energy policy, labeled the National Energy Guarantee (NEG), Citi analysts have taken the view the end result will likely be to the benefit of AGL Energy.
As they are of the opinion the political risk has now abated, the rating has been upgraded to Buy from Neutral. Target price lifts to $26.88 from $25.52.
Target price is $26.88 Current Price is $24.84 Difference: $2.04
If AGL meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $27.29, suggesting upside of 10.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 126.00 cents and EPS of 157.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 154.5, implying annual growth of 91.9%. Current consensus DPS estimate is 117.4, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 16.1. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 133.00 cents and EPS of 177.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 178.3, implying annual growth of 15.4%. Current consensus DPS estimate is 134.4, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 13.9. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates ALL as Buy (1) -
Deutsche Bank increases earnings forecasts by 1-4% to reflect a higher installed base for both VGT and Class III gaming operations.
With the release of Dragon Link delayed to October the broker believes the company can grow the installed base through FY18-19 with a promising early performance.
The broker retains a Buy rating and raises the target to $28.60 from $27.50.
Target price is $28.60 Current Price is $22.83 Difference: $5.77
If ALL meets the Deutsche Bank target it will return approximately 25% (excluding dividends, fees and charges).
Current consensus price target is $24.63, suggesting upside of 7.5% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 39.00 cents and EPS of 91.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 67.1, implying annual growth of 21.8%. Current consensus DPS estimate is 34.0, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 34.1. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 49.00 cents and EPS of 113.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 102.8, implying annual growth of 53.2%. Current consensus DPS estimate is 47.6, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 22.3. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates ANZ as Hold (3) -
ANZ will sell its 40% interest in Metrobank Card Corp in the Philippines to its joint-venture partner. Deutsche Bank notes this is the latest non-core asset to be divested and continues the bank's simplification process.
The sale will deliver a nine basis points benefit to the CET1 ratio, although there is only marginal impact on earnings and returns.
Hold rating retained. Target is $30.50.
Target price is $30.50 Current Price is $30.61 Difference: minus $0.11 (current price is over target).
If ANZ meets the Deutsche Bank target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $30.75, suggesting upside of 0.5% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 160.00 cents and EPS of 220.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 230.6, implying annual growth of 13.8%. Current consensus DPS estimate is 161.1, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 13.3. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 160.00 cents and EPS of 253.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 236.3, implying annual growth of 2.5%. Current consensus DPS estimate is 162.9, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 12.9. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates ANZ as Outperform (1) -
The sale of Metrobank Cards is small but incrementally positive, in Macquarie's opinion.
Assuming the bank deploys excess capital in the form of buybacks this transaction is considered largely neutral to earnings per share, although in the short term it may further exacerbate the earnings drag for FY18.
Macquarie continues to envisage longer-term value as the bank simplifies its business and manages expenses better than peers.
Outperform rating retained. Target is $31.50.
Target price is $31.50 Current Price is $30.61 Difference: $0.89
If ANZ meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $30.75, suggesting upside of 0.5% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 161.00 cents and EPS of 227.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 230.6, implying annual growth of 13.8%. Current consensus DPS estimate is 161.1, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 13.3. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 165.00 cents and EPS of 224.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 236.3, implying annual growth of 2.5%. Current consensus DPS estimate is 162.9, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 12.9. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates ANZ as Hold (3) -
ANZ has sold half of its 40% stake in Metrobank Card in the Philippines and bought a put option over the remainder. The broker has slightly trimmed earnings forecasts to account for the divestment.
Hold and a $30 target retained. ANZ remains the broker's least preferred major.
Target price is $30.00 Current Price is $30.61 Difference: minus $0.61 (current price is over target).
If ANZ meets the Morgans target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $30.75, suggesting upside of 0.5% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 160.00 cents and EPS of 234.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 230.6, implying annual growth of 13.8%. Current consensus DPS estimate is 161.1, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 13.3. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 160.00 cents and EPS of 227.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 236.3, implying annual growth of 2.5%. Current consensus DPS estimate is 162.9, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 12.9. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates API as Underweight (5) -
Morgan Stanley simply cannot get excited about this company's outlook post FY17 report. Despite the company claiming the pharmacy distribution business remains on solid performance, the analysts point at weak consumer sentiment which continues to challenge the retail business.
The analysts point out the key Christmas trading period will be the swing factor this year. They stick with their Underweight rating. Estimates have been lowered. Target $1.65.
To explain their ongoing negative view, the analysts reaffirm their belief future potential deregulation of the Australian pharmaceutical industry will be materially disruptive and exposed stocks, including API, thus deserve to trade at a discount to the ASX200.
Target price is $1.65 Current Price is $1.70 Difference: minus $0.05 (current price is over target).
If API meets the Morgan Stanley target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $1.70, suggesting downside of -0.6% (ex-dividends)
The company's fiscal year ends in August.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 7.70 cents and EPS of 12.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.6, implying annual growth of 8.4%. Current consensus DPS estimate is 7.8, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 14.7. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 7.90 cents and EPS of 12.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 12.0, implying annual growth of 3.4%. Current consensus DPS estimate is 7.9, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 14.3. |
Market Sentiment: -1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates ASL as Upgrade to Buy from Hold (1) -
Deutsche Bank observes the company is on track for a strong FY18, driven by the African mining business and a recovery in Australian operations.
While execution is the key risk, positive updates on the three projects which are ramping up and a retracement in the share price since capital was raised lead the broker to upgrade.
Rating is upgraded to Buy from Hold. Target is $2.37.
Target price is $2.37 Current Price is $2.16 Difference: $0.21
If ASL meets the Deutsche Bank target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $2.37, suggesting upside of 11.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 4.00 cents and EPS of 12.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 12.0, implying annual growth of 20.0%. Current consensus DPS estimate is 4.0, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 17.7. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 6.00 cents and EPS of 13.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 13.0, implying annual growth of 8.3%. Current consensus DPS estimate is 6.0, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 16.3. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates ATL as Add (1) -
The broker expects Apollo's forward rental bookings to continue to track ahead year on year in all geographies. The broker remains comfortable with its above-consensus forecasts.
Shifting to a discounted cash flow valuation model sees the broker's target rise to $1.82 from $1.56. Add retained.
Target price is $1.82 Current Price is $1.63 Difference: $0.195
If ATL meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 5.50 cents and EPS of 10.90 cents. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 6.20 cents and EPS of 12.40 cents. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates AWC as Hold (3) -
The AWAC joint venture's spot margin is at record high of US$230/t, driven by the recent surge in the spot alumina price to US$480/t.
The December quarter is shaping up to be a record for Alumina Ltd but Deutsche Bank believes the alumina price will revert back to the Chinese marginal cost of US$320-330/t by mid-2018.
Hold retained. Target is $2.10.
Target price is $2.10 Current Price is $2.32 Difference: minus $0.22 (current price is over target).
If AWC meets the Deutsche Bank target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $2.10, suggesting downside of -9.5% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 14.42 cents and EPS of 14.42 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 14.6, implying annual growth of N/A. Current consensus DPS estimate is 13.7, implying a prospective dividend yield of 5.9%. Current consensus EPS estimate suggests the PER is 15.9. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 17.04 cents and EPS of 14.42 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 14.7, implying annual growth of 0.7%. Current consensus DPS estimate is 15.8, implying a prospective dividend yield of 6.8%. Current consensus EPS estimate suggests the PER is 15.8. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates AWC as Neutral (3) -
September quarter production for the AWAC joint venture was broadly in line with Macquarie's forecasts. Earnings disappointed relative to estimates because of a combination of lower realised pricing, higher costs and higher impairments.
The company is in a position to have a strong December result should spot prices remain elevated, the broker expects. Neutral rating and $2.30 target.
Target price is $2.30 Current Price is $2.32 Difference: minus $0.02 (current price is over target).
If AWC meets the Macquarie target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $2.10, suggesting downside of -9.5% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 15.20 cents and EPS of 15.47 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 14.6, implying annual growth of N/A. Current consensus DPS estimate is 13.7, implying a prospective dividend yield of 5.9%. Current consensus EPS estimate suggests the PER is 15.9. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 17.17 cents and EPS of 18.74 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 14.7, implying annual growth of 0.7%. Current consensus DPS estimate is 15.8, implying a prospective dividend yield of 6.8%. Current consensus EPS estimate suggests the PER is 15.8. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates AWC as Accumulate (2) -
Partner Alcoa has reported September quarter earnings from the bauxite and alumina division of US$360m, broadly in line with Ord Minnett forecasts.
Alcoa has tightened its outlook for aluminium, predicting a slight deficit in 2017.
Ord Minnett retains an Accumulate rating on Alumina Ltd as the Chinese steel sector reforms continue to play out through winter and the spike in prices translates to cash flow. Target is $2.50.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $2.50 Current Price is $2.32 Difference: $0.18
If AWC meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $2.10, suggesting downside of -9.5% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 13.11 cents and EPS of 14.42 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 14.6, implying annual growth of N/A. Current consensus DPS estimate is 13.7, implying a prospective dividend yield of 5.9%. Current consensus EPS estimate suggests the PER is 15.9. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 14.42 cents and EPS of 14.42 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 14.7, implying annual growth of 0.7%. Current consensus DPS estimate is 15.8, implying a prospective dividend yield of 6.8%. Current consensus EPS estimate suggests the PER is 15.8. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates AWC as Sell (5) -
Partner Alcoa forecasts 2017 global aluminium demand growth of 5.0-5.5%, the bulk of which is coming from China. The company expects the bauxite and alumina markets to be in relative balance for 2017.
At spot alumina pricing of US$476/t UBS estimates an operating earnings margin for the AWAC joint venture of US$235/t, a record against a prior high of US$127/t.
Sell rating retained for Alumina Ltd, as the broker considers the stock fully valued. Target is $1.75.
Target price is $1.75 Current Price is $2.32 Difference: minus $0.57 (current price is over target).
If AWC meets the UBS target it will return approximately minus 25% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $2.10, suggesting downside of -9.5% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 15.73 cents and EPS of 17.04 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 14.6, implying annual growth of N/A. Current consensus DPS estimate is 13.7, implying a prospective dividend yield of 5.9%. Current consensus EPS estimate suggests the PER is 15.9. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 18.35 cents and EPS of 15.73 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 14.7, implying annual growth of 0.7%. Current consensus DPS estimate is 15.8, implying a prospective dividend yield of 6.8%. Current consensus EPS estimate suggests the PER is 15.8. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates BAP as Add (1) -
Bapcor has agreed to sell its NZ footwear and Contract Resources businesses with a sales process ongoing for the remaining non-core business, TBS. The broker has slightly lowered its forecasts for the expected proceeds of these divestments.
This leads to a target cut to $6.13 from $6.19 but Add retained on a balance sheet now in better shape.
Target price is $6.13 Current Price is $5.64 Difference: $0.495
If BAP meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $6.46, suggesting upside of 14.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 17.10 cents and EPS of 31.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.2, implying annual growth of 31.3%. Current consensus DPS estimate is 17.2, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 18.1. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 19.20 cents and EPS of 35.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 35.3, implying annual growth of 13.1%. Current consensus DPS estimate is 20.7, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 16.0. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates BBN as Add (1) -
Baby Bunting's update revealed flat sales growth for the first 15 weeks of FY18, which is a turnaround from -4% over the first six. The broker sees this as positive but notes competitor distress has resulted in clearance sales that have put pressure on Baby Bunting's margins.
It's a short-term impact, the broker suggests, as the company stands to gain market share. Target falls to $1.86 from $1.96, Add retained.
Target price is $1.86 Current Price is $1.66 Difference: $0.205
If BBN meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $1.87, suggesting upside of 13.0% (ex-dividends)
The company's fiscal year ends in July.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 7.60 cents and EPS of 10.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.8, implying annual growth of 21.6%. Current consensus DPS estimate is 7.8, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 14.0. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 9.00 cents and EPS of 12.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 13.2, implying annual growth of 11.9%. Current consensus DPS estimate is 9.0, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 12.5. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates BIN as Outperform (1) -
Macquarie observes the company has recently been censured by the NSW EPA for a range of infringements, mainly related to Land & Environment Court proceedings associated with the breach of processing limits at Minto.
Following a strong downward price reaction to the uncertainty created by the issues, the stock is trading at a -30% discount to peers and the broker envisages this as an opportunity.
Macquarie continues to envisage value in the business model and the ability to execute on the growth strategy.
Outperform rating retained. Target is $2.48.
Target price is $2.48 Current Price is $1.97 Difference: $0.515
If BIN meets the Macquarie target it will return approximately 26% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 6.30 cents and EPS of 12.70 cents. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 8.00 cents and EPS of 16.00 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates BLX as Downgrade to Hold from Add (3) -
Beacon's AGM revealed nothing remarkable but Morgans is pleased with commentary regarding top line growth. The broker believes Beacon's market share will continue to benefit over time from the departure of Masters.
Morgans has made no changes to forecasts but after a 20% run-up for the share price, has now pulled back to Hold. Target unchanged at $1.56.
Target price is $1.56 Current Price is $1.60 Difference: minus $0.035 (current price is over target).
If BLX meets the Morgans target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 4.90 cents and EPS of 9.00 cents. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 5.50 cents and EPS of 10.00 cents. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates DMP as Sell (5) -
Domino's Pizza has acquired Germany's second largest pizza chain, Hallo Pizza and Citi finds the deal is likely to add 1.5% to EPS in the first full year pre-synergies. Including synergies, the analysts estimate value accretion of $0.71 per share.
On a three year horizon, Citi sees potential for margin expansion, and scale in local advertising, but there are also increased execution risks. Europe offers the fastest growth potential, say the analysts, and more acquisitions are possible.
Two reasons to stick with the Sell rating are: the risks to margins disappointing in Australia remain and the PE ratio is very high. Target $40.95 (slightly up).
Target price is $40.95 Current Price is $49.52 Difference: minus $8.57 (current price is over target).
If DMP meets the Citi target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $46.85, suggesting downside of -5.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 109.00 cents and EPS of 164.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 163.3, implying annual growth of 40.8%. Current consensus DPS estimate is 112.1, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 30.3. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 131.30 cents and EPS of 193.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 199.9, implying annual growth of 22.4%. Current consensus DPS estimate is 137.1, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 24.8. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates DMP as Sell (5) -
Deutsche Bank has mixed views about the acquisition of Hallo Pizza. Assuming the conversion is successful it should add scale to the German operations much faster than could be done organically.
The broker continues to envisage downside risk for the stock, given a view that the company is taking too much share of the Australasian profit pool.
Sell retained. Target is $38.
Target price is $38.00 Current Price is $49.52 Difference: minus $11.52 (current price is over target).
If DMP meets the Deutsche Bank target it will return approximately minus 23% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $46.85, suggesting downside of -5.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 93.00 cents and EPS of 163.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 163.3, implying annual growth of 40.8%. Current consensus DPS estimate is 112.1, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 30.3. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 115.00 cents and EPS of 198.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 199.9, implying annual growth of 22.4%. Current consensus DPS estimate is 137.1, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 24.8. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates DMP as Neutral (3) -
The company's joint venture in Germany will acquire the Hallo Pizza chain, Germany's largest independent pizza chain. This is consistent with the broader growth strategy, Macquarie observes.
The broker estimates the transaction to be around 1% accretive to earnings on a full year basis and suspects benefits from this acquisition will take time to be realised.
Neutral. Target is reduced to $44.17 from $44.47.
Target price is $44.17 Current Price is $49.52 Difference: minus $5.35 (current price is over target).
If DMP 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 $46.85, suggesting downside of -5.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 112.40 cents and EPS of 156.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 163.3, implying annual growth of 40.8%. Current consensus DPS estimate is 112.1, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 30.3. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 137.80 cents and EPS of 191.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 199.9, implying annual growth of 22.4%. Current consensus DPS estimate is 137.1, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 24.8. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates DMP as Overweight (1) -
The acquisition of the number two pizza chain in Germany, Hallo Pizza, provides the company with sufficient scale to drive longer term profit growth, argues Morgan Stanley. Domino's is now the number one player in a EUR4bn market.
The nearest competitor, Call-A-Pizza, will have three times less stores throughout the country, point out the analysts. Morgan Stanley's confidence has grown in Domino's Pizza achieving its target of operating 2,600 stores in Europe by FY25.
Post this German deal, Domino's will reach a tipping point where margin expansion accelerates, say the analysts. They draw a comparison with the previous tipping point that was reached in Australia/New Zealand in FY10. Overweight rating, $53 price target and Cautious industry view unchanged.
Target price is $53.00 Current Price is $49.52 Difference: $3.48
If DMP meets the Morgan Stanley target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $46.85, suggesting downside of -5.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 123.00 cents and EPS of 166.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 163.3, implying annual growth of 40.8%. Current consensus DPS estimate is 112.1, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 30.3. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 147.00 cents and EPS of 207.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 199.9, implying annual growth of 22.4%. Current consensus DPS estimate is 137.1, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 24.8. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates DMP as Downgrade to Hold from Add (3) -
Domino's German JV has acquired its number two rival in the country, Hallo Pizza. The company has not provided any specific guidance but the broker believes it will err on the side of conservatism regarding rebranding, highlighting the speed of the Joey's German store conversion,
The acquisition will be relatively insignificant to earnings to begin with, but Morgans sees a meaningful opportunity to improve Hallo's profitability. Target rises to $48.82 from $47.21. On valuation, the broker pulls back to Hold.
Target price is $48.82 Current Price is $49.52 Difference: minus $0.7 (current price is over target).
If DMP meets the Morgans target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $46.85, suggesting downside of -5.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 118.30 cents and EPS of 169.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 163.3, implying annual growth of 40.8%. Current consensus DPS estimate is 112.1, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 30.3. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 145.00 cents and EPS of 207.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 199.9, implying annual growth of 22.4%. Current consensus DPS estimate is 137.1, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 24.8. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates DMP as Hold (3) -
The company has acquired German pizza business Hallo Pizza for EUR32m. Ord Minnett estimates the acquisition to be modestly accretive to earnings in FY18 but, more importantly, it adds significant scale.
Hold retained. Target is $43.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $43.00 Current Price is $49.52 Difference: minus $6.52 (current price is over target).
If DMP meets the Ord Minnett target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $46.85, suggesting downside of -5.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 112.00 cents and EPS of 158.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 163.3, implying annual growth of 40.8%. Current consensus DPS estimate is 112.1, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 30.3. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 140.00 cents and EPS of 200.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 199.9, implying annual growth of 22.4%. Current consensus DPS estimate is 137.1, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 24.8. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates DMP as Buy (1) -
The company's joint venture has acquired German pizza chain Hallo Pizza. UBS observes Domino's Pizza is now more than three times larger than its closest competitor by store count.
The broker estimates the acquisition to be 2-4% accretive to earnings and continues to believe the European opportunity is undervalued.
Buy rating and $60 target retained.
Target price is $60.00 Current Price is $49.52 Difference: $10.48
If DMP meets the UBS target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $46.85, suggesting downside of -5.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 116.90 cents and EPS of 166.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 163.3, implying annual growth of 40.8%. Current consensus DPS estimate is 112.1, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 30.3. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 143.30 cents and EPS of 203.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 199.9, implying annual growth of 22.4%. Current consensus DPS estimate is 137.1, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 24.8. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates GNC as Neutral (3) -
A dry spell over winter has led to substantial downgrades to FY18 crop estimates. UBS reduces FY18 grain receivals forecasts to 7.2mt and earnings per share by -45% but makes minimal changes beyond FY18.
The impact of conditions would be more severe but the earnings are buffered by high forecast grain carry-in following a record FY17 crop.
Neutral retained. Target falls to $8.95 from $9.90.
Target price is $8.95 Current Price is $8.53 Difference: $0.42
If GNC meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $9.44, suggesting upside of 11.2% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 20.00 cents and EPS of 68.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 67.3, implying annual growth of 398.5%. Current consensus DPS estimate is 31.6, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 12.6. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 25.00 cents and EPS of 36.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 47.1, implying annual growth of -30.0%. Current consensus DPS estimate is 29.1, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 18.0. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates LOV as Hold (3) -
Lovisa has announced its first US pilot store will open next month.The broker expects the company to tinker with its model until it finds the right consumer positioning, as was the case with Spain, and Lovisa says it will not go ahead with a rollout unless pilot stores are successful.
The broker has made no forecast changes at this point but does highlight the potential if successful. Target rises to $5.71 from $4.84 and Hold retained.
Target price is $5.71 Current Price is $5.88 Difference: minus $0.17 (current price is over target).
If LOV meets the Morgans target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $5.39, suggesting downside of -9.1% (ex-dividends)
The company's fiscal year ends in July.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 18.00 cents and EPS of 30.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.7, implying annual growth of 11.0%. Current consensus DPS estimate is 18.8, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 19.3. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 20.00 cents and EPS of 34.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 33.8, implying annual growth of 10.1%. Current consensus DPS estimate is 20.6, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 17.5. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates MGR as Outperform (1) -
Macquarie reviews the financial implications from a potential conversion of the IBM building in Sydney into residential use. The company has indicated it continues to benefit from buoyant conditions in Sydney and Melbourne, government policy and urbanisation trends.
Macquarie observes the company's integrated development model allows it to perform on opportunities and capture full margin from prior use asset value to retail apartment price.
The broker retains an Outperform rating and target is raised to $2.43 from $2.40.
Target price is $2.43 Current Price is $2.34 Difference: $0.095
If MGR meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $2.38, suggesting upside of 1.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 11.00 cents and EPS of 15.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.5, implying annual growth of -50.6%. Current consensus DPS estimate is 11.0, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 15.1. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 11.60 cents and EPS of 14.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 14.7, implying annual growth of -5.2%. Current consensus DPS estimate is 11.0, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 16.0. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates MHJ as Hold (3) -
Michael Hill showed stronger sales growth in A&NZ in the Sep Q and improvement in Canada, albeit still below the peak run-rate of last year. Emma & Roe sales growth deteriorated further and the broker believes the FY18 loss from this business could be greater than previously assumed.
Target falls to $1.28 from $1.34, Hold retained.
Target price is $1.28 Current Price is $1.10 Difference: $0.18
If MHJ meets the Morgans target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $1.46, suggesting upside of 33.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 5.10 cents and EPS of 8.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 8.9, implying annual growth of 5.2%. Current consensus DPS estimate is 5.2, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 12.2. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 5.90 cents and EPS of 9.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 10.2, implying annual growth of 14.6%. Current consensus DPS estimate is 5.8, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 10.7. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates MLX as Outperform (1) -
September quarter production revealed a better result from Renison Bell offset by weaker production at Nifty.
Macquarie observes development of new stoping areas at Nifty is progressing and the bulk of tonnes mined in the December quarter should be from these new areas.
The company has indicated it is on track to lift production at Nifty to 40,000tpa by the middle of next year.
Outperform retained. Target is $1.20.
Target price is $1.20 Current Price is $0.92 Difference: $0.28
If MLX meets the Macquarie target it will return approximately 30% (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 2.30 cents. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 4.00 cents and EPS of 11.30 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates NST as Neutral (3) -
Citi found the September quarter production solid and does not believe meeting FY18 guidance is an issue at this stage.
With organic growth options well-qualified and Paulsens looking non-core the broker would not be surprised if there was an acquisition of an advanced development in the medium term.
Neutral retained. Target slips to $5.10 from $5.20.
Target price is $5.10 Current Price is $5.10 Difference: $0
If NST meets the Citi target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $4.79, suggesting downside of -4.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 9.00 cents and EPS of 25.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 36.1, implying annual growth of 0.6%. Current consensus DPS estimate is 9.7, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 14.0. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 9.00 cents and EPS of 30.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 42.5, implying annual growth of 17.7%. Current consensus DPS estimate is 10.2, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 11.9. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates NST as Sell (5) -
September quarter production was down -10% and costs were largely in line. FY18 guidance is unchanged.
Deutsche Bank reduces forecasts for earnings per share by -12% on lower grades at Millennium and increased depreciation & amortisation at Paulsens.
Sell rating retained. Target is raised to $4.40 from $4.30.
Target price is $4.40 Current Price is $5.10 Difference: minus $0.7 (current price is over target).
If NST meets the Deutsche Bank target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.79, suggesting downside of -4.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 9.00 cents and EPS of 32.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 36.1, implying annual growth of 0.6%. Current consensus DPS estimate is 9.7, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 14.0. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 9.00 cents and EPS of 39.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 42.5, implying annual growth of 17.7%. Current consensus DPS estimate is 10.2, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 11.9. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates NST as Neutral (3) -
September quarter production was in line with Macquarie's expectations. The broker observes the company is on track for FY18 guidance and Jundee continues to support Kalgoorlie on an ounces and cost basis.
Neutral and $5.40 target retained.
Target price is $5.40 Current Price is $5.10 Difference: $0.3
If NST meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $4.79, suggesting downside of -4.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 10.00 cents and EPS of 33.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 36.1, implying annual growth of 0.6%. Current consensus DPS estimate is 9.7, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 14.0. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 10.00 cents and EPS of 39.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 42.5, implying annual growth of 17.7%. Current consensus DPS estimate is 10.2, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 11.9. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates NST as Hold (3) -
September quarter production was strong at Jundee, which offset lower grades at Kalgoorlie. Ord Minnett believes the milling strategy at Kalgoorlie is critical to identifying potential upside in the stock.
Hold rating and $5.00 target retained.
Target price is $5.00 Current Price is $5.10 Difference: minus $0.1 (current price is over target).
If NST meets the Ord Minnett target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.79, suggesting downside of -4.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 10.00 cents and EPS of 31.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 36.1, implying annual growth of 0.6%. Current consensus DPS estimate is 9.7, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 14.0. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 13.00 cents and EPS of 45.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 42.5, implying annual growth of 17.7%. Current consensus DPS estimate is 10.2, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 11.9. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates NST as Neutral (3) -
September quarter free cash flow was lower than UBS expected, driven by heavy capital expenditure in the quarter. Early completion of Millennium and the Jundee expansion drove the expenditure.
The broker retains a Neutral rating and $4.90 target.
Target price is $4.90 Current Price is $5.10 Difference: minus $0.2 (current price is over target).
If NST meets the UBS target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.79, suggesting downside of -4.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 10.00 cents and EPS of 32.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 36.1, implying annual growth of 0.6%. Current consensus DPS estimate is 9.7, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 14.0. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 10.00 cents and EPS of 50.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 42.5, implying annual growth of 17.7%. Current consensus DPS estimate is 10.2, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 11.9. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates RAN as Hold (3) -
Range posted its best revenue result to date in the Sep Q but cash flow did not improve over the prior quarter, the broker note, reflecting a timing issue. The company continues to burn cash and the broker has cut forecast earnings as a result, noting there's still a lot of work to be done.
Target falls to 26c from 35c, Hold retained.
Target price is $0.26 Current Price is $0.23 Difference: $0.03
If RAN meets the Morgans target it will return approximately 13% (excluding dividends, fees and charges).
The company's fiscal year ends in December.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 0.00 cents and EPS of minus 12.85 cents. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 0.00 cents and EPS of 0.09 cents. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates RSG as Buy (1) -
The company is on track to meet FY18 guidance, Citi observes. Production was up 8% in the September quarter and beat estimates by 9%.
Buy/High Risk rating retained. Target is raised to $1.50 from $1.40.
Target price is $1.50 Current Price is $1.06 Difference: $0.445
If RSG meets the Citi target it will return approximately 42% (excluding dividends, fees and charges).
Current consensus price target is $1.57, suggesting upside of 49.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 3.00 cents and EPS of 5.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 13.8, implying annual growth of -27.6%. Current consensus DPS estimate is 2.1, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 7.6. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 4.00 cents and EPS of 16.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.3, implying annual growth of 25.4%. Current consensus DPS estimate is 3.0, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 6.1. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates RSG as Outperform (1) -
Production and costs were affected by the incident at Ravenswood, resulting in significant downtime. The company is currently updating its resource estimate for Syama.
This should include a maiden resource for the Nafolo deposit and provide some clarity on the potential for mine life extensions, in Macquarie's opinion.
Outperform and target reduced to $1.40 from $1.50.
Target price is $1.40 Current Price is $1.06 Difference: $0.345
If RSG meets the Macquarie target it will return approximately 33% (excluding dividends, fees and charges).
Current consensus price target is $1.57, suggesting upside of 49.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 1.40 cents and EPS of 13.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 13.8, implying annual growth of -27.6%. Current consensus DPS estimate is 2.1, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 7.6. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 1.90 cents and EPS of 18.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.3, implying annual growth of 25.4%. Current consensus DPS estimate is 3.0, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 6.1. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates S32 as Hold (3) -
September quarter production was down -8% in copper equivalent terms and slightly below Deutsche Bank estimates. Illawarra production fell over -50% because of the suspension of Appin.
Deutsche Bank observes challenges still lie with Illawarra, South African coal and Cannington. The broker retains a Hold rating and reduces the target to $2.85 from $2.90.
Target price is $2.85 Current Price is $3.16 Difference: minus $0.31 (current price is over target).
If S32 meets the Deutsche Bank target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $3.19, suggesting upside of 0.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 17.04 cents and EPS of 30.14 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.8, implying annual growth of N/A. Current consensus DPS estimate is 12.3, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 13.4. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 15.73 cents and EPS of 24.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 22.3, implying annual growth of -6.3%. Current consensus DPS estimate is 12.6, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 14.3. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates S32 as Neutral (3) -
First quarter production was weaker than Macquarie expected, affected by weaker output at Cannington, a smaller cash dividend from manganese and lower sales from Illawarra.
Adjustments to realised prices and incorporating higher operating costs for the aluminium smelters drive a -9% reduction to Macquarie's FY18 earnings estimates.
Neutral maintained. Target is $3.30.
Target price is $3.30 Current Price is $3.16 Difference: $0.14
If S32 meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $3.19, suggesting upside of 0.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 13.24 cents and EPS of 26.61 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.8, implying annual growth of N/A. Current consensus DPS estimate is 12.3, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 13.4. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 15.86 cents and EPS of 31.59 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 22.3, implying annual growth of -6.3%. Current consensus DPS estimate is 12.6, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 14.3. |
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 S32 as Buy (1) -
September quarter production at Illawarra and Cannington disappointed Ord Minnett although positive momentum is expected in the next quarter. The broker believes the company is about to turn the corner in operations and the worst is behind it.
Based on strong balance sheet, low multiples and ongoing share returns a Buy rating is retained. Target is $3.40.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $3.40 Current Price is $3.16 Difference: $0.24
If S32 meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $3.19, suggesting upside of 0.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 15.73 cents and EPS of 27.52 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.8, implying annual growth of N/A. Current consensus DPS estimate is 12.3, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 13.4. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 15.73 cents and EPS of 24.91 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 22.3, implying annual growth of -6.3%. Current consensus DPS estimate is 12.6, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 14.3. |
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 S32 as Neutral (3) -
September quarter production was mixed, with aluminium, manganese and nickel in line or better than UBS estimates and alumina, coal and Cannington below.
UBS reduces FY18 and FY19 earnings estimates by -13% and -12% respectively, driven principally by a downgrade to Illawarra volumes. Neutral rating and $3.25 target retained.
Target price is $3.25 Current Price is $3.16 Difference: $0.09
If S32 meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $3.19, suggesting upside of 0.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 14.42 cents and EPS of 27.52 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.8, implying annual growth of N/A. Current consensus DPS estimate is 12.3, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 13.4. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 13.11 cents and EPS of 27.53 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 22.3, implying annual growth of -6.3%. Current consensus DPS estimate is 12.6, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 14.3. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates SFR as Buy (1) -
September quarter production was below Deutsche Bank's estimates, on lower milled grade. FY18 guidance has been maintained.
The broker expects grade recovery will be weighted to the second half and costs will normalise by the next quarter.
Buy and $7.80 target retained.
Target price is $7.80 Current Price is $5.77 Difference: $2.035
If SFR meets the Deutsche Bank target it will return approximately 35% (excluding dividends, fees and charges).
Current consensus price target is $6.26, suggesting upside of 7.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 22.00 cents and EPS of 73.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 56.0, implying annual growth of 13.9%. Current consensus DPS estimate is 18.8, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 10.4. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 31.00 cents and EPS of 99.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 65.8, implying annual growth of 17.5%. Current consensus DPS estimate is 23.0, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 8.8. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates SFR as Neutral (3) -
September quarter production was weaker than Macquarie expected, given unfavourable timing on shipments. Cash flow was also weaker and the net cash position was reduced in the quarter.
Factoring in slightly lower grades drives a -7% reduction to Macquarie's FY18 earnings estimates. Neutral maintained. Target is $6.30.
Target price is $6.30 Current Price is $5.77 Difference: $0.535
If SFR meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $6.26, suggesting upside of 7.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 20.00 cents and EPS of 51.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 56.0, implying annual growth of 13.9%. Current consensus DPS estimate is 18.8, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 10.4. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 28.00 cents and EPS of 72.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 65.8, implying annual growth of 17.5%. Current consensus DPS estimate is 23.0, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 8.8. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates SFR as Hold (3) -
September quarter production was soft, in Ord Minnett's view, driven by a drop in copper grades. The broker continues to like the assets but with the stock trading around valuation maintains a Hold rating.
The broker would look to be more constructive when clarity around Black Butte improves. Target is $6.30.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $6.30 Current Price is $5.77 Difference: $0.535
If SFR meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $6.26, suggesting upside of 7.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 12.00 cents and EPS of 28.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 56.0, implying annual growth of 13.9%. Current consensus DPS estimate is 18.8, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 10.4. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 17.00 cents and EPS of 54.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 65.8, implying annual growth of 17.5%. Current consensus DPS estimate is 23.0, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 8.8. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates SFR as Neutral (3) -
September quarter production beat on costs, supported in part by higher-than-expected gold production. UBS believes the stock is starting to offer value and over the next 12 months the shortening mine life will put pressure on the company to find ways to extend this further.
This could prompt some investors to discount near-term cash flow but the broker believes being underweight risks being underexposed to rising copper prices.
Neutral retained. Target is raised to $6.51 from $6.11.
Target price is $6.51 Current Price is $5.77 Difference: $0.745
If SFR meets the UBS target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $6.26, suggesting upside of 7.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 23.00 cents and EPS of 66.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 56.0, implying annual growth of 13.9%. Current consensus DPS estimate is 18.8, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 10.4. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 28.00 cents and EPS of 79.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 65.8, implying annual growth of 17.5%. Current consensus DPS estimate is 23.0, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 8.8. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates SSM as Buy (1) -
Ord Minnett reviews NBN maintenance expenditure assumptions, which results in meaningful upgrades to FY20 forecasts.
The broker continues to believe now is a good time to be an NBN contractor and considers there to be upside risks to forecasts, particularly when moving through peak activations in FY19.
The stock remains the broker's key pick for leverage to the NBN roll-out and ongoing maintenance. Buy rating retained. Target rises to $1.54 from $1.40.
Target price is $1.54 Current Price is $1.41 Difference: $0.127
If SSM meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 5.50 cents and EPS of 9.10 cents. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 5.50 cents and EPS of 9.70 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates STO as Buy (1) -
September quarter production and revenue beat Deutsche Bank's estimates by 6% and 15% respectively. The performance was driven by a combination of overlift and higher realised oil prices.
Deutsche Bank's estimates for 2017 and 2018 earnings per share decrease by -6% and -8% respectively, driven by updated FX assumptions.
Buy retained. Target slips to $4.40 from $4.50.
Target price is $4.40 Current Price is $4.18 Difference: $0.22
If STO meets the Deutsche Bank target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $4.10, suggesting downside of -3.7% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 2.62 cents and EPS of 15.73 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 13.8, implying annual growth of N/A. Current consensus DPS estimate is 1.5, implying a prospective dividend yield of 0.4%. Current consensus EPS estimate suggests the PER is 30.8. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 7.87 cents and EPS of 18.35 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.9, implying annual growth of 44.2%. Current consensus DPS estimate is 5.0, implying a prospective dividend yield of 1.2%. Current consensus EPS estimate suggests the PER is 21.4. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates STO as Downgrade to Hold from Buy (3) -
September quarter production reflected a strong quarter and Ord Minnett unwinds some of the conservatism in its modelling, resulting in an uplift in valuation and a rise in the target to $4.25 from $3.85.
Nevertheless, the broker believes the stock is fully valued and the price is now above the revised valuation. This leads to a downgrade to Hold from Speculative Buy.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $4.25 Current Price is $4.18 Difference: $0.07
If STO meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $4.10, suggesting downside of -3.7% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 0.00 cents and EPS of minus 20.97 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 13.8, implying annual growth of N/A. Current consensus DPS estimate is 1.5, implying a prospective dividend yield of 0.4%. Current consensus EPS estimate suggests the PER is 30.8. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 0.00 cents and EPS of 15.73 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.9, implying annual growth of 44.2%. Current consensus DPS estimate is 5.0, implying a prospective dividend yield of 1.2%. Current consensus EPS estimate suggests the PER is 21.4. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates STO as Neutral (3) -
September quarter production was broadly in line with UBS. The company has lifted the lower end of its production and sales guidance ranges for 2017.
UBS expects the share price to remain highly correlated to oil price movements. Neutral maintained. Target is $3.85.
Target price is $3.85 Current Price is $4.18 Difference: minus $0.33 (current price is over target).
If STO meets the UBS target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.10, suggesting downside of -3.7% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 0.00 cents and EPS of 19.66 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 13.8, implying annual growth of N/A. Current consensus DPS estimate is 1.5, implying a prospective dividend yield of 0.4%. Current consensus EPS estimate suggests the PER is 30.8. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 0.00 cents and EPS of 19.66 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.9, implying annual growth of 44.2%. Current consensus DPS estimate is 5.0, implying a prospective dividend yield of 1.2%. Current consensus EPS estimate suggests the PER is 21.4. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates WBC as Neutral (3) -
Citi lowers FY17 estimates by -$45m post-tax, or -0.5%, to reflect the announcement of the refund of customer package fees which were inappropriately charged. Outer years are not changed.
Neutral. Target is $31.00.
Target price is $31.00 Current Price is $33.53 Difference: minus $2.525 (current price is over target).
If WBC meets the Citi target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $33.80, suggesting upside of 0.8% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 188.00 cents and EPS of 233.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 238.5, implying annual growth of 6.2%. Current consensus DPS estimate is 188.0, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 14.1. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 188.00 cents and EPS of 240.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 245.7, implying annual growth of 3.0%. Current consensus DPS estimate is 188.6, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 13.7. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates WBC as Neutral (3) -
The bank will provide refunds to customers holding packaged accounts, with the impact expected to be around -0.5% of FY17 earnings.
Macquarie suggests, as banks attempt to re-address their reputations, the potential for hits to incremental earnings is likely to remain elevated. Hence, the broker envisages limited scope for multiple re-rating while the current environment persists.
Neutral rating and $34 target retained.
Target price is $34.00 Current Price is $33.53 Difference: $0.475
If WBC meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $33.80, suggesting upside of 0.8% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 188.00 cents and EPS of 236.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 238.5, implying annual growth of 6.2%. Current consensus DPS estimate is 188.0, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 14.1. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 188.00 cents and EPS of 243.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 245.7, implying annual growth of 3.0%. Current consensus DPS estimate is 188.6, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 13.7. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates WBC as Add (1) -
Westpac has announced it will provide refunds to some 200,000 customers holding packaged accounts after realising they did not receive the benefits to which they were entitled. The broker calculates an after tax cost of some $45m, and has reduced forecast earnings by -0.5%.
Add and $38 target retained. Westpac remains the broker's preferred major.
Target price is $38.00 Current Price is $33.53 Difference: $4.475
If WBC meets the Morgans target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $33.80, suggesting upside of 0.8% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 188.00 cents and EPS of 247.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 238.5, implying annual growth of 6.2%. Current consensus DPS estimate is 188.0, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 14.1. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 188.00 cents and EPS of 260.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 245.7, implying annual growth of 3.0%. Current consensus DPS estimate is 188.6, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 13.7. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates WPL as Sell (5) -
Woodside's production update proved slightly below expectations, with NWS maintenance outages to blame, comment Citi analysts. Though "Other Revenues" added US$24m to sales, Citi suspects there were also "other costs" to offset the unexpected benefit.
The analysts have reduced forecasts by -1-2% for the period 2017-2019. No exploration successes in Myanmar has weakened the outlook over there, argues Citi. And then there is the delay at Wheatstone, which has triggered a downgrade in the company's production guidance.
Admitting the company is managing its assets well, Citi remains of the view that with crude oil at US$55/bbl, the share price simply looks expensive. And there are risks for disappointment. Sell rating retained. Target price improves to $27.23 from $27.19.
Target price is $27.23 Current Price is $29.11 Difference: minus $1.88 (current price is over target).
If WPL meets the Citi target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $29.80, suggesting upside of 1.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 123.20 cents and EPS of 154.13 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 149.9, implying annual growth of N/A. Current consensus DPS estimate is 118.5, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 19.6. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 125.84 cents and EPS of 158.21 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 153.5, implying annual growth of 2.4%. Current consensus DPS estimate is 121.0, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 19.1. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates WPL as Hold (3) -
September quarter production was slightly below Deutsche Bank estimates, while revenue beat estimates because of higher-than-expected average realised prices.
The broker's 2017 underlying estimates for earnings per share have increased by 6% to incorporate the results. 2018 estimates decline by -5% because of FX upgrades.
Hold rating retained. Target is reduced to $27.45 from $28.60.
Target price is $27.45 Current Price is $29.11 Difference: minus $1.66 (current price is over target).
If WPL meets the Deutsche Bank target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $29.80, suggesting upside of 1.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 119.27 cents and EPS of 155.96 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 149.9, implying annual growth of N/A. Current consensus DPS estimate is 118.5, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 19.6. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 119.28 cents and EPS of 140.25 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 153.5, implying annual growth of 2.4%. Current consensus DPS estimate is 121.0, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 19.1. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates WPL as Neutral (3) -
Production was weaker than Macquarie expected in the September quarter, driven by weaker LNG and associated condensate volumes across the North West Shelf and Pluto.
Pluto's foundation contracts, considered the base of the company's earnings, have shown weakness from medium-term contract renewals and Macquarie envisages substantial risk ahead for the foundation contract re-pricing.
On top of the uncertainty regarding the future of the North West Shelf and lacklustre results in Myanmar, Macquarie questions if an 80% pay-out ratio is the appropriate policy.
Neutral retained. Target is reduced to $28.10 from $29.00.
Target price is $28.10 Current Price is $29.11 Difference: minus $1.01 (current price is over target).
If WPL meets the Macquarie target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $29.80, suggesting upside of 1.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 140.24 cents and EPS of 175.36 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 149.9, implying annual growth of N/A. Current consensus DPS estimate is 118.5, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 19.6. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 142.86 cents and EPS of 180.34 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 153.5, implying annual growth of 2.4%. Current consensus DPS estimate is 121.0, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 19.1. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates WPL as Hold (3) -
September quarter production was in line with Ord Minnett estimates. The company has downgraded full year guidance slightly, to account for a later-than-expected start of Wheatstone.
While progress is being made on near-term and medium-term growth, Ord Minnett suspects sustained low oil prices may affect the viability of longer-term growth and potentially lead to delays or deferrals of projects.
Ord Minnett maintains a Hold rating and raises the target to $29.60 from $29.50.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $29.60 Current Price is $29.11 Difference: $0.49
If WPL meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $29.80, suggesting upside of 1.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 125.82 cents and EPS of 157.27 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 149.9, implying annual growth of N/A. Current consensus DPS estimate is 118.5, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 19.6. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 141.57 cents and EPS of 178.27 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 153.5, implying annual growth of 2.4%. Current consensus DPS estimate is 121.0, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 19.1. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates WPL as Buy (1) -
UBS was mildly disappointed with the September quarter production, -7% below forecasts, which was primarily the result of maintenance that affected the LNG output at North West Shelf and Pluto.
The broker expects better days ahead as Wheatstone ramps up. More catalysts are ahead that should underpin further growth in LNG volumes post 2020, although UBS concedes investor patience is required.
Buy retained. Target reduced to $33.50 from $33.70.
Target price is $33.50 Current Price is $29.11 Difference: $4.39
If WPL meets the UBS target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $29.80, suggesting upside of 1.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 119.27 cents and EPS of 146.79 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 149.9, implying annual growth of N/A. Current consensus DPS estimate is 118.5, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 19.6. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 103.54 cents and EPS of 128.44 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 153.5, implying annual growth of 2.4%. Current consensus DPS estimate is 121.0, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 19.1. |
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
| ADH - | ADAIRS | Downgrade to Hold from Add - Morgans | Overnight Price $1.53 |
| AGL - | AGL ENERGY | Upgrade to Buy from Neutral - Citi | Overnight Price $24.84 |
| ALL - | ARISTOCRAT LEISURE | Buy - Deutsche Bank | Overnight Price $22.83 |
| ANZ - | ANZ BANKING GROUP | Hold - Deutsche Bank | Overnight Price $30.61 |
| Outperform - Macquarie | Overnight Price $30.61 | ||
| Hold - Morgans | Overnight Price $30.61 | ||
| API - | AUS PHARMACEUTICAL IND | Underweight - Morgan Stanley | Overnight Price $1.70 |
| ASL - | AUSDRILL | Upgrade to Buy from Hold - Deutsche Bank | Overnight Price $2.16 |
| ATL - | APOLLO TOURISM & LEISURE | Add - Morgans | Overnight Price $1.63 |
| AWC - | ALUMINA | Hold - Deutsche Bank | Overnight Price $2.32 |
| Neutral - Macquarie | Overnight Price $2.32 | ||
| Accumulate - Ord Minnett | Overnight Price $2.32 | ||
| Sell - UBS | Overnight Price $2.32 | ||
| BAP - | BAPCOR LIMITED | Add - Morgans | Overnight Price $5.64 |
| BBN - | BABY BUNTING | Add - Morgans | Overnight Price $1.66 |
| BIN - | BINGO INDUSTRIES | Outperform - Macquarie | Overnight Price $1.97 |
| BLX - | BEACON LIGHTING | Downgrade to Hold from Add - Morgans | Overnight Price $1.60 |
| DMP - | DOMINO'S PIZZA | Sell - Citi | Overnight Price $49.52 |
| Sell - Deutsche Bank | Overnight Price $49.52 | ||
| Neutral - Macquarie | Overnight Price $49.52 | ||
| Overweight - Morgan Stanley | Overnight Price $49.52 | ||
| Downgrade to Hold from Add - Morgans | Overnight Price $49.52 | ||
| Hold - Ord Minnett | Overnight Price $49.52 | ||
| Buy - UBS | Overnight Price $49.52 | ||
| GNC - | GRAINCORP | Neutral - UBS | Overnight Price $8.53 |
| LOV - | LOVISA | Hold - Morgans | Overnight Price $5.88 |
| MGR - | MIRVAC | Outperform - Macquarie | Overnight Price $2.34 |
| MHJ - | MICHAEL HILL | Hold - Morgans | Overnight Price $1.10 |
| MLX - | METALS X | Outperform - Macquarie | Overnight Price $0.92 |
| NST - | NORTHERN STAR | Neutral - Citi | Overnight Price $5.10 |
| Sell - Deutsche Bank | Overnight Price $5.10 | ||
| Neutral - Macquarie | Overnight Price $5.10 | ||
| Hold - Ord Minnett | Overnight Price $5.10 | ||
| Neutral - UBS | Overnight Price $5.10 | ||
| RAN - | RANGE INTERNATIONAL | Hold - Morgans | Overnight Price $0.23 |
| RSG - | RESOLUTE MINING | Buy - Citi | Overnight Price $1.06 |
| Outperform - Macquarie | Overnight Price $1.06 | ||
| S32 - | SOUTH32 | Hold - Deutsche Bank | Overnight Price $3.16 |
| Neutral - Macquarie | Overnight Price $3.16 | ||
| Buy - Ord Minnett | Overnight Price $3.16 | ||
| Neutral - UBS | Overnight Price $3.16 | ||
| SFR - | SANDFIRE | Buy - Deutsche Bank | Overnight Price $5.77 |
| Neutral - Macquarie | Overnight Price $5.77 | ||
| Hold - Ord Minnett | Overnight Price $5.77 | ||
| Neutral - UBS | Overnight Price $5.77 | ||
| SSM - | SERVICE STREAM | Buy - Ord Minnett | Overnight Price $1.41 |
| STO - | SANTOS | Buy - Deutsche Bank | Overnight Price $4.18 |
| Downgrade to Hold from Buy - Ord Minnett | Overnight Price $4.18 | ||
| Neutral - UBS | Overnight Price $4.18 | ||
| WBC - | WESTPAC BANKING | Neutral - Citi | Overnight Price $33.53 |
| Neutral - Macquarie | Overnight Price $33.53 | ||
| Add - Morgans | Overnight Price $33.53 | ||
| WPL - | WOODSIDE PETROLEUM | Sell - Citi | Overnight Price $29.11 |
| Hold - Deutsche Bank | Overnight Price $29.11 | ||
| Neutral - Macquarie | Overnight Price $29.11 | ||
| Hold - Ord Minnett | Overnight Price $29.11 | ||
| Buy - UBS | Overnight Price $29.11 |
RATING SUMMARY
| Rating | No. Of Recommendations |
| 1. Buy | 20 |
| 2. Accumulate | 1 |
| 3. Hold | 30 |
| 5. Sell | 6 |
Saturday 21 October 2017
Access Broker Call Report Archives here
Disclaimer:
The content of this information does in no way reflect the opinions of
FNArena, or of its journalists. In fact we don't have any opinion about
the stock market, its value, future direction or individual shares. FNArena solely reports about what the main experts in the market note, believe
and comment on. By doing so we believe we provide intelligent investors
with a valuable tool that helps them in making up their own minds, reading
market trends and getting a feel for what is happening beneath the surface.
This document is provided for informational purposes only. It does not
constitute an offer to sell or a solicitation to buy any security or other
financial instrument. FNArena employs very experienced journalists who
base their work on information believed to be reliable and accurate, though
no guarantee is given that the daily report is accurate or complete. Investors
should contact their personal adviser before making any investment decision.
Latest News
| 1 |
The Market In Numbers – 23 Nov 20249:09 AM - Australia |
| 2 |
ASX Winners And Losers Of Today – 22-11-24Nov 22 2024 - Daily Market Reports |
| 3 |
FNArena Corporate Results Monitor – 22-11-2024Nov 22 2024 - Australia |
| 4 |
Next Week At A Glance – 25-29 Nov 2024Nov 22 2024 - Weekly Reports |
| 5 |
Weekly Top Ten News Stories – 22 November 2024Nov 22 2024 - Weekly Reports |