Australian Broker Call
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April 08, 2020
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COMPANIES DISCUSSED IN THIS ISSUE
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The number next to the symbol represents the number of brokers covering it for this report -(if more than 1).
Last Updated: 05:00 PM
Your daily news report on the latest recommendation, valuation, forecast and opinion changes.
This report includes concise but limited reviews of research recently published by Stockbrokers, which should be considered as information concerning likely market behaviour rather than advice on the securities mentioned. Do not act on the contents of this Report without first reading the important information included at the end.
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Today's Upgrades and Downgrades
BHP - | BHP | Upgrade to Outperform from Neutral | Credit Suisse |
CPU - | COMPUTERSHARE | Upgrade to Neutral from Underperform | Macquarie |
DOW - | DOWNER EDI | Upgrade to Outperform from Underperform | Credit Suisse |
FLT - | FLIGHT CENTRE | Upgrade to Add from Hold | Morgans |
OSH - | OIL SEARCH | Upgrade to Accumulate from Hold | Ord Minnett |
ANN ANSELL LIMITED
Commercial Services & Supplies
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Overnight Price: $29.26
UBS rates ANN as Neutral (3) -
UBS estimates around 45% of the company's range will be affected in a positive way by the impact of coronavirus. Around 40% will be negatively affected.
While Ansell has expanded production to meet the surging demand for protective products there are factors within the supply chain that could affect its ability to meet volume requirements.
The downside to the industrials division is assessed to slightly outweigh the benefits from the healthcare division.
UBS retains a Neutral rating and $31 target.
Target price is $31.00 Current Price is $29.26 Difference: $1.74
If ANN meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $30.15, suggesting upside of 3.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 72.03 cents and EPS of 166.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 184.9, implying annual growth of N/A. Current consensus DPS estimate is 81.0, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 15.8. |
Forecast for FY21:
UBS forecasts a full year FY21 dividend of 74.97 cents and EPS of 173.45 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 197.0, implying annual growth of 6.5%. Current consensus DPS estimate is 85.8, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 14.9. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $15.75
Morgans rates ANZ as Hold (3) -
APRA has written to the banks and insurers, advising them to "seriously consider deferring decisions on the appropriate level of dividends until the outlook is clearer".
The broker assumes those banks declaring a dividend in April-May will now suspend those dividends, and Commonwealth Bank will do so in August. It may be that a much reduced dividend is paid, and it may be that dividends due to be paid will be deferred, but given the uncertainty, the broker is not making any such assumptions.
Hold retained for ANZ Bank, target falls to $17.00 from $18.50.
Target price is $17.00 Current Price is $15.75 Difference: $1.25
If ANZ meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $19.74, suggesting upside of 25.3% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 65.00 cents and EPS of 203.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 174.6, implying annual growth of -16.9%. Current consensus DPS estimate is 118.4, implying a prospective dividend yield of 7.5%. Current consensus EPS estimate suggests the PER is 9.0. |
Forecast for FY21:
Morgans forecasts a full year FY21 dividend of 119.00 cents and EPS of 170.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 179.2, implying annual growth of 2.6%. Current consensus DPS estimate is 131.9, implying a prospective dividend yield of 8.4%. Current consensus EPS estimate suggests the PER is 8.8. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $4.17
Macquarie rates BAP as Outperform (1) -
Macquarie revises forecasts, assessing the automotive aftermarket should recover fairly quickly once lock-downs are unwound or reduced.
The balance sheet appears sufficient to withstand an extended period of reduced activity.
Outperform rating maintained. Target is reduced to $5.40 from $8.00.
Target price is $5.40 Current Price is $4.17 Difference: $1.23
If BAP meets the Macquarie target it will return approximately 29% (excluding dividends, fees and charges).
Current consensus price target is $6.31, suggesting upside of 51.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 8.00 cents and EPS of 23.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.6, implying annual growth of -19.8%. Current consensus DPS estimate is 10.9, implying a prospective dividend yield of 2.6%. Current consensus EPS estimate suggests the PER is 15.1. |
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 8.00 cents and EPS of 16.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.5, implying annual growth of 6.9%. Current consensus DPS estimate is 14.1, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 14.1. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates BHP as Upgrade to Outperform from Neutral (1) -
Credit Suisse believes this is a rare opportunity to buy BHP Group and upgrades to Outperform from Neutral. The company has a portfolio of large projects in attractive markets.
As BHP looks to exit the thermal coal business, Credit Suisse expects proceeds will be handed over to shareholders as no further de-leveraging is required.
Even in more extreme downside scenarios, no pressure on the balance sheet and dividend is expected over the next 12 months. Target is reduced to $39 from $41.
Target price is $39.00 Current Price is $31.64 Difference: $7.36
If BHP meets the Credit Suisse target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $37.51, suggesting upside of 18.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 173.45 cents and EPS of 279.29 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 311.7, implying annual growth of N/A. Current consensus DPS estimate is 208.0, implying a prospective dividend yield of 6.6%. Current consensus EPS estimate suggests the PER is 10.2. |
Forecast for FY21:
Credit Suisse forecasts a full year FY21 dividend of 120.54 cents and EPS of 214.61 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 310.9, implying annual growth of -0.3%. Current consensus DPS estimate is 212.4, implying a prospective dividend yield of 6.7%. Current consensus EPS estimate suggests the PER is 10.2. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $5.04
Morgans rates BOQ as Hold (3) -
APRA has written to the banks and insurers, advising them to "seriously consider deferring decisions on the appropriate level of dividends until the outlook is clearer".
The broker assumes those banks declaring a dividend in April-May will now suspend those dividends, and Commonwealth Bank will do so in August. It may be that a much reduced dividend is paid, and it may be that dividends due to be paid will be deferred, but given the uncertainty, the broker is not making any such assumptions.
Hold and $5.00 target retained for Bank of Queensland.
Target price is $5.00 Current Price is $5.04 Difference: minus $0.04 (current price is over target).
If BOQ 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 $6.11, suggesting upside of 21.3% (ex-dividends)
The company's fiscal year ends in August.
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 19.00 cents and EPS of 64.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 63.6, implying annual growth of -20.1%. Current consensus DPS estimate is 44.1, implying a prospective dividend yield of 8.8%. Current consensus EPS estimate suggests the PER is 7.9. |
Forecast for FY21:
Morgans forecasts a full year FY21 dividend of 34.00 cents and EPS of 49.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 59.9, implying annual growth of -5.8%. Current consensus DPS estimate is 44.9, implying a prospective dividend yield of 8.9%. Current consensus EPS estimate suggests the PER is 8.4. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $9.93
Macquarie rates BSL as Outperform (1) -
The company has updated on cash preservation measures, deferring expansion at North Star and, in accordance with government decrees, temporarily closing operations in Malaysia, India and New Zealand.
The company has highlighted that Chinese operations are ramping up in line with the broader recovery in activity. Macquarie notes the balance sheet remains healthy with liquidity of around $2.5bn.
Outperform maintained. Target is raised to $11.10 from $10.90.
Target price is $11.10 Current Price is $9.93 Difference: $1.17
If BSL meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $12.32, suggesting upside of 24.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 16.00 cents and EPS of 69.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 69.9, implying annual growth of -63.2%. Current consensus DPS estimate is 12.8, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 14.2. |
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 20.00 cents and EPS of 94.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 87.2, implying annual growth of 24.7%. Current consensus DPS estimate is 13.2, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 11.4. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates BSL as Equal-weight (3) -
BlueScope Steel has announced measures aimed at conserving cash. Sites in New Zealand, Malaysia and India are temporarily closed while operations in China continue to ramp back up.
North Star's expansion has been deferred for six months and non-essential capital expenditure has been reduced. The buyback has been cancelled.
Morgan Stanley considers the initiatives position the company for difficult end markets and to benefit when demand resumes.
Equal-weight maintained. Target is $13.00. Industry view: Cautious.
Target price is $13.00 Current Price is $9.93 Difference: $3.07
If BSL meets the Morgan Stanley target it will return approximately 31% (excluding dividends, fees and charges).
Current consensus price target is $12.32, suggesting upside of 24.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 dividend of 14.00 cents and EPS of 79.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 69.9, implying annual growth of -63.2%. Current consensus DPS estimate is 12.8, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 14.2. |
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 dividend of 14.00 cents and EPS of 95.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 87.2, implying annual growth of 24.7%. Current consensus DPS estimate is 13.2, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 11.4. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates BSL as Accumulate (2) -
In response to the current crisis, BlueScope Steel has delayed the expansion of North Star and reduced near-term expenditure.
Ord Minnett suspects delaying a major project could result in higher overall expenditure.
Nevertheless, the broker considers the stock offers significant valuation support and a solid balance sheet, well able to ride out the crisis.
Accumulate retained. Target is reduced to $13.20 from $14.00.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $13.20 Current Price is $9.93 Difference: $3.27
If BSL meets the Ord Minnett target it will return approximately 33% (excluding dividends, fees and charges).
Current consensus price target is $12.32, suggesting upside of 24.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Ord Minnett forecasts a full year FY20 EPS of 73.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 69.9, implying annual growth of -63.2%. Current consensus DPS estimate is 12.8, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 14.2. |
Forecast for FY21:
Ord Minnett forecasts a full year FY21 EPS of 77.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 87.2, implying annual growth of 24.7%. Current consensus DPS estimate is 13.2, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 11.4. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates BSL as Neutral (3) -
The company has now cut back its buyback program and delayed capital expenditure on the North Star expansion. The measures will help to increase liquidity by $300m over the next 12-15 months.
There was no mention of reducing production at North Star. While the share price has fallen significantly recently and there is ample liquidity, UBS believes it is too early to become constructive.
The broker remains wary of the recovery in end market demand in the US and Asia. Neutral maintained. Target is reduced to $10.50 from $13.00.
Target price is $10.50 Current Price is $9.93 Difference: $0.57
If BSL meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $12.32, suggesting upside of 24.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 6.00 cents and EPS of 54.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 69.9, implying annual growth of -63.2%. Current consensus DPS estimate is 12.8, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 14.2. |
Forecast for FY21:
UBS forecasts a full year FY21 dividend of 2.00 cents and EPS of 53.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 87.2, implying annual growth of 24.7%. Current consensus DPS estimate is 13.2, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 11.4. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $60.66
Morgans rates CBA as Hold (3) -
APRA has written to the banks and insurers, advising them to "seriously consider deferring decisions on the appropriate level of dividends until the outlook is clearer".
The broker assumes those banks declaring a dividend in April-May will now suspend those dividends, and Commonwealth Bank will do so in August. It may be that a much reduced dividend is paid, and it may be that dividends due to be paid will be deferred, but given the uncertainty, the broker is not making any such assumptions.
Hold retained for CBA, target falls to $61 from $67.
Target price is $61.00 Current Price is $60.66 Difference: $0.34
If CBA meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $61.59, suggesting upside of 1.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 200.00 cents and EPS of 493.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 462.3, implying annual growth of -4.8%. Current consensus DPS estimate is 365.4, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 13.1. |
Forecast for FY21:
Morgans forecasts a full year FY21 dividend of 353.00 cents and EPS of 471.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 429.0, implying annual growth of -7.2%. Current consensus DPS estimate is 364.1, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 14.1. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $10.70
Citi rates CPU as Neutral (3) -
Citi reduces estimates for earnings per share in FY20 and FY21 by -7% and -12% respectively to reflect revised guidance.
Arguably, the stock now offers reasonable long-term value but, with FY21 still looking like it will be tough, Citi retains a Neutral rating.
The further downgrade to margin income is not overly surprising and the broker expects upside from US mortgage servicing over time. Target is reduced to $12.00 from $12.50.
Target price is $12.00 Current Price is $10.70 Difference: $1.3
If CPU meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $11.62, suggesting upside of 8.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Citi forecasts a full year FY20 dividend of 46.16 cents and EPS of 81.73 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 90.2, implying annual growth of N/A. Current consensus DPS estimate is 71.6, implying a prospective dividend yield of 6.7%. Current consensus EPS estimate suggests the PER is 11.9. |
Forecast for FY21:
Citi forecasts a full year FY21 dividend of 42.92 cents and EPS of 75.56 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 82.9, implying annual growth of -8.1%. Current consensus DPS estimate is 65.2, implying a prospective dividend yield of 6.1%. Current consensus EPS estimate suggests the PER is 12.9. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates CPU as Neutral (3) -
The company has announced its second downgrade to FY20 guidance, now expecting earnings per share to be down -20% in constant currency terms.
Credit Suisse notes this is the third time it has reduced earnings estimates since the first half result. While believing margin income cannot fall much lower, there is little confidence that this is the bottom of the downgrade cycle.
Cost pressures are expected to emerge at the same time as revenue weakens. On the positive side, many of the company's services are critical functions and demand should rebound post the crisis.
Neutral maintained. Target is reduced to $10.75 from $10.90.
Target price is $10.75 Current Price is $10.70 Difference: $0.05
If CPU meets the Credit Suisse target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $11.62, suggesting upside of 8.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 60.27 cents and EPS of 80.83 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 90.2, implying annual growth of N/A. Current consensus DPS estimate is 71.6, implying a prospective dividend yield of 6.7%. Current consensus EPS estimate suggests the PER is 11.9. |
Forecast for FY21:
Credit Suisse forecasts a full year FY21 dividend of 57.33 cents and EPS of 71.34 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 82.9, implying annual growth of -8.1%. Current consensus DPS estimate is 65.2, implying a prospective dividend yield of 6.1%. Current consensus EPS estimate suggests the PER is 12.9. |
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 CPU as Upgrade to Neutral from Underperform (3) -
The company has downgraded FY20 and FY21 guidance by further -5% and -3% respectively. Macquarie incorporates a further -11% downside to margin income in FY21.
Despite this, the broker believes the stock is beginning to show signs of value and upgrades to Neutral from Underperform. Target is reduced to $10.90 from $12.13.
Target price is $10.90 Current Price is $10.70 Difference: $0.2
If CPU meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $11.62, suggesting upside of 8.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 40.57 cents and EPS of 76.29 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 90.2, implying annual growth of N/A. Current consensus DPS estimate is 71.6, implying a prospective dividend yield of 6.7%. Current consensus EPS estimate suggests the PER is 11.9. |
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 28.81 cents and EPS of 61.15 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 82.9, implying annual growth of -8.1%. Current consensus DPS estimate is 65.2, implying a prospective dividend yield of 6.1%. Current consensus EPS estimate suggests the PER is 12.9. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates CPU as Underweight (5) -
Computershare now expects FY20 management earnings to be down -20%. The company is experiencing some support from higher capital raisings, bankruptcy administration and servicing non-performing loans.
All else being equal, Morgan Stanley assesses the reduction in FY21 margin income guidance implies a -3% downgrade to FY21 earnings estimates.
The broker expects margin income will fall again in FY22 given the current levels of interest rates.
Underweight maintained. Target is $11. Industry view is In-Line.
Target price is $11.00 Current Price is $10.70 Difference: $0.3
If CPU meets the Morgan Stanley target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $11.62, suggesting upside of 8.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 dividend of 67.62 cents and EPS of 88.49 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 90.2, implying annual growth of N/A. Current consensus DPS estimate is 71.6, implying a prospective dividend yield of 6.7%. Current consensus EPS estimate suggests the PER is 11.9. |
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 dividend of 58.80 cents and EPS of 83.64 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 82.9, implying annual growth of -8.1%. Current consensus DPS estimate is 65.2, implying a prospective dividend yield of 6.1%. Current consensus EPS estimate suggests the PER is 12.9. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates CPU as Add (1) -
Computershare has made a further downgrade to guidance, now expecting -20% earnings growth from a prior -15%. The company is trying to be transparent in a volatile environment, but the downgrade emphasises the headwinds being faced, the broker suggests.
A fresh US$100m facility to fund the US mortgage servicing business appears to provide significant liquidity against a downturn, the broker believes. Target falls to $13.90 from $14,34, Add retained on a quality franchise offering long term value.
Target price is $13.90 Current Price is $10.70 Difference: $3.2
If CPU meets the Morgans target it will return approximately 30% (excluding dividends, fees and charges).
Current consensus price target is $11.62, suggesting upside of 8.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 61.15 cents and EPS of 82.91 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 90.2, implying annual growth of N/A. Current consensus DPS estimate is 71.6, implying a prospective dividend yield of 6.7%. Current consensus EPS estimate suggests the PER is 11.9. |
Forecast for FY21:
Morgans forecasts a full year FY21 dividend of 57.03 cents and EPS of 82.91 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 82.9, implying annual growth of -8.1%. Current consensus DPS estimate is 65.2, implying a prospective dividend yield of 6.1%. Current consensus EPS estimate suggests the PER is 12.9. |
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 CPU as Lighten (4) -
Computershare downgraded guidance again, now expecting FY20 management earnings to fall -20%. The company has concerns about lower-margin income and pressure in US mortgage servicing.
This is offset by strength in counter-cyclical business such as bankruptcy administration. Ord Minnett lowers earnings estimates materially and maintains a Lighten rating and $10.50 target.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $10.50 Current Price is $10.70 Difference: minus $0.2 (current price is over target).
If CPU 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 $11.62, suggesting upside of 8.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Ord Minnett forecasts a full year FY20 dividend of 41.16 cents and EPS of 80.85 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 90.2, implying annual growth of N/A. Current consensus DPS estimate is 71.6, implying a prospective dividend yield of 6.7%. Current consensus EPS estimate suggests the PER is 11.9. |
Forecast for FY21:
Ord Minnett forecasts a full year FY21 dividend of 33.81 cents and EPS of 73.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 82.9, implying annual growth of -8.1%. Current consensus DPS estimate is 65.2, implying a prospective dividend yield of 6.1%. Current consensus EPS estimate suggests the PER is 12.9. |
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 CPU as Buy (1) -
The company has lowered FY20 guidance for a second time in less than a month. Transaction revenue weakness is likely to be temporary, UBS suggests, with the potential for some offsets should equity recapitalisation and Chapter 11 bankruptcy activity start to rise.
While margin income is expected to remain depressed over the medium term as lower yields persist, UBS notes risks have been reduced as the earnings contribution will fall to 15% by FY22 from 37% in FY19.
UBS believes the company is well-placed to manage the short-term headwinds and retains a Buy rating. Target is reduced to $12.30 from $12.70.
Target price is $12.30 Current Price is $10.70 Difference: $1.6
If CPU meets the UBS target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $11.62, suggesting upside of 8.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 70.56 cents and EPS of 80.85 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 90.2, implying annual growth of N/A. Current consensus DPS estimate is 71.6, implying a prospective dividend yield of 6.7%. Current consensus EPS estimate suggests the PER is 11.9. |
Forecast for FY21:
UBS forecasts a full year FY21 dividend of 63.21 cents and EPS of 77.91 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 82.9, implying annual growth of -8.1%. Current consensus DPS estimate is 65.2, implying a prospective dividend yield of 6.1%. Current consensus EPS estimate suggests the PER is 12.9. |
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
Overnight Price: $1.32
Credit Suisse rates CRN as Outperform (1) -
Credit Suisse reduces bulk forecasts over the next two years as demand is expected to soften.
Revised prices drive a second downgrade to estimates for Coronado Global in as many weeks after the company announced the idling of its US mines.
Operations are expected to be well managed through the current downturn and an Outperform rating is maintained. Target is reduced to $3.30 from $3.50.
Target price is $3.30 Current Price is $1.32 Difference: $1.98
If CRN meets the Credit Suisse target it will return approximately 150% (excluding dividends, fees and charges).
Current consensus price target is $2.62, suggesting upside of 98.2% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 5.40 cents and EPS of 14.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.2, implying annual growth of N/A. Current consensus DPS estimate is 10.3, implying a prospective dividend yield of 7.8%. Current consensus EPS estimate suggests the PER is 6.5. |
Forecast for FY21:
Credit Suisse forecasts a full year FY21 dividend of 12.42 cents and EPS of 26.49 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.6, implying annual growth of 56.4%. Current consensus DPS estimate is 17.4, implying a prospective dividend yield of 13.2%. Current consensus EPS estimate suggests the PER is 4.2. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
CSL CSL LIMITED
Pharmaceuticals & Biotech/Lifesciences
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Overnight Price: $315.73
Morgan Stanley rates CSL as Equal-weight (3) -
Along with other global plasma leaders CSL has announced a collaborative agreement to develop a plasma-derived coronavirus hyperimmune therapy.
The therapy requires donations from individuals who are fully recovered and whose blood contains the antibodies that can fight the virus.
While a range of outcomes are possible because the treatment is still in the early investigating stage, one scenario Morgan Stanley calculates implies a 5% revenue uplift and 6% uplift in earnings per share, assuming treatment costs are in line with the rabies vaccine and CSL has a 30% market share.
Equal-weight maintained. Target is $260. In-Line sector view retained.
Target price is $260.00 Current Price is $315.73 Difference: minus $55.73 (current price is over target).
If CSL meets the Morgan Stanley target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $310.73, suggesting downside of -1.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 dividend of 302.36 cents and EPS of 675.93 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 742.4, implying annual growth of N/A. Current consensus DPS estimate is 326.5, implying a prospective dividend yield of 1.0%. Current consensus EPS estimate suggests the PER is 42.5. |
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 dividend of 339.85 cents and EPS of 802.59 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 876.6, implying annual growth of 18.1%. Current consensus DPS estimate is 382.3, implying a prospective dividend yield of 1.2%. Current consensus EPS estimate suggests the PER is 36.0. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $3.54
Credit Suisse rates DOW as Upgrade to Outperform from Underperform (1) -
Credit Suisse expects Spotless will breach its debt covenants by the end of the year. Downer EDI is expected to remain within its debt covenants.
The broker suspects the company can survive the current crisis without a capital raising but would not rule one out.
Spotless is expected to be severely impacted for up to 6 months because of restrictions on public events.
Most of costs in the business are labour and the company is likely to cut costs by standing down staff.
Rating is upgraded to Outperform from Underperform. Target is reduced to $4.00 from $6.80.
Target price is $4.00 Current Price is $3.54 Difference: $0.46
If DOW meets the Credit Suisse target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $6.04, suggesting upside of 70.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 14.00 cents and EPS of 20.75 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 35.4, implying annual growth of -17.5%. Current consensus DPS estimate is 22.7, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 10.0. |
Forecast for FY21:
Credit Suisse forecasts a full year FY21 dividend of 16.94 cents and EPS of 25.15 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 42.0, implying annual growth of 18.6%. Current consensus DPS estimate is 25.1, implying a prospective dividend yield of 7.1%. Current consensus EPS estimate suggests the PER is 8.4. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
FLT FLIGHT CENTRE LIMITED
Travel, Leisure & Tourism
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Overnight Price: $10.60
Morgans rates FLT as Upgrade to Add from Hold (1) -
Flight Centre has raised $700m in new capital, increasing shares on issue by 96%. Morgans' earnings per share forecasts fall -248% and -153% in FY20-21. Large losses are expected in FY20 and FY21, before a recovery in FY22-23.
The broker now believes the company has enough capital to weather the storm. Looking forward to normalised earnings in FY22-23, the broker sees an attractive valuation. Upgrade to Add from Hold. Target falls to $13.00 from $20.98.
Target price is $13.00 Current Price is $10.60 Difference: $2.4
If FLT meets the Morgans target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $15.54, suggesting upside of 46.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 0.00 cents and EPS of minus 179.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -18.4, implying annual growth of N/A. Current consensus DPS estimate is 24.6, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is N/A. |
Forecast for FY21:
Morgans forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 84.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.8, implying annual growth of N/A. Current consensus DPS estimate is 13.2, implying a prospective dividend yield of 1.2%. Current consensus EPS estimate suggests the PER is 63.1. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates FLT as Buy (1) -
Following the halting of the global travel market, the company has announced a $700m capital raising and a $200m increase in debt facilities. Cost reductions have also been announced.
UBS updates estimates and assesses earnings will begin to trough in 2021 before recovering through to 2023.
Based on assumptions, the broker calculates the capital raising and other initiatives put the company in a position to cover cash costs for a period of around 11 months, assuming no revenue.
Buy rating maintained. Target is reduced to $16.60 from $44.00.
Target price is $16.60 Current Price is $10.60 Difference: $6
If FLT meets the UBS target it will return approximately 57% (excluding dividends, fees and charges).
Current consensus price target is $15.54, suggesting upside of 46.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 0.00 cents and EPS of 38.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -18.4, implying annual growth of N/A. Current consensus DPS estimate is 24.6, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is N/A. |
Forecast for FY21:
UBS forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 8.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.8, implying annual growth of N/A. Current consensus DPS estimate is 13.2, implying a prospective dividend yield of 1.2%. Current consensus EPS estimate suggests the PER is 63.1. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
MQG MACQUARIE GROUP LIMITED
Wealth Management & Investments
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Overnight Price: $94.30
Morgan Stanley rates MQG as Overweight (1) -
Morgan Stanley expects Macquarie Group will miss guidance. FY20 reported profit estimates are reduced by -13%, given higher impairments and lending losses, mainly in oil & gas, aircraft and Australian banking.
However, the headwinds are considered priced into the stock and, given strong capital, a resilient track record and opportunities in dislocated markets the broker is looking through the impairment cycle.
Overweight rating and In-Line industry view. Target is reduced to $115 from $143.
Target price is $115.00 Current Price is $94.30 Difference: $20.7
If MQG meets the Morgan Stanley target it will return approximately 22% (excluding dividends, fees and charges).
Current consensus price target is $123.82, suggesting upside of 31.3% (ex-dividends)
The company's fiscal year ends in March.
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 dividend of 455.00 cents and EPS of 740.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 808.6, implying annual growth of -8.5%. Current consensus DPS estimate is 554.0, implying a prospective dividend yield of 5.9%. Current consensus EPS estimate suggests the PER is 11.7. |
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 dividend of 375.00 cents and EPS of 611.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 759.8, implying annual growth of -6.0%. Current consensus DPS estimate is 512.3, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 12.4. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $15.54
Morgans rates NAB as Hold (3) -
APRA has written to the banks and insurers, advising them to "seriously consider deferring decisions on the appropriate level of dividends until the outlook is clearer".
The broker assumes those banks declaring a dividend in April-May will now suspend those dividends, and Commonwealth Bank will do so in August. It may be that a much reduced dividend is paid, and it may be that dividends due to be paid will be deferred, but given the uncertainty, the broker is not making any such assumptions.
Hold retained for National Bank, target falls to $17.00 from $17.50.
Target price is $17.00 Current Price is $15.54 Difference: $1.46
If NAB meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $19.57, suggesting upside of 25.9% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 70.00 cents and EPS of 211.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 175.4, implying annual growth of -2.0%. Current consensus DPS estimate is 125.6, implying a prospective dividend yield of 8.1%. Current consensus EPS estimate suggests the PER is 8.9. |
Forecast for FY21:
Morgans forecasts a full year FY21 dividend of 129.00 cents and EPS of 184.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 174.1, implying annual growth of -0.7%. Current consensus DPS estimate is 134.1, implying a prospective dividend yield of 8.6%. Current consensus EPS estimate suggests the PER is 8.9. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
NAN NANOSONICS LIMITED
Medical Equipment & Devices
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Overnight Price: $6.14
Citi rates NAN as Sell (5) -
The company has indicated third quarter sales were significantly higher than the prior corresponding period while sales of consumables were in line with pre-crisis expectations.
Citi expects limited hospital access and the potential for constrained budgets to negatively affect the fourth quarter and first half of FY21. This may slow the adoption of Trophon.
The lower number of ultrasounds being performed could also negatively affect consumables demand in the fourth quarter. Sell rating retained on valuation. Target price is reduced to $4.30 from $4.40.
Target price is $4.30 Current Price is $6.14 Difference: minus $1.84 (current price is over target).
If NAN meets the Citi target it will return approximately minus 30% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $6.24, suggesting upside of 1.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Citi forecasts a full year FY20 dividend of 0.00 cents and EPS of 4.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 4.1, implying annual growth of -9.7%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 149.8. |
Forecast for FY21:
Citi forecasts a full year FY21 dividend of 0.00 cents and EPS of 5.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.0, implying annual growth of 70.7%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 87.7. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $0.27
Morgans rates NVX as Add (1) -
Despite a two-week closure of its Tennessee manufacturing plant, work continues uninterrupted in Novonix's R&D and Battery Testing Services. BTS performed solidly in the first half, the broker notes, and the company is adequately funded.
The key focus over the next six months will be continuing supply of battery anodes to Samsung under an initial sales contract. Target falls to 82c from 90c, Speculative Buy retained.
Target price is $0.82 Current Price is $0.27 Difference: $0.55
If NVX meets the Morgans target it will return approximately 204% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 0.00 cents and EPS of minus 5.00 cents. |
Forecast for FY21:
Morgans forecasts a full year FY21 dividend of 0.00 cents and EPS of 6.00 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $2.24
Morgans rates ORE as Add (1) -
Production has been suspended at Orocobre's 66.5% owned Olaroz operation, and the broker now expects no further production for the rest of the year. Orocobre is otherwise well-placed to fund the current expansion and lithium hydroxide plant construction, the broker notes.
The broker sees lithium prices continuing to weaken for the rest of the year. Add retained, target falls to $4.07 from $4.80.
Target price is $4.07 Current Price is $2.24 Difference: $1.83
If ORE meets the Morgans target it will return approximately 82% (excluding dividends, fees and charges).
Current consensus price target is $3.10, suggesting upside of 38.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 0.00 cents and EPS of minus 5.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -5.8, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is N/A. |
Forecast for FY21:
Morgans forecasts a full year FY21 dividend of 0.00 cents and EPS of 5.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -0.3, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is N/A. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $2.54
Citi rates OSH as Neutral (3) -
Citi assesses the bear case has been mitigated via the US$700m placement and entitlement offer. While the amount appears oversized at first glance, at a bear case for oil it is considered just enough.
The broker suspects more self-help initiatives may be required. The bear case for oil is largely predicated on the coronavirus crisis affecting demand to the end of the third quarter 2020 and no reductions in global oil production over that period.
Neutral/High Risk rating retained. Target is raised to $3.16 from $2.88.
Target price is $3.16 Current Price is $2.54 Difference: $0.62
If OSH meets the Citi target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $2.95, suggesting upside of 16.1% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY20:
Citi forecasts a full year FY20 dividend of 1.47 cents and EPS of minus 3.23 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 1.6, implying annual growth of N/A. Current consensus DPS estimate is 2.6, implying a prospective dividend yield of 1.0%. Current consensus EPS estimate suggests the PER is 158.8. |
Forecast for FY21:
Citi forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 1.76 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 8.6, implying annual growth of 437.5%. Current consensus DPS estimate is 4.2, implying a prospective dividend yield of 1.7%. Current consensus EPS estimate suggests the PER is 29.5. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates OSH as No Rating (-1) -
The company has announced a US$700m capital raising in order to withstand a prolonged period of subdued oil prices.
Oil Search has also stated that cash flow breaks even in 2020 at US$15.60/bbl pre-financing costs and US$32.40/bbl post financing.
Because of research restrictions Macquarie cannot advise of a rating or target at present.
Current Price is $2.54. Target price not assessed.
Current consensus price target is $2.95, suggesting upside of 16.1% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 3.23 cents and EPS of 8.23 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 1.6, implying annual growth of N/A. Current consensus DPS estimate is 2.6, implying a prospective dividend yield of 1.0%. Current consensus EPS estimate suggests the PER is 158.8. |
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 7.94 cents and EPS of 19.99 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 8.6, implying annual growth of 437.5%. Current consensus DPS estimate is 4.2, implying a prospective dividend yield of 1.7%. Current consensus EPS estimate suggests the PER is 29.5. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates OSH as Equal-weight (3) -
Oil Search has announced an entitlement offer and institutional placement of up to US$700m to increase liquidity.
This should strengthen the balance sheet and enable the company to withstand lower oil prices, although Morgan Stanley believes it is not enough to fund growth.
The broker suspects Oil Search may look at two options, either raising further capital over time or pursuing a farming down at either PNG LNG or Alaska.
Equal-weight maintained. Target is reduced to $2.80 from $3.10. Industry view is Cautious.
Target price is $2.80 Current Price is $2.54 Difference: $0.26
If OSH meets the Morgan Stanley target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $2.95, suggesting upside of 16.1% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 EPS of 1.47 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 1.6, implying annual growth of N/A. Current consensus DPS estimate is 2.6, implying a prospective dividend yield of 1.0%. Current consensus EPS estimate suggests the PER is 158.8. |
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 EPS of 8.82 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 8.6, implying annual growth of 437.5%. Current consensus DPS estimate is 4.2, implying a prospective dividend yield of 1.7%. Current consensus EPS estimate suggests the PER is 29.5. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates OSH as Upgrade to Accumulate from Hold (2) -
Oil Search has raised US$700m to address concerns over the balance sheet. Ord Minnett considers this prudent, although the unfortunate consequence of the drop in oil prices is that the company has raised up to 36% of its market capitalisation at a price well below valuation.
Still, the assets remain of high quality and there is corporate appeal. Hence, the broker upgrades to Accumulate from Hold. Target is reduced to $3.40 from $3.50.
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 $2.54 Difference: $0.86
If OSH meets the Ord Minnett target it will return approximately 34% (excluding dividends, fees and charges).
Current consensus price target is $2.95, suggesting upside of 16.1% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY20:
Ord Minnett forecasts a full year FY20 EPS of 4.41 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 1.6, implying annual growth of N/A. Current consensus DPS estimate is 2.6, implying a prospective dividend yield of 1.0%. Current consensus EPS estimate suggests the PER is 158.8. |
Forecast for FY21:
Ord Minnett forecasts a full year FY21 EPS of 4.41 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 8.6, implying annual growth of 437.5%. Current consensus DPS estimate is 4.2, implying a prospective dividend yield of 1.7%. Current consensus EPS estimate suggests the PER is 29.5. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
PAR PARADIGM BIOPHARMACEUTICAL
Pharmaceuticals & Biotech/Lifesciences
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Overnight Price: $1.65
Morgans rates PAR as Hold (3) -
Paradigm Biopharmaceutical has been told by the FDA it needs, as the broker long suspected, significantly larger trial cohorts and additional toxicology studies. The company has thus raised an additional $35m to cover the cost.
The broker continues to remain cautious given a large number of unknowns. Hold retained, target falls to $1.74 from $2.16.
Target price is $1.74 Current Price is $1.65 Difference: $0.09
If PAR meets the Morgans target it will return approximately 5% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 0.00 cents and EPS of minus 10.00 cents. |
Forecast for FY21:
Morgans forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 21.00 cents. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
PNV POLYNOVO LIMITED
Pharmaceuticals & Biotech/Lifesciences
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Overnight Price: $1.99
Macquarie rates PNV as Outperform (1) -
The company has updated on funding and trial results. Sales of $4.5m in the March quarter were below Macquarie's expectations.
Polynovo has secured a $9.3m debt facility to fund capital expenditure requirements. The broker envisages this will alleviate funding concerns for the short term.
The business is considered well-positioned to increase its share in currently approved markets. Outperform rating maintained. Target is reduced to $2.60 from $2.80.
Target price is $2.60 Current Price is $1.99 Difference: $0.61
If PNV meets the Macquarie target it will return approximately 31% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 0.00 cents and EPS of minus 0.80 cents. |
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 0.00 cents and EPS of 0.40 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
PTM PLATINUM ASSET MANAGEMENT LIMITED
Wealth Management & Investments
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Overnight Price: $3.17
Credit Suisse rates PTM as Underperform (5) -
Outflows accelerated in March, with funds under management down -7.8%. Credit Suisse notes fund performance in the international fund is soft and further outflows are expected in the June quarter.
The broker considers that the company is particularly exposed to equity market sell-offs. When equity markets do rally, the broker also expects a weaker fund performance will hinder the company in its ability to capture a significant share of inflows.
Underperform rating and $2.65 target maintained.
Target price is $2.65 Current Price is $3.17 Difference: minus $0.52 (current price is over target).
If PTM meets the Credit Suisse target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $2.88, suggesting downside of -9.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 23.00 cents and EPS of 24.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.6, implying annual growth of -9.0%. Current consensus DPS estimate is 24.4, implying a prospective dividend yield of 7.7%. Current consensus EPS estimate suggests the PER is 12.9. |
Forecast for FY21:
Credit Suisse forecasts a full year FY21 dividend of 19.00 cents and EPS of 19.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.2, implying annual growth of -17.9%. Current consensus DPS estimate is 20.8, implying a prospective dividend yield of 6.6%. Current consensus EPS estimate suggests the PER is 15.7. |
Market Sentiment: -0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $8.99
Credit Suisse rates QBE as Outperform (1) -
Credit Suisse considers the impact of the coronavirus crisis is overdone. With commercial premiums building some momentum in 2019, the broker is confident that the level of rate increase can be sustained in most regions and classes.
The uniqueness of the current situation could provide a low claims quarter, which gives the company an opportunity to re-set some covers and retain the short-term benefit to profits in order to offset future claims. Outperform rating and $12 target maintained.
Target price is $12.00 Current Price is $8.99 Difference: $3.01
If QBE meets the Credit Suisse target it will return approximately 33% (excluding dividends, fees and charges).
Current consensus price target is $13.00, suggesting upside of 44.7% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 39.69 cents and EPS of 35.28 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 74.7, implying annual growth of N/A. Current consensus DPS estimate is 80.5, implying a prospective dividend yield of 9.0%. Current consensus EPS estimate suggests the PER is 12.0. |
Forecast for FY21:
Credit Suisse forecasts a full year FY21 dividend of 83.79 cents and EPS of 82.32 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 107.8, implying annual growth of 44.3%. Current consensus DPS estimate is 105.7, implying a prospective dividend yield of 11.8%. Current consensus EPS estimate suggests the PER is 8.3. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $8.85
Morgans rates REH as Hold (3) -
Reece's capital raising has shored up the balance sheet to weather the economic fallout while positioning the company to accelerate its US growth strategy, the broker suggests. Dividends have been temporarily suspended as earnings continue to come under pressure.
Target falls to $9.00 from $10.16 on dilution. Hold retained at fair value.
Target price is $9.00 Current Price is $8.85 Difference: $0.15
If REH meets the Morgans target it will return approximately 2% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 6.00 cents and EPS of 13.00 cents. |
Forecast for FY21:
Morgans forecasts a full year FY21 dividend of 10.00 cents and EPS of 19.00 cents. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $89.37
Credit Suisse rates RIO as Underperform (5) -
Credit Suisse assesses the positives are reflected in the current share price.
While forecasting declining trends in prices for most of the company's mining products, the broker believes the market is pricing in a terminal growth rate in free cash flow of 0.5%, which is exaggerated.
Falling Chinese steel demand and rising availability of scrap is expected to shift the iron ore market into a bigger oversupply. Underperform rating maintained. Target is reduced to $89 from $94.
Target price is $89.00 Current Price is $89.37 Difference: minus $0.37 (current price is over target).
If RIO meets the Credit Suisse target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $98.43, suggesting upside of 10.1% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 464.50 cents and EPS of 876.08 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 941.9, implying annual growth of N/A. Current consensus DPS estimate is 615.6, implying a prospective dividend yield of 6.9%. Current consensus EPS estimate suggests the PER is 9.5. |
Forecast for FY21:
Credit Suisse forecasts a full year FY21 dividend of 460.09 cents and EPS of 777.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 857.2, implying annual growth of -9.0%. Current consensus DPS estimate is 556.1, implying a prospective dividend yield of 6.2%. Current consensus EPS estimate suggests the PER is 10.4. |
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
SCP SHOPPING CENTRES AUSTRALASIA PROPERTY GROUP
REITs
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Overnight Price: $2.20
Credit Suisse rates SCP as Neutral (3) -
The company has raised $250m in equity via an institutional placement and purchase plan. Credit Suisse takes the opportunity to lower earnings expectations although acknowledges it cannot quantify earnings risk with any certainty.
A material decline in asset values is not expected while the strengthened balance sheet is expected to provide greater resilience. Target is lowered to $2.21 from $2.74. Neutral maintained.
Target price is $2.21 Current Price is $2.20 Difference: $0.01
If SCP meets the Credit Suisse target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $2.43, suggesting upside of 10.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 14.00 cents and EPS of 16.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.6, implying annual growth of 23.8%. Current consensus DPS estimate is 14.1, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 14.1. |
Forecast for FY21:
Credit Suisse forecasts a full year FY21 dividend of 13.00 cents and EPS of 15.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.0, implying annual growth of 2.6%. Current consensus DPS estimate is 14.3, implying a prospective dividend yield of 6.5%. Current consensus EPS estimate suggests the PER is 13.8. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates SCP as Neutral (3) -
The company has announced a $250m institutional placement and a $50m unit purchase plan. Macquarie reduces estimates for FY20 and FY21 by -13%.
Following the capital raising the balance sheet is considered with capacity to acquire assets. Neutral maintained. Target is reduced -13% to $2.48.
Target price is $2.48 Current Price is $2.20 Difference: $0.28
If SCP meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $2.43, suggesting upside of 10.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 13.10 cents and EPS of 13.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.6, implying annual growth of 23.8%. Current consensus DPS estimate is 14.1, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 14.1. |
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 13.40 cents and EPS of 14.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.0, implying annual growth of 2.6%. Current consensus DPS estimate is 14.3, implying a prospective dividend yield of 6.5%. Current consensus EPS estimate suggests the PER is 13.8. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates SCP as Overweight (1) -
Morgan Stanley welcomes the decision to raise $250m in equity. While the balance sheet was not under stress, this eradicates credit risks if the crisis becomes elongated.
Gearing will also be the lowest since the business listed, putting the company in a good position if there are distressed sellers of assets.
Morgan Stanley retains an Overweight rating and reduces the target to $2.70 from $2.90. In-Line industry view.
Target price is $2.70 Current Price is $2.20 Difference: $0.5
If SCP meets the Morgan Stanley target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $2.43, suggesting upside of 10.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 dividend of 12.30 cents and EPS of 12.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.6, implying annual growth of 23.8%. Current consensus DPS estimate is 14.1, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 14.1. |
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 dividend of 13.00 cents and EPS of 14.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.0, implying annual growth of 2.6%. Current consensus DPS estimate is 14.3, implying a prospective dividend yield of 6.5%. Current consensus EPS estimate suggests the PER is 13.8. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $2.26
Macquarie rates SGR as Outperform (1) -
Macquarie assesses liquidity can withstand a nine-month shutdown. The broker does not envisage structural changes for Australian casinos and expects earnings to recover, supported by exclusive state-based gaming products.
The broker reduces the target to $3.85 from $4.50. Outperform retained.
Target price is $3.85 Current Price is $2.26 Difference: $1.59
If SGR meets the Macquarie target it will return approximately 70% (excluding dividends, fees and charges).
Current consensus price target is $3.28, suggesting upside of 45.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 10.50 cents and EPS of 5.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.3, implying annual growth of -47.7%. Current consensus DPS estimate is 13.3, implying a prospective dividend yield of 5.9%. Current consensus EPS estimate suggests the PER is 20.0. |
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 0.00 cents and EPS of 7.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 13.4, implying annual growth of 18.6%. Current consensus DPS estimate is 10.6, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 16.9. |
Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $0.11
UBS rates SXL as Buy (1) -
UBS assumes the worst advertising market declines are in the June and September quarters before easing off in the December quarter. A recovery is expected from 2021.
Assuming no further debt constraints, the broker assesses there is value in the stock. However catalysts are lacking and investors may need to wait for a cyclical rebound.
Buy rating maintained. Target is reduced to $0.20 from $0.95.
Target price is $0.20 Current Price is $0.11 Difference: $0.09
If SXL meets the UBS target it will return approximately 82% (excluding dividends, fees and charges).
Current consensus price target is $0.60, suggesting upside of 445.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 0.00 cents and EPS of 3.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.3, implying annual growth of N/A. Current consensus DPS estimate is 4.0, implying a prospective dividend yield of 36.4%. Current consensus EPS estimate suggests the PER is 1.5. |
Forecast for FY21:
UBS forecasts a full year FY21 dividend of 0.00 cents and EPS of 1.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.7, implying annual growth of -8.2%. Current consensus DPS estimate is 4.0, implying a prospective dividend yield of 36.4%. Current consensus EPS estimate suggests the PER is 1.6. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $2.78
Credit Suisse rates TAH as Outperform (1) -
Credit Suisse suspects the company the company may need equity of $500m, although acknowledges it does not have a liquidity issue.
This would enable Tabcorp to set the balance sheet for a leverage ratio target of 2.5-3.0x and prepare for the acquisition of WA Wagering.
Estimates for earnings per share are downgraded -10-18% for the forecast period. Outperform maintained. Target is reduced to $3.20 from $4.25.
Target price is $3.20 Current Price is $2.78 Difference: $0.42
If TAH meets the Credit Suisse target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $3.61, suggesting upside of 29.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 11.00 cents and EPS of 13.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.8, implying annual growth of -12.2%. Current consensus DPS estimate is 15.8, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 17.6. |
Forecast for FY21:
Credit Suisse forecasts a full year FY21 dividend of 6.00 cents and EPS of 13.51 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.9, implying annual growth of 0.6%. Current consensus DPS estimate is 12.1, implying a prospective dividend yield of 4.4%. 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
Morgan Stanley rates TAH as Equal-weight (3) -
Tabcorp has suspended payment of fees owed from venues under Sky Racing, TAB, Keno and MAX contracts for April. Around 700 employees have temporarily been stood down.
There is deferred settlement of certain state payroll, Keno and lotteries taxes for six months from April 2020. Morgan Stanley assesses the short-term measures are incrementally positive and the risk is if closures are extended.
Equal-weight rating maintained. Target is $2.60. Industry view: Cautious.
Target price is $2.60 Current Price is $2.78 Difference: minus $0.18 (current price is over target).
If TAH meets the Morgan Stanley target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $3.61, suggesting upside of 29.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 EPS of 17.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.8, implying annual growth of -12.2%. Current consensus DPS estimate is 15.8, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 17.6. |
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 EPS of 17.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.9, implying annual growth of 0.6%. Current consensus DPS estimate is 12.1, implying a prospective dividend yield of 4.4%. 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
Ord Minnett rates TAH as Lighten (4) -
The company is taking several steps to mitigate the effect of the current crisis. Ord Minnett suspects the forced migration to digital wagering is likely to disrupt industry funding and lead to lower price money, lower returns and fewer horses on the field.
This will squeeze margins. The broker maintains a Lighten rating and raises the target to $2.10 from $2.00.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $2.10 Current Price is $2.78 Difference: minus $0.68 (current price is over target).
If TAH meets the Ord Minnett target it will return approximately minus 24% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $3.61, suggesting upside of 29.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Ord Minnett forecasts a full year FY20 EPS of 14.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.8, implying annual growth of -12.2%. Current consensus DPS estimate is 15.8, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 17.6. |
Forecast for FY21:
Ord Minnett forecasts a full year FY21 EPS of 14.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.9, implying annual growth of 0.6%. Current consensus DPS estimate is 12.1, implying a prospective dividend yield of 4.4%. 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
Overnight Price: $15.51
Morgans rates WBC as Add (1) -
APRA has written to the banks and insurers, advising them to "seriously consider deferring decisions on the appropriate level of dividends until the outlook is clearer".
The broker assumes those banks declaring a dividend in April-May will now suspend those dividends, and Commonwealth Bank will do so in August. It may be that a much reduced dividend is paid, and it may be that dividends due to be paid will be deferred, but given the uncertainty, the broker is not making any such assumptions.
Add retained for Westpac, target falls to $19.50 from $22.50.
Target price is $19.50 Current Price is $15.51 Difference: $3.99
If WBC meets the Morgans target it will return approximately 26% (excluding dividends, fees and charges).
Current consensus price target is $19.16, suggesting upside of 23.5% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 78.00 cents and EPS of 211.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 153.7, implying annual growth of -33.4%. Current consensus DPS estimate is 121.1, implying a prospective dividend yield of 7.8%. Current consensus EPS estimate suggests the PER is 10.1. |
Forecast for FY21:
Morgans forecasts a full year FY21 dividend of 155.00 cents and EPS of 206.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 166.0, implying annual growth of 8.0%. Current consensus DPS estimate is 131.7, implying a prospective dividend yield of 8.5%. Current consensus EPS estimate suggests the PER is 9.3. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $2.82
UBS rates WEB as Buy (1) -
While dilutive, the $346m capital raising has de-risked the balance sheet, UBS assesses. Even assuming no revenue and the write-off of the majority of receivables the broker believes Webjet can cover an estimated 14 months of cash burn.
The macro environment is likely to be softer post the virus disruptions but the company is expected to have a strong position relative to peers and a leaner cost base. Buy rating maintained. Target is reduced to $3.75 from $18.00.
Target price is $3.75 Current Price is $2.82 Difference: $0.93
If WEB meets the UBS target it will return approximately 33% (excluding dividends, fees and charges).
Current consensus price target is $3.76, suggesting upside of 33.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 0.00 cents and EPS of 2.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -8.2, implying annual growth of N/A. Current consensus DPS estimate is 3.9, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is N/A. |
Forecast for FY21:
UBS forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 18.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -6.4, implying annual growth of N/A. Current consensus DPS estimate is 1.1, implying a prospective dividend yield of 0.4%. Current consensus EPS estimate suggests the PER is N/A. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $2.09
Credit Suisse rates WHC as Outperform (1) -
Credit Suisse reduces thermal coal price estimates for 2020-21 in response to softening demand, despite the Newcastle coal price remaining incredibly stable.
The price is expected to retreat to a low of US$60/t in the third quarter and average US$63/t in 2020.
The broker retains an Outperform rating and reduces the target to $3.30 from $3.50.
Target price is $3.30 Current Price is $2.09 Difference: $1.21
If WHC meets the Credit Suisse target it will return approximately 58% (excluding dividends, fees and charges).
Current consensus price target is $2.77, suggesting upside of 32.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 6.07 cents and EPS of 11.87 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.3, implying annual growth of -82.6%. Current consensus DPS estimate is 5.2, implying a prospective dividend yield of 2.5%. Current consensus EPS estimate suggests the PER is 22.5. |
Forecast for FY21:
Credit Suisse forecasts a full year FY21 dividend of 0.00 cents and EPS of 17.38 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.3, implying annual growth of 86.0%. Current consensus DPS estimate is 6.4, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 12.1. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $6.84
Macquarie rates WOR as Outperform (1) -
Macquarie reduces FY20, FY21 and FY22 estimates for earnings per share by -16%, -39% and -42% respectively.
The broker believes the resilience of the business is about to be tested, given significant cuts to capital expenditure.
Financial metrics are expected to remain well within covenants and the business has exposure to an eventual recovery.
Outperform maintained. Target is reduced to $10.32 from $19.16.
Target price is $10.32 Current Price is $6.84 Difference: $3.48
If WOR meets the Macquarie target it will return approximately 51% (excluding dividends, fees and charges).
Current consensus price target is $12.74, suggesting upside of 86.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 25.00 cents and EPS of 82.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 85.5, implying annual growth of 134.9%. Current consensus DPS estimate is 42.0, implying a prospective dividend yield of 6.1%. Current consensus EPS estimate suggests the PER is 8.0. |
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 17.10 cents and EPS of 67.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 90.8, implying annual growth of 6.2%. Current consensus DPS estimate is 51.7, implying a prospective dividend yield of 7.6%. Current consensus EPS estimate suggests the PER is 7.5. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Today's Price Target Changes
Company | Last Price | Broker | New Target | Prev Target | Change | |
ALQ | ALS LIMITED | $5.99 | UBS | 6.47 | 8.90 | -27.30% |
ANZ | ANZ BANKING GROUP | $15.75 | Morgans | 17.00 | 18.50 | -8.11% |
Ord Minnett | 17.90 | 18.60 | -3.76% | |||
BAP | BAPCOR LIMITED | $4.17 | Macquarie | 5.40 | 8.00 | -32.50% |
BHP | BHP | $31.64 | Credit Suisse | 39.00 | 41.00 | -4.88% |
BSL | BLUESCOPE STEEL | $9.93 | Macquarie | 11.10 | 10.90 | 1.83% |
Ord Minnett | 13.20 | 14.90 | -11.41% | |||
UBS | 10.50 | 13.00 | -19.23% | |||
CBA | COMMBANK | $60.66 | Morgans | 61.00 | 67.00 | -8.96% |
Ord Minnett | 56.90 | 58.70 | -3.07% | |||
CIM | CIMIC GROUP | $23.25 | UBS | 25.40 | 30.40 | -16.45% |
COL | COLES GROUP | $16.13 | Ord Minnett | 17.00 | 16.75 | 1.49% |
CPU | COMPUTERSHARE | $10.70 | Citi | 12.00 | 12.50 | -4.00% |
Credit Suisse | 10.75 | 10.90 | -1.38% | |||
Macquarie | 10.90 | 12.13 | -10.14% | |||
Morgans | 13.90 | 14.34 | -3.07% | |||
UBS | 12.30 | 12.70 | -3.15% | |||
CRN | CORONADO GLOBAL RESOURCES | $1.32 | Credit Suisse | 3.30 | 3.50 | -5.71% |
DOW | DOWNER EDI | $3.54 | Credit Suisse | 4.00 | 6.80 | -41.18% |
UBS | 3.88 | 7.30 | -46.85% | |||
FLT | FLIGHT CENTRE | $10.60 | Morgans | 13.00 | 20.98 | -38.04% |
UBS | 16.60 | 44.00 | -62.27% | |||
HUB | HUB24 | $8.84 | Citi | 12.50 | 13.10 | -4.58% |
MND | MONADELPHOUS GROUP | $10.04 | UBS | 14.07 | 18.50 | -23.95% |
MQG | MACQUARIE GROUP | $94.30 | Morgan Stanley | 115.00 | 143.00 | -19.58% |
NAB | NATIONAL AUSTRALIA BANK | $15.54 | Morgans | 17.00 | 17.50 | -2.86% |
Ord Minnett | 20.30 | 21.30 | -4.69% | |||
NAN | NANOSONICS | $6.14 | Citi | 4.30 | 4.40 | -2.27% |
NVX | NOVONIX | $0.27 | Morgans | 0.82 | 0.90 | -8.89% |
NWL | NETWEALTH GROUP | $7.39 | Citi | 8.45 | 8.80 | -3.98% |
ORE | OROCOBRE | $2.24 | Morgans | 4.07 | 4.80 | -15.21% |
OSH | OIL SEARCH | $2.54 | Citi | 3.16 | 2.88 | 9.72% |
Macquarie | N/A | 4.00 | -100.00% | |||
Morgan Stanley | 2.80 | 3.10 | -9.68% | |||
Ord Minnett | 3.40 | 3.50 | -2.86% | |||
PAR | PARADIGM | $1.65 | Morgans | 1.74 | 2.16 | -19.44% |
PNV | POLYNOVO | $1.99 | Macquarie | 2.60 | 2.80 | -7.14% |
REH | REECE | $8.85 | Morgans | 9.00 | 10.16 | -11.42% |
RIO | RIO TINTO | $89.37 | Credit Suisse | 89.00 | 94.00 | -5.32% |
SCP | SHOPPING CENTRES AUS | $2.20 | Credit Suisse | 2.21 | 2.74 | -19.34% |
Macquarie | 2.48 | 2.84 | -12.68% | |||
Morgan Stanley | 2.70 | 2.90 | -6.90% | |||
SGR | STAR ENTERTAINMENT | $2.26 | Macquarie | 3.85 | 4.50 | -14.44% |
SVW | SEVEN GROUP | $12.74 | UBS | 14.19 | 23.50 | -39.62% |
SXL | SOUTHERN CROSS MEDIA | $0.11 | UBS | 0.20 | 0.95 | -78.95% |
TAH | TABCORP HOLDINGS | $2.78 | Credit Suisse | 3.20 | 4.25 | -24.71% |
Ord Minnett | 2.10 | 2.00 | 5.00% | |||
WBC | WESTPAC BANKING | $15.51 | Morgans | 19.50 | 22.50 | -13.33% |
Ord Minnett | 18.00 | 18.40 | -2.17% | |||
WEB | WEBJET | $2.82 | UBS | 3.75 | 18.00 | -79.17% |
WHC | WHITEHAVEN COAL | $2.09 | Credit Suisse | 3.30 | 3.50 | -5.71% |
WOR | WORLEY | $6.84 | Macquarie | 10.32 | 19.16 | -46.14% |
UBS | 10.82 | 17.80 | -39.21% |
Summaries
ANN | ANSELL | Neutral - UBS | Overnight Price $29.26 |
ANZ | ANZ BANKING GROUP | Hold - Morgans | Overnight Price $15.75 |
BAP | BAPCOR LIMITED | Outperform - Macquarie | Overnight Price $4.17 |
BHP | BHP | Upgrade to Outperform from Neutral - Credit Suisse | Overnight Price $31.64 |
BOQ | BANK OF QUEENSLAND | Hold - Morgans | Overnight Price $5.04 |
BSL | BLUESCOPE STEEL | Outperform - Macquarie | Overnight Price $9.93 |
Equal-weight - Morgan Stanley | Overnight Price $9.93 | ||
Accumulate - Ord Minnett | Overnight Price $9.93 | ||
Neutral - UBS | Overnight Price $9.93 | ||
CBA | COMMBANK | Hold - Morgans | Overnight Price $60.66 |
CPU | COMPUTERSHARE | Neutral - Citi | Overnight Price $10.70 |
Neutral - Credit Suisse | Overnight Price $10.70 | ||
Upgrade to Neutral from Underperform - Macquarie | Overnight Price $10.70 | ||
Underweight - Morgan Stanley | Overnight Price $10.70 | ||
Add - Morgans | Overnight Price $10.70 | ||
Lighten - Ord Minnett | Overnight Price $10.70 | ||
Buy - UBS | Overnight Price $10.70 | ||
CRN | CORONADO GLOBAL RESOURCES | Outperform - Credit Suisse | Overnight Price $1.32 |
CSL | CSL | Equal-weight - Morgan Stanley | Overnight Price $315.73 |
DOW | DOWNER EDI | Upgrade to Outperform from Underperform - Credit Suisse | Overnight Price $3.54 |
FLT | FLIGHT CENTRE | Upgrade to Add from Hold - Morgans | Overnight Price $10.60 |
Buy - UBS | Overnight Price $10.60 | ||
MQG | MACQUARIE GROUP | Overweight - Morgan Stanley | Overnight Price $94.30 |
NAB | NATIONAL AUSTRALIA BANK | Hold - Morgans | Overnight Price $15.54 |
NAN | NANOSONICS | Sell - Citi | Overnight Price $6.14 |
NVX | NOVONIX | Add - Morgans | Overnight Price $0.27 |
ORE | OROCOBRE | Add - Morgans | Overnight Price $2.24 |
OSH | OIL SEARCH | Neutral - Citi | Overnight Price $2.54 |
No Rating - Macquarie | Overnight Price $2.54 | ||
Equal-weight - Morgan Stanley | Overnight Price $2.54 | ||
Upgrade to Accumulate from Hold - Ord Minnett | Overnight Price $2.54 | ||
PAR | PARADIGM | Hold - Morgans | Overnight Price $1.65 |
PNV | POLYNOVO | Outperform - Macquarie | Overnight Price $1.99 |
PTM | PLATINUM ASSET MANAGEMENT | Underperform - Credit Suisse | Overnight Price $3.17 |
QBE | QBE INSURANCE | Outperform - Credit Suisse | Overnight Price $8.99 |
REH | REECE | Hold - Morgans | Overnight Price $8.85 |
RIO | RIO TINTO | Underperform - Credit Suisse | Overnight Price $89.37 |
SCP | SHOPPING CENTRES AUS | Neutral - Credit Suisse | Overnight Price $2.20 |
Neutral - Macquarie | Overnight Price $2.20 | ||
Overweight - Morgan Stanley | Overnight Price $2.20 | ||
SGR | STAR ENTERTAINMENT | Outperform - Macquarie | Overnight Price $2.26 |
SXL | SOUTHERN CROSS MEDIA | Buy - UBS | Overnight Price $0.11 |
TAH | TABCORP HOLDINGS | Outperform - Credit Suisse | Overnight Price $2.78 |
Equal-weight - Morgan Stanley | Overnight Price $2.78 | ||
Lighten - Ord Minnett | Overnight Price $2.78 | ||
WBC | WESTPAC BANKING | Add - Morgans | Overnight Price $15.51 |
WEB | WEBJET | Buy - UBS | Overnight Price $2.82 |
WHC | WHITEHAVEN COAL | Outperform - Credit Suisse | Overnight Price $2.09 |
WOR | WORLEY | Outperform - Macquarie | Overnight Price $6.84 |
RATING SUMMARY
Rating | No. Of Recommendations |
1. Buy | 22 |
2. Accumulate | 2 |
3. Hold | 18 |
4. Reduce | 2 |
5. Sell | 4 |
Wednesday 08 April 2020
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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
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