Australian Broker Call
January 31, 2017
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COMPANIES DISCUSSED IN THIS ISSUE
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Last Updated: 01:10 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
| CWY - | CLEANAWAY WASTE MANAGEMENT | Downgrade to Hold from Add | Morgans |
| IGO - | INDEPENDENCE GROUP | Downgrade to Neutral from Outperform | Credit Suisse |
| NCM - | NEWCREST MINING | Upgrade to Equal-weight from Underweight | Morgan Stanley |
| Downgrade to Neutral from Outperform | Macquarie | ||
| SHL - | SONIC HEALTHCARE | Downgrade to Hold from Accumulate | Ord Minnett |
Citi rates ACX as Buy (1) -
The company has downgraded FY17 guidance materially, primarily because of weak revenue growth in the UK and the Americas.
While the company has not delivered on its growth promise, with the stock falling -45%, Citi believes the market reaction was excessive. Hence, a Buy rating is retained.
FY17-19 EBITDA forecasts are reduced by -31-34%. The target is lowered to $4.95 from $8.69. The broker removes its previous price//sales multiple premium because of reduced visibility.
Target price is $4.95 Current Price is $3.10 Difference: $1.85
If ACX meets the Citi target it will return approximately 60% (excluding dividends, fees and charges).
Current consensus price target is $4.05, suggesting upside of 32.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 0.00 cents and EPS of 4.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 3.6, implying annual growth of 9.4%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 85.0. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 0.00 cents and EPS of 7.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.4, implying annual growth of 77.8%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 47.8. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates ACX as Outperform (1) -
The company has guided to FY17 revenue of $160-165m and EBITDA of $15-18m. Credit Suisse estimates the new guidance implies around 10% organic growth rate at the mid point versus 20% growth under previous guidance and 29% in FY16.
A number of factors have contributed to materially lower expectations for FY17, such as continued deterioration at the recently acquired Conject, weakness in the Americas and lower incremental short-term revenue because of a mix shift towards longer-dated contracts.
Unsurprisingly, the broker notes the stock has de-rated substantially. A near-term catalyst for a re-rating is difficult to identify, given probable market scepticism around the value of new enterprise agreements and reduced management credibility. Outperform retained. Target is reduced to $3.75 from $6.80.
Target price is $3.75 Current Price is $3.10 Difference: $0.65
If ACX meets the Credit Suisse target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $4.05, suggesting upside of 32.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 0.00 cents and EPS of 1.97 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 3.6, implying annual growth of 9.4%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 85.0. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 0.00 cents and EPS of 4.45 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.4, implying annual growth of 77.8%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 47.8. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates ACX as Hold (3) -
The company's material downgrade to its guidance, which was just three months old, signals to Deutsche Bank a lack of visibility from management, adding to existing concerns around poor operating leverage and inconsistent cash flow.
The broker downgrades FY17 forecast EBITDA by -21% and FY18 by -18%. Confidence has been severely dented and the broker downgrades the target to $4.50 from $6.80. Hold rating retained.
Target price is $4.50 Current Price is $3.10 Difference: $1.4
If ACX meets the Deutsche Bank target it will return approximately 45% (excluding dividends, fees and charges).
Current consensus price target is $4.05, suggesting upside of 32.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 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 3.6, implying annual growth of 9.4%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 85.0. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 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 6.4, implying annual growth of 77.8%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 47.8. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates ACX as Neutral (3) -
Aconex has materially downgraded FY17 sales and earnings guidance. The issue is weak revenues not elevated costs or investment, the broker notes, which is surprising given the company's subscription-based model. The contribution from the Conject acquisition has been below expectation.
On the share price fall, the broker retains Neutral on a longer term belief in SaaS growth, while suggesting there is little near term valuation support at the new level. Aconex now needs to restore confidence with improved results. Target falls to $3.70 from $6.70.
Target price is $3.70 Current Price is $3.10 Difference: $0.6
If ACX meets the Macquarie target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $4.05, suggesting upside of 32.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 0.00 cents and EPS of 2.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 3.6, implying annual growth of 9.4%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 85.0. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 0.00 cents and EPS of 7.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.4, implying annual growth of 77.8%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 47.8. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates ACX as Overweight (1) -
The latest downgrade raises questions around the company's growth profile, predictability and momentum in the US and UK markets, in Morgan Stanley's view.
The broker questions how a business with 72% of its revenue locked in since July 1 can miss expectations twice on the trot. User-based agreements appear to have increased the volatility.
The broker expects the impact of the downgrade to linger. Target is reduced to $4.00 from $9.30, while an Overweight rating is retained based on the earnings power of the business. Industry view: In-Line.
Target price is $4.00 Current Price is $3.10 Difference: $0.9
If ACX meets the Morgan Stanley target it will return approximately 29% (excluding dividends, fees and charges).
Current consensus price target is $4.05, suggesting upside of 32.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 0.00 cents and EPS of 6.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 3.6, implying annual growth of 9.4%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 85.0. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 0.00 cents and EPS of 9.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.4, implying annual growth of 77.8%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 47.8. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates ACX as Neutral (3) -
The company has reduced FY17 guidance substantially. This is on the back of a number of factors, with UBS noting the key change since the AGM is lower-than-expected sales in the Americas.
Outside of the Americas, the UK continues to be weak while the rest of the world is in line with expectations.
Given the apparent slowdown in new revenue expectations, the broker has reduced confidence in FY18-19 guidance of 20-25% growth per annum and an EBITDA margin of 17-22%.
The broker reduces the target to $3.40 from $8.00. Post the significant fall in the share price, UBS maintains a Neutral rating.
Target price is $3.40 Current Price is $3.10 Difference: $0.3
If ACX meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $4.05, suggesting upside of 32.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 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 3.6, implying annual growth of 9.4%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 85.0. |
Forecast for FY18:
UBS forecasts a full year FY18 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 6.4, implying annual growth of 77.8%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 47.8. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates AMP as Add (1) -
Morgans lifts underlying FY16/FY17 forecasts for earnings per share by 2-3%. The broker retains a Add rating and raises the target to $5.73 from $5.59 as a result of the earnings changes.
Target price is $5.73 Current Price is $5.09 Difference: $0.64
If AMP meets the Morgans target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $5.36, suggesting upside of 7.2% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Morgans forecasts a full year FY16 dividend of 28.00 cents and EPS of 15.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 13.7, implying annual growth of -58.9%. Current consensus DPS estimate is 28.2, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 36.5. |
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 28.70 cents and EPS of 35.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.6, implying annual growth of 152.6%. Current consensus DPS estimate is 29.3, implying a prospective dividend yield of 5.9%. Current consensus EPS estimate suggests the PER is 14.5. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates ASX as Sell (5) -
Citi updates its model for first half volumes and upgrades FY17 estimates by 1.0%. Rolling forward valuation, the broker's target rises to $44.75 from $43.55.
Higher market capitalisation is a revenue tailwind, but Citi still considers the stock is expensive. Given its lacklustre growth profile the broker retains a Sell rating.
Target price is $44.75 Current Price is $49.19 Difference: minus $4.44 (current price is over target).
If ASX meets the Citi target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $46.70, suggesting downside of -6.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 203.40 cents and EPS of 226.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 224.7, implying annual growth of 2.0%. Current consensus DPS estimate is 201.8, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 22.2. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 212.60 cents and EPS of 236.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 236.9, implying annual growth of 5.4%. Current consensus DPS estimate is 211.6, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 21.1. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates ASX as Reduce (5) -
Morgans lifts FY17/F18 forecast for earnings per share by 1-3%, reflecting stronger derivative trading. Reduce rating retained. Target rises to $44.13 from $43.08.
Target price is $44.13 Current Price is $49.19 Difference: minus $5.06 (current price is over target).
If ASX meets the Morgans target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $46.70, suggesting downside of -6.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 206.80 cents and EPS of 229.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 224.7, implying annual growth of 2.0%. Current consensus DPS estimate is 201.8, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 22.2. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 217.30 cents and EPS of 241.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 236.9, implying annual growth of 5.4%. Current consensus DPS estimate is 211.6, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 21.1. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates ASX as Neutral (3) -
Looking at the key revenue drivers, UBS notes its interest rate futures model implies strong growth ahead, while the larger equity -related revenues appear set to grow closer to around 5% per annum.
This implies little upside risk to consensus forecasts over FY17 and FY18. Longer term, the broker believes the potential introduction of Blockchain technology is a key swing factor, potentially exposing the stock to greater competition in post-trade services.
Neutral retained. Target rises to $48.90 from $40.80.
Target price is $48.90 Current Price is $49.19 Difference: minus $0.29 (current price is over target).
If ASX meets the UBS target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $46.70, suggesting downside of -6.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 203.00 cents and EPS of 225.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 224.7, implying annual growth of 2.0%. Current consensus DPS estimate is 201.8, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 22.2. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 212.00 cents and EPS of 235.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 236.9, implying annual growth of 5.4%. Current consensus DPS estimate is 211.6, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 21.1. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates AWC as Underperform (5) -
The company received US$57.3m in distributions and capital returns from AWAC in the December quarter, of which US$48m was reinvested.
Credit Suisse expects 2017 to be strong, as alumina prices have remained healthy and volume guidance for 2017 is around 400,000 tonnes higher than anticipated.
The broker forecasts a US$0.12 dividend in 2017. Given 2016 restructuring charges the broker reduces its forecast 2016 dividend to US$0.07 per share. Underperform retained. Target is raised to $1.70 from $1.65.
Target price is $1.70 Current Price is $1.97 Difference: minus $0.265 (current price is over target).
If AWC meets the Credit Suisse target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $1.73, suggesting downside of -11.1% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Credit Suisse forecasts a full year FY16 dividend of 9.19 cents and EPS of 3.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 4.9, implying annual growth of N/A. Current consensus DPS estimate is 9.6, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 39.7. |
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 16.08 cents and EPS of 16.79 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.8, implying annual growth of 140.8%. Current consensus DPS estimate is 14.2, implying a prospective dividend yield of 7.3%. Current consensus EPS estimate suggests the PER is 16.5. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates BDR as Buy (1) -
December quarter production results signal 2016 was a much better year for the company, with gold production up and costs lower. 2016 gold production was up 19% and at the low end of 2016 guidance. 2016 costs were -14% below 2015.
Citi was expecting a further lift in 2017 but guidance suggests otherwise. The broker lowers its target price to $0.41 from $0.55. A Buy/High Risk rating is retained.
Target price is $0.41 Current Price is $0.30 Difference: $0.11
If BDR meets the Citi target it will return approximately 37% (excluding dividends, fees and charges).
Current consensus price target is $0.35, suggesting upside of 17.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Citi forecasts a full year FY16 dividend of 1.00 cents and EPS of 4.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 5.6, implying annual growth of N/A. Current consensus DPS estimate is 0.3, implying a prospective dividend yield of 1.0%. Current consensus EPS estimate suggests the PER is 5.4. |
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 0.00 cents and EPS of 2.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 4.3, implying annual growth of -23.2%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 7.0. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates BDR as Outperform (1) -
Beadell's Dec Q report featured a miss on gold production offset by lower costs, the broker notes. 2017 production guidance is lower than expected but exploration results continue to impress.
The broker believes the exploration potential of Tucano remains excellent and retains Outperform. Target rises to 35c from 30c.
Target price is $0.35 Current Price is $0.30 Difference: $0.05
If BDR meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $0.35, suggesting upside of 17.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Macquarie forecasts a full year FY16 dividend of 0.00 cents and EPS of 2.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 5.6, implying annual growth of N/A. Current consensus DPS estimate is 0.3, implying a prospective dividend yield of 1.0%. Current consensus EPS estimate suggests the PER is 5.4. |
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 0.00 cents and EPS of 2.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 4.3, implying annual growth of -23.2%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 7.0. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates BTT as Neutral (3) -
The stock offers exposure to a global franchise across wealth management stocks. UBS believes the strong track record of double-digit base fee growth and enviable operational leverage in recent years will be challenged.
The quest for further superior offshore growth has necessitated a step up in re-investment and the broker suspects recent management changes will hamper US expansion plans.
UBS re--initiates coverage with Neutral rating and $10.05 target.
Target price is $10.05 Current Price is $9.35 Difference: $0.7
If BTT meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $10.56, suggesting upside of 13.1% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 42.00 cents and EPS of 50.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 53.0, implying annual growth of 4.3%. Current consensus DPS estimate is 44.0, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 17.6. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 46.00 cents and EPS of 55.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 61.1, implying annual growth of 15.3%. Current consensus DPS estimate is 51.2, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 15.3. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates CGF as Sell (5) -
Citi factors in market adjustments for the first half and lifts its forecast core earnings per share estimate by 2% for FY17.
While sales growth is strong, the broker believes the impact of elevated maturities and lower normalised capital growth will dampen the impact on earnings.
Citi retains a Sell rating and continues to believe the stock is fully valued. Target is $10.
Target price is $10.00 Current Price is $11.06 Difference: minus $1.06 (current price is over target).
If CGF meets the Citi target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $10.22, suggesting downside of -6.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 34.50 cents and EPS of 66.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 65.5, implying annual growth of 12.0%. Current consensus DPS estimate is 34.4, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 16.8. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 36.50 cents and EPS of 71.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 71.6, implying annual growth of 9.3%. Current consensus DPS estimate is 37.2, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 15.3. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates CGF as Neutral (3) -
Challenger is one wealth manager UBS believes can buck the trend and deliver superior growth in funds under management relative to recent years. The key to this is the shift to lifetime annuities, providing stronger book growth as maturity rates slow.
The broker considers the company's price/earnings ratio of 16.1x appealing, but does not believe this captures the likely drag on free cash flow from the capital-intensive growth. UBS re-initiates coverage with a Neutral rating and $10.80 target.
Target price is $10.80 Current Price is $11.06 Difference: minus $0.26 (current price is over target).
If CGF meets the UBS target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $10.22, suggesting downside of -6.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 34.00 cents and EPS of 68.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 65.5, implying annual growth of 12.0%. Current consensus DPS estimate is 34.4, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 16.8. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 37.00 cents and EPS of 75.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 71.6, implying annual growth of 9.3%. Current consensus DPS estimate is 37.2, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 15.3. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates CIM as Resume Coverage: Neutral (-1) -
The broker has returned from research restriction to resume coverage with a Neutral rating and $35.02 target. A relatively solid result is expected this month featuring solid growth guidance.
Cimic is supported by the infrastructure theme and revenues are picking up, the broker notes. The buyback is also supportive but the broker believes valuation to be full and prefers Downer EDI ((DOW)) in the space.
Target price is $35.02 Current Price is $34.93 Difference: $0.09
If CIM meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $19.87, suggesting downside of -41.8% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Macquarie forecasts a full year FY16 dividend of 101.00 cents and EPS of 167.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 152.6, implying annual growth of -0.7%. Current consensus DPS estimate is 99.1, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 22.4. |
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 111.00 cents and EPS of 185.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 169.4, implying annual growth of 11.0%. Current consensus DPS estimate is 109.6, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 20.1. |
Market Sentiment: -1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates CPU as Add (1) -
Morgans downgrades FY17/FY18 earnings per share estimates by -3-4%. The changes primarily reflect lower top-line revenues because of a strengthening of the US dollar and softer activity in corporate actions.
Add rating retained. Target is raised to $13.35 from $12.75.
Target price is $13.35 Current Price is $12.83 Difference: $0.52
If CPU meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $11.09, suggesting downside of -14.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 35.00 cents and EPS of 53.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 69.4, implying annual growth of N/A. Current consensus DPS estimate is 36.8, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 18.7. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 37.00 cents and EPS of 59.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 74.4, implying annual growth of 7.2%. Current consensus DPS estimate is 39.6, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 17.4. |
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
Morgans rates CWY as Downgrade to Hold from Add (3) -
Morgans adjusts first half forecasts to show 1% revenue growth and a -1% decline in costs, to deliver 7% growth in EBITDA.
The target lifts to $1.19 from $1.13, to reflect the changes, largely because of the broker's oil price outlook.
Morgans downgrades to Hold from Add as, at current prices, the potential shareholder return is around 5%.
Target price is $1.19 Current Price is $1.15 Difference: $0.045
If CWY meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $1.11, suggesting downside of -3.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 2.40 cents and EPS of 4.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 4.2, implying annual growth of 50.0%. Current consensus DPS estimate is 2.1, implying a prospective dividend yield of 1.8%. Current consensus EPS estimate suggests the PER is 27.3. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 3.00 cents and EPS of 6.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 5.4, implying annual growth of 28.6%. Current consensus DPS estimate is 2.7, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 21.2. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates DOW as Neutral (3) -
Ahead of the first half results, Citi notes the share price has run hard and is now at its highest level since mid 2010. This reflects increasing cyclical confidence and success with two large rail contracts.
The broker believes the stock's multiple is starting to look relatively full, although exposure to the public infrastructure cycle should mean the shares remain well supported. Target is raised to $6.15 from $5.55. Neutral retained.
Target price is $6.15 Current Price is $6.35 Difference: minus $0.2 (current price is over target).
If DOW meets the Citi target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $5.54, suggesting downside of -11.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 24.00 cents and EPS of 36.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 38.9, implying annual growth of -3.5%. Current consensus DPS estimate is 24.1, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 16.0. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 24.00 cents and EPS of 38.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 40.7, implying annual growth of 4.6%. Current consensus DPS estimate is 24.1, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 15.3. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates GUD as Neutral (3) -
On a transfer of analyst the broker has lifted its target for GUD to $10.40 from $9.90. GUD has re-rated recently on a strong performance from auto and the divestment of the struggling Sunbeam brand, the new analyst notes.
This has brought the stock to fair value. Neutral retained.
Target price is $10.40 Current Price is $9.76 Difference: $0.64
If GUD meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $9.94, suggesting upside of 2.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 46.00 cents and EPS of 59.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 60.4, implying annual growth of N/A. Current consensus DPS estimate is 47.6, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 16.1. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 52.00 cents and EPS of 63.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 67.0, implying annual growth of 10.9%. Current consensus DPS estimate is 53.2, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 14.5. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates HGG as Neutral (3) -
Citi observes the performance of Janus amid a weak fourth-quarter is weighing on sentiment ahead of the merger.
While this does not affect the company's stand-alone valuation, the broker suspects it will weigh on short-term sentiment as the stocks are now likely to trade in tandem.
Synergies may ultimately prove attractive but there is too much uncertainty for now and Citi retains a Neutral rating. Target is reduced to $3.80 from $4.20.
Target price is $3.80 Current Price is $3.67 Difference: $0.13
If HGG meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $4.34, suggesting upside of 20.6% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Citi forecasts a full year FY16 dividend of 19.08 cents and EPS of 27.82 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.0, implying annual growth of N/A. Current consensus DPS estimate is 16.2, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 14.4. |
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 19.62 cents and EPS of 31.21 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 28.9, implying annual growth of 15.6%. Current consensus DPS estimate is 17.6, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 12.5. |
This company reports in GBP. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates IAG as Hold (3) -
Morgan's lifts FY17/FY18 forecasts for earnings per share by 4-6%. Changes reflect a mark-to-market of investment earnings and more favourable insurance margin expectations in FY18.
Hold rating retained. Target rises to $5.84 from $5.74.
Target price is $5.84 Current Price is $5.77 Difference: $0.07
If IAG meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $5.84, suggesting upside of 1.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 27.50 cents and EPS of 35.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 33.9, implying annual growth of 31.4%. Current consensus DPS estimate is 27.2, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 17.0. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 28.10 cents and EPS of 36.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 35.9, implying annual growth of 5.9%. Current consensus DPS estimate is 27.9, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 16.1. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates IFL as Neutral (3) -
Citi observes the advice business was strong in the December quarter and the platform reasonable. The broker was disappointed with the investment management, which experienced significant net outflows.
Citi lifts estimates for earnings per share in FY17 by 1.9% and FY18 by 2.4%. The broker retains a Neutral rating and raises the target to $8.60 from $8.20.
Target price is $8.60 Current Price is $9.07 Difference: minus $0.47 (current price is over target).
If IFL meets the Citi target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $8.88, suggesting downside of -2.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 53.00 cents and EPS of 55.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 56.5, implying annual growth of -13.9%. Current consensus DPS estimate is 53.0, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 16.1. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 55.00 cents and EPS of 60.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 61.4, implying annual growth of 8.7%. Current consensus DPS estimate is 55.3, implying a prospective dividend yield of 6.1%. Current consensus EPS estimate suggests the PER is 14.9. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates IFL as Outperform (1) -
December quarter fund flows were ahead of Credit Suisse, beating forecasts in the advice and platforms businesses. Weaker-than-expected benefits from market movements resulted in funds under management and advice being -1% below forecasts.
The broker notes flow momentum remains positive and cost savings should begin to flow through in the second half and FY18. Outperform and $9.50 target retained.
Target price is $9.50 Current Price is $9.07 Difference: $0.43
If IFL meets the Credit Suisse target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $8.88, suggesting downside of -2.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 52.00 cents and EPS of 58.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 56.5, implying annual growth of -13.9%. Current consensus DPS estimate is 53.0, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 16.1. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 59.00 cents and EPS of 65.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 61.4, implying annual growth of 8.7%. Current consensus DPS estimate is 55.3, implying a prospective dividend yield of 6.1%. Current consensus EPS estimate suggests the PER is 14.9. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates IFL as Sell (5) -
The company has diversified its operations across the wealth management value chain and UBS notes, fortuitously, it has avoided buying a life insurer in the process.
The broker remains cautious on two issues. Margin pressure is expected without a material acquisition and the broker believes the market is overstating the prospective growth in funds under management.
UBS re-initiates coverage with a Sell rating and $8.50 target.
Target price is $8.50 Current Price is $9.07 Difference: minus $0.57 (current price is over target).
If IFL meets the UBS target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $8.88, suggesting downside of -2.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 51.00 cents and EPS of 56.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 56.5, implying annual growth of -13.9%. Current consensus DPS estimate is 53.0, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 16.1. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 51.00 cents and EPS of 57.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 61.4, implying annual growth of 8.7%. Current consensus DPS estimate is 55.3, implying a prospective dividend yield of 6.1%. Current consensus EPS estimate suggests the PER is 14.9. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates IGO as Downgrade to Neutral from Outperform (3) -
December quarter production delivered in line with, or better than, guidance. Credit Suisse reduces FY17 revenue estimates by -3% and underlying EBITDA by -10%.
The broker assumes a modestly slower ramp up for Nova, given mine development rates in the December quarter fell short of internal targets.
With a potential relaxation of the ban on Indonesian nickel ore exports, the broker reduces the target to $4.00 from $4.50 and downgrades to Neutral from Outperform.
Target price is $4.00 Current Price is $3.92 Difference: $0.08
If IGO meets the Credit Suisse target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $4.08, suggesting upside of 6.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 4.00 cents and EPS of 13.01 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 10.4, implying annual growth of N/A. Current consensus DPS estimate is 3.5, implying a prospective dividend yield of 0.9%. Current consensus EPS estimate suggests the PER is 36.7. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 17.00 cents and EPS of 48.13 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 37.6, implying annual growth of 261.5%. Current consensus DPS estimate is 12.4, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 10.1. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates MFG as Buy (1) -
Investment underperformance over 2016 has led investors to question the company's growth story.
Nevertheless, with a long-term investment track record still intact, UBS believes the stock should continue to lead wealth management peers on funds- under-management growth.
UBS initiates coverage with a Buy rating and $27.30 target.
Target price is $27.30 Current Price is $23.44 Difference: $3.86
If MFG meets the UBS target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $26.08, suggesting upside of 10.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 89.00 cents and EPS of 116.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 111.9, implying annual growth of -9.4%. Current consensus DPS estimate is 84.2, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 21.1. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 85.00 cents and EPS of 111.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 128.5, implying annual growth of 14.8%. Current consensus DPS estimate is 96.3, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 18.3. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates MML as Sell/High Risk (5) -
Citi updates its model to account for the December quarter gold production. The quarter's output was in line with the broker's diminished expectations, following the FY17 downgrade earlier in the month.
Citi retains a Sell//High Risk rating and $0.45 target.
Target price is $0.45 Current Price is $0.40 Difference: $0.05
If MML meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $0.48, suggesting upside of 18.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 0.00 cents and EPS of 22.34 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.9, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 1.1. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 0.00 cents and EPS of 32.96 cents. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates MPL as Underweight (5) -
The stock is at the end of the upgrade cycle and the franchise is struggling. Hence, Morgan Stanley retains a Underweight rating. Industry feedback suggests hospital claims continue to normalise but remain below long-run averages.
As such, an upgrade appears unlikely and the broker expects holding onto margins in FY18 will be tougher, given lower rate increases. $2.40 target retained. Industry view: In-Line.
Target price is $2.40 Current Price is $2.69 Difference: minus $0.29 (current price is over target).
If MPL meets the Morgan Stanley target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $2.67, suggesting downside of -0.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 12.00 cents and EPS of 15.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.0, implying annual growth of -1.3%. Current consensus DPS estimate is 11.4, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 18.0. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 12.00 cents and EPS of 15.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.0, implying annual growth of N/A. Current consensus DPS estimate is 11.5, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 18.0. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates MQA as Outperform (1) -
The French cut in the tax rate to 28% from 33.3% will benefit Mac Atlas but not until 2020, the broker notes. Therefore the benefits are incremental. There may also a case before the court regarding withholding tax, the upshot of which is APRR won't be hit with the tax twice.
Given the French tax rate is still high there may be further cuts in the future, the broker suggests. The broker has adjusted longer dated earnings forecasts and raised its target to $6.15 from $5.90. Outperform retained.
Target price is $6.15 Current Price is $4.98 Difference: $1.17
If MQA meets the Macquarie target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $5.61, suggesting upside of 11.5% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Macquarie forecasts a full year FY16 dividend of 18.00 cents and EPS of 28.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.7, implying annual growth of 55.5%. Current consensus DPS estimate is 18.3, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 28.4. |
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 20.00 cents and EPS of 59.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 35.1, implying annual growth of 98.3%. Current consensus DPS estimate is 20.4, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 14.3. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates NCM as Buy (1) -
There were no surprises in the December quarter production result. The main metrics for 2017, in Citi's view, will be the tonnage mined at Cadia East and Lihir.
The broker lifts FY17 revenue estimates on a weaker assumption for the Australian dollar. The target is lowered to $24.15 from $24.60. Buy retained.
Target price is $24.15 Current Price is $21.45 Difference: $2.7
If NCM meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $20.48, suggesting downside of -5.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 30.77 cents and EPS of 104.21 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 78.0, implying annual growth of 33.8%. Current consensus DPS estimate is 18.3, implying a prospective dividend yield of 0.8%. Current consensus EPS estimate suggests the PER is 27.8. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 36.12 cents and EPS of 119.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 96.2, implying annual growth of 23.3%. Current consensus DPS estimate is 29.0, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 22.5. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates NCM as Underperform (5) -
December quarter production was flat after a soft September quarter. Credit Suisse makes few changes to its estimates.
FY17 guidance has been retained for 2.35-2.65m ounces at US$723-877/oz in costs despite a soft first half.
Underperform rating and $18.20 target retained.
Target price is $18.20 Current Price is $21.45 Difference: minus $3.25 (current price is over target).
If NCM meets the Credit Suisse target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $20.48, suggesting downside of -5.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 20.07 cents and EPS of 109.06 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 78.0, implying annual growth of 33.8%. Current consensus DPS estimate is 18.3, implying a prospective dividend yield of 0.8%. Current consensus EPS estimate suggests the PER is 27.8. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 53.51 cents and EPS of 160.47 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 96.2, implying annual growth of 23.3%. Current consensus DPS estimate is 29.0, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 22.5. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates NCM as Sell (5) -
The December quarter production was in line with Deutsche Bank estimates.. The broker estimates first half EBITDA of US$742m and a first-half dividend of eight cents per share.
Deutsche Bank retains a Sell rating and $16.90 target..
Target price is $16.90 Current Price is $21.45 Difference: minus $4.55 (current price is over target).
If NCM meets the Deutsche Bank target it will return approximately minus 21% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $20.48, suggesting downside of -5.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 17.00 cents and EPS of 56.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 78.0, implying annual growth of 33.8%. Current consensus DPS estimate is 18.3, implying a prospective dividend yield of 0.8%. Current consensus EPS estimate suggests the PER is 27.8. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 24.00 cents and EPS of 82.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 96.2, implying annual growth of 23.3%. Current consensus DPS estimate is 29.0, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 22.5. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates NCM as Downgrade to Neutral from Outperform (3) -
Newcrest's Dec Q production and sales were largely in line with Macquarie's forecasts. FY17 production guidance has been maintained for all projects. Modest earnings upgrades follow on a solid performance. Target rises to $23 from $20.
But the stock has had a solid run since December, outperforming the market and both local and global gold mining peers, the broker notes. With little upside apparent from the target, Macquarie downgrades to Neutral.
Target price is $23.00 Current Price is $21.45 Difference: $1.55
If NCM meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $20.48, suggesting downside of -5.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 18.00 cents and EPS of 60.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 78.0, implying annual growth of 33.8%. Current consensus DPS estimate is 18.3, implying a prospective dividend yield of 0.8%. Current consensus EPS estimate suggests the PER is 27.8. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 25.00 cents and EPS of 84.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 96.2, implying annual growth of 23.3%. Current consensus DPS estimate is 29.0, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 22.5. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates NCM as Upgrade to Equal-weight from Underweight (3) -
December quarter gold production met Morgan Stanley's estimates.The broker considers the metrics are fair and the free cash flow supportive and that the stock can be a defensive exposure in periods of volatility.
The broker believes the operational issues are dissipating, while margins and scale are robust. Morgan Stanley upgrades to Equal-weight from Underweight. Target is raised to $22.00 from $21.75. Industry view: Attractive.
Target price is $21.75 Current Price is $21.45 Difference: $0.3
If NCM meets the Morgan Stanley target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $20.48, suggesting downside of -5.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 0.00 cents and EPS of 81.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 78.0, implying annual growth of 33.8%. Current consensus DPS estimate is 18.3, implying a prospective dividend yield of 0.8%. Current consensus EPS estimate suggests the PER is 27.8. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 37.00 cents and EPS of 92.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 96.2, implying annual growth of 23.3%. Current consensus DPS estimate is 29.0, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 22.5. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates NCM as Add (1) -
December quarter production was above Morgans' estimates, with copper output a key positive. Gold price volatility remains the dominant catalyst, in the broker's opinion.
Add retained, as the broker envisages further upside potential, supported by a $27.16 target, raised from $26.66.
Target price is $27.16 Current Price is $21.45 Difference: $5.71
If NCM meets the Morgans target it will return approximately 27% (excluding dividends, fees and charges).
Current consensus price target is $20.48, suggesting downside of -5.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 18.00 cents and EPS of 90.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 78.0, implying annual growth of 33.8%. Current consensus DPS estimate is 18.3, implying a prospective dividend yield of 0.8%. Current consensus EPS estimate suggests the PER is 27.8. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 21.00 cents and EPS of 106.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 96.2, implying annual growth of 23.3%. Current consensus DPS estimate is 29.0, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 22.5. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates NCM as Lighten (4) -
Ord Minnett analysts seem pleased with the December quarter update, but it's the share price valuation that keeps the rating on Lighten. Target price rises to $19.50 from $17.
Noted: the broker's commodities team forecasts near-term downside for gold prices.
Target price is $19.50 Current Price is $21.45 Difference: minus $1.95 (current price is over target).
If NCM meets the Ord Minnett target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $20.48, suggesting downside of -5.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 28.00 cents and EPS of 74.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 78.0, implying annual growth of 33.8%. Current consensus DPS estimate is 18.3, implying a prospective dividend yield of 0.8%. Current consensus EPS estimate suggests the PER is 27.8. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 35.00 cents and EPS of 64.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 96.2, implying annual growth of 23.3%. Current consensus DPS estimate is 29.0, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 22.5. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates NCM as Sell (5) -
The December quarter result was in line with UBS. The broker notes the company has made solid strides in turning sentiment around over the past two years and operational consistency has improved while the balance sheet has strengthened.
Near term, the broker believes the company will trade along with gold price sentiment and should benefit from a lift in group production.
Over the longer term, re-investment and a declining production rate make the investment case less straightforward and the broker finds better value elsewhere. Sell maintained. Target is $13.17.
Target price is $13.17 Current Price is $21.45 Difference: minus $8.28 (current price is over target).
If NCM meets the UBS target it will return approximately minus 39% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $20.48, suggesting downside of -5.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 16.00 cents and EPS of 80.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 78.0, implying annual growth of 33.8%. Current consensus DPS estimate is 18.3, implying a prospective dividend yield of 0.8%. Current consensus EPS estimate suggests the PER is 27.8. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 25.00 cents and EPS of 126.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 96.2, implying annual growth of 23.3%. Current consensus DPS estimate is 29.0, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 22.5. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates NHF as Equal-weight (3) -
Industry feedback suggests hospital claims continue to normalise but remain below long-run averages.Morgan Stanley suspects the company's growth targets may prove challenging given slowing industry volume trends.
Equal-weight rating retained. Industry view: In-Line. Target is raised to $4.10 from $3.95.
Target price is $4.10 Current Price is $4.57 Difference: minus $0.47 (current price is over target).
If NHF meets the Morgan Stanley target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.66, suggesting upside of 1.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 16.25 cents and EPS of 24.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.0, implying annual growth of 13.2%. Current consensus DPS estimate is 15.7, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 19.1. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 17.10 cents and EPS of 26.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.3, implying annual growth of 5.4%. Current consensus DPS estimate is 16.6, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 18.1. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates NHF as Hold (3) -
Morgans lifts FY17/FY18 forecast earnings per share by 2%. Hold rating retained. Target rises to $4.78 from $4.39..
Target price is $4.78 Current Price is $4.57 Difference: $0.21
If NHF meets the Morgans target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $4.66, suggesting upside of 1.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 15.10 cents and EPS of 23.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.0, implying annual growth of 13.2%. Current consensus DPS estimate is 15.7, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 19.1. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 16.50 cents and EPS of 25.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.3, implying annual growth of 5.4%. Current consensus DPS estimate is 16.6, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 18.1. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates OGC as Buy/High Risk (1) -
The company met 2016 guidance, Citi observes, thanks to a low-cost December quarter. The broker envisages diminishing downside risk to Didipio, post the 2016 Philippines mine audit.
Citi retains the High Risk recommendation to its Buy rating, pending a formal confirmation of the company's licence to operate. Target is steady at $4.70.
Target price is $4.70 Current Price is $4.28 Difference: $0.42
If OGC meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $4.62, suggesting upside of 5.1% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Citi forecasts a full year FY16 dividend of 2.68 cents and EPS of 34.65 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.9, implying annual growth of N/A. Current consensus DPS estimate is 4.6, implying a prospective dividend yield of 1.0%. Current consensus EPS estimate suggests the PER is 13.8. |
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 4.01 cents and EPS of 26.89 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 52.4, implying annual growth of 64.3%. Current consensus DPS estimate is 4.2, implying a prospective dividend yield of 1.0%. Current consensus EPS estimate suggests the PER is 8.4. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates OGC as Outperform (1) -
December quarter was solid, in Credit Suisse's view, and 2016 guidance on volume and costs has been comfortably achieved.
2017 guidance is for 550-610,000 ounces at costs of US$600-650/oz, with the inclusion of Haile and higher grades at Coronation North. An update on reserves and resources is expected during the March quarter.
Credit Suisse retains an Outperform rating and $4.20 target.
Target price is $4.20 Current Price is $4.28 Difference: minus $0.08 (current price is over target).
If OGC meets the Credit Suisse target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.62, suggesting upside of 5.1% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Credit Suisse forecasts a full year FY16 dividend of 5.35 cents and EPS of 31.61 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.9, implying annual growth of N/A. Current consensus DPS estimate is 4.6, implying a prospective dividend yield of 1.0%. Current consensus EPS estimate suggests the PER is 13.8. |
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 2.68 cents and EPS of 55.64 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 52.4, implying annual growth of 64.3%. Current consensus DPS estimate is 4.2, implying a prospective dividend yield of 1.0%. Current consensus EPS estimate suggests the PER is 8.4. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates OGC as Sell (5) -
2016 production was consistent and in line with UBS. Output is expected to lift a 550-610,000 ounces, supported by Haile which should help to reduce costs.
The broker believes investors have been drawn to the company's sector-leading cost profile and operational diversification across continents.
Yet, until there is certainty on the operating outlook for Didipio, exposure to the stock is difficult to justify given alternative domestic exposures, in the broker's view.
Sell rating and $3.77 target retained.
Target price is $3.77 Current Price is $4.28 Difference: minus $0.51 (current price is over target).
If OGC meets the UBS target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.62, suggesting upside of 5.1% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
UBS forecasts a full year FY16 dividend of 6.69 cents and EPS of 32.11 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.9, implying annual growth of N/A. Current consensus DPS estimate is 4.6, implying a prospective dividend yield of 1.0%. Current consensus EPS estimate suggests the PER is 13.8. |
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 6.69 cents and EPS of 53.51 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 52.4, implying annual growth of 64.3%. Current consensus DPS estimate is 4.2, implying a prospective dividend yield of 1.0%. Current consensus EPS estimate suggests the PER is 8.4. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates ORE as Neutral/High Risk (3) -
December quarter production was in line with Citi's estimates, although sales and realised prices were below expectations because of shipping delays. This has driven earnings downgrades.
The broker maintains a Neutral/High Risk rating and $4.75 target, with the impact of the earnings downgrades offset by the addition of a 10,000 tonne per annum lithium hydroxide plant as part of the expansion.
Target price is $4.75 Current Price is $4.44 Difference: $0.31
If ORE meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $4.90, suggesting upside of 14.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 0.00 cents and EPS of 1.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -2.1, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is N/A. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 0.00 cents and EPS of 14.10 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 N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 66.6. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates OZL as Buy (1) -
The December quarter beat, or met, guidance on production and costs. The Carrapateena feasibility study could be a catalyst for the share price, in Citi's view.
The broker forecasts higher milling and underground mining rates in line with past performance and targets. Buy rating retained. Target rises to $10.50 from $10.20.
Target price is $10.50 Current Price is $9.08 Difference: $1.42
If OZL meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $8.01, suggesting downside of -10.5% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Citi forecasts a full year FY16 dividend of 12.00 cents and EPS of 42.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 38.6, implying annual growth of -10.0%. Current consensus DPS estimate is 12.4, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 23.2. |
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 8.00 cents and EPS of 82.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 51.4, implying annual growth of 33.2%. Current consensus DPS estimate is 13.4, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 17.4. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates OZL as Underperform (5) -
The December quarter production report signalled the company would meet 2016 guidance, at the lower end. The company has confirmed 2017 copper guidance of 105-115,000 tonnes.
Gold production guidance is reduced to 115-125,000 ounces from 125-135,000 ounces, without an adequate explanation in Credit Suisse's view.
Underperform rating and $7.15 target retained.
Target price is $7.15 Current Price is $9.08 Difference: minus $1.93 (current price is over target).
If OZL meets the Credit Suisse target it will return approximately minus 21% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $8.01, suggesting downside of -10.5% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Credit Suisse forecasts a full year FY16 dividend of 12.00 cents and EPS of 36.33 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 38.6, implying annual growth of -10.0%. Current consensus DPS estimate is 12.4, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 23.2. |
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 12.00 cents and EPS of 41.76 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 51.4, implying annual growth of 33.2%. Current consensus DPS estimate is 13.4, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 17.4. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates OZL as Neutral (3) -
OZ posted a beat against the broker's forecast on copper and gold production and a revised mine plan at Prominent Hill has materially improved the copper production outlook for 2018-19 at the expense of gold. The broker raises copper production forecasts, offset by lower gold production and higher costs.
Target rises to $9.30 from $8.40. Neutral retained as the broker awaits the Carrapateena feasibility study.
Target price is $9.30 Current Price is $9.08 Difference: $0.22
If OZL meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $8.01, suggesting downside of -10.5% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Macquarie forecasts a full year FY16 dividend of 19.00 cents and EPS of 38.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 38.6, implying annual growth of -10.0%. Current consensus DPS estimate is 12.4, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 23.2. |
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 19.00 cents and EPS of 43.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 51.4, implying annual growth of 33.2%. Current consensus DPS estimate is 13.4, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 17.4. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates OZL as Hold (3) -
Ord Minnett analysts observe the company is tracking well, operationally. It's the share price valuation that is keeping the analysts on Hold. Price target lifts to $8.50 from $8.10.
Noted: the stockbroker's commodities team is predicting copper prices will retrace toward US$2/lb in 2018.
Target price is $8.50 Current Price is $9.08 Difference: minus $0.58 (current price is over target).
If OZL meets the Ord Minnett target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $8.01, suggesting downside of -10.5% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Ord Minnett forecasts a full year FY16 dividend of 15.00 cents and EPS of 34.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 38.6, implying annual growth of -10.0%. Current consensus DPS estimate is 12.4, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 23.2. |
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 16.00 cents and EPS of 24.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 51.4, implying annual growth of 33.2%. Current consensus DPS estimate is 13.4, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 17.4. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates OZL as Buy (1) -
Copper production in the December quarter was in line with UBS forecasts while unit costs were lower, aided by better-than-expected gold production.
Copper production is set to decline but at a slower rate. Gold production has been trimmed as copper is prioritised. A higher and more consistent production rate should help reduce any negative perceptions associated with the decline in year-on-year production as the pit nears the end of its life, the broker believes.
UBS maintains a Buy rating and $9.50 target.
Target price is $9.50 Current Price is $9.08 Difference: $0.42
If OZL meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $8.01, suggesting downside of -10.5% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
UBS forecasts a full year FY16 dividend of 13.00 cents and EPS of 46.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 38.6, implying annual growth of -10.0%. Current consensus DPS estimate is 12.4, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 23.2. |
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 24.00 cents and EPS of 120.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 51.4, implying annual growth of 33.2%. Current consensus DPS estimate is 13.4, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 17.4. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates PPT as Sell (5) -
UBS believes the stock is one of the more disappointing wealth management stories in recent times given it is a trusted brand and has a consistently strong investment performance.
The broker calculates that not a single year in the last decade has returned positive net fund flows, post distributions. This is not expected to change and underperformance is likely to continue.
UBS re-initiates coverage with a Sell rating and $44.20 target.
Target price is $44.20 Current Price is $46.88 Difference: minus $2.68 (current price is over target).
If PPT meets the UBS target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $46.95, suggesting upside of 0.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 240.00 cents and EPS of 261.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 275.4, implying annual growth of -5.3%. Current consensus DPS estimate is 252.6, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 17.0. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 251.00 cents and EPS of 272.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 295.4, implying annual growth of 7.3%. Current consensus DPS estimate is 270.7, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 15.9. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates PRU as Neutral (3) -
While Perseus' Dec Q production was in line with the broker's expectation, second half production guidance has been further downgraded given reduced grades at Edikan. Sissingue will be delayed following a -20% resource reduction.
The broker retains Neutral as it awaits the release of a revised long term mine plan. Target falls to 37c from 40c.
Target price is $0.37 Current Price is $0.35 Difference: $0.025
If PRU meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $0.57, suggesting upside of 69.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 0.00 cents and EPS of minus 7.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -3.3, 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. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 0.00 cents and EPS of 6.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 3.1, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 10.8. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates QBE as Neutral (3) -
Speculation that Allianz has been in informal talks to acquire QBE remains just that. Credit Suisse notes there has been no statement from QBE confirming such discussions.
The broker does not believe QBE is cheap by global standards, and an offshore player would be making an expensive acquisition, although CS appreciates the temptation to turn to M&A as a possible source of growth.
The stock is starting to look expensive on fundamentals but Credit Suisse observes it has not traded on fundamentals for a very long time. Neutral rating and $12.60 target retained.
Target price is $12.60 Current Price is $12.35 Difference: $0.25
If QBE meets the Credit Suisse target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $11.95, suggesting downside of -5.5% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Credit Suisse forecasts a full year FY16 dividend of 81.61 cents and EPS of 78.93 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 70.6, implying annual growth of N/A. Current consensus DPS estimate is 60.9, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 17.9. |
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 76.25 cents and EPS of 81.61 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 83.8, implying annual growth of 18.7%. Current consensus DPS estimate is 62.6, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 15.1. |
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
Morgans rates QBE as Hold (3) -
Morgans lifts 2016 forecasts for earnings per share by 23%, mainly because of a significant favourable discount rate movement that is expected in the second half.
FY18 forecasts are lifted by around 5% on slightly improved insurance margin expectations. Hold rating retained. Target rises to $12.95 from $10.86.
Target price is $12.95 Current Price is $12.35 Difference: $0.6
If QBE meets the Morgans target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $11.95, suggesting downside of -5.5% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Morgans forecasts a full year FY16 dividend of 86.69 cents and EPS of 76.92 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 70.6, implying annual growth of N/A. Current consensus DPS estimate is 60.9, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 17.9. |
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 73.58 cents and EPS of 80.27 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 83.8, implying annual growth of 18.7%. Current consensus DPS estimate is 62.6, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 15.1. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates SDA as Outperform (1) -
SpeedCast has settled the Harris CapRock acquisition earlier than the broker had assumed, leading to additional earnings expectations for 2017. The acquisition is both earnings and valuation accretive.
The broker continues to believe in the demand for bandwidth theme and in industry consolidation opportunity. Outperform retained, target rises to $5.33 from $5.30.
Target price is $5.33 Current Price is $3.64 Difference: $1.69
If SDA meets the Macquarie target it will return approximately 46% (excluding dividends, fees and charges).
Current consensus price target is $4.45, suggesting upside of 23.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Macquarie forecasts a full year FY16 dividend of 4.90 cents and EPS of 12.70 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 7.0, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 21.5. |
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 9.70 cents and EPS of 24.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.6, implying annual growth of 52.4%. Current consensus DPS estimate is 10.5, implying a prospective dividend yield of 2.9%. 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
Deutsche Bank rates SGR as Buy (1) -
Deutsche Bank considers the acquisition of the Sheraton Grand Mirage Gold Coast in conjunction with Asian joint-venture partners is a minor positive, as it will complement the company's existing properties and expand its tourism offering.
The broker maintains a Buy rating and $6.40 target.
Target price is $6.40 Current Price is $4.85 Difference: $1.55
If SGR meets the Deutsche Bank target it will return approximately 32% (excluding dividends, fees and charges).
Current consensus price target is $6.31, suggesting upside of 31.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 15.00 cents and EPS of 30.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.1, implying annual growth of 23.3%. Current consensus DPS estimate is 14.9, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 16.5. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 17.00 cents and EPS of 33.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.8, implying annual growth of 9.3%. Current consensus DPS estimate is 16.5, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 15.1. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates SHL as Sell (5) -
The company has acquired Medical Laboratory Bremen for EUR63m, funded by cash and debt. The acquisition of Staber has also been completed. Citi continues to expect FY17 EBITDA growth of around 6%.
The broker believes weak organic growth has forced the company to scout for acquisitions and remains wary about the underlying growth in the business.
Sell rating and $19.33 target retained.
Target price is $19.33 Current Price is $21.19 Difference: minus $1.86 (current price is over target).
If SHL meets the Citi target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $23.00, suggesting upside of 10.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 80.00 cents and EPS of 109.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 109.0, implying annual growth of -0.9%. Current consensus DPS estimate is 77.4, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 19.2. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 86.00 cents and EPS of 119.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 121.0, implying annual growth of 11.0%. Current consensus DPS estimate is 83.8, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 17.3. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates SHL as Neutral (3) -
The company has signed binding agreements to acquire Medical Laboratory Bremen, a practice in the north-west of Germany. The purchase will be funded from existing cash and debt facilities.
Credit Suisse assumes the acquisition's EBITDA margin is currently around 30%. The broker also assumes standard cost synergies, with 50% achieved in the first year of ownership and 100% in year two.
Neutral retained. Target is raised to $22.20 from $21.75.
Target price is $22.20 Current Price is $21.19 Difference: $1.01
If SHL meets the Credit Suisse target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $23.00, suggesting upside of 10.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 77.00 cents and EPS of 108.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 109.0, implying annual growth of -0.9%. Current consensus DPS estimate is 77.4, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 19.2. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 81.00 cents and EPS of 119.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 121.0, implying annual growth of 11.0%. Current consensus DPS estimate is 83.8, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 17.3. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates SHL as Overweight (1) -
The company will acquire the German Medical Laboratory Bremen. Morgan Stanley observes there is ample balance-sheet capacity for further acquisitions.
The broker believes the US/Australian regulatory risk to FY17 has dissipated. Overweight rating reiterated.
The broker believes the market is prepared to look through adverse effects and pay a premium for structural volume growth and strong cash generation. Target is raised to $25.20 from $24.60. In-Line industry view retained.
Target price is $25.20 Current Price is $21.19 Difference: $4.01
If SHL meets the Morgan Stanley target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $23.00, suggesting upside of 10.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 82.80 cents and EPS of 107.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 109.0, implying annual growth of -0.9%. Current consensus DPS estimate is 77.4, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 19.2. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 90.50 cents and EPS of 117.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 121.0, implying annual growth of 11.0%. Current consensus DPS estimate is 83.8, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 17.3. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates SHL as Add (1) -
The company has increased its German footprint with the acquisition of Medical Laboratory Bremen for EUR63m. Morgans considers the deal favourable, with margin expansion via synergy gains and scale efficiencies.
The broker increases FY18-19 earnings estimates by up to 2%. Target rises to $26.01 from $25.75. Add rating retained.
Target price is $26.01 Current Price is $21.19 Difference: $4.82
If SHL meets the Morgans target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $23.00, suggesting upside of 10.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 76.00 cents and EPS of 115.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 109.0, implying annual growth of -0.9%. Current consensus DPS estimate is 77.4, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 19.2. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 88.00 cents and EPS of 134.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 121.0, implying annual growth of 11.0%. Current consensus DPS estimate is 83.8, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 17.3. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates SHL as Downgrade to Hold from Accumulate (3) -
Ord Minnett finds the announcement of yet another acquisition in Germany "encouraging", but otherwise is worried about weak demand in Australia and the USA. On this basis, the recommendation is being pulled back to Hold from Accumulate.
In addition, the analysts point at the lack of progress on the hoped-for reform of collections centres in Australia and pending funding cuts in the USA. Incorporating new FX forecasts has triggered mild reductions to estimates. Price target falls to $23 from $24.30. The analysts see little room for upside surprise.
Target price is $23.00 Current Price is $21.19 Difference: $1.81
If SHL meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $23.00, suggesting upside of 10.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 76.00 cents and EPS of 108.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 109.0, implying annual growth of -0.9%. Current consensus DPS estimate is 77.4, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 19.2. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 84.00 cents and EPS of 120.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 121.0, implying annual growth of 11.0%. Current consensus DPS estimate is 83.8, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 17.3. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates SHL as Neutral (3) -
The company will acquire Medical Laboratory Bremen in north-west Germany. The acquisition is expected to boost German revenues by around 5%.
UBS notes the company continues to add earnings adjacent to its footprint at high leverage but does confront reform risk in the US.
A Neutral rating is maintained. Target is $23.75.
Target price is $23.75 Current Price is $21.19 Difference: $2.56
If SHL meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $23.00, suggesting upside of 10.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 76.00 cents and EPS of 113.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 109.0, implying annual growth of -0.9%. Current consensus DPS estimate is 77.4, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 19.2. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 78.00 cents and EPS of 117.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 121.0, implying annual growth of 11.0%. Current consensus DPS estimate is 83.8, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 17.3. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates SRV as Buy (1) -
The company expects pre-tax profit around $47m in FY17 which compares with prior forecasts of "not less than $56m".
Following the downgraded guidance, UBS reduces FY17 occupancy expectations to 77.0% from 78.5%. The broker also incorporates more conservative revenue assumptions.
The cash balance remains strong and with this in mind the board has increased full year dividend guidance to $0.26 per share from $0.22 per share. UBS maintains a Buy rating and reduces the target to $6.75 from $7.95.
Target price is $6.75 Current Price is $6.05 Difference: $0.7
If SRV meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 26.00 cents and EPS of 39.00 cents. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 20.00 cents and EPS of 45.00 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates SUN as Hold (3) -
Morgan lifts FY17 and FY18 cash earnings per share estimates by around 1%. The changes reflect the recent natural hazard update and negative impact of bond yield movements in life insurance.
Hold rating retained. Target is raised to $13.75 from $13.10.
Target price is $13.75 Current Price is $13.04 Difference: $0.71
If SUN meets the Morgans target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $13.60, suggesting upside of 4.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 78.10 cents and EPS of 94.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 95.2, implying annual growth of 16.9%. Current consensus DPS estimate is 75.8, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 13.7. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 79.90 cents and EPS of 99.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 97.1, implying annual growth of 2.0%. Current consensus DPS estimate is 77.9, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 13.5. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates SYR as Outperform (1) -
Credit Suisse updates earnings estimates for December quarter results. Outperform rating retained. Target is $7.80.
Target price is $7.80 Current Price is $3.28 Difference: $4.52
If SYR meets the Credit Suisse target it will return approximately 138% (excluding dividends, fees and charges).
Current consensus price target is $5.31, suggesting upside of 74.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY16:
Credit Suisse forecasts a full year FY16 dividend of 0.00 cents and EPS of minus 4.25 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -4.7, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is N/A. |
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 0.00 cents and EPS of 5.82 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -1.4, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is N/A. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates SYR as Outperform (1) -
Construction at Balama remains on track but capex is creeping up, the broker notes. This is a concern, as while the balance sheet can fully fund construction the level of working capital required for ramp-up is a key risk, the broker suggests.
Outperform retained on Syrah. Target falls to $4.30 from $5.40.
Target price is $4.30 Current Price is $3.28 Difference: $1.02
If SYR meets the Macquarie target it will return approximately 31% (excluding dividends, fees and charges).
Current consensus price target is $5.31, suggesting upside of 74.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY16:
Macquarie forecasts a full year FY16 dividend of 0.00 cents and EPS of minus 6.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -4.7, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is N/A. |
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 0.00 cents and EPS of minus 7.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -1.4, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is N/A. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates SYR as Underweight (5) -
Capital expenditure estimates have again been increased, to US$200bn dollars from US$185m, attributed to increasing quantities arising from final detailed design.
Morgan Stanley notes the capital expenditure estimate is now 39% above the initial estimate. The broker retains a Underweight rating and $2.75 target. Industry view: Attractive.
Target price is $2.75 Current Price is $3.28 Difference: minus $0.53 (current price is over target).
If SYR meets the Morgan Stanley target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $5.31, suggesting upside of 74.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY16:
Morgan Stanley forecasts a full year FY16 dividend of 0.00 cents and EPS of minus 6.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -4.7, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is N/A. |
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 0.00 cents and EPS of minus 4.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -1.4, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is N/A. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates TAH as Outperform (1) -
A 15% South Australian point-of-consumption wagering tax has been legislated to take effect July 1, 2017. This may pave the way for other states to implement a similar tax, Credit Suisse observes.
In such a tax regime, Tabcorp's relative cost position should improve as corporate bookmakers are likely to wear most of the tax increase.
The broker assumes the merger with Tatts ((TTS)) is executed from FY18. Outperform and $5.35 target retained.
Target price is $5.35 Current Price is $4.71 Difference: $0.64
If TAH meets the Credit Suisse target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $4.82, suggesting upside of 1.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 24.00 cents and EPS of 22.35 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.7, implying annual growth of 16.2%. Current consensus DPS estimate is 25.0, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 20.0. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 24.00 cents and EPS of 23.75 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.4, implying annual growth of 11.4%. Current consensus DPS estimate is 27.6, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 17.9. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates TWE as Sell (5) -
Excluding Diageo and FX movements, Citi still expects growth to impress in the first half at 37%.
Some of the factors are temporary, such as the earlier timing of Chinese New Year and an usually large Penfolds price rise, and second half growth is expected to ease back to 17%.
While earnings momentum is strong, at a price/earnings ratio of 28.4x on FY17 estimates, the company needs to beat consensus expectations substantially, in the broker's view. Sell rating retained. Target rises to $9.60 from $9.20.
Target price is $9.60 Current Price is $11.56 Difference: minus $1.96 (current price is over target).
If TWE meets the Citi target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $10.90, suggesting downside of -6.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 26.00 cents and EPS of 40.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 38.4, implying annual growth of 53.0%. Current consensus DPS estimate is 25.5, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 30.2. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 31.50 cents and EPS of 50.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 46.0, implying annual growth of 19.8%. Current consensus DPS estimate is 30.3, implying a prospective dividend yield of 2.6%. Current consensus EPS estimate suggests the PER is 25.2. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates VRL as Buy (1) -
The analysts have reduced forecasts on the back of a disappointing performance of the theme park operations in the all-important December-January period. FY17 and FY18 EPS estimates have been cut by -15% and -12% respectively.
This opens up a problem with debt. Ord Minnett is now anticipating a significant cut in dividends; to 15c for the full year from 28c in FY16. The analysts point out the only sustainable solution will be to sell assets, in particular with cinema operations to come under pressure from increased competition.
Target price falls to $4.74 from $5.37. Buy rating retained with the additional tag of "High Risk". The analysts highlight the company's "unhealthy balance sheet" that needs to be resolved sooner rather than later.
Target price is $4.74 Current Price is $3.98 Difference: $0.76
If VRL meets the Ord Minnett target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $4.34, suggesting upside of 9.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 15.00 cents and EPS of 11.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 22.4, implying annual growth of 128.6%. Current consensus DPS estimate is 23.8, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 17.8. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 18.20 cents and EPS of 30.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.8, implying annual growth of 42.0%. Current consensus DPS estimate is 25.1, implying a prospective dividend yield of 6.3%. Current consensus EPS estimate suggests the PER is 12.5. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Summaries
| ACX - | ACONEX | Buy - Citi | Overnight Price $3.10 |
| Outperform - Credit Suisse | Overnight Price $3.10 | ||
| Hold - Deutsche Bank | Overnight Price $3.10 | ||
| Neutral - Macquarie | Overnight Price $3.10 | ||
| Overweight - Morgan Stanley | Overnight Price $3.10 | ||
| Neutral - UBS | Overnight Price $3.10 | ||
| AMP - | AMP | Add - Morgans | Overnight Price $5.09 |
| ASX - | ASX | Sell - Citi | Overnight Price $49.19 |
| Reduce - Morgans | Overnight Price $49.19 | ||
| Neutral - UBS | Overnight Price $49.19 | ||
| AWC - | ALUMINA | Underperform - Credit Suisse | Overnight Price $1.97 |
| BDR - | BEADELL RESOURCES | Buy - Citi | Overnight Price $0.30 |
| Outperform - Macquarie | Overnight Price $0.30 | ||
| BTT - | BT INVEST MANAGEMENT | Neutral - UBS | Overnight Price $9.35 |
| CGF - | CHALLENGER | Sell - Citi | Overnight Price $11.06 |
| Neutral - UBS | Overnight Price $11.06 | ||
| CIM - | CIMIC GROUP | Resume Coverage: Neutral - Macquarie | Overnight Price $34.93 |
| CPU - | COMPUTERSHARE | Add - Morgans | Overnight Price $12.83 |
| CWY - | CLEANAWAY WASTE MANAGEMENT | Downgrade to Hold from Add - Morgans | Overnight Price $1.15 |
| DOW - | DOWNER EDI | Neutral - Citi | Overnight Price $6.35 |
| GUD - | G.U.D. HOLDINGS | Neutral - Macquarie | Overnight Price $9.76 |
| HGG - | HENDERSON GROUP | Neutral - Citi | Overnight Price $3.67 |
| IAG - | INSURANCE AUSTRALIA | Hold - Morgans | Overnight Price $5.77 |
| IFL - | IOOF HOLDINGS | Neutral - Citi | Overnight Price $9.07 |
| Outperform - Credit Suisse | Overnight Price $9.07 | ||
| Sell - UBS | Overnight Price $9.07 | ||
| IGO - | INDEPENDENCE GROUP | Downgrade to Neutral from Outperform - Credit Suisse | Overnight Price $3.92 |
| MFG - | MAGELLAN FINANCIAL GROUP | Buy - UBS | Overnight Price $23.44 |
| MML - | MEDUSA MINING | Sell/High Risk - Citi | Overnight Price $0.40 |
| MPL - | MEDIBANK PRIVATE | Underweight - Morgan Stanley | Overnight Price $2.69 |
| MQA - | MACQUARIE ATLAS ROADS | Outperform - Macquarie | Overnight Price $4.98 |
| NCM - | NEWCREST MINING | Buy - Citi | Overnight Price $21.45 |
| Underperform - Credit Suisse | Overnight Price $21.45 | ||
| Sell - Deutsche Bank | Overnight Price $21.45 | ||
| Downgrade to Neutral from Outperform - Macquarie | Overnight Price $21.45 | ||
| Upgrade to Equal-weight from Underweight - Morgan Stanley | Overnight Price $21.45 | ||
| Add - Morgans | Overnight Price $21.45 | ||
| Lighten - Ord Minnett | Overnight Price $21.45 | ||
| Sell - UBS | Overnight Price $21.45 | ||
| NHF - | NIB HOLDINGS | Equal-weight - Morgan Stanley | Overnight Price $4.57 |
| Hold - Morgans | Overnight Price $4.57 | ||
| OGC - | OCEANAGOLD | Buy/High Risk - Citi | Overnight Price $4.28 |
| Outperform - Credit Suisse | Overnight Price $4.28 | ||
| Sell - UBS | Overnight Price $4.28 | ||
| ORE - | OROCOBRE | Neutral/High Risk - Citi | Overnight Price $4.44 |
| OZL - | OZ MINERALS | Buy - Citi | Overnight Price $9.08 |
| Underperform - Credit Suisse | Overnight Price $9.08 | ||
| Neutral - Macquarie | Overnight Price $9.08 | ||
| Hold - Ord Minnett | Overnight Price $9.08 | ||
| Buy - UBS | Overnight Price $9.08 | ||
| PPT - | PERPETUAL | Sell - UBS | Overnight Price $46.88 |
| PRU - | PERSEUS MINING | Neutral - Macquarie | Overnight Price $0.35 |
| QBE - | QBE INSURANCE | Neutral - Credit Suisse | Overnight Price $12.35 |
| Hold - Morgans | Overnight Price $12.35 | ||
| SDA - | SPEEDCAST INTERN | Outperform - Macquarie | Overnight Price $3.64 |
| SGR - | STAR ENTERTAINMENT | Buy - Deutsche Bank | Overnight Price $4.85 |
| SHL - | SONIC HEALTHCARE | Sell - Citi | Overnight Price $21.19 |
| Neutral - Credit Suisse | Overnight Price $21.19 | ||
| Overweight - Morgan Stanley | Overnight Price $21.19 | ||
| Add - Morgans | Overnight Price $21.19 | ||
| Downgrade to Hold from Accumulate - Ord Minnett | Overnight Price $21.19 | ||
| Neutral - UBS | Overnight Price $21.19 | ||
| SRV - | SERVCORP | Buy - UBS | Overnight Price $6.05 |
| SUN - | SUNCORP | Hold - Morgans | Overnight Price $13.04 |
| SYR - | SYRAH RESOURCES | Outperform - Credit Suisse | Overnight Price $3.28 |
| Outperform - Macquarie | Overnight Price $3.28 | ||
| Underweight - Morgan Stanley | Overnight Price $3.28 | ||
| TAH - | TABCORP HOLDINGS | Outperform - Credit Suisse | Overnight Price $4.71 |
| TWE - | TREASURY WINE ESTATES | Sell - Citi | Overnight Price $11.56 |
| VRL - | VILLAGE ROADSHOW | Buy - Ord Minnett | Overnight Price $3.98 |
RATING SUMMARY
| Rating | No. Of Recommendations |
| 1. Buy | 25 |
| 3. Hold | 27 |
| 4. Reduce | 1 |
| 5. Sell | 16 |
Tuesday 31 January 2017
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Disclaimer:
The content of this information does in no way reflect the opinions of
FNArena, or of its journalists. In fact we don't have any opinion about
the stock market, its value, future direction or individual shares. FNArena solely reports about what the main experts in the market note, believe
and comment on. By doing so we believe we provide intelligent investors
with a valuable tool that helps them in making up their own minds, reading
market trends and getting a feel for what is happening beneath the surface.
This document is provided for informational purposes only. It does not
constitute an offer to sell or a solicitation to buy any security or other
financial instrument. FNArena employs very experienced journalists who
base their work on information believed to be reliable and accurate, though
no guarantee is given that the daily report is accurate or complete. Investors
should contact their personal adviser before making any investment decision.
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