Australian Broker Call
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May 06, 2019
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COMPANIES DISCUSSED IN THIS ISSUE
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The number next to the symbol represents the number of brokers covering it for this report -(if more than 1).
Last Updated: 05:00 PM
Your daily news report on the latest recommendation, valuation, forecast and opinion changes.
This report includes concise but limited reviews of research recently published by Stockbrokers, which should be considered as information concerning likely market behaviour rather than advice on the securities mentioned. Do not act on the contents of this Report without first reading the important information included at the end.
For more info about the different terms used by stockbrokers, as well as the different methodologies behind similar sounding ratings, download our guide HERE
Today's Upgrades and Downgrades
JHG - | JANUS HENDERSON GROUP | Downgrade to Neutral from Outperform | Macquarie |
MQG - | MACQUARIE GROUP | Downgrade to Hold from Accumulate | Ord Minnett |
NCK - | NICK SCALI | Downgrade to Sell from Neutral | Citi |
NWL - | NETWEALTH GROUP | Downgrade to Accumulate from Buy | Ord Minnett |
RMD - | RESMED | Upgrade to Buy from Neutral | UBS |
TAH - | TABCORP HOLDINGS | Downgrade to Neutral from Outperform | Credit Suisse |
Overnight Price: $15.05
Citi rates A2M as Neutral (3) -
Citi analysts have returned from a recent trip to China with the conclusion that competition in the a2 milk segment has lessened, which should benefit the market leader, a2 Milk. The analysts report Wyeth’s Illuma Atwo has largely disappeared from MBS shelves (same licensing issues that have been dogging Bellamy's).
Equally important, the analysts believe rising dairy commodities prices have not reduced margins at the company, also because of a positive mix-shift towards infant formula which makes up 81% of sales. Forecasts have been lifted to the tune of 2%-4%.
Target price jumps by 8% to $15.80. Citi believes a2 Milk continues to enjoy strong operational momentum. Neutral rating retained.
Target price is $15.80 Current Price is $15.05 Difference: $0.75
If A2M meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $13.93, suggesting downside of -7.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 0.00 cents and EPS of 37.69 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 37.7, implying annual growth of N/A. Current consensus DPS estimate is 1.6, implying a prospective dividend yield of 0.1%. Current consensus EPS estimate suggests the PER is 39.9. |
Forecast for FY20:
Citi forecasts a full year FY20 dividend of 9.34 cents and EPS of 51.18 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 48.1, implying annual growth of 27.6%. Current consensus DPS estimate is 7.1, implying a prospective dividend yield of 0.5%. Current consensus EPS estimate suggests the PER is 31.3. |
This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates AMP as Hold (3) -
March quarter funds under management revealed worsening cash flows in the quarter. Uncertainty continues around both the impact from the Royal Commission and risks relating to dealing with the regulator.
Offsetting this, Ord Minnett notes there are good businesses within the bank and AMP CI and there is some prospect of monetising the investment in advice. The capital position is also strong and the share price depressed.
The wildcard for the broker is what the impact of the Labor Party's franking policy will be on self managed super funds and if AMP platforms will benefit. Target is reduced to $2.17 from $2.35. Hold maintained.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $2.17 Current Price is $2.22 Difference: minus $0.05 (current price is over target).
If AMP meets the Ord Minnett target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $2.25, suggesting upside of 1.5% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 13.00 cents and EPS of 20.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.7, implying annual growth of 1770.0%. Current consensus DPS estimate is 13.4, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 11.9. |
Forecast for FY20:
Ord Minnett forecasts a full year FY20 dividend of 14.00 cents and EPS of 18.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.1, implying annual growth of -8.6%. Current consensus DPS estimate is 15.0, implying a prospective dividend yield of 6.8%. Current consensus EPS estimate suggests the PER is 13.0. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $74.66
Deutsche Bank rates ASX as Sell (5) -
FY19 is shaping up to be a strong year for ASX, Deutsche Bank believes. Derivatives continue to post higher volumes. Uncertainty regarding the direction of interest rates has been a driver of volumes in futures and increased swap activity.
Cash equity markets are also elevated in terms of volatility and volume, the broker notes. Capital raisings were slower in April, as the impact of an election and volatile markets meant conditions worsened. Sell rating and $59.70 target maintained.
Target price is $59.70 Current Price is $74.66 Difference: minus $14.96 (current price is over target).
If ASX meets the Deutsche Bank target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $60.10, suggesting downside of -19.5% (ex-dividends)
Forecast for FY19:
Current consensus EPS estimate is 254.1, implying annual growth of 5.7%. Current consensus DPS estimate is 227.7, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 29.4. |
Forecast for FY20:
Current consensus EPS estimate is 262.7, implying annual growth of 3.4%. Current consensus DPS estimate is 234.7, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 28.4. |
Market Sentiment: -0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
AZJ AURIZON HOLDINGS LIMITED
Transportation & Logistics
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Overnight Price: $4.82
Credit Suisse rates AZJ as Outperform (1) -
Aurizon has announced a new 10-year commercial agreement with its coal mine customers for pricing its Queensland network. If agreed to by the regulator, this will replace some parts of the four-year UT5 regulatory decision.
Credit Suisse observes the network has suffered from a dysfunctional regulatory environment in the past six or so years and this new deal could significantly improve investor views of the quality of the network business.
Outperform rating maintained. Target is raised to $5.50 from $4.90.
Target price is $5.50 Current Price is $4.82 Difference: $0.68
If AZJ meets the Credit Suisse target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $4.72, suggesting downside of -2.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 22.30 cents and EPS of 22.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 22.1, implying annual growth of -17.8%. Current consensus DPS estimate is 22.7, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 21.8. |
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 27.00 cents and EPS of 26.97 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.4, implying annual growth of 14.9%. Current consensus DPS estimate is 25.5, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 19.0. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates AZJ as Hold (3) -
Aurizon has announced an agreement with the majority of its customers for a revised undertaking for the Queensland coal network.
Deutsche Bank maintains its network forecasts but believes the agreement highlights a material improvement in the relationship between the company's network and many of its major coal customers.
As well, there is the potential for reduced regulatory and operating risk going forward. This underpins an increase to the broker's price target of $0.50 to $4.80. Hold retained.
Target price is $4.80 Current Price is $4.82 Difference: minus $0.02 (current price is over target).
If AZJ meets the Deutsche Bank target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.72, suggesting downside of -2.1% (ex-dividends)
Forecast for FY19:
Current consensus EPS estimate is 22.1, implying annual growth of -17.8%. Current consensus DPS estimate is 22.7, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 21.8. |
Forecast for FY20:
Current consensus EPS estimate is 25.4, implying annual growth of 14.9%. Current consensus DPS estimate is 25.5, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 19.0. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates AZJ as Neutral (3) -
Aurizon has reached a 10-year haulage agreement with 11 miners that surpasses the QCA agreement. QCA still has to agree, and an independent expert must also make an assessment. Critical to a sign-off is that no miner is discriminated against.
The broker suggests Friday's share price rally sufficiently captured the upside for Aurizon. Target rises to $4.71 from $4.49, Neutral retained.
Target price is $4.71 Current Price is $4.82 Difference: minus $0.11 (current price is over target).
If AZJ meets the Macquarie target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.72, suggesting downside of -2.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 22.00 cents and EPS of 22.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 22.1, implying annual growth of -17.8%. Current consensus DPS estimate is 22.7, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 21.8. |
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 26.90 cents and EPS of 27.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.4, implying annual growth of 14.9%. Current consensus DPS estimate is 25.5, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 19.0. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates AZJ as Equal-weight (3) -
Morgan Stanley believes the network arrangement with 90% of the company's customers per volume, if approved, will enhance the customer alignment and long-term certainty.
The company has also indicated it seeks to be fair and equitable to the 10% of customers that have not engaged in the discussion as well as any other access seeker. The broker envisages little reason why the Queensland Competition Authority would object.
Equal-weight rating. Target is raised to $5.01 from $4.50. Industry view: Cautious.
Target price is $5.01 Current Price is $4.82 Difference: $0.19
If AZJ meets the Morgan Stanley target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $4.72, suggesting downside of -2.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 21.70 cents and EPS of 22.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 22.1, implying annual growth of -17.8%. Current consensus DPS estimate is 22.7, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 21.8. |
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 dividend of 24.90 cents and EPS of 24.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.4, implying annual growth of 14.9%. Current consensus DPS estimate is 25.5, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 19.0. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates AZJ as Neutral (3) -
UBS believes the agreement with Queensland miners represents a significant step forward in minimising uncertainty around the network's commercial framework. Financially, the deal is less significant, in that if everything goes right it will add around $40m to earnings.
There is still some residual risk in that the agreement needs to be approved by the regulator. Effectively, Aurizon has agreed to some downside participation in network performance from which it was previously protected.
UBS maintains a Neutral rating and raises the target to $4.80 from $4.60.
Target price is $4.80 Current Price is $4.82 Difference: minus $0.02 (current price is over target).
If AZJ meets the UBS target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.72, suggesting downside of -2.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 27.00 cents and EPS of 22.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 22.1, implying annual growth of -17.8%. Current consensus DPS estimate is 22.7, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 21.8. |
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 27.00 cents and EPS of 27.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.4, implying annual growth of 14.9%. Current consensus DPS estimate is 25.5, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 19.0. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
BIN BINGO INDUSTRIES LIMITED
Industrial Sector Contractors & Engineers
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Overnight Price: $1.77
Morgans rates BIN as Add (1) -
Morgans found no new negative news to trouble the market from the company's update. The company faces the slowdown in building and demolition waste in Sydney but a number of other earnings levers should mean solid earnings growth.
Headwinds in multi-dwelling, residential construction are expected to continue but be partly offset by work from infrastructure projects. The broker maintains an Add rating and reduces the target to $2.06 from $2.08.
Target price is $2.06 Current Price is $1.77 Difference: $0.29
If BIN meets the Morgans target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $2.02, suggesting upside of 14.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 3.70 cents and EPS of 6.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.8, implying annual growth of -22.0%. Current consensus DPS estimate is 3.3, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 22.7. |
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 3.40 cents and EPS of 10.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 10.6, implying annual growth of 35.9%. Current consensus DPS estimate is 3.9, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 16.7. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $18.31
Credit Suisse rates CPU as Neutral (3) -
Credit Suisse notes several concerns investors have with Computershare. Significantly, the prospects of interest-rate reductions and the reduced profitability in the UKAR contract in FY21.
The broker makes modest downgrades to earnings estimates but finds a more positive investment case can still be made. The stock remains one of the broker's preferred exposures while interest-rate cuts are considered manageable.
The broker envisages scope for a further -US$65m in cost initiatives. Credit Suisse reiterates a Neutral rating and $19 target, given the potential for negative sentiment in the short term.
Target price is $19.00 Current Price is $18.31 Difference: $0.69
If CPU meets the Credit Suisse target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $17.91, suggesting downside of -2.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 62.14 cents and EPS of 97.92 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 102.1, implying annual growth of N/A. Current consensus DPS estimate is 54.7, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 17.9. |
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 66.28 cents and EPS of 102.78 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 108.1, implying annual growth of 5.9%. Current consensus DPS estimate is 71.8, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 16.9. |
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
FPH FISHER & PAYKEL HEALTHCARE CORPORATION LIMITED
Medical Equipment & Devices
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Overnight Price: $14.56
UBS rates FPH as Sell (5) -
UBS analysis signals relatively subdued revenue growth in the second half because of a weaker hospital flu season in OSA market share losses.
Despite the trends, the share price is close to its highs and trading on a PE that is well above global medical device peers, in the broker's view. Online sales show ongoing market share losses for the company and the last six months, particularly in the full-face category.
UBS reiterates a Sell rating. NZ$12.60 target.
Current Price is $14.56. Target price not assessed.
Current consensus price target is N/A
The company's fiscal year ends in March.
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 21.95 cents and EPS of 33.06 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.6, implying annual growth of N/A. Current consensus DPS estimate is 22.3, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 42.1. |
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 28.95 cents and EPS of 41.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 42.1, implying annual growth of 21.7%. Current consensus DPS estimate is 27.7, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 34.6. |
This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: -0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $13.18
Ord Minnett rates GMG as Sell (5) -
Ord Minnett reviews its forecasts for Goodman Group and takes a more optimistic view on performance fees. Most of the managed funds are in the money and the broker expects further capitalisation rate compression in Australasia.
This should underpin development margins and performance fees out to FY21. Ord Minnett maintains a Sell rating on valuation grounds and increases the target to $11.50 from $10.00. The broker forecasts 10% growth in earnings per share in FY19.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $11.50 Current Price is $13.18 Difference: minus $1.68 (current price is over target).
If GMG meets the Ord Minnett target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $12.73, suggesting downside of -3.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 30.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 51.3, implying annual growth of -16.0%. Current consensus DPS estimate is 30.0, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 25.7. |
Forecast for FY20:
Ord Minnett forecasts a full year FY20 dividend of 30.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 55.8, implying annual growth of 8.8%. Current consensus DPS estimate is 30.4, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 23.6. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
HUB HUB24 LIMITED
Wealth Management & Investments
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Overnight Price: $15.07
Ord Minnett rates HUB as Buy (1) -
While there is limited valuation headroom, Ord Minnett believes the federal election brings a potentially significant catalyst for the platform sector. Labor's proposed ban on franked credit refunds will affect the self managed super (SMSF) sector, where around 30% of assets are in pension phase and therefore benefiting from refunds.
Pooled superannuation vehicles managing tax as a single entity can use pension member franking credits to offset accumulation member taxes. Many platform superannuation funds have a structural tax advantage over SMSFs. While other superannuation funds will also be able to leverage this benefit, the broker observes only platforms come with many of the investment management freedoms afforded an SMSF.
Ord Minnett observes the leading specialist platforms are winning more than their fair share of industry churn while incumbent businesses are losing flows to industry funds. The broker estimates the company could double its superannuation assets with pension transitions and still be able to offer pension members refunds of their credits. Should this occur there could be 50-60% upside for the Netwealth target.The broker retains a Buy rating and raises the target to $15.95 from $13.71. Ord Minnett retains a preference for HUB24.
Target price is $15.95 Current Price is $15.07 Difference: $0.88
If HUB meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $13.51, suggesting downside of -10.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 5.50 cents and EPS of 20.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.4, implying annual growth of 33.7%. Current consensus DPS estimate is 5.3, implying a prospective dividend yield of 0.4%. Current consensus EPS estimate suggests the PER is 91.9. |
Forecast for FY20:
Ord Minnett forecasts a full year FY20 dividend of 10.90 cents and EPS of 39.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.7, implying annual growth of 81.1%. Current consensus DPS estimate is 9.8, implying a prospective dividend yield of 0.7%. Current consensus EPS estimate suggests the PER is 50.7. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
JHG JANUS HENDERSON GROUP PLC.
Wealth Management & Investments
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Overnight Price: $31.33
Macquarie rates JHG as Downgrade to Neutral from Outperform (3) -
Janus Henderson's March Q result fell short of the broker, with net outflows continuing to disappoint and fee margins also lower. Macquarie had seen value in the stock for some time and a re-rating had been underway, but with no sign of flow momentum improving the broker now pulls back to Neutral.
The stock is trading at a -25% discount to the five-year average PE and some -42% discount to listed fund managers but Macquarie sees limited scope for outperformance from here. Target falls to $36.00 from $39.50.
Target price is $36.00 Current Price is $31.33 Difference: $4.67
If JHG meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $34.83, suggesting upside of 11.2% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 198.84 cents and EPS of 345.21 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 360.1, implying annual growth of N/A. Current consensus DPS estimate is 206.5, implying a prospective dividend yield of 6.6%. Current consensus EPS estimate suggests the PER is 8.7. |
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 204.36 cents and EPS of 342.45 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 373.9, implying annual growth of 3.8%. Current consensus DPS estimate is 215.6, implying a prospective dividend yield of 6.9%. 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: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
MQG MACQUARIE GROUP LIMITED
Wealth Management & Investments
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Overnight Price: $125.62
Citi rates MQG as Neutral (3) -
Citi had been on the more cautious side when it comes to projecting the future growth path for Macquarie Group, and the analysts have spotted plenty to temper their enthusiasm in the company's latest financial update, including a surprising negative profit contribution from the annuity style businesses.
All-in-all, Macquarie's FY19 report is seen as yet another "outstanding" performance, with group profits likely to remain near record highs, but with the cautious guidance issued likely to weigh upon consensus forecasts.
Estimates have been lowered by -3%-9%. Target price falls by -1% to $123.50. Neutral rating retained with Citi's updated forecasts implying further growth will be a lot harder to achieve from here onwards.
Target price is $123.50 Current Price is $125.62 Difference: minus $2.12 (current price is over target).
If MQG meets the Citi target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $128.39, suggesting upside of 2.2% (ex-dividends)
The company's fiscal year ends in March.
Forecast for FY20:
Citi forecasts a full year FY20 dividend of 580.00 cents and EPS of 851.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 865.6, implying annual growth of N/A. Current consensus DPS estimate is 583.0, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 14.5. |
Forecast for FY21:
Citi forecasts a full year FY21 dividend of 580.00 cents and EPS of 842.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 885.0, implying annual growth of 2.2%. Current consensus DPS estimate is 597.0, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 14.2. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates MQG as Outperform (1) -
FY19 earnings were in line with Credit Suisse forecasts. The broker believes the risk in this result was always going to be if Macquarie Group moved away from its initial commentary of being "broadly in line".
Strict interpretation of "slightly down" may lead some to downgrade earnings but the broker believes there is a degree of conservatism in the outlook and it will only be a matter of time until guidance of "broadly in line" is reinstated.
Outperform and $135 target retained.
Target price is $135.00 Current Price is $125.62 Difference: $9.38
If MQG meets the Credit Suisse target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $128.39, suggesting upside of 2.2% (ex-dividends)
The company's fiscal year ends in March.
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 585.00 cents and EPS of 904.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 865.6, implying annual growth of N/A. Current consensus DPS estimate is 583.0, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 14.5. |
Forecast for FY21:
Credit Suisse forecasts a full year FY21 dividend of 595.00 cents and EPS of 925.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 885.0, implying annual growth of 2.2%. Current consensus DPS estimate is 597.0, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 14.2. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates MQG as Hold (3) -
FY19 net profit was in line with expectations. Deutsche Bank suspects the outlook may disappoint some investors as Macquarie Group has guided to FY20 net profit being "slightly down" on FY19.
Hold rating and $115 target maintained.
Target price is $115.00 Current Price is $125.62 Difference: minus $10.62 (current price is over target).
If MQG meets the Deutsche Bank target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $128.39, suggesting upside of 2.2% (ex-dividends)
Forecast for FY20:
Current consensus EPS estimate is 865.6, implying annual growth of N/A. Current consensus DPS estimate is 583.0, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 14.5. |
Forecast for FY21:
Current consensus EPS estimate is 885.0, implying annual growth of 2.2%. Current consensus DPS estimate is 597.0, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 14.2. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates MQG as Overweight (1) -
Morgan Stanley assesses the main question for Macquarie Group is whether guidance for lower FY20 earnings is conservative or if the record FY19 result is hard to repeat. The broker suspects it is the former, as the group has several levers on both revenue and costs.
Morgan Stanley envisages scope to reduce expenses and, at the same time, a weaker Australian dollar should provide a tailwind while a -1% reduction in the compensation ratio could add 3% to profit.
The broker maintains an Overweight rating and reduces the target to $136 from $140. In-Line industry view maintained.
Target price is $136.00 Current Price is $125.62 Difference: $10.38
If MQG meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $128.39, suggesting upside of 2.2% (ex-dividends)
The company's fiscal year ends in March.
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 dividend of 596.00 cents and EPS of 851.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 865.6, implying annual growth of N/A. Current consensus DPS estimate is 583.0, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 14.5. |
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 dividend of 614.00 cents and EPS of 874.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 885.0, implying annual growth of 2.2%. Current consensus DPS estimate is 597.0, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 14.2. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates MQG as Add (1) -
FY19 results were strong and net profit up 17%. FY20 guidance was softer than expected, with Macquarie Group suggesting net profit may be slightly down on FY19. Morgans reduces estimates for earnings per share by -5-7%.
Even accounting for management being typically conservative, the broker believes guidance is a downgrade on consensus expectations, pointing out the dividend in the second half was below forecasts and the pay-out ratio remains at the lower end of the target range of 60-80%.
Add rating maintained as the stock is considered inexpensive. Target is raised to $134.20 from $132.20.
Target price is $134.20 Current Price is $125.62 Difference: $8.58
If MQG meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $128.39, suggesting upside of 2.2% (ex-dividends)
The company's fiscal year ends in March.
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 559.00 cents and EPS of 867.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 865.6, implying annual growth of N/A. Current consensus DPS estimate is 583.0, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 14.5. |
Forecast for FY21:
Morgans forecasts a full year FY21 dividend of 581.00 cents and EPS of 900.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 885.0, implying annual growth of 2.2%. Current consensus DPS estimate is 597.0, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 14.2. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates MQG as Downgrade to Hold from Accumulate (3) -
FY19 net profit was slightly ahead of Ord Minnett's forecast. The result was more heavily reliant on lower-quality items than the broker expected, with gains on sale and performance fees contributing 30% of net operating income in the second half.
Hence, the broker is not surprised the FY20 outlook commentary was disappointing. Based on Ord Minnett's estimates, valuation is only fair for a stock trading on a forecast 15x FY20 PE multiple and with lower quality earnings mix than in recent years.
Rating is downgraded to Hold from Accumulate and the target lowered to $130 from $133.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $130.00 Current Price is $125.62 Difference: $4.38
If MQG meets the Ord Minnett target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $128.39, suggesting upside of 2.2% (ex-dividends)
The company's fiscal year ends in March.
Forecast for FY20:
Ord Minnett forecasts a full year FY20 dividend of 595.00 cents and EPS of 859.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 865.6, implying annual growth of N/A. Current consensus DPS estimate is 583.0, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 14.5. |
Forecast for FY21:
Ord Minnett forecasts a full year FY21 dividend of 615.00 cents and EPS of 895.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 885.0, implying annual growth of 2.2%. Current consensus DPS estimate is 597.0, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 14.2. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates MQG as Neutral (3) -
With a positive operating environment for most of Macquarie Group's businesses, UBS notes revenue rose 19% In the second half. While market conditions remain generally positive, the broker understands why the company is providing more cautious guidance.
UBS reduces forecast by -6% for FY20 and -7% for FY21. However, the broker would not be surprised to witness larger downgrades to consensus.
UBS remains cautious about capitalising more volatile revenue streams at this stage of the cycle. The broker expects the stock to be range bound until earnings momentum is restored. Neutral rating and $125 target maintained.
Target price is $125.00 Current Price is $125.62 Difference: minus $0.62 (current price is over target).
If MQG meets the UBS target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $128.39, suggesting upside of 2.2% (ex-dividends)
The company's fiscal year ends in March.
Forecast for FY20:
UBS forecasts a full year FY20 EPS of 861.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 865.6, implying annual growth of N/A. Current consensus DPS estimate is 583.0, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 14.5. |
Forecast for FY21:
UBS forecasts a full year FY21 EPS of 873.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 885.0, implying annual growth of 2.2%. Current consensus DPS estimate is 597.0, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 14.2. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
MTO MOTORCYCLE HOLDINGS LIMITED
Automobiles & Components
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Overnight Price: $1.26
Morgans rates MTO as Hold (3) -
FY19 earnings guidance (EBITDA) of $16.5-17.5m is lower than Morgans had expected. The company's cost reduction strategy commenced during the second half but has not been sufficient to offset the material decline in new motorcycle sales.
Morgans observes the national new motorcycle sales industry is in its third year of decline, down over -30% in total over that period. While the broker believes it will turn around at some point there is difficulty assessing just when.
Hold rating maintained. Target is reduced to $1.32 from $1.63.
Target price is $1.32 Current Price is $1.26 Difference: $0.06
If MTO meets the Morgans target it will return approximately 5% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 0.00 cents and EPS of 15.00 cents. |
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 0.00 cents and EPS of 14.00 cents. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $25.93
UBS rates NAB as Sell (5) -
First half results were broadly in line with UBS estimates. The broker believes the decision to strengthen the balance sheet is prudent because of a highly uncertain environment.
Credit growth slowed sharply in the later months of the half, following the bank's decision to re-price its mortgage book and stabilise its net interest margin.
The broker is positive about this decision, believing now is not the right time to be growing credit aggressively. Sell rating and $23 target maintained.
Target price is $23.00 Current Price is $25.93 Difference: minus $2.93 (current price is over target).
If NAB meets the UBS target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $26.53, suggesting upside of 2.3% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY19:
UBS forecasts a full year FY19 EPS of 198.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 208.8, implying annual growth of -3.2%. Current consensus DPS estimate is 166.0, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 12.4. |
Forecast for FY20:
UBS forecasts a full year FY20 EPS of 201.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 221.8, implying annual growth of 6.2%. Current consensus DPS estimate is 164.8, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 11.7. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $5.80
Citi rates NCK as Downgrade to Sell from Neutral (5) -
Downward pressure from declining house prices are intensifying with plenty of profit downgrades being issued by small cap companies being impacted. Analysts at Citi don't think Nick Scali will remain immune either.
The analysts have reduced estimates by -4%-5%. Target price falls to $5.35 from $5.60. Downgrade to Sell from Neutral.
Target price is $5.35 Current Price is $5.80 Difference: minus $0.45 (current price is over target).
If NCK meets the Citi target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
NWL NETWEALTH GROUP LIMITED
Wealth Management & Investments
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Overnight Price: $9.70
Ord Minnett rates NWL as Downgrade to Accumulate from Buy (2) -
While there is limited valuation headroom, Ord Minnett believes the federal election brings a potentially significant catalyst for the platform sector. Labor's proposed ban on franked credit refunds will affect the self managed super (SMSF) sector, where around 30% of assets are in pension phase and therefore benefiting from refunds. Pooled superannuation vehicles managing tax as a single entity can use pension member franking credits to offset accumulation member taxes. Many platform superannuation funds have a structural tax advantage over SMSFs.
While other superannuation funds will also be able to leverage this benefit, the broker observes only platforms come with many of the investment management freedoms afforded an SMSF. Ord Minnett observes the leading specialist platforms are winning more than their fair share of industry churn while incumbent businesses are losing flows to industry funds.
The broker estimates the company could double its superannuation assets with pension transitions and still be able to offer pension members refunds of their credits. Should this occur there could be 30-40% upside for the Netwealth target. Rating is downgraded to Accumulate from Buy and the target raised to $9.57 from $8.14.
Target price is $9.57 Current Price is $9.70 Difference: minus $0.13 (current price is over target).
If NWL meets the Ord Minnett target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $8.35, suggesting downside of -13.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 12.30 cents and EPS of 14.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 14.6, implying annual growth of 73.0%. Current consensus DPS estimate is 11.6, implying a prospective dividend yield of 1.2%. Current consensus EPS estimate suggests the PER is 66.4. |
Forecast for FY20:
Ord Minnett forecasts a full year FY20 dividend of 15.60 cents and EPS of 18.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.6, implying annual growth of 27.4%. Current consensus DPS estimate is 14.3, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 52.2. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $16.03
Citi rates RMD as Neutral (3) -
Citi believes the business is excellent, albeit fairly valued. The company gained market share in masks in the March quarter on a strong uptake of new products. The broker expects the three masks launched in the last 12 months will continue to drive growth in FY20.
The broker notes Brightree's growth has decelerated to the mid-high single digits in the last three quarters. Aside from management confidence, Citi finds no evidence there will be a return to prior growth rates.
Citi upgrades estimates for earnings per share for FY19 and FY20 by 3% and 1% respectively. Neutral maintained. Target is raised to $16.30 from $14.70.
Target price is $16.30 Current Price is $16.03 Difference: $0.27
If RMD meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $16.45, suggesting upside of 2.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 21.27 cents and EPS of 49.43 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 51.5, implying annual growth of N/A. Current consensus DPS estimate is 21.5, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 31.1. |
Forecast for FY20:
Citi forecasts a full year FY20 dividend of 24.30 cents and EPS of 51.71 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 55.2, implying annual growth of 7.2%. Current consensus DPS estimate is 23.0, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 29.0. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates RMD as Outperform (1) -
March quarter earnings (EBIT) were up 6.6% and ahead of Credit Suisse estimates. Mask growth was strong, at 13% and 12% in the US and the rest of the world, respectively. Gross margin of 59.2% was up 100 basis points on the prior year and benefited from manufacturing/procurement efficiencies and changes in the product mix.
Amid increased investment in the data platforms, the broker is upbeat on the company's ability to improve the quality of care to patients in the home setting and increase its penetration within the sleep and COPD markets.
Outperform rating maintained. Target rises to $17.30 from $15.35.
Target price is $17.30 Current Price is $16.03 Difference: $1.27
If RMD meets the Credit Suisse target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $16.45, suggesting upside of 2.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 20.71 cents and EPS of 49.21 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 51.5, implying annual growth of N/A. Current consensus DPS estimate is 21.5, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 31.1. |
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 21.82 cents and EPS of 52.07 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 55.2, implying annual growth of 7.2%. Current consensus DPS estimate is 23.0, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 29.0. |
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
Deutsche Bank rates RMD as Buy (1) -
March quarter results alleviated concerns that growth was slowing in the core sleep business. The company is achieving a benefit from fixed cost leverage, with Deutsche Bank noting EBITDA margin expansion of 106 basis points.
The broker maintains a positive outlook and forecasts 12% growth in earnings per share in FY19-22. Buy rating and US$127 target maintained.
Current Price is $16.03. Target price not assessed.
Current consensus price target is $16.45, suggesting upside of 2.6% (ex-dividends)
Forecast for FY19:
Current consensus EPS estimate is 51.5, implying annual growth of N/A. Current consensus DPS estimate is 21.5, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 31.1. |
Forecast for FY20:
Current consensus EPS estimate is 55.2, implying annual growth of 7.2%. Current consensus DPS estimate is 23.0, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 29.0. |
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
Macquarie rates RMD as Underperform (5) -
ResMed's March Q result beat the broker on lower operating expenses. The broker believes its forecasts sufficiently capture potential for increased penetration in masks, and improvements in mask re-supply and manufacturing efficiencies.
The stock is trading at a 30% PE premium to a basket of international medical device companies compared to a 21% average, the broker notes, implying little impact from competitor mask launches or longer term risk from competing technologies. Underperform retained. Target rises to $14.25 from $13.70.
Target price is $14.25 Current Price is $16.03 Difference: minus $1.78 (current price is over target).
If RMD meets the Macquarie target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $16.45, suggesting upside of 2.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 20.71 cents and EPS of 49.71 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 51.5, implying annual growth of N/A. Current consensus DPS estimate is 21.5, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 31.1. |
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 21.96 cents and EPS of 50.95 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 55.2, implying annual growth of 7.2%. Current consensus DPS estimate is 23.0, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 29.0. |
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
Morgans rates RMD as Add (1) -
March quarter results beat Morgans' forecasts as double-digit sales growth returned amid strength in the company's leading connected-care offering.
Morgans continues to believe the business is well-positioned, and an expanded digital platform will offer solutions for re-supply, lower set-up costs and improve patient adherence rates.
Add rating maintained. Target rises to $17.34 from $16.31.
Target price is $17.34 Current Price is $16.03 Difference: $1.31
If RMD meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $16.45, suggesting upside of 2.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 20.57 cents and EPS of 51.64 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 51.5, implying annual growth of N/A. Current consensus DPS estimate is 21.5, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 31.1. |
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 23.06 cents and EPS of 59.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 55.2, implying annual growth of 7.2%. Current consensus DPS estimate is 23.0, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 29.0. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates RMD as Hold (3) -
Revenue in the March quarter of US$662.2m was up 12% and ahead of Ord Minnett's forecasts. Operating profit beat estimates, largely because of lower-than-expected R&D and interest expense.
While ResMed delivered a strong result from the core sleep business, the broker is cautious about fully extrapolating this trend because of the volatility in historical results.
Despite only limited evidence that the Brightree franchise has recovered after the unexpected slowdown in the second quarter, Ord Minnett maintains a Hold rating. Target is raised to $16.50 from $13.40.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $16.50 Current Price is $16.03 Difference: $0.47
If RMD meets the Ord Minnett target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $16.45, suggesting upside of 2.6% (ex-dividends)
Forecast for FY19:
Current consensus EPS estimate is 51.5, implying annual growth of N/A. Current consensus DPS estimate is 21.5, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 31.1. |
Forecast for FY20:
Current consensus EPS estimate is 55.2, implying annual growth of 7.2%. Current consensus DPS estimate is 23.0, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 29.0. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates RMD as Upgrade to Buy from Neutral (1) -
UBS upgrades estimates for earnings per share by 5% and increases the rating to Buy from Neutral. Results in the March quarter were well ahead of expectations. Mask growth stood out and new products and re-supply performed well.
The broker believes the success of Brightree and opportunities from recently-released analytics means market saturation will not occur in the short to medium term. Target is raised to US$119 from US$109.
Current Price is $16.03. Target price not assessed.
Current consensus price target is $16.45, suggesting upside of 2.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 20.71 cents and EPS of 49.99 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 51.5, implying annual growth of N/A. Current consensus DPS estimate is 21.5, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 31.1. |
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 21.82 cents and EPS of 52.33 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 55.2, implying annual growth of 7.2%. Current consensus DPS estimate is 23.0, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 29.0. |
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
Overnight Price: $1.10
Macquarie rates RSG as Outperform (1) -
Resolute Mining posted a strong quarter of production thanks to Tabakoroni providing a record at Syama. Syama Sulphides and Ravenswood were soft, the broker notes, as the company prioritises development of Syama Underground automation.
The ramp-up of Syama Underground is key in 2019, the broker suggests, while Tabakoroni offers resource upgrade potential. Outperform and $1.60 target retained.
Target price is $1.60 Current Price is $1.10 Difference: $0.5
If RSG meets the Macquarie target it will return approximately 45% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 0.00 cents and EPS of 21.40 cents. |
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 0.00 cents and EPS of 31.50 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $1.91
Deutsche Bank rates SLC as Hold (3) -
The company has received another conditional and non-binding proposal from QIC Private Capital. The revised proposal is $1.95 a share. This represents a 33% premium to the closing price on April 2 and a 7% premium to the last close.
Deutsche Bank notes the offer includes a three-week due diligence period commencing on April 28. Hold rating and $1.95 target.
Target price is $1.95 Current Price is $1.91 Difference: $0.04
If SLC meets the Deutsche Bank target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $2.11, suggesting upside of 10.6% (ex-dividends)
Forecast for FY19:
Current consensus EPS estimate is -4.5, 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 FY20:
Current consensus EPS estimate is -1.0, 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: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates SLC as Overweight (1) -
Morgan Stanley notes the company has received a revised proposal from QIC at $1.95 a share. The board has granted three weeks of exclusive due diligence to establish whether a binding transaction can be agreed.
The broker believes the indicative proposal highlights the underlying value of the company's infrastructure assets. Overweight rating. Industry view is In-Line. Target is 1.75.
Target price is $1.75 Current Price is $1.91 Difference: minus $0.16 (current price is over target).
If SLC meets the Morgan Stanley target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $2.11, suggesting upside of 10.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 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 -4.5, 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 FY20:
Morgan Stanley forecasts a full year FY20 dividend of 0.00 cents and EPS of minus 2.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -1.0, 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: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates SLC as Add (1) -
The company has received a $1.95 per share indicative bid, which sits below valuation in Morgans' view. The broker considers the offer highly opportunistic and there is no certainty anything will be finalised.
The broker values the stock at $2.11 a share and would argue this is a conservative valuation. Morgans makes no changes to forecasts but now applies a 25% control premium to valuation and sets the target at $2.64. Add rating maintained.
The broker considers the organic investment case is compelling, as the assets have been built and paid for and the cost base is set.
Target price is $2.64 Current Price is $1.91 Difference: $0.73
If SLC meets the Morgans target it will return approximately 38% (excluding dividends, fees and charges).
Current consensus price target is $2.11, suggesting upside of 10.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 0.00 cents and EPS of minus 2.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -4.5, 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 FY20:
Morgans forecasts a full year FY20 dividend of 0.00 cents and EPS of 0.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -1.0, 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: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $4.66
Credit Suisse rates TAH as Downgrade to Neutral from Outperform (3) -
Credit Suisse is reducing the rating to Neutral from Outperform and considers FY20 likely to be a 'no growth' year. Higher depreciation has reduced FY20-21 forecasts for earnings per share by around -3%. Lower wagering revenue projections have also shaved -1-2% off estimates.
The broker points out Tabcorp had the opportunity to update investors at the investor forum on April 30 and, not only did it not disclose revenue, cautioned against intense competition. Target is steady at $5.05.
Target price is $5.05 Current Price is $4.66 Difference: $0.39
If TAH meets the Credit Suisse target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $5.05, suggesting upside of 8.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 22.00 cents and EPS of 19.43 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.5, implying annual growth of 926.3%. Current consensus DPS estimate is 21.2, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 23.9. |
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 22.00 cents and EPS of 19.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 21.5, implying annual growth of 10.3%. Current consensus DPS estimate is 22.7, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 21.7. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $6.85
Morgan Stanley rates TPM as Overweight (1) -
The Australian Competition and Consumer Commission will announce its decision on the TPG Telecom/Vodafone Australia merger on May 9. Morgan Stanley expects the merger will be approved, as TPG Telecom has now ceased the roll-out of its mobile network.
However, there is considerable uncertainty as, to help mitigate the risk of competition decreasing, the ACCC may impose some conditions on the merger.The broker maintains an Overweight rating and $7.15 target. Industry view is In-Line.
Target price is $7.15 Current Price is $6.85 Difference: $0.3
If TPM meets the Morgan Stanley target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $6.50, suggesting downside of -5.1% (ex-dividends)
The company's fiscal year ends in July.
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 EPS of 39.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 36.7, implying annual growth of -14.3%. Current consensus DPS estimate is 4.4, implying a prospective dividend yield of 0.6%. Current consensus EPS estimate suggests the PER is 18.7. |
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 EPS of 25.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.5, implying annual growth of -33.2%. Current consensus DPS estimate is 3.2, implying a prospective dividend yield of 0.5%. Current consensus EPS estimate suggests the PER is 28.0. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
VLW VILLA WORLD LIMITED
Infra & Property Developers
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Overnight Price: $2.30
Morgans rates VLW as Hold (3) -
The company has received a revised proposal from AVID Property Group at $2.345 a share, a 5.2% increase on the original proposal. The board intends to recommend the revised offer and has granted due diligence.
Morgans also notes that Ho Bee Land, the larger shareholder, has increased its stake to 11.62% and will have a large influence on the outcome. A competing offer is considered possible, although unlikely.
Hold rating maintained. Target is set at $2.35, from $1.90, in line with the offer.
Target price is $2.35 Current Price is $2.30 Difference: $0.05
If VLW meets the Morgans target it will return approximately 2% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 15.00 cents and EPS of 19.00 cents. |
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 15.00 cents and EPS of 20.00 cents. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $27.12
Citi rates WBC as Buy (1) -
Citi analysts are disappointed by Westpac's interim update, citing top line disappointment marred by the combination of cyclical, structural and self-imposed impacts. The bottom line missed market consensus and Citi's expectations.
The analysts suggest Westpac is likely to experience a rather subdued FY19, with the bank working through its strategy in exiting advice and addressing the cost base in a difficult operating environment. Citi is keeping the faith in a better FY20.
Target price is $30.00 Current Price is $27.12 Difference: $2.88
If WBC meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $27.06, suggesting downside of -0.2% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 188.00 cents and EPS of 215.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 210.4, implying annual growth of -10.9%. Current consensus DPS estimate is 188.0, implying a prospective dividend yield of 6.9%. Current consensus EPS estimate suggests the PER is 12.9. |
Forecast for FY20:
Citi forecasts a full year FY20 dividend of 188.00 cents and EPS of 235.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 231.2, implying annual growth of 9.9%. Current consensus DPS estimate is 191.3, implying a prospective dividend yield of 7.1%. Current consensus EPS estimate suggests the PER is 11.7. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates WBC as Neutral (3) -
Underlying, Macquarie analysts believe Westpac's interim report slightly disappointed, and will lead to a downward adjustment in market consensus forecasts. As expected, the bank introduced the discount on its DRP to support capital generation during a period of earnings weakness while leaving its dividend unchanged.
Macquarie thinks the share price is likely to come under pressure. Impairments are lower than forecast, but the analysts also point out Westpac now has the lowest capital position in the sector in Australia. Neutral. Target $27.
Target price is $27.00 Current Price is $27.12 Difference: minus $0.12 (current price is over target).
If WBC meets the Macquarie target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $27.06, suggesting downside of -0.2% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 188.00 cents and EPS of 204.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 210.4, implying annual growth of -10.9%. Current consensus DPS estimate is 188.0, implying a prospective dividend yield of 6.9%. Current consensus EPS estimate suggests the PER is 12.9. |
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 188.00 cents and EPS of 217.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 231.2, implying annual growth of 9.9%. Current consensus DPS estimate is 191.3, implying a prospective dividend yield of 7.1%. Current consensus EPS estimate suggests the PER is 11.7. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
WGN WAGNERS HOLDING COMPANY LIMITED
Building Products & Services
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Overnight Price: $1.85
Macquarie rates WGN as Underperform (5) -
Wagners has downgraded FY earnings guidance by -$10m to $25-28m due to the ongoing dispute with Boral ((BLD)) and challenging market conditions. The broker takes this to imply a deterioration in Wagners' pricing power and believes downside risks have intensified.
Target falls to $1.55 from $1.70, Underperform retained.
Target price is $1.55 Current Price is $1.85 Difference: minus $0.3 (current price is over target).
If WGN meets the Macquarie target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $2.17, suggesting upside of 17.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 3.50 cents and EPS of 7.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 8.1, implying annual growth of -52.6%. Current consensus DPS estimate is 4.2, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 22.8. |
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 4.60 cents and EPS of 7.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 8.5, implying annual growth of 4.9%. Current consensus DPS estimate is 5.3, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 21.8. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Today's Price Target Changes
Company | Broker | New Target | Prev Target | Change | |
A2M | A2 MILK | Citi | 15.80 | 14.60 | 8.22% |
AMP | AMP | Ord Minnett | 2.17 | 2.35 | -7.66% |
AZJ | AURIZON HOLDINGS | Credit Suisse | 5.50 | 4.90 | 12.24% |
Deutsche Bank | 4.80 | 4.30 | 11.63% | ||
Macquarie | 4.71 | 4.49 | 4.90% | ||
Morgan Stanley | 5.01 | 4.50 | 11.33% | ||
UBS | 4.80 | 4.60 | 4.35% | ||
BIN | BINGO INDUSTRIES | Morgans | 2.06 | 2.08 | -0.96% |
GMG | GOODMAN GRP | Ord Minnett | 11.50 | 10.00 | 15.00% |
HUB | HUB24 | Ord Minnett | 15.95 | 13.71 | 16.34% |
JHG | JANUS HENDERSON GROUP | Macquarie | 36.00 | 39.50 | -8.86% |
MQG | MACQUARIE GROUP | Citi | 123.50 | 125.00 | -1.20% |
Morgan Stanley | 136.00 | 140.00 | -2.86% | ||
Morgans | 134.20 | 132.20 | 1.51% | ||
Ord Minnett | 130.00 | 133.00 | -2.26% | ||
MTO | MOTORCYCLE HOLDINGS | Morgans | 1.32 | 1.63 | -19.02% |
NCK | NICK SCALI | Citi | 5.35 | 5.60 | -4.46% |
NWL | NETWEALTH GROUP | Ord Minnett | 9.57 | 8.14 | 17.57% |
RMD | RESMED | Citi | 16.30 | 14.70 | 10.88% |
Credit Suisse | 17.30 | 15.35 | 12.70% | ||
Macquarie | 14.25 | 13.70 | 4.01% | ||
Morgans | 17.34 | 16.31 | 6.32% | ||
Ord Minnett | 16.50 | 13.40 | 23.13% | ||
SLC | SUPERLOOP | Deutsche Bank | 1.95 | 1.28 | 52.34% |
Morgans | 2.64 | 2.11 | 25.12% | ||
VLW | VILLA WORLD | Morgans | 2.35 | 1.90 | 23.68% |
WGN | WAGNERS HOLDING | Macquarie | 1.55 | 1.70 | -8.82% |
Summaries
A2M | A2 MILK | Neutral - Citi | Overnight Price $15.05 |
AMP | AMP | Hold - Ord Minnett | Overnight Price $2.22 |
ASX | ASX | Sell - Deutsche Bank | Overnight Price $74.66 |
AZJ | AURIZON HOLDINGS | Outperform - Credit Suisse | Overnight Price $4.82 |
Hold - Deutsche Bank | Overnight Price $4.82 | ||
Neutral - Macquarie | Overnight Price $4.82 | ||
Equal-weight - Morgan Stanley | Overnight Price $4.82 | ||
Neutral - UBS | Overnight Price $4.82 | ||
BIN | BINGO INDUSTRIES | Add - Morgans | Overnight Price $1.77 |
CPU | COMPUTERSHARE | Neutral - Credit Suisse | Overnight Price $18.31 |
FPH | FISHER & PAYKEL HEALTHCARE | Sell - UBS | Overnight Price $14.56 |
GMG | GOODMAN GRP | Sell - Ord Minnett | Overnight Price $13.18 |
HUB | HUB24 | Buy - Ord Minnett | Overnight Price $15.07 |
JHG | JANUS HENDERSON GROUP | Downgrade to Neutral from Outperform - Macquarie | Overnight Price $31.33 |
MQG | MACQUARIE GROUP | Neutral - Citi | Overnight Price $125.62 |
Outperform - Credit Suisse | Overnight Price $125.62 | ||
Hold - Deutsche Bank | Overnight Price $125.62 | ||
Overweight - Morgan Stanley | Overnight Price $125.62 | ||
Add - Morgans | Overnight Price $125.62 | ||
Downgrade to Hold from Accumulate - Ord Minnett | Overnight Price $125.62 | ||
Neutral - UBS | Overnight Price $125.62 | ||
MTO | MOTORCYCLE HOLDINGS | Hold - Morgans | Overnight Price $1.26 |
NAB | NATIONAL AUSTRALIA BANK | Sell - UBS | Overnight Price $25.93 |
NCK | NICK SCALI | Downgrade to Sell from Neutral - Citi | Overnight Price $5.80 |
NWL | NETWEALTH GROUP | Downgrade to Accumulate from Buy - Ord Minnett | Overnight Price $9.70 |
RMD | RESMED | Neutral - Citi | Overnight Price $16.03 |
Outperform - Credit Suisse | Overnight Price $16.03 | ||
Buy - Deutsche Bank | Overnight Price $16.03 | ||
Underperform - Macquarie | Overnight Price $16.03 | ||
Add - Morgans | Overnight Price $16.03 | ||
Hold - Ord Minnett | Overnight Price $16.03 | ||
Upgrade to Buy from Neutral - UBS | Overnight Price $16.03 | ||
RSG | RESOLUTE MINING | Outperform - Macquarie | Overnight Price $1.10 |
SLC | SUPERLOOP | Hold - Deutsche Bank | Overnight Price $1.91 |
Overweight - Morgan Stanley | Overnight Price $1.91 | ||
Add - Morgans | Overnight Price $1.91 | ||
TAH | TABCORP HOLDINGS | Downgrade to Neutral from Outperform - Credit Suisse | Overnight Price $4.66 |
TPM | TPG TELECOM | Overweight - Morgan Stanley | Overnight Price $6.85 |
VLW | VILLA WORLD | Hold - Morgans | Overnight Price $2.30 |
WBC | WESTPAC BANKING | Buy - Citi | Overnight Price $27.12 |
Neutral - Macquarie | Overnight Price $27.12 | ||
WGN | WAGNERS HOLDING | Underperform - Macquarie | Overnight Price $1.85 |
RATING SUMMARY
Rating | No. Of Recommendations |
1. Buy | 15 |
2. Accumulate | 1 |
3. Hold | 19 |
5. Sell | 7 |
Monday 06 May 2019
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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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