Australian Broker Call
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March 05, 2018
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COMPANIES DISCUSSED IN THIS ISSUE
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The number next to the symbol represents the number of brokers covering it for this report -(if more than 1)
Last Updated: 11:27 AM
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
| IFL - | IOOF HOLDINGS | Upgrade to Outperform from Neutral | Macquarie |
| WPL - | WOODSIDE PETROLEUM | Upgrade to Neutral from Sell | Citi |
AHY ASALEO CARE LIMITED
Household & Personal Products
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Overnight Price: $1.33
Credit Suisse rates AHY as Neutral (3) -
The broker's latest model adjusts revenue forecasts for the lower volumes achieved in 2017.
Credit Suisse also reduces long-term gross margin assumptions as the competitive nature of the industry leads to the assumption that higher costs are unlikely to be fully recovered.
Credit Suisse retains a Neutral rating and reduces the target to $1.35 from $1.45.
Target price is $1.35 Current Price is $1.33 Difference: $0.02
If AHY meets the Credit Suisse target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $1.35, suggesting upside of 1.5% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 7.70 cents and EPS of 9.48 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.7, implying annual growth of -7.6%. Current consensus DPS estimate is 9.2, implying a prospective dividend yield of 6.9%. Current consensus EPS estimate suggests the PER is 13.7. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 7.80 cents and EPS of 9.61 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.9, implying annual growth of 2.1%. Current consensus DPS estimate is 8.9, implying a prospective dividend yield of 6.7%. Current consensus EPS estimate suggests the PER is 13.4. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $2.61
Ord Minnett rates AOG as Accumulate (2) -
In a follow-through review of recent interim results, Ord Minnett expects a much stronger H2 performance. This is to a large extent based upon 450 development completions relative to 50 in the first half.
With valuation seen as cheap, Ord Minnett sees strong underlying value. The broker does acknowledge the share price may not become popular until there is better clarity around a demand recovery for the company's product and a resolution on its class actions.
Accumulate rating retained. Price target reduced to $3.50 from $3.60. Estimates have been lifted.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $3.50 Current Price is $2.61 Difference: $0.89
If AOG meets the Ord Minnett target it will return approximately 34% (excluding dividends, fees and charges).
Current consensus price target is $3.60, suggesting upside of 37.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 10.00 cents and EPS of 39.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.8, implying annual growth of -43.9%. Current consensus DPS estimate is 9.9, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 10.6. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 11.00 cents and EPS of 20.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.0, implying annual growth of -19.4%. Current consensus DPS estimate is 10.2, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 13.1. |
Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $16.14
Credit Suisse rates BSL as Outperform (1) -
Credit Suisse suggests consensus upgrades are likely on spot HRC pricing. North Star sells most of its production with a one-month lag but some volumes are likely to be at spot and some contracted for three months.
A trade flow distortion appears low risk to the broker, as spot US steel prices already factor in a 25% import tariff. The broker increases earnings estimates on adopting higher US spread forecasts.
Outperform. Target is raised to $16.90 from $15.90.
Target price is $16.90 Current Price is $16.14 Difference: $0.76
If BSL meets the Credit Suisse target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $17.60, suggesting upside of 9.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 12.00 cents and EPS of 133.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 142.1, implying annual growth of 13.4%. Current consensus DPS estimate is 12.7, implying a prospective dividend yield of 0.8%. Current consensus EPS estimate suggests the PER is 11.4. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 12.00 cents and EPS of 170.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 153.5, implying annual growth of 8.0%. Current consensus DPS estimate is 14.3, implying a prospective dividend yield of 0.9%. Current consensus EPS estimate suggests the PER is 10.5. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
CMW CROMWELL PROPERTY GROUP
Infra & Property Developers
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Overnight Price: $1.00
Ord Minnett rates CMW as Hold (3) -
A general update by Ord Minnett sees the analysts fiddling around with their estimates, while keeping the Hold rating intact, and reducing the price target to 97c from $1.05.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $0.97 Current Price is $1.00 Difference: minus $0.03 (current price is over target).
If CMW meets the Ord Minnett target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $0.99, suggesting downside of -1.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 8.00 cents and EPS of 7.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.6, implying annual growth of -51.8%. Current consensus DPS estimate is 8.2, implying a prospective dividend yield of 8.2%. Current consensus EPS estimate suggests the PER is 13.2. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 8.00 cents and EPS of 7.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.7, implying annual growth of 1.3%. Current consensus DPS estimate is 8.2, implying a prospective dividend yield of 8.2%. Current consensus EPS estimate suggests the PER is 13.0. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
CSL CSL LIMITED
Pharmaceuticals & Biotech/Lifesciences
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Overnight Price: $161.13
Credit Suisse rates CSL as Outperform (1) -
Following the stronger-than-expected first half result for Seqirus Credit Suisse believes this product is well placed to compete for market share as a result of the shift towards higher-margin quadrivalent and adjuvant products.
A break-even result in FY18 is contingent on the level of flu vaccine returns. Outperform rating and target raised to $170 from $160.
Target price is $170.00 Current Price is $161.13 Difference: $8.87
If CSL meets the Credit Suisse target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $162.86, suggesting upside of 1.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 204.50 cents and EPS of 464.67 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 459.1, implying annual growth of N/A. Current consensus DPS estimate is 201.7, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 35.1. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 236.86 cents and EPS of 531.97 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 520.3, implying annual growth of 13.3%. Current consensus DPS estimate is 227.2, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 31.0. |
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
FNP FREEDOM FOODS GROUP LIMITED
Food, Beverages & Tobacco
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Overnight Price: $5.10
Morgans rates FNP as Hold (3) -
First half earnings were in line with forecasts. Sales guidance for FY18 is upgraded on strong demand and margins are expected to improve.
Morgans believes the company has strong prospects for organic growth over the next few years as it derives leverage from the dairy, allergen-free food and beverage industry.
Hold rating maintained and target raised to $5.05 from $4.55.
Target price is $5.05 Current Price is $5.10 Difference: minus $0.05 (current price is over target).
If FNP meets the Morgans target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 4.80 cents and EPS of 7.00 cents. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 5.30 cents and EPS of 13.00 cents. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $8.03
Macquarie rates IAG as Neutral (3) -
Macquarie suggests Australian insurance market trends for the major insurers remain challenged. The broker believes the company is attractive and underlying margins will improve again in the second half, but this is priced in.
Neutral maintained. Target is reduced to $6.40 from $6.55.
Target price is $6.40 Current Price is $8.03 Difference: minus $1.63 (current price is over target).
If IAG meets the Macquarie target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $7.42, suggesting downside of -7.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 33.00 cents and EPS of 41.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 43.9, implying annual growth of 12.5%. Current consensus DPS estimate is 32.5, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 18.3. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 36.00 cents and EPS of 47.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 42.6, implying annual growth of -3.0%. Current consensus DPS estimate is 33.0, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 18.8. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
IFL IOOF HOLDINGS LIMITED
Wealth Management & Investments
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Overnight Price: $10.55
Macquarie rates IFL as Upgrade to Outperform from Neutral (1) -
Since the acquisition of the OnePath business in October the stock has underperformed the ASX 200 by -14%, Macquarie notes. The broker suspects this has been driven by concerns around growth/margins as well as execution risks associated with an acquisition of this scale.
The broker considers the company's track record should outweigh these concerns and suggests investors are being appropriately rewarded on a risk-adjusted basis. Rating is upgraded to Outperform from Neutral. Target is raised to $12.10 from $11.50.
Target price is $12.10 Current Price is $10.55 Difference: $1.55
If IFL meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $11.99, suggesting upside of 13.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 54.00 cents and EPS of 56.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 57.4, implying annual growth of 48.3%. Current consensus DPS estimate is 53.8, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 18.4. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 61.00 cents and EPS of 67.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 68.8, implying annual growth of 19.9%. Current consensus DPS estimate is 62.3, implying a prospective dividend yield of 5.9%. Current consensus EPS estimate suggests the PER is 15.3. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
JHC JAPARA HEALTHCARE LIMITED
Aged Care & Seniors
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Overnight Price: $1.96
UBS rates JHC as Neutral (3) -
The Federal Court has rules against Regis Healthcare's ((REG)) asset replacement charges, finding these are not consistent with the act. UBS notes, given the differing implementation of these fees across the sector, the financial implications vary considerably.
Japara is the only operator under UBS coverage for which there is a P/L impact from this decision, the broker points out. Given the uncertainty around timing and the company's interpretation of the outcome UBS awaits further clarification and leaves estimates unchanged for now.
Neutral rating and $1.95 target.
Target price is $1.95 Current Price is $1.96 Difference: minus $0.01 (current price is over target).
If JHC 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 $1.96, suggesting downside of -0.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 9.00 cents and EPS of 9.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 8.7, implying annual growth of -22.5%. Current consensus DPS estimate is 9.2, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 22.5. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 10.00 cents and EPS of 10.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 10.3, implying annual growth of 18.4%. Current consensus DPS estimate is 10.5, implying a prospective dividend yield of 5.4%. 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
Overnight Price: $2.14
Morgan Stanley rates MGR as Overweight (1) -
Macro forecasts for a slowdown in residential activity may pose a risk to the two Overweight residential-exposed stocks under coverage, Morgan Stanley asserts.
Mirvac appears the more exposed, the broker suggests, as residential accounts for around 40% of group EBIT.
While retaining an Overweight rating, Morgan Stanley envisages greater tactical opportunity in Stockland ((SGP)). Target is $2.40. Industry view is Cautious.
Target price is $2.40 Current Price is $2.14 Difference: $0.26
If MGR meets the Morgan Stanley target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $2.41, suggesting upside of 12.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 11.00 cents and EPS of 15.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.7, implying annual growth of -50.0%. Current consensus DPS estimate is 11.0, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 13.6. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 11.60 cents and EPS of 15.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.2, implying annual growth of 3.2%. Current consensus DPS estimate is 11.4, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 13.2. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $4.05
UBS rates REG as Buy (1) -
The Federal Court has ruled against Regis Healthcare's asset replacement charges, finding these are not consistent with the act. UBS notes, given the differing implementation of these fees across the sector, the financial implications vary considerably.
The company is awaiting a formal declaration before complying with the decision but has provisioning, effectively quarantining its P/L in FY17/18. The stock remains the broker's pick in the aged care sector.
Buy rating and $5 target.
Target price is $5.00 Current Price is $4.05 Difference: $0.95
If REG meets the UBS target it will return approximately 23% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 18.00 cents and EPS of 19.00 cents. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 23.00 cents and EPS of 22.00 cents. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
RFG RETAIL FOOD GROUP LIMITED
Food, Beverages & Tobacco
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Overnight Price: $1.37
UBS rates RFG as Neutral (3) -
First half earnings were weaker than expected. No guidance was provided. UBS suspects closure of outlets and margin pressure will continue for the medium term.
The broker maintains a Neutral rating and $2.15 target.
Target price is $2.15 Current Price is $1.37 Difference: $0.78
If RFG meets the UBS target it will return approximately 57% (excluding dividends, fees and charges).
Current consensus price target is $2.15, suggesting upside of 56.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 0.00 cents and EPS of 33.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 33.7, implying annual growth of -22.9%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 4.1. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 15.00 cents and EPS of 35.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 35.6, implying annual growth of 5.6%. Current consensus DPS estimate is 15.0, implying a prospective dividend yield of 10.9%. Current consensus EPS estimate suggests the PER is 3.8. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $16.32
Credit Suisse rates SGM as Underperform (5) -
Credit Suisse expects the US March quarter scrap price to rise as mills seek increased tonnage to support a likely reduction in steel imports.
A rise in US scrap price would be positive for sentiment, the broker contends, and potentially for scrap collection. Underperform rating and $14.50 target maintained.
Target price is $14.50 Current Price is $16.32 Difference: minus $1.82 (current price is over target).
If SGM meets the Credit Suisse target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $16.24, suggesting downside of -0.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 48.74 cents and EPS of 97.48 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 97.8, implying annual growth of -5.0%. Current consensus DPS estimate is 51.6, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 16.7. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 59.05 cents and EPS of 118.09 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 112.3, implying annual growth of 14.8%. Current consensus DPS estimate is 56.2, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 14.5. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $4.07
Morgan Stanley rates SGP as Overweight (1) -
Macro forecasts for a slowdown in residential activity may pose a risk to the two Overweight residential-exposed stocks under coverage, Morgan Stanley acknowledges, but the recent de-rating suggests to the broker that Stockland has over-corrected.
Overweight rating. Cautious industry view. Target is $4.50.
Target price is $4.50 Current Price is $4.07 Difference: $0.43
If SGP meets the Morgan Stanley target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $4.61, suggesting upside of 13.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 26.60 cents and EPS of 30.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 35.0, implying annual growth of -29.7%. Current consensus DPS estimate is 26.7, implying a prospective dividend yield of 6.6%. Current consensus EPS estimate suggests the PER is 11.6. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 28.00 cents and EPS of 31.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.4, implying annual growth of -1.7%. Current consensus DPS estimate is 27.8, implying a prospective dividend yield of 6.8%. Current consensus EPS estimate suggests the PER is 11.8. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $24.07
Morgan Stanley rates SHL as Overweight (1) -
Morgan Stanley believes the underperformance of the stock, on what was an in-line result, can be attributed to the German EBM fee quota risk. The domestic business remains sound and the broker expects continued strong Australian performance.
The broker believes the market should be prepared to pay a premium for structural volume growth, balance sheet flexibility and strong cash generation.
Overweight reiterated. Target is $27.10. Industry view is In-Line.
Target price is $27.10 Current Price is $24.07 Difference: $3.03
If SHL meets the Morgan Stanley target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $24.62, suggesting upside of 2.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 82.10 cents and EPS of 115.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 112.3, implying annual growth of 9.3%. Current consensus DPS estimate is 79.6, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 21.4. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 85.10 cents and EPS of 120.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 119.3, implying annual growth of 6.2%. Current consensus DPS estimate is 84.4, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 20.2. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $13.52
Macquarie rates SUN as Underperform (5) -
Macquarie suggests Australian insurance market trends for the major insurers remain challenged. SunCorp is trading at a significant discount to peers but until earnings expectations are re-based, Macquarie remains cautious.
Underperform maintained. Target is raised to $13.25 from $12.95.
Target price is $13.25 Current Price is $13.52 Difference: minus $0.27 (current price is over target).
If SUN 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 $14.14, suggesting upside of 4.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 74.00 cents and EPS of 76.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 79.4, implying annual growth of -5.3%. Current consensus DPS estimate is 71.9, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 17.0. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 78.00 cents and EPS of 94.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 97.1, implying annual growth of 22.3%. Current consensus DPS estimate is 75.8, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 13.9. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $3.22
Deutsche Bank rates SYR as Buy (1) -
The company has advised that there is an issue with the fines drying circuit that has resulted in damage at Balama. An 8-week shutdown is in progress while repairs are undertaken.
Deutsche Bank suspect the cash on the balance sheet will provide an adequate buffer over the year.
Buy rating retained. Target is $4.70.
Target price is $4.70 Current Price is $3.22 Difference: $1.48
If SYR meets the Deutsche Bank target it will return approximately 46% (excluding dividends, fees and charges).
Current consensus price target is $4.97, suggesting upside of 54.3% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 0.00 cents and EPS of minus 5.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -6.7, 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 FY18:
Deutsche Bank forecasts a full year FY18 dividend of 0.00 cents and EPS of 1.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 3.4, 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 94.7. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $1.00
Morgans rates TGP as Hold (3) -
FY18 earnings per share is forecast at 5.5c. Morgans observes the near-term catalysts relate to the potential AJD asset sale. If successful this will result in the group being debt free.
The broker expects upside to earnings depending on the timing and quantum of new funds/cash deployment.
The company remains focused on real estate funds management and investment. Morgans maintains a Hold rating and raises the target to $1.06 from 99c.
Target price is $1.06 Current Price is $1.00 Difference: $0.06
If TGP meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 5.50 cents and EPS of 5.50 cents. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 4.60 cents and EPS of 4.60 cents. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $28.70
Citi rates WPL as Upgrade to Neutral from Sell (3) -
Having revisited the investment case, and importance, of the Scarborough transaction Citi analysts have come to the conclusion the market is underestimating the Scarborough/Pluto value for Woodside Petroleum.
Citi analysis suggests there could be $5 in added share price value to be unlocked by de-risking Scarborough/Browse and through bringing other gas resource owners into a larger project development.
They have upgraded to Neutral from Sell, while the price target lifts to $28.26 from $25.85.
Target price is $28.26 Current Price is $28.70 Difference: minus $0.44 (current price is over target).
If WPL 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 $30.84, suggesting upside of 7.5% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 144.97 cents and EPS of 180.43 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 185.5, implying annual growth of N/A. Current consensus DPS estimate is 137.1, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 15.5. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 107.43 cents and EPS of 134.61 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 185.1, implying annual growth of -0.2%. Current consensus DPS estimate is 132.5, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 15.5. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Summaries
| AHY | ASALEO CARE | Neutral - Credit Suisse | Overnight Price $1.33 |
| AOG | AVEO | Accumulate - Ord Minnett | Overnight Price $2.61 |
| BSL | BLUESCOPE STEEL | Outperform - Credit Suisse | Overnight Price $16.14 |
| CMW | CROMWELL PROPERTY | Hold - Ord Minnett | Overnight Price $1.00 |
| CSL | CSL | Outperform - Credit Suisse | Overnight Price $161.13 |
| FNP | FREEDOM FOODS | Hold - Morgans | Overnight Price $5.10 |
| IAG | INSURANCE AUSTRALIA | Neutral - Macquarie | Overnight Price $8.03 |
| IFL | IOOF HOLDINGS | Upgrade to Outperform from Neutral - Macquarie | Overnight Price $10.55 |
| JHC | JAPARA HEALTHCARE | Neutral - UBS | Overnight Price $1.96 |
| MGR | MIRVAC | Overweight - Morgan Stanley | Overnight Price $2.14 |
| REG | REGIS HEALTHCARE | Buy - UBS | Overnight Price $4.05 |
| RFG | RETAIL FOOD GROUP | Neutral - UBS | Overnight Price $1.37 |
| SGM | SIMS METAL MANAGEMENT | Underperform - Credit Suisse | Overnight Price $16.32 |
| SGP | STOCKLAND | Overweight - Morgan Stanley | Overnight Price $4.07 |
| SHL | SONIC HEALTHCARE | Overweight - Morgan Stanley | Overnight Price $24.07 |
| SUN | SUNCORP | Underperform - Macquarie | Overnight Price $13.52 |
| SYR | SYRAH RESOURCES | Buy - Deutsche Bank | Overnight Price $3.22 |
| TGP | 360 CAPITAL GROUP | Hold - Morgans | Overnight Price $1.00 |
| WPL | WOODSIDE PETROLEUM | Upgrade to Neutral from Sell - Citi | Overnight Price $28.70 |
RATING SUMMARY
| Rating | No. Of Recommendations |
| 1. Buy | 8 |
| 2. Accumulate | 1 |
| 3. Hold | 8 |
| 5. Sell | 2 |
Monday 05 March 2018
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