Australian Broker Call
August 23, 2017
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COMPANIES DISCUSSED IN THIS ISSUE
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Last Updated: 01:48 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
| BPT - | BEACH ENERGY | Upgrade to Overweight from Equal-weight | Morgan Stanley |
| CTD - | CORPORATE TRAVEL | Downgrade to Hold from Add | Morgans |
| Downgrade to Accumulate from Buy | Ord Minnett | ||
| CWP - | CEDAR WOODS PROPERTIES | Downgrade to Hold from Add | Morgans |
| GXL - | GREENCROSS | Upgrade to Hold from Sell | Deutsche Bank |
| NST - | NORTHERN STAR | Upgrade to Neutral from Sell | UBS |
| REA - | REA GROUP | Downgrade to Hold from Add | Morgans |
| SYD - | SYDNEY AIRPORT | Upgrade to Buy from Neutral | UBS |
| Downgrade to Hold from Add | Morgans | ||
| WSA - | WESTERN AREAS | Downgrade to Sell from Neutral | Citi |
Citi rates ACX as Buy (1) -
Realised growth has difficulties keeping up with expectations, including from acquisition Conject, and then there's negative impact from GBP and USD, comment analysts at Citi. The result itself just made it into the guidance range for the year.
The company is spending more in order to (finally) achieve higher operational leverage. Citi analysts indicate their patience is running out, but they are sticking to the positive option, also because the valuation is labeled "not onerous".
The analysts note management's FY18 guidance to grow revenues by 15%-19% is in-line with market expectations, but it shied away from providing margin guidance. The latter offers more flexibility to invest in growth, note the analysts, but it also can easily become the next source of disappointment. Buy. Target moves to $4.82 from $4.74.
Target price is $4.82 Current Price is $4.14 Difference: $0.68
If ACX meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $4.25, suggesting upside of 6.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 0.00 cents and EPS of 4.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 3.3, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 121.4. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 0.00 cents and EPS of 6.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 4.2, implying annual growth of 27.3%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 95.4. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates ACX as Neutral (3) -
FY17 results were within guidance, albeit at the lower end. Free cash outflow increased significantly despite the improvement in headline EBITDA.
Management guided to growth of 15% to 19% in FY18 and continues to highlight a 20% growth target over the medium term. Credit Suisse's revenue forecasts remain relatively unchanged, but FY18 EBITDA has been reduced by -19% on expectation that margins will remain flat near term.
Neutral and $3.50 target maintained.
Target price is $3.50 Current Price is $4.14 Difference: minus $0.64 (current price is over target).
If ACX meets the Credit Suisse target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.25, suggesting upside of 6.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 0.00 cents and EPS of 2.37 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 3.3, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 121.4. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 0.00 cents and EPS of 5.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 4.2, implying annual growth of 27.3%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 95.4. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates ACX as Hold (3) -
FY17 results underwhelmed Deutsche Bank. The company highlighted a continued ramp up in costs across R&D, sales and marketing. The broker considers this a rational response in light of the significant global opportunity.
Hold rating retained. Target is reduced to $4.20 from $4.50.
Target price is $4.20 Current Price is $4.14 Difference: $0.06
If ACX meets the Deutsche Bank target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $4.25, suggesting upside of 6.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 0.00 cents and EPS of 2.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 3.3, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 121.4. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 0.00 cents and EPS of 2.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 4.2, implying annual growth of 27.3%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 95.4. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates ACX as Overweight (1) -
FY17 sales beat Morgan Stanley's expectations. The broker found the outlook as expected, with 15-19% organic growth expected in FY18. The broker considers the addressable market large and the company's penetration small, along with low churn rates among existing customers.
Overweight retained. Industry view is In-line. Target is $5.05.
Target price is $5.05 Current Price is $4.14 Difference: $0.91
If ACX meets the Morgan Stanley target it will return approximately 22% (excluding dividends, fees and charges).
Current consensus price target is $4.25, suggesting upside of 6.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 0.00 cents and EPS of 2.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 3.3, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 121.4. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 0.00 cents and EPS of 3.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 4.2, implying annual growth of 27.3%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 95.4. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates ACX as Neutral (3) -
FY17 results were in line with UBS estimates. The company expects revenue growth of 15-19% in FY18, together with increased earnings and positive cash flow. A longer-term target of over 20% revenue growth has been reiterated.
Nevertheless, UBS lowers FY18-20 forecasts by -8-18% to reflect a more moderate improvement in group EBITDA margins. Neutral maintained. Target rises to $4.25 from $3.40.
Target price is $4.25 Current Price is $4.14 Difference: $0.11
If ACX meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $4.25, suggesting upside of 6.2% (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 2.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 3.3, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 121.4. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 0.00 cents and EPS of 3.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 4.2, implying annual growth of 27.3%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 95.4. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates AMC as Buy (1) -
Yet again Amcor showcased the inner strength of its business model and market positioning, suggest analysts at Citi. That sentence was taken from our February update. It again sums up commentary post the FY17 release.
Citi analysts expecte more of the same in FY18, lauding the company's "strong foundations to accelerate growth". EPS estimates have been lifted by 6% for FY18. Buy rating retained. Target $16.20 (unchanged).
Target price is $16.20 Current Price is $16.12 Difference: $0.08
If AMC meets the Citi target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $16.28, suggesting upside of 2.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 58.06 cents and EPS of 87.89 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 85.4, implying annual growth of N/A. Current consensus DPS estimate is 59.4, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 18.6. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 59.38 cents and EPS of 94.75 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 91.4, implying annual growth of 7.0%. Current consensus DPS estimate is 63.1, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 17.3. |
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
Credit Suisse rates AMC as Neutral (3) -
Amcor's FY17 results were in line with the broker's estimates. Management expects modest organic growth in FY18, supplemented by Alusa synergy and cost reductions in the Flexibles division.
Credit Suisse has downgraded group forecasts by -3% to -4% across the forecast period. Acceleration in the Latin American market has been pushed out to FY19 as the broker believes the company is still experiencing declining volumes at the start of FY18.
Neutral and $15.70 target price retained.
Target price is $15.70 Current Price is $16.12 Difference: minus $0.42 (current price is over target).
If AMC meets the Credit Suisse target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $16.28, suggesting upside of 2.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 63.34 cents and EPS of 86.29 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 85.4, implying annual growth of N/A. Current consensus DPS estimate is 59.4, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 18.6. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 71.26 cents and EPS of 95.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 91.4, implying annual growth of 7.0%. Current consensus DPS estimate is 63.1, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 17.3. |
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
Deutsche Bank rates AMC as Buy (1) -
FY17 results were in line with Deutsche Bank. The broker notes expectations were quite low in the light of recent customer and competitor results.
Outlook remains positive although the broker notes rigid plastics guidance is slightly more cautious. Flexibles are expected to deliver another year of strong earnings growth.
Buy rating retained. Target is $17.90.
Target price is $17.90 Current Price is $16.12 Difference: $1.78
If AMC meets the Deutsche Bank target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $16.28, suggesting upside of 2.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 63.34 cents and EPS of 91.05 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 85.4, implying annual growth of N/A. Current consensus DPS estimate is 59.4, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 18.6. |
Forecast for FY19:
Current consensus EPS estimate is 91.4, implying annual growth of 7.0%. Current consensus DPS estimate is 63.1, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 17.3. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates AMC as Outperform (1) -
Another year, another solid and unsurprising result from Amcor. Management is confident FY18 will be another strong year.
There were a couple of elements the broker picked up on, such as sales being impacted by currency moves and a weak finish for Rigid Plastics, but consistent growth and further M&A optionality continue to make Amcor an expensive but safe harbour, enough to keep the broker on Outperform.
Target rises to $17.39 from $17.17.
Target price is $17.39 Current Price is $16.12 Difference: $1.27
If AMC meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $16.28, suggesting upside of 2.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 63.34 cents and EPS of 88.81 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 85.4, implying annual growth of N/A. Current consensus DPS estimate is 59.4, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 18.6. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 67.96 cents and EPS of 95.28 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 91.4, implying annual growth of 7.0%. Current consensus DPS estimate is 63.1, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 17.3. |
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
Morgan Stanley rates AMC as Equal-weight (3) -
FY17 results slightly missed estimates because of higher corporate costs and a slightly lower-than-expected contribution from rigids.
Morgan Stanley observes FY17 results were driven by recent acquisitions and strong growth in developed markets and this is offsetting the challenges in emerging markets.
Equal-weight retained. Target is $15.35. Sector view is Cautious.
Target price is $15.35 Current Price is $16.12 Difference: minus $0.77 (current price is over target).
If AMC meets the Morgan Stanley target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $16.28, suggesting upside of 2.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 61.05 cents and EPS of 88.92 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 85.4, implying annual growth of N/A. Current consensus DPS estimate is 59.4, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 18.6. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 EPS of 93.69 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 91.4, implying annual growth of 7.0%. Current consensus DPS estimate is 63.1, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 17.3. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates AMC as Hold (3) -
FY17 results were slightly below the broker's expectations. A positive sign for the broker was the Flexibles restructuring initiative running ahead of schedule, with the company expecting total benefits by FY19 to be between US$50m and US$60m.
Morgans has lowered FY18 forecasts by 2% following the FY17 miss. The broker believes Amcor is a high quality company providing good exposure to the improving US and European economies.
Hold rating maintained and target reduced to $15.65 from $16.24.
Target price is $15.65 Current Price is $16.12 Difference: minus $0.47 (current price is over target).
If AMC meets the Morgans target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $16.28, suggesting upside of 2.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 63.34 cents and EPS of 88.41 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 85.4, implying annual growth of N/A. Current consensus DPS estimate is 59.4, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 18.6. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 68.62 cents and EPS of 96.33 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 91.4, implying annual growth of 7.0%. Current consensus DPS estimate is 63.1, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 17.3. |
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
Ord Minnett rates AMC as Hold (3) -
FY17 net profit was in line with Ord Minnett estimates. The broker believes the results demonstrate the company's ability to manage its cost base and drive efficiencies.
Given the low market share across several key businesses, Ord Minnett envisages scope to re-invest free cash flow and generate growth above forecasts, rather than paying down debt. Hold retained. Target is reduced to $15.65 from $15.75.
Target price is $15.65 Current Price is $16.12 Difference: minus $0.47 (current price is over target).
If AMC 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 $16.28, suggesting upside of 2.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 59.38 cents and EPS of 89.73 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 85.4, implying annual growth of N/A. Current consensus DPS estimate is 59.4, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 18.6. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 62.02 cents and EPS of 97.65 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 91.4, implying annual growth of 7.0%. Current consensus DPS estimate is 63.1, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 17.3. |
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
UBS rates AMC as Neutral (3) -
FY17 results were slightly below UBS estimates. The broker reduces forecasts for FY18 Australian dollar earnings by -3% and FY19 by -1%, largely reflecting the positive impact from higher spot euro FX rates, offset by AUD translation.
Neutral retained.Target is $16.40.
Target price is $16.40 Current Price is $16.12 Difference: $0.28
If AMC meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $16.28, suggesting upside of 2.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 80.50 cents and EPS of 88.41 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 85.4, implying annual growth of N/A. Current consensus DPS estimate is 59.4, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 18.6. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 84.46 cents and EPS of 93.69 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 91.4, implying annual growth of 7.0%. Current consensus DPS estimate is 63.1, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 17.3. |
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
Citi rates BHP as Neutral (3) -
FY17 results were largely in line and, on the back of the decision to exit US onshore shale, Citi upgrades FY18 estimates by 40%, although this is largely because of a marking to market of commodity prices.
The broker considers the decision to exit US onshore shale a step in the right direction, but adds the company needs to go further, divesting other non-operated, mature assets with declining production profiles in petroleum.
Neutral retained. Target rises to $26.00 from $25.50.
Target price is $26.00 Current Price is $25.98 Difference: $0.02
If BHP meets the Citi target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $27.92, suggesting upside of 6.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 106.89 cents and EPS of 177.09 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 152.1, implying annual growth of N/A. Current consensus DPS estimate is 93.0, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 17.2. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 79.18 cents and EPS of 130.91 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 112.4, implying annual growth of -26.1%. Current consensus DPS estimate is 90.3, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 23.2. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates BHP as Neutral (3) -
BHP's FY17 results missed the broker's expectations. Management has indicated it will seek to exit its US onshore shale assets and Jansen will proceed only if it passes strict capital allocation tests, despite spending the remaining 30% of the program to complete the shafts.
The company has guided to capex of US$6.9bn in FY18 and Credit Suisse sees scope for increased capital management from FY19, which could include a share buy-back in FY19 and FY20.
Neutral rating and $26.50 target retained.
Target price is $26.50 Current Price is $25.98 Difference: $0.52
If BHP meets the Credit Suisse target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $27.92, suggesting upside of 6.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 97.07 cents and EPS of 197.94 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 152.1, implying annual growth of N/A. Current consensus DPS estimate is 93.0, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 17.2. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 77.53 cents and EPS of 153.08 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 112.4, implying annual growth of -26.1%. Current consensus DPS estimate is 90.3, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 23.2. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates BHP as Buy (1) -
FY17 earnings were below Deutsche Bank's estimates on a higher net interest, yet produced a near-record free cash flow of US$12.6bn, which drove down net debt.
The broker likes the revamped strategy including the divestment of US onshore and the cessation of work on Jansen in 2018. This is expected to create significant value for shareholders.
Deutsche Bank retains a Buy rating and raises the target to $28.00 from $27.50.
Target price is $28.00 Current Price is $25.98 Difference: $2.02
If BHP meets the Deutsche Bank target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $27.92, suggesting upside of 6.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 75.22 cents and EPS of 125.36 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 152.1, implying annual growth of N/A. Current consensus DPS estimate is 93.0, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 17.2. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 96.33 cents and EPS of 160.99 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 112.4, implying annual growth of -26.1%. Current consensus DPS estimate is 90.3, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 23.2. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates BHP as Outperform (1) -
BHP's headline earnings missed the broker's forecast but underlying cash earnings met expectation. The dividend was a little higher than forecast. FY18 guidance is largely unchanged and the broker has made minimal forecast changes.
The big news was the decision to exit shale, which is a key positive as far as the broker is concerned. BHP could raise US$8-10bn by selling off its acreages and provide for even more capital management. Outperform retained. Target rises to $30 from $29.
Target price is $30.00 Current Price is $25.98 Difference: $4.02
If BHP meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $27.92, suggesting upside of 6.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 69.94 cents and EPS of 106.49 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 152.1, implying annual growth of N/A. Current consensus DPS estimate is 93.0, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 17.2. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 60.70 cents and EPS of 93.82 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 112.4, implying annual growth of -26.1%. Current consensus DPS estimate is 90.3, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 23.2. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates BHP as Overweight (1) -
FY17 earnings and dividends disappointed Morgan Stanley but the broker believes the decision to exit US onshore is largely positive. The company is in a robust position to improve capital returns in FY18.
As gearing is likely to move below the company's target range without further capital returns in FY18, the broker expects a growing proportion of cash flow will be returned to shareholders, which in turn should buoy sentiment.
Overweight rating, Attractive sector view retained. Target is $29.75.
Target price is $29.75 Current Price is $25.98 Difference: $3.77
If BHP meets the Morgan Stanley target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $27.92, suggesting upside of 6.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 95.01 cents and EPS of 133.28 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 152.1, implying annual growth of N/A. Current consensus DPS estimate is 93.0, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 17.2. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 75.22 cents and EPS of 114.81 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 112.4, implying annual growth of -26.1%. Current consensus DPS estimate is 90.3, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 23.2. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates BHP as Add (1) -
BHP's FY17 results were broadly in line with the broker's expectations. Morgans notes the company performed well in the second half, with cash flows of US$12.6bn, against US$9.7bn expectations.
The company has announced it will be exiting its US shale assets. Depending on the method of disposal, the broker believes the disposal could net between US$7bn and US$10bn. This, combined with FY18 guidance, could be enough to put BHP in a net cash position before the end of FY18.
Add rating retained and target is raised to $29.10 from $28.36.
Target price is $29.10 Current Price is $25.98 Difference: $3.12
If BHP meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $27.92, suggesting upside of 6.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 112.17 cents and EPS of 187.39 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 152.1, implying annual growth of N/A. Current consensus DPS estimate is 93.0, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 17.2. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 151.76 cents and EPS of 2.16 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 112.4, implying annual growth of -26.1%. Current consensus DPS estimate is 90.3, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 23.2. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates BHP as Hold (3) -
FY17 earnings were in line with Ord Minnett forecasts. The company will exit its US onshore assets and delay the Jansen potash project. These two issues have been a major concern for the market and the broker welcomes the fact the company appears to be addressing them.
While the company is moving in the right direction strategically, Ord Minnett believes the stock continues to screen more expensive than Rio Tinto ((RIO)) and maintains a Hold rating, raising the target to $26 from $25.
Target price is $26.00 Current Price is $25.98 Difference: $0.02
If BHP meets the Ord Minnett target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $27.92, suggesting upside of 6.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 112.17 cents and EPS of 159.67 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 152.1, implying annual growth of N/A. Current consensus DPS estimate is 93.0, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 17.2. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 118.77 cents and EPS of 164.95 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 112.4, implying annual growth of -26.1%. Current consensus DPS estimate is 90.3, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 23.2. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates BPT as Underperform (5) -
Beach's result beat consensus but met the broker's forecast. A 7% increase in reserves, suggesting 179% reserve replacement, is positive and reflects exploration success in the Cooper.
Extending reserves in the longer term will nevertheless rely on further exploration success as growth options are limited, the broker notes. The broker sees a weaker oil price ahead on the end of OPEC cuts and rising US shale production. Underperform retained. Target rises to 65c from 60c.
Target price is $0.65 Current Price is $0.70 Difference: minus $0.045 (current price is over target).
If BPT meets the Macquarie target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $0.75, suggesting upside of 2.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 2.10 cents and EPS of 7.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.4, implying annual growth of N/A. Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 9.8. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 2.20 cents and EPS of 4.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.8, implying annual growth of 5.4%. Current consensus DPS estimate is 2.1, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 9.3. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates BPT as Upgrade to Overweight from Equal-weight (1) -
Morgan Stanley believes it's time to get bullish on Beach Energy and upgrades to Overweight from Equal-weight. The broker observes the business is positive on free cash flow out the end of the decade and trades on undemanding valuation metrics.
Reserves have been upgraded across the company's operated oil acreage and the broker believes the stock will become one of the mid-caps of choice in Australia for investors wanting exposure to energy.
Price target is raised to $0.80 from $0.68. Industry view is In-Line.
Target price is $0.80 Current Price is $0.70 Difference: $0.105
If BPT meets the Morgan Stanley target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $0.75, suggesting upside of 2.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 2.00 cents and EPS of 6.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.4, implying annual growth of N/A. Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 9.8. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 2.00 cents and EPS of 7.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.8, implying annual growth of 5.4%. Current consensus DPS estimate is 2.1, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 9.3. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates BXB as Underperform (5) -
Bramble's FY17 results were below the broker's expectations. No specific FY18 guidance was forthcoming, but individual segment comment implies flat EBIT year on year at constant currency.
Credit Suisse's FY18 EBIT estimate falls -7% to US$987m. While some supply chain improvement may help offset decline in the US market, the broker expects continued pressure on margins and no price improvements.
Underperform maintained. Target reduced to $8.90 from $9.20.
Target price is $8.90 Current Price is $9.64 Difference: minus $0.74 (current price is over target).
If BXB meets the Credit Suisse target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $10.32, suggesting upside of 8.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 38.27 cents and EPS of 52.16 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 53.5, implying annual growth of N/A. Current consensus DPS estimate is 32.1, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 17.8. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 38.27 cents and EPS of 56.35 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 56.5, implying annual growth of 5.6%. Current consensus DPS estimate is 33.3, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 16.8. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates CCL as Neutral (3) -
In an initial response post interim report, Citi analysts state Coca-Cola Amatil has reported a weak operating result in Australia. This is the largest segment of the business, so not a positive.
The analysts suggest the company will need to show signs of stabilisation in its Australian operations before the shares can re-rate higher. The analysts expect modest EPS downgrades to consensus forecasts following the update.
Target price is $9.10 Current Price is $8.47 Difference: $0.63
If CCL meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $9.11, suggesting upside of 10.7% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 46.00 cents and EPS of 54.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 54.5, implying annual growth of 69.3%. Current consensus DPS estimate is 46.1, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 15.1. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 46.00 cents and EPS of 53.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 55.9, implying annual growth of 2.6%. Current consensus DPS estimate is 46.9, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 14.7. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates CTD as Neutral (3) -
Corporate Travel's result missed the broker but met consensus, and beat guidance. It was another year of strong revenue, the broker notes, thanks to client wins, better margins thanks to efficiencies, and significant contributions from acquisitions.
The broker sees an attractive business with a solid outlook enhanced by acquisitions, but also sees an overblown valuation at 30x FY18, suggesting growth is already priced in. Neutral retained. Target rises to $19.40 from $17.70.
Target price is $19.40 Current Price is $21.85 Difference: minus $2.45 (current price is over target).
If CTD 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 $22.53, suggesting upside of 6.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 37.40 cents and EPS of 74.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 76.2, implying annual growth of 42.4%. Current consensus DPS estimate is 36.9, implying a prospective dividend yield of 1.7%. Current consensus EPS estimate suggests the PER is 27.9. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 48.30 cents and EPS of 80.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 87.1, implying annual growth of 14.3%. Current consensus DPS estimate is 46.1, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 24.4. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates CTD as Overweight (1) -
FY17 results met Morgan Stanley's expectations. Of more importance is guidance for 22-27.5% growth in FY18. While there were queries around capital expenditure and the patchy business in the US, the broker was surprised by the strength of the outlook.
Morgan Stanley retains an Overweight rating, In-Line industry view and raises the target to $24.00 from $23.50.
Target price is $24.00 Current Price is $21.85 Difference: $2.15
If CTD meets the Morgan Stanley target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $22.53, suggesting upside of 6.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 34.00 cents and EPS of 85.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 76.2, implying annual growth of 42.4%. Current consensus DPS estimate is 36.9, implying a prospective dividend yield of 1.7%. Current consensus EPS estimate suggests the PER is 27.9. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 47.00 cents and EPS of 96.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 87.1, implying annual growth of 14.3%. Current consensus DPS estimate is 46.1, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 24.4. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates CTD as Downgrade to Hold from Add (3) -
The company's FY17 results were slightly better than the broker had forecast. Morgans believes currency will be a headwind in FY18, but expects the company to deliver 20% to 25% EBITDA growth.
Further acquisitions, rising airfares and increasing client spend are the key upside risks in the broker's opinion. FY18 earnings forecast has dropped -3.2%, while FY19 and FY20 forecasts rise slightly.
With the stock trading close to valuation, Morgans downgrades to Hold from Add and raises the target price to $23 from $22.
Target price is $23.00 Current Price is $21.85 Difference: $1.15
If CTD meets the Morgans target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $22.53, suggesting upside of 6.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 40.00 cents and EPS of 73.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 76.2, implying annual growth of 42.4%. Current consensus DPS estimate is 36.9, implying a prospective dividend yield of 1.7%. Current consensus EPS estimate suggests the PER is 27.9. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 48.00 cents and EPS of 87.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 87.1, implying annual growth of 14.3%. Current consensus DPS estimate is 46.1, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 24.4. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates CTD as Downgrade to Accumulate from Buy (2) -
FY17 results were slightly below Ord Minnett estimates. The broker considers the margins in the Australasian business the highlight of the results and likely to prove sustainable.
Estimates are downgraded by -3% for FY18 and -4% for FY19 because of currency changes, increasing capital expenditure and higher margins in Australasia.
The broker downgrades to Accumulate from Buy and recommends buying on weakness. Target is raised to $22.98 from $18.60 as the model is rolled forward, amid higher long-term revenue and margin assumptions as well as a change of analyst.
Target price is $22.98 Current Price is $21.85 Difference: $1.13
If CTD meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $22.53, suggesting upside of 6.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 42.00 cents and EPS of 71.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 76.2, implying annual growth of 42.4%. Current consensus DPS estimate is 36.9, implying a prospective dividend yield of 1.7%. Current consensus EPS estimate suggests the PER is 27.9. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 52.40 cents and EPS of 85.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 87.1, implying annual growth of 14.3%. Current consensus DPS estimate is 46.1, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 24.4. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates CTD as Neutral (3) -
FY17 results were softer than UBS estimated although, overall, the broker was impressed with growth in the year.
Commentary around the operating environment seems somewhat subdued to the broker, and the share price reaction was a reminder of the implications of trading on a one-year forward price/earnings ratio of 27.3x.
Neutral maintained. Target is reduced to $23.25 from $23.90.
Target price is $23.25 Current Price is $21.85 Difference: $1.4
If CTD meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $22.53, suggesting upside of 6.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 31.20 cents and EPS of 76.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 76.2, implying annual growth of 42.4%. Current consensus DPS estimate is 36.9, implying a prospective dividend yield of 1.7%. Current consensus EPS estimate suggests the PER is 27.9. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 34.90 cents and EPS of 86.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 87.1, implying annual growth of 14.3%. Current consensus DPS estimate is 46.1, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 24.4. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates CWP as Downgrade to Hold from Add (3) -
FY17 results were in line with the broker's forecasts. No formal FY18 guidance was forthcoming, given the heavy skew of settlements in the fourth quarter.
A weaker FY18 based on project timing presents a risk, but pre-sales are robust at $260m, up 41% on the previous corresponding period. Morgans believes the company's development pipeline and embedded value within the WLTC project provide a visible level of earnings delivery out to FY21.
Stock is downgraded to Hold from Add and target is reduced to $5.76 from $5.80.
Target price is $5.76 Current Price is $5.20 Difference: $0.56
If CWP meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 31.00 cents and EPS of 58.00 cents. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 35.00 cents and EPS of 71.00 cents. |
Market Sentiment: 0.5
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
Overnight Price: $10.73
Deutsche Bank rates FPH as Hold (3) -
Deutsche Bank believes the company is tracking towards the upper end of the FY18 guidance range provided in May, citing renewed strength in OSA mask sales.
This should provide enough confidence for management to lift the bottom of the range at its upcoming shareholders meeting. The main risk in the broker's view lies in the blow-out of litigation costs, which remain difficult to predict.
Hold rating retained. Target rises to NZ$11.50 from NZ$11.35.
Current Price is $10.73. Target price not assessed.
Current consensus price target is N/A
The company's fiscal year ends in March.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 22.64 cents and EPS of 30.19 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.2, implying annual growth of N/A. Current consensus DPS estimate is 21.5, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 34.1. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 30.19 cents and EPS of 35.85 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 36.7, implying annual growth of 17.6%. Current consensus DPS estimate is 26.0, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 29.0. |
This company reports in NZD. 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
Credit Suisse rates GDI as Outperform (1) -
The company's FY17 results were better than the broker had expected. There was no FY18 guidance provided.
DPS guidance of 'at least 7.75c' will be partly funded by the sale of Goulburn St, prompting Credit Suisse to lower FY18 to FY20 forecasts by -14.5% to incorporate the impact of the sale.
Outperform rating retained and target price raised to $1.15 from $1.06.
Target price is $1.15 Current Price is $1.06 Difference: $0.095
If GDI meets the Credit Suisse target it will return approximately 9% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 8.00 cents and EPS of 7.00 cents. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 8.00 cents and EPS of 8.00 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates GMG as Neutral (3) -
The group's FY17 results were in line with the broker's estimates, although the sequential decline in fees was a surprise.
Gearing sits at 5.9%, but with $300m of urban renewal settlements due in FY18 the broker expects gearing to reach 1% by June 2018. With the dilution associated with additional disposals offset by debt restructuring and Goodman Plus redemption accretion, Credit Suisse makes minor adjustments of +/- 0.5% in EPS forecasts.
Neutral retained and target price raised to $8.01 from $7.92.
Target price is $8.01 Current Price is $8.53 Difference: minus $0.52 (current price is over target).
If GMG meets the Credit Suisse target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $8.25, suggesting downside of -1.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 28.00 cents and EPS of 47.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 46.2, implying annual growth of N/A. Current consensus DPS estimate is 27.8, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 18.1. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 30.00 cents and EPS of 50.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 48.9, implying annual growth of 5.8%. Current consensus DPS estimate is 29.4, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 17.1. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates GXL as Upgrade to Hold from Sell (3) -
FY17 results were below Deutsche Bank estimates, driven by margin pressures. Lower gross margins signal an increasingly competitive environment which is expected to weigh on the stock.
The broker believes management is doing a good job in consolidating the network and executing the co-location and online strategy, although comparable sales remain low for a retailer that has undertaken significant store expansion over the last three years.
Deutsche Bank reduces the target to $5.90 from $6.30 and, as the stock is trading closer to the revised target, upgrades to Hold from Sell.
Target price is $5.90 Current Price is $5.96 Difference: minus $0.06 (current price is over target).
If GXL meets the Deutsche Bank target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $6.37, suggesting upside of 8.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 20.00 cents and EPS of 338.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 136.9, implying annual growth of N/A. Current consensus DPS estimate is 19.4, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 4.3. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 22.00 cents and EPS of 41.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 40.3, implying annual growth of -70.6%. Current consensus DPS estimate is 20.7, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 14.5. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates GXL as Neutral (3) -
Greencross' result met the broker but was mixed, given revenue growth was offset by margin pressure brought about by ongoing growth investments and operating cost pressures.
The broker sees an attractive proposition in a market experiencing tailwinds, and believes vet/pet shop co-location is a compelling longer term growth driver. However growth investment will continue to weigh on margins, as will investing to stave off online competition.
Neutral retained. Target falls to $6.20 from $7.10.
Target price is $6.20 Current Price is $5.96 Difference: $0.24
If GXL meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $6.37, suggesting upside of 8.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 19.20 cents and EPS of 37.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 136.9, implying annual growth of N/A. Current consensus DPS estimate is 19.4, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 4.3. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 20.10 cents and EPS of 40.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 40.3, implying annual growth of -70.6%. Current consensus DPS estimate is 20.7, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 14.5. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates GXL as Buy (1) -
UBS considers the FY17 result reasonable, with strong cash flow but weakening margins across both the retail and veterinary divisions.
The broker suspects the company will need to invest heavily to improve its omni-channel offering but there remains a possibility of operating leverage returning from the second half in FY18, as in-store veterinary clinic start-up losses flatten.
Buy rating retained. Target is reduced to $7.00 from $7.10.
Target price is $7.00 Current Price is $5.96 Difference: $1.04
If GXL meets the UBS target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $6.37, suggesting upside of 8.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 19.00 cents and EPS of 35.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 136.9, implying annual growth of N/A. Current consensus DPS estimate is 19.4, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 4.3. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 20.00 cents and EPS of 39.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 40.3, implying annual growth of -70.6%. Current consensus DPS estimate is 20.7, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 14.5. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates IAG as Sell (5) -
In an initial assessment, Citi analysts highlight margin pressure caused FY17 cash earnings to miss expectation by some -6%. Final dividend of 20c proved in-line.
FY18 margin guidance is seen as more or less in-line, but Citi analysts suspect expectations might have been higher elsewhere. They think the share price is likely to weaken post this result.
Sell rating retained. Target $6.30.
Target price is $6.30 Current Price is $6.76 Difference: minus $0.46 (current price is over target).
If IAG meets the Citi target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $6.55, suggesting upside of 5.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 33.00 cents and EPS of 42.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 39.3, implying annual growth of 52.4%. Current consensus DPS estimate is 30.2, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 15.8. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 29.00 cents and EPS of 37.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 38.5, implying annual growth of -2.0%. Current consensus DPS estimate is 28.8, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 16.1. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates IEL as Underperform (5) -
FY17 results were in line with the broker's expectations. Headline revenue for FY18 remains relatively unchanged, with a slightly higher base offset by updated currency assumptions.
Credit Suisse forecasts stronger growth in English Testing offsetting pared back volume assumptions in Student Placement in FY18. EBITDA forecast increased 1% due to the removal of some FY17 one-off costs and the inclusion of full year earnings from Hotcourses.
Underperform rating maintained and target price raised to $4.20 from $4.00.
Target price is $4.20 Current Price is $5.30 Difference: minus $1.1 (current price is over target).
If IEL meets the Credit Suisse target it will return approximately minus 21% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $5.22, suggesting downside of -2.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 15.00 cents and EPS of 20.25 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.9, implying annual growth of 20.0%. Current consensus DPS estimate is 14.9, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 26.9. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 17.00 cents and EPS of 22.86 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 22.5, implying annual growth of 13.1%. Current consensus DPS estimate is 17.0, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 23.8. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates IEL as Outperform (1) -
IDP's result missed the broker but it met the broker and beat consensus if forex losses are excluded. Underlying trends were favourable, supported by efficiency initiatives and a contribution from the Hotcourses acquisition.
The broker sees forex reversing in FY18 to support double-digit earnings growth. The company's global infrastructure and established relationships are "relatively unique" (sic) and provide a barrier to entry. Outperform retained. Target rises to $5.55 from $5.13.
Target price is $5.55 Current Price is $5.30 Difference: $0.25
If IEL meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $5.22, suggesting downside of -2.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 14.70 cents and EPS of 20.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.9, implying annual growth of 20.0%. Current consensus DPS estimate is 14.9, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 26.9. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 16.50 cents and EPS of 22.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 22.5, implying annual growth of 13.1%. Current consensus DPS estimate is 17.0, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 23.8. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates IEL as Overweight (1) -
FY17 numbers were in line with Morgan Stanley. Importantly, the testing market share stabilised in Australia after four years of share losses. Multi-destination placement growth was slower than the broker expected.
Overweight rating, In-Line sector view and target rises to $5.85 from $5.75.
Target price is $5.85 Current Price is $5.30 Difference: $0.55
If IEL meets the Morgan Stanley target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $5.22, suggesting downside of -2.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 15.00 cents and EPS of 19.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.9, implying annual growth of 20.0%. Current consensus DPS estimate is 14.9, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 26.9. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 17.50 cents and EPS of 23.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 22.5, implying annual growth of 13.1%. Current consensus DPS estimate is 17.0, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 23.8. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates IEL as Hold (3) -
FY17 net profit was slightly ahead of Ord Minnett estimates. The broker finds promising signs of stabilisation in Australian IELTS volumes. Student placement volumes were up 9.9% with volumes to multi-destination markets growing 29.2%.
The broker considers the stock to be fully valued and rolls forward its model, resulting in an upgrade to the target to $5.28 from $4.55. Hold retained.
Target price is $5.28 Current Price is $5.30 Difference: minus $0.02 (current price is over target).
If IEL meets the Ord Minnett target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $5.22, suggesting downside of -2.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 15.00 cents and EPS of 19.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.9, implying annual growth of 20.0%. Current consensus DPS estimate is 14.9, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 26.9. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 17.10 cents and EPS of 22.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 22.5, implying annual growth of 13.1%. Current consensus DPS estimate is 17.0, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 23.8. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates INA as Add (1) -
FY17 results were better than expectations for the broker. FY18 EBIT guidance was maintained, implying 31% to 43% growth.
Morgans' forecast assumes this flows through to 19% EPU growth, given the recent capital raising and next year's step up in tax rate. Management comment suggests few acquisitions will be made going forward, with the board clearly focused on recycling capital and internally funding operations.
Add rating and $3.0 price target maintained.
Target price is $3.00 Current Price is $2.60 Difference: $0.4
If INA meets the Morgans target it will return approximately 15% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 10.90 cents and EPS of 15.55 cents. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 13.80 cents and EPS of 19.66 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates ING as Buy (1) -
FY17 EBITDA of $195m was up 17% and in line with the company's prospectus. Citi lifts estimates for earnings per share by 3.5% in FY18 and 6.7% in FY19.
The broker expects the company will manage the feed costs and electricity price pressures, given hedging and further cost savings. Buy rating retained. Target rises to $3.75 from $3.60.
Target price is $3.75 Current Price is $3.36 Difference: $0.39
If ING meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $3.79, suggesting upside of 9.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 20.50 cents and EPS of 29.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.2, implying annual growth of 72.5%. Current consensus DPS estimate is 20.1, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 11.8. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 22.50 cents and EPS of 31.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.3, implying annual growth of 7.2%. Current consensus DPS estimate is 21.6, implying a prospective dividend yield of 6.3%. Current consensus EPS estimate suggests the PER is 11.0. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates ING as Outperform (1) -
FY17 results were ahead of prospectus. Credit Suisse notes a $6.9m profit on an asset disposal was offset by additional restructuring costs. Product demand remains strong and margins are expected to improve.
Credit Suisse envisages solid demand for a consumer stable that remains competitive against other proteins. Margin efficiency benefits remain on track and more normal volume growth should translate to more profitable volumes as the supply chain adjusts.
The broker reiterates an Outperform rating and raises the target to $4.00 from $3.90.
Target price is $4.00 Current Price is $3.36 Difference: $0.64
If ING meets the Credit Suisse target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $3.79, suggesting upside of 9.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 19.66 cents and EPS of 29.72 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.2, implying annual growth of 72.5%. Current consensus DPS estimate is 20.1, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 11.8. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 21.39 cents and EPS of 32.32 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.3, implying annual growth of 7.2%. Current consensus DPS estimate is 21.6, implying a prospective dividend yield of 6.3%. Current consensus EPS estimate suggests the PER is 11.0. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates ING as Outperform (1) -
Ingham's maiden pro-forma result was a slight beat in terms of earnings, dividend, cash flow and debt reduction, the broker notes. Management expects profit growth in the year ahead and no change in business trajectory.
The company will face an electricity price headwind in FY18 but is looking to at least offset half through higher chook prices. The broker sees an undemanding valuation and retains Outperform. Target rises to $4.00 from $3.65.
Target price is $4.00 Current Price is $3.36 Difference: $0.64
If ING meets the Macquarie target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $3.79, suggesting upside of 9.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 19.90 cents and EPS of 29.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.2, implying annual growth of 72.5%. Current consensus DPS estimate is 20.1, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 11.8. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 21.00 cents and EPS of 30.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.3, implying annual growth of 7.2%. Current consensus DPS estimate is 21.6, implying a prospective dividend yield of 6.3%. Current consensus EPS estimate suggests the PER is 11.0. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates ING as Equal-weight (3) -
Morgan Stanley observes cost reductions were a significant driver of FY17 earnings growth. Although the outlook now entails headwinds, management still expects the remaining cost reductions to help reach its long-term targets of an EBITDA margin above 10%.
Rapidly rising electricity prices are expected to affect the business across the second half and into FY19. The company expects half of the increase to be recovered through pricing and the remainder offset by efficiency savings.
Equal-weight. Target $3.40. Industry view: Cautious.
Target price is $3.40 Current Price is $3.36 Difference: $0.04
If ING meets the Morgan Stanley target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $3.79, suggesting upside of 9.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 20.40 cents and EPS of 29.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.2, implying annual growth of 72.5%. Current consensus DPS estimate is 20.1, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 11.8. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 21.60 cents and EPS of 30.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.3, implying annual growth of 7.2%. Current consensus DPS estimate is 21.6, implying a prospective dividend yield of 6.3%. Current consensus EPS estimate suggests the PER is 11.0. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates ING as Add (1) -
FY17 results were better than the broker had expected. Morgans is forecasting strong earnings growth over FY18 to FY20 due to continued strong demand for poultry, the company's growth strategy and margin expansion.
While the broker's EBITDA forecasts remain unchanged, NPAT could be impacted by a higher tax rate based on an expected legislative change regarding the treatment of royalties.
Inghams remains one of the broker's key picks in the ag/food sector and the Add rating is maintained, while the target drops to $3.90 from $4.0.
Target price is $3.90 Current Price is $3.36 Difference: $0.54
If ING meets the Morgans target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $3.79, suggesting upside of 9.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 20.00 cents and EPS of 29.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.2, implying annual growth of 72.5%. Current consensus DPS estimate is 20.1, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 11.8. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 21.00 cents and EPS of 31.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.3, implying annual growth of 7.2%. Current consensus DPS estimate is 21.6, implying a prospective dividend yield of 6.3%. Current consensus EPS estimate suggests the PER is 11.0. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates ING as Buy (1) -
FY17 results were in line with UBS. The broker considers the outlook for FY18 mixed, as the ongoing benefits of Project Accelerate are likely to be offset by rising utility costs, falling beef prices (protein substitution) and rising feed costs.
Nonetheless, UBS expects the stock to outperform in the near to medium term. Buy rating retained. Target slips to $3.70 from $3.75.
Target price is $3.70 Current Price is $3.36 Difference: $0.34
If ING meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $3.79, suggesting upside of 9.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 20.00 cents and EPS of 29.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.2, implying annual growth of 72.5%. Current consensus DPS estimate is 20.1, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 11.8. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 22.00 cents and EPS of 31.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.3, implying annual growth of 7.2%. Current consensus DPS estimate is 21.6, implying a prospective dividend yield of 6.3%. Current consensus EPS estimate suggests the PER is 11.0. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates LHC as Buy (1) -
FY17 results were slightly ahead of UBS. Revenue growth in FY17 benefited from 11.4% gain in the number of active surgeons and the broker suggests leverage may play a part in FY18, and offset the negative gross margin effect seen in FY17.
UBS increases estimates for FY18 earnings per share by 3.2%. Buy rating retained. Target rises to $2.75 from $2.60.
Target price is $2.75 Current Price is $2.42 Difference: $0.33
If LHC meets the UBS target it will return approximately 14% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 14.00 cents and EPS of 20.00 cents. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 15.00 cents and EPS of 21.00 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates MGC as Neutral (3) -
MG's profit under the profit-sharing mechanism beat the broker, albeit a large headline loss was posted due to asset write-downs and forgiving farmer payments. No guidance was provided.
The issue for the co-op is falling milk intake due to competition and walk-away farmers. MG continues to see challenges that puts the model's competitiveness at risk. If intake can be stabilised then valuation is cheap, the broker notes, which is why there is corporate interest.
Neutral retained, target falls to 71c from 83c.
Target price is $0.71 Current Price is $0.65 Difference: $0.065
If MGC meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 1.70 cents and EPS of 5.80 cents. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 0.00 cents and EPS of 5.40 cents. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates MND as Sell (5) -
FY17 earnings were below Citi's estimates. The broker considers the company a well-managed business and the near-term news flow, such as winning new contracts and bolt-on acquisitions, is potentially supportive.
Nonetheless, the stock trades at a 15% premium to the broker's price target, and an FY18-19 price/earnings ratio of 22x, despite forecast for modest growth.
Target is $12.40. Sell rating retained.
Target price is $12.40 Current Price is $14.48 Difference: minus $2.08 (current price is over target).
If MND meets the Citi target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $10.41, suggesting downside of -34.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 56.00 cents and EPS of 64.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 60.3, implying annual growth of N/A. Current consensus DPS estimate is 51.6, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 26.2. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 58.00 cents and EPS of 66.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 68.8, implying annual growth of 14.1%. Current consensus DPS estimate is 58.7, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 23.0. |
Market Sentiment: -0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates MND as Sell (5) -
FY17 results were in line with Deutsche Bank. The broker finds the outlook positive but considers the current share price is assuming an overly optimistic compound growth rate of 15% between FY19-21.
Sell rating retained on projected negative total shareholder return. Target is raised to $9.39 from $8.90.
Target price is $9.39 Current Price is $14.48 Difference: minus $5.09 (current price is over target).
If MND meets the Deutsche Bank target it will return approximately minus 35% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $10.41, suggesting downside of -34.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 55.00 cents and EPS of 66.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 60.3, implying annual growth of N/A. Current consensus DPS estimate is 51.6, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 26.2. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 59.00 cents and EPS of 71.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 68.8, implying annual growth of 14.1%. Current consensus DPS estimate is 58.7, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 23.0. |
Market Sentiment: -0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates MND as Underperform (5) -
It was a solid result from Monadelphous, again featuring a strong balance sheet and cash flow. The revenue outlook has improved considerably, the broker notes, thanks to a more stable resources outlook and new contract wins.
Margins will likely remain under pressure nevertheless, as customers seek competitive solutions. The broker has lifted earnings forecasts and its target to $12.80 from $10.81 but having rallied 40% since the Feb result, the stock is already seen pricing in the positives and is not cheap at 22x FY18.
Underperform retained. The broker prefers Downer EDI ((DOW)) and Cimic ((CIM)) in the space.
Target price is $12.80 Current Price is $14.48 Difference: minus $1.68 (current price is over target).
If MND meets the Macquarie target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $10.41, suggesting downside of -34.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 56.50 cents and EPS of 66.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 60.3, implying annual growth of N/A. Current consensus DPS estimate is 51.6, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 26.2. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 59.20 cents and EPS of 68.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 68.8, implying annual growth of 14.1%. Current consensus DPS estimate is 58.7, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 23.0. |
Market Sentiment: -0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates NST as Neutral (3) -
FY17 net profit was in line and revenue ahead of Citi's estimates. The broker estimates FY18 cash of $511m and FY19 of $707m and believes the company can retain a $300m buffer, with plenty of cash for organic growth and capital returns.
M&A is likely to be more problematic at this stage of the cycle, in the broker's opinion. Neutral retained. Target slips to $5.00 from $5.10.
Target price is $5.00 Current Price is $4.98 Difference: $0.02
If NST meets the Citi target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $4.88, suggesting downside of -1.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 9.00 cents and EPS of 31.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 42.8, implying annual growth of N/A. Current consensus DPS estimate is 9.8, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 11.5. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 10.00 cents and EPS of 45.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 48.9, implying annual growth of 14.3%. Current consensus DPS estimate is 10.2, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 10.1. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates NST as Neutral (3) -
FY17 results were in line with Credit Suisse forecasts. Management has set dividends at 6% of revenue while maintaining a minimum $300m cash balance for growth.
FY18 guidance is for 525koz to 575koz at $1000/oz to $1050/oz. Kalgoorlie and Jundee are forecasting stronger production, but Credit Suisse believes there is a strong need for exploration investment.
Neutral rating retained and target is raised to $4.55 from $4.30.
Target price is $4.55 Current Price is $4.98 Difference: minus $0.43 (current price is over target).
If NST meets the Credit Suisse target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.88, suggesting downside of -1.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 10.03 cents and EPS of 45.84 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 42.8, implying annual growth of N/A. Current consensus DPS estimate is 9.8, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 11.5. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 10.00 cents and EPS of 51.03 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 48.9, implying annual growth of 14.3%. Current consensus DPS estimate is 10.2, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 10.1. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates NST as Hold (3) -
FY17 net profit was below Deutsche Bank's expectations because of higher corporate costs. Free cash flow was in line.
The company has formalised the dividend policy and plans to pay out 6% of revenue, declaring a 6c final dividend.
Hold rating retained. Target rises to $4.50 from $4.40.
Target price is $4.50 Current Price is $4.98 Difference: minus $0.48 (current price is over target).
If NST meets the Deutsche Bank target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.88, suggesting downside of -1.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 10.00 cents and EPS of 42.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 42.8, implying annual growth of N/A. Current consensus DPS estimate is 9.8, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 11.5. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 11.00 cents and EPS of 51.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 48.9, implying annual growth of 14.3%. Current consensus DPS estimate is 10.2, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 10.1. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates NST as Outperform (1) -
Northern Star's strong result was in line with expectation, and of high quality featuring strong cash generation. The broker sees a further optimisation of assets as providing an upward earnings trajectory.
The company is in a position from which it can consider all three of organic growth, opportunistic M&A and shareholder returns, the broker believes. Outperform and $5.40 target retained.
Target price is $5.40 Current Price is $4.98 Difference: $0.42
If NST meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $4.88, suggesting downside of -1.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 10.00 cents and EPS of 38.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 42.8, implying annual growth of N/A. Current consensus DPS estimate is 9.8, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 11.5. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 10.00 cents and EPS of 42.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 48.9, implying annual growth of 14.3%. Current consensus DPS estimate is 10.2, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 10.1. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates NST as Upgrade to Neutral from Sell (3) -
UBS upgrades to Neutral from Sell, as concerns over mine life have been removed following a larger-than-expected reserve//resource update.
While the outlook appears balanced now, further upside may be difficult to achieve as all of the exploration targets are likely to be needed to underpin the 10-year mine life based on the resource, the broker suggests. Target is raised to $5.00 from $4.49.
Target price is $5.00 Current Price is $4.98 Difference: $0.02
If NST meets the UBS target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $4.88, suggesting downside of -1.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 10.00 cents and EPS of 46.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 42.8, implying annual growth of N/A. Current consensus DPS estimate is 9.8, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 11.5. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 10.00 cents and EPS of 55.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 48.9, implying annual growth of 14.3%. Current consensus DPS estimate is 10.2, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 10.1. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates OSH as Sell (5) -
First half results were in line with Citi's estimates. Although the producing assets are run exceptionally well, the broker believes the stock is overvalued, given weaker macro conditions.
The broker remains cautious that LNG market weakness through 2018/19 will affect sentiment. Sell rating retained. Target rises to $5.76 from $5.72.
Target price is $5.76 Current Price is $6.60 Difference: minus $0.84 (current price is over target).
If OSH meets the Citi target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $7.55, suggesting upside of 13.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 10.56 cents and EPS of 22.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 36.7, implying annual growth of N/A. Current consensus DPS estimate is 9.1, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 18.2. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 11.88 cents and EPS of 24.28 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.1, implying annual growth of -34.3%. Current consensus DPS estimate is 10.3, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 27.7. |
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
Credit Suisse rates OSH as Outperform (1) -
Oil Search's half year results were pleasing to the broker. Production guidance saw the bottom end lifted to 28.5mmboe to 30.5mmboe and production costs are now US$8-10/boe.
Credit Suisse has lifted CY17 EPS estimates by 1.3% while outer years remain unchanged.
Outperform rating and $6.80 target are retained.
Target price is $6.80 Current Price is $6.60 Difference: $0.2
If OSH meets the Credit Suisse target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $7.55, suggesting upside of 13.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 9.25 cents and EPS of 21.05 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 36.7, implying annual growth of N/A. Current consensus DPS estimate is 9.1, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 18.2. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 10.43 cents and EPS of 26.05 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.1, implying annual growth of -34.3%. Current consensus DPS estimate is 10.3, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 27.7. |
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
Deutsche Bank rates OSH as Buy (1) -
First half earnings were ahead of Deutsche Bank's estimates. The broker is confident the company is able to benefit from the expansion of PNG LNG and milestones over 2017-18 will bring the expansion firmly into view.
Key catalysts over the next six months also include the integration of Elk-Antelope into PNG LNG and the appraisal of Muruk and P'nyang. Buy retained. Target rises to $8.00 from $7.80.
Target price is $8.00 Current Price is $6.60 Difference: $1.4
If OSH meets the Deutsche Bank target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $7.55, suggesting upside of 13.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 9.24 cents and EPS of 154.39 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 36.7, implying annual growth of N/A. Current consensus DPS estimate is 9.1, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 18.2. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 9.24 cents and EPS of 22.43 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.1, implying annual growth of -34.3%. Current consensus DPS estimate is 10.3, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 27.7. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates OSH as Outperform (1) -
Oil Search's result was in line but the dividend was higher than expected. Guidance was tightened towards the high end for the full year. The broker sees upside potential in the near term as a new rig arrives.
Longer term, the broker still sees additional PNG trains but these are being delayed due to market oversupply. This pushes out first gas expectation, but the broker sees PNG as on of the most economically attractive LNG projects globally. Outperform retained. target rises to $7.30 from $7.00.
Target price is $7.30 Current Price is $6.60 Difference: $0.7
If OSH meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $7.55, suggesting upside of 13.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 8.45 cents and EPS of 18.08 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 36.7, implying annual growth of N/A. Current consensus DPS estimate is 9.1, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 18.2. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 6.60 cents and EPS of 14.65 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.1, implying annual growth of -34.3%. Current consensus DPS estimate is 10.3, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 27.7. |
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
Morgan Stanley rates OSH as Equal-weight (3) -
First half result met Morgan Stanley's forecasts. The focus is on LNG expansion. The stock has underperformed peers over the last 12 months amid concerns about delays to expansion and the broker suspects this is unlikely to change in the near-term.
Nevertheless, the stock could re-rate quickly on expansions, the broker contends, and the issue is all about timing. Equal-weight rating and In-Line sector view retained. Target is $7.56.
Target price is $7.56 Current Price is $6.60 Difference: $0.96
If OSH meets the Morgan Stanley target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $7.55, suggesting upside of 13.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 8.05 cents and EPS of 21.11 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 36.7, implying annual growth of N/A. Current consensus DPS estimate is 9.1, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 18.2. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 8.61 cents and EPS of 21.47 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.1, implying annual growth of -34.3%. Current consensus DPS estimate is 10.3, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 27.7. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates OSH as Add (1) -
Oil Search's first half results were better than the broker's forecasts. The company also outlined its confidence in being able to add at least 2mpta of LNG production from its expansion plans in PNG.
Following this, the company has lifted the lower end of FY17 production guidance to between 29mmboe to 30.5mmboe. Production cost guidance is down to US$8-9.5/boe and capex will also be lower.
Add retained and target rises to $10.31 from $10.16.
Target price is $10.31 Current Price is $6.60 Difference: $3.71
If OSH meets the Morgans target it will return approximately 56% (excluding dividends, fees and charges).
Current consensus price target is $7.55, suggesting upside of 13.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 10.56 cents and EPS of 23.75 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 36.7, implying annual growth of N/A. Current consensus DPS estimate is 9.1, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 18.2. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 15.84 cents and EPS of 38.27 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.1, implying annual growth of -34.3%. Current consensus DPS estimate is 10.3, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 27.7. |
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
Ord Minnett rates OSH as Accumulate (2) -
First half results were lower than Ord Minnett forecast because of a slightly higher tax rate and higher finance costs. The broker observes, operationally, the assets continue to perform consistently.
Catalysts relate to the timing and cost of the expansion project. Accumulate retained. Target rises to $7.45 from $7.25.
Target price is $7.45 Current Price is $6.60 Difference: $0.85
If OSH meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $7.55, suggesting upside of 13.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 9.24 cents and EPS of 22.43 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 36.7, implying annual growth of N/A. Current consensus DPS estimate is 9.1, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 18.2. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 10.56 cents and EPS of 23.75 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.1, implying annual growth of -34.3%. Current consensus DPS estimate is 10.3, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 27.7. |
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
UBS rates OSH as Neutral (3) -
First half results were broadly in line with UBS. 2017 guidance production has increased to 29-30.5mmboe, ahead of UBS estimates and despite some additional downtime.
Capital expenditure has been reduced to $350-400m, primarily because of a decision to delay some drilling activities. Neutral rating retained, as well as the $7.20 price target.
Target price is $7.20 Current Price is $6.60 Difference: $0.6
If OSH meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $7.55, suggesting upside of 13.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 10.56 cents and EPS of 22.43 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 36.7, implying annual growth of N/A. Current consensus DPS estimate is 9.1, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 18.2. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 13.20 cents and EPS of 30.35 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.1, implying annual growth of -34.3%. Current consensus DPS estimate is 10.3, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 27.7. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates REA as Downgrade to Hold from Add (3) -
Morgans has downgraded the stock to Hold from Add. As the price has increased 6% since the Add recommendation, the stock is now near to fully valued.
There are no changes to forecasts and price target remains $68.75
Target price is $68.75 Current Price is $68.30 Difference: $0.45
If REA meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $69.43, suggesting upside of 3.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 106.00 cents and EPS of 211.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 218.8, implying annual growth of 506.1%. Current consensus DPS estimate is 107.8, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 30.7. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 122.00 cents and EPS of 243.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 260.3, implying annual growth of 19.0%. Current consensus DPS estimate is 132.4, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 25.8. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates SIQ as Buy (1) -
First half results highlighted strong organic growth in the underlying business. Citi had expected organic growth would become more challenging but observes the company was able to retain large clients, win new clients and increase its penetration.
Citi is forecasting FY17 core net profit growth of 43%. Buy retained. Target rises to $8.69 from $7.33.
Target price is $8.69 Current Price is $7.70 Difference: $0.99
If SIQ meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $7.89, suggesting downside of -8.8% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 33.00 cents and EPS of 50.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 44.3, implying annual growth of 48.7%. Current consensus DPS estimate is 31.0, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 19.5. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 35.00 cents and EPS of 54.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 50.2, implying annual growth of 13.3%. Current consensus DPS estimate is 34.0, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 17.2. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates SIQ as Overweight (1) -
First half net profit was ahead of Morgan Stanley's forecasts.The outperformance was mainly attributed to a higher contribution and synergies from Selectus.
The broker believes the company is set to improve efficiencies and grow its client base to maintain high single-digit growth over the medium term.
Morgan Stanley considers the stock cheap and maintains an Overweight rating. Target is raised to $8.20 from $6.55. Sector view is In-Line.
Target price is $8.20 Current Price is $7.70 Difference: $0.5
If SIQ meets the Morgan Stanley target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $7.89, suggesting downside of -8.8% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 30.40 cents and EPS of 38.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 44.3, implying annual growth of 48.7%. Current consensus DPS estimate is 31.0, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 19.5. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 33.80 cents and EPS of 42.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 50.2, implying annual growth of 13.3%. Current consensus DPS estimate is 34.0, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 17.2. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates SMX as No Rating (-1) -
SMS' result was in line with the broker. As the broker is advising on the takeover bid, it is currently restricted from making a recommendation.
Current Price is $1.79. Target price not assessed.
Current consensus price target is $1.28, suggesting downside of -28.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 4.90 cents and EPS of 9.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 12.6, implying annual growth of N/A. Current consensus DPS estimate is 7.5, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 14.2. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 5.40 cents and EPS of 10.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 10.9, implying annual growth of -13.5%. Current consensus DPS estimate is 5.4, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 16.4. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates SVW as Hold (3) -
FY17 operating earnings were in line with Deutsche Bank estimates. The broker observes the outlook for the mining-exposed business is improving, especially equipment maintenance.
The broker is encouraged by the guidance for 5-10% underlying EBIT growth. Hold retained. Target rises to $12.50 from $8.65.
Target price is $12.50 Current Price is $12.85 Difference: minus $0.35 (current price is over target).
If SVW meets the Deutsche Bank target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $10.98, suggesting downside of -16.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 42.00 cents and EPS of 64.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 66.3, implying annual growth of N/A. Current consensus DPS estimate is 41.0, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 19.8. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 44.00 cents and EPS of 72.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 72.0, implying annual growth of 8.6%. Current consensus DPS estimate is 44.0, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 18.2. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates SXY as Neutral (3) -
FY17 results were in line with Citi's estimates. The broker suspects the commentary regarding refining de-watering operations in the Western Surat is an indication that de-watering may take slightly longer than previously expected.
While the value of this resource could be significant if the company can deliver on its low-cost promises, the broker suspects it is too early to pay for this upside given the track record in the industry.
Neutral/High Risk retained. Target rises to $0.30 from $0.28.
Target price is $0.30 Current Price is $0.28 Difference: $0.02
If SXY meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $0.31, suggesting upside of 14.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 0.00 cents and EPS of minus 0.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -0.2, 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 FY19:
Citi forecasts a full year FY19 dividend of 0.00 cents and EPS of minus 0.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.7, 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 2.8. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates SXY as Outperform (1) -
The company's FY17 results were slightly below the broker's expectations. Phase 2 of the Western Surat gas project has been sanctioned and is expected to be completed by the end of 2017.
FY18 guidance is for 0.75mmboe to 0.9mmboe, inclusive of initial gas from Vanessa. Volumes from Western Surat will ramp up through FY18, but a more material impact should be seen from FY19 onwards.
Outperform rating and $0.30 target retained.
Target price is $0.30 Current Price is $0.28 Difference: $0.02
If SXY meets the Credit Suisse target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $0.31, suggesting upside of 14.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 0.00 cents and EPS of minus 0.13 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -0.2, 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 FY19:
Credit Suisse forecasts a full year FY19 dividend of 0.00 cents and EPS of 57.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.7, 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 2.8. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates SXY as Hold (3) -
FY17 results were in line with Deutsche Bank while FY18 production guidance is stronger than expected. The outlook for the Western Surat CSG project remains a key value driver.
The company expects material CSG production from FY19 and, hence, the broker observes it will take time to demonstrate delivery against ramp-up targets. Hold rating retained. Target is $0.30.
Target price is $0.30 Current Price is $0.28 Difference: $0.02
If SXY meets the Deutsche Bank target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $0.31, suggesting upside of 14.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 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 -0.2, 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 FY19:
Deutsche Bank forecasts a full year FY19 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 9.7, 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 2.8. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates SXY as Neutral (3) -
Higher exploration expense saw Senex miss consensus expectations. FY18 production guidance is well below the broker's original forecast but does not include any exploration success.
The company has enough cash to meet its FY18 capital program and the broker expects production and capital guidance to be raised going forward. Neutral and 30c target retained.
Target price is $0.30 Current Price is $0.28 Difference: $0.02
If SXY meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $0.31, suggesting upside of 14.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 0.00 cents and EPS of minus 0.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -0.2, 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 FY19:
Macquarie forecasts a full year FY19 dividend of 0.00 cents and EPS of minus 0.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.7, 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 2.8. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates SXY as Equal-weight (3) -
FY17 net profit was below Morgan Stanley's assumptions, driven by higher exploration expense and operating costs.
The broker observes the investment case centres on the Western Surat expansion and the risk profile is increasing, given lower operating cash coming through the Cooper business and a surge in investment expenditure.
The broker retains an Equal-weight rating and In-Line industry view. Target is $0.27.
Target price is $0.27 Current Price is $0.28 Difference: minus $0.01 (current price is over target).
If SXY meets the Morgan Stanley target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $0.31, suggesting upside of 14.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 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 -0.2, 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 FY19:
Morgan Stanley forecasts a full year FY19 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 9.7, 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 2.8. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates SXY as Add (1) -
Senex's FY17 results were lackluster in the broker's opinion, driven by lower production and weak oil prices. FY18 production guidance was set at 0.75-0.9mmboe and a capex budget of between $80m and $100m was indicated.
Increased activity will offset decline in the Cooper Basin, with a return to normal volumes also likely to help lower costs, the broker notes.
Add rating retained and target falls to 39c from 42c.
Target price is $0.39 Current Price is $0.28 Difference: $0.11
If SXY meets the Morgans target it will return approximately 39% (excluding dividends, fees and charges).
Current consensus price target is $0.31, suggesting upside of 14.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 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 -0.2, 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 FY19:
Morgans forecasts a full year FY19 dividend of 0.00 cents and EPS of 2.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.7, 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 2.8. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates SYD as Neutral (3) -
First half results were in line with Citi's estimates. Distribution guidance is increased to 34.5c per security, ahead of expectations, and representing growth of 11.3%.
Citi increases second half and FY18 international passenger growth forecasts to 6.7% and 5.6% respectively. The broker considers this to be largely reflected in the share price and retains a Neutral rating. Target is raised to $7.31 from $7.02.
Target price is $7.31 Current Price is $7.08 Difference: $0.23
If SYD meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $7.07, suggesting downside of -1.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 34.50 cents and EPS of 16.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.8, implying annual growth of 38.1%. Current consensus DPS estimate is 34.6, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 36.1. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 37.50 cents and EPS of 17.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.7, implying annual growth of -5.6%. Current consensus DPS estimate is 37.1, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 38.2. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates SYD as Underperform (5) -
Credit Suisse raises 2018 and 2019 distribution estimates by 3-4% because of higher international passenger growth forecasts yet anticipates slower growth ahead.
The company is benefiting from above-trend international passenger growth, a front-end weighted aeronautical price agreement and the uplift from retail refurbishment. Underperform retained. Target rises to $6.80 from $6.50.
Target price is $6.80 Current Price is $7.08 Difference: minus $0.28 (current price is over target).
If SYD meets the Credit Suisse target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $7.07, suggesting downside of -1.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 34.50 cents and EPS of 15.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.8, implying annual growth of 38.1%. Current consensus DPS estimate is 34.6, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 36.1. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 37.00 cents and EPS of 16.68 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.7, implying annual growth of -5.6%. Current consensus DPS estimate is 37.1, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 38.2. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates SYD as Neutral (3) -
Sydney Airport's result slightly missed the broker but cash flow beat, leading to raised dividend guidance. The traffic outlook remains robust, the broker suggests.
But rising passenger numbers means both increased revenues and increased costs, the broker notes. Earnings leverage to growth will therefore be more moderate. Neutral retained. Target falls to $7.11 from $7.15.
Target price is $7.11 Current Price is $7.08 Difference: $0.03
If SYD meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $7.07, suggesting downside of -1.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 34.50 cents and EPS of 15.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.8, implying annual growth of 38.1%. Current consensus DPS estimate is 34.6, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 36.1. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 37.00 cents and EPS of 17.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.7, implying annual growth of -5.6%. Current consensus DPS estimate is 37.1, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 38.2. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates SYD as Overweight (1) -
First half outgoings were marginally below Morgan Stanley's estimates. Capital expenditure plans are unchanged. The broker remains constructive on international passenger growth, forecasting 4.0% in FY18.
The broker retains an Overweight rating and Cautious industry view. Target is raised to $7.37 from $7.32.
Target price is $7.37 Current Price is $7.08 Difference: $0.29
If SYD meets the Morgan Stanley target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $7.07, suggesting downside of -1.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 35.00 cents and EPS of 17.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.8, implying annual growth of 38.1%. Current consensus DPS estimate is 34.6, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 36.1. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 38.00 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 -5.6%. Current consensus DPS estimate is 37.1, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 38.2. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates SYD as Downgrade to Hold from Add (3) -
Sydney Airport's first half results were slightly better than the broker's estimates. Full year dividend guidance has been upgraded by 1cps to 34.5cps.
Morgans has raised FY17 forecasts by 1%, but downgrades longer term forecasts slightly.
The broker has downgraded the stock to Hold from Add and lowered the target price to $7.0 from $7.40.
Target price is $7.00 Current Price is $7.08 Difference: minus $0.08 (current price is over target).
If SYD meets the Morgans target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $7.07, suggesting downside of -1.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 34.50 cents and EPS of 40.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.8, implying annual growth of 38.1%. Current consensus DPS estimate is 34.6, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 36.1. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 36.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.7, implying annual growth of -5.6%. Current consensus DPS estimate is 37.1, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 38.2. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates SYD as Upgrade to Buy from Neutral (1) -
For the six months to June aeronautical revenue grew by 9% off 3.6% growth in traffic, because of the favourable shift in mix to international versus domestic. UBS now forecasts cash flow growth of 14% in 2017 and EBITDA growth of 10%.
The broker believes the stock is looking more attractive and upgrades to Buy from Neutral. Target is raised to $7.60 from $7.30.
Target price is $7.60 Current Price is $7.08 Difference: $0.52
If SYD meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $7.07, suggesting downside of -1.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 35.00 cents and EPS of 16.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.8, implying annual growth of 38.1%. Current consensus DPS estimate is 34.6, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 36.1. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 39.00 cents and EPS of 19.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.7, implying annual growth of -5.6%. Current consensus DPS estimate is 37.1, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 38.2. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates VRT as Overweight (1) -
The FY17 cycle decline was not as bad as Morgan Stanley expected. Revenue missed the broker's estimates by around -2%, pointing to the impact of price reductions and lower revenue from day hospitals.
Overweight rating. Target is $7.80. Industry view is In-Line.
Target price is $7.80 Current Price is $5.48 Difference: $2.32
If VRT meets the Morgan Stanley target it will return approximately 42% (excluding dividends, fees and charges).
Current consensus price target is $6.19, suggesting upside of 5.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 33.70 cents and EPS of 44.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 41.6, implying annual growth of N/A. Current consensus DPS estimate is 29.2, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 14.0. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 EPS of 48.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 44.3, implying annual growth of 6.5%. Current consensus DPS estimate is 28.0, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 13.2. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates VRT as Hold (3) -
Virtus' FY17 results were below the broker's expectations, due to competitive pressure from a low cost operator and lower margins in its own low cost offering.
Morgans has reduced FY18 forecasts by -5.2% and FY19 forecasts by -4.7%. Management has indicated cost savings of $5m in FY18 from a restructure of the Melbourne operations and further cost controls.
Hold retained and target raised to $5.46 from $5.43..
Target price is $5.46 Current Price is $5.48 Difference: minus $0.02 (current price is over target).
If VRT meets the Morgans target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $6.19, suggesting upside of 5.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 26.00 cents and EPS of 38.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 41.6, implying annual growth of N/A. Current consensus DPS estimate is 29.2, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 14.0. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 28.00 cents and EPS of 42.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 44.3, implying annual growth of 6.5%. Current consensus DPS estimate is 28.0, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 13.2. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates VRT as Neutral (3) -
FY17 result were in line with UBS. The company conceded around 180 basis points in market share and there was a drag on margins from Victoria, day hospitals and bulk billing.
With industry commentary subdued in the year-to-date, and recognising greater cost sensitivity in health care, UBS applies a more subdued 3% recovery to estimates in FY18.
The broker retains a Neutral rating. Target is reduced to $5.30 from $5.50.
Target price is $5.30 Current Price is $5.48 Difference: minus $0.18 (current price is over target).
If VRT meets the UBS target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $6.19, suggesting upside of 5.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 26.00 cents and EPS of 40.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 41.6, implying annual growth of N/A. Current consensus DPS estimate is 29.2, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 14.0. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 28.00 cents and EPS of 43.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 44.3, implying annual growth of 6.5%. Current consensus DPS estimate is 28.0, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 13.2. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates WOW as Neutral (3) -
In an initial assessment of the FY17 release, Citi analysts note the strong result beat its own expectations by some 2%. The 84c full year dividend was well above market expectations carried by strong cash conversion in excess of 100%.
Big W's losses are merely in-line, but Citi thinks it is a negative that no improvement seems to be on the horizon. The share price is likely to respond favourably, predict the analysts, though any upgrades to market expectations will be tempered by Big W's ongoing losses. Neutral. Target $27.50.
Target price is $27.50 Current Price is $27.06 Difference: $0.44
If WOW meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $26.41, suggesting downside of -2.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 84.00 cents and EPS of 112.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 108.8, implying annual growth of N/A. Current consensus DPS estimate is 74.9, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 24.8. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 90.20 cents and EPS of 128.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 125.1, implying annual growth of 15.0%. Current consensus DPS estimate is 86.2, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 21.6. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates WSA as Downgrade to Sell from Neutral (5) -
Underlying, point out Citi analysts, hides an operational loss for FY17, below expectations. Making matters worse; guidance for FY18 is seen as soft as well.
The realised nickel price turned out weaker than expected. Citi's nickel price forecasts do not allow for further dividend payments. Estimates have been cut. Price target loses 10c to $2.10. Downgrade to Sell from Neutral.
Target price is $2.10 Current Price is $2.57 Difference: minus $0.47 (current price is over target).
If WSA meets the Citi target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $2.26, suggesting downside of -6.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 0.00 cents and EPS of 5.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 4.9, implying annual growth of N/A. Current consensus DPS estimate is 1.3, implying a prospective dividend yield of 0.5%. Current consensus EPS estimate suggests the PER is 49.6. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 0.00 cents and EPS of 11.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.9, implying annual growth of 142.9%. Current consensus DPS estimate is 1.7, implying a prospective dividend yield of 0.7%. Current consensus EPS estimate suggests the PER is 20.4. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates WSA as Neutral (3) -
FY17 results were in line with Credit Suisse. FY18 guidance is for 21,500-22,500 tonnes of nickel at a C1 cash cost of $2.40-2.65/lb. The broker suggests this guidance is a little softer than FY17 but a strong nickel price should offset some of the difference.
Neutral retained. Target is raised to $2.70 from $2.50.
Target price is $2.70 Current Price is $2.57 Difference: $0.13
If WSA meets the Credit Suisse target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $2.26, suggesting downside of -6.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 2.16 cents and EPS of 7.21 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 4.9, implying annual growth of N/A. Current consensus DPS estimate is 1.3, implying a prospective dividend yield of 0.5%. Current consensus EPS estimate suggests the PER is 49.6. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 4.74 cents and EPS of 15.82 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.9, implying annual growth of 142.9%. Current consensus DPS estimate is 1.7, implying a prospective dividend yield of 0.7%. Current consensus EPS estimate suggests the PER is 20.4. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates WSA as Hold (3) -
FY17 results were ahead of Deutsche Bank estimates, on one-off gains from the Bluejay equity sale and realised profit from the sale of tenements to Kidman Resources ((KDR)).
FY18 guidance is conservative relative to Deutsche Bank's estimates, but the broker notes the company provided conservative guidance at the beginning of FY17 and outperformed over the year. Mine production of 23,500-25,000 tonnes of nickel in ore is expected.
Hold retained. Target steady at $2.20.
Target price is $2.20 Current Price is $2.57 Difference: minus $0.37 (current price is over target).
If WSA meets the Deutsche Bank target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $2.26, suggesting downside of -6.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 0.00 cents and EPS of 2.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 4.9, implying annual growth of N/A. Current consensus DPS estimate is 1.3, implying a prospective dividend yield of 0.5%. Current consensus EPS estimate suggests the PER is 49.6. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 0.00 cents and EPS of 11.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.9, implying annual growth of 142.9%. Current consensus DPS estimate is 1.7, implying a prospective dividend yield of 0.7%. Current consensus EPS estimate suggests the PER is 20.4. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates WSA as Neutral (3) -
Western Areas' result beat the broker and a 2c dividend was a positive surprise. Cash flow was in line.
FY18 production guidance is nevertheless -7% lower than forecast and costs 14% higher. The broker does however note the company has a habit of beating both, and exploration success could boost the medium term outlook. Neutral retained. Target rises to $2.50 from $2.30.
Target price is $2.50 Current Price is $2.57 Difference: minus $0.07 (current price is over target).
If WSA meets the Macquarie target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $2.26, suggesting downside of -6.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 2.00 cents and EPS of 2.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 4.9, implying annual growth of N/A. Current consensus DPS estimate is 1.3, implying a prospective dividend yield of 0.5%. Current consensus EPS estimate suggests the PER is 49.6. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 2.00 cents and EPS of 9.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.9, implying annual growth of 142.9%. Current consensus DPS estimate is 1.7, implying a prospective dividend yield of 0.7%. Current consensus EPS estimate suggests the PER is 20.4. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Summaries
| ACX - | ACONEX | Buy - Citi | Overnight Price $4.14 |
| Neutral - Credit Suisse | Overnight Price $4.14 | ||
| Hold - Deutsche Bank | Overnight Price $4.14 | ||
| Overweight - Morgan Stanley | Overnight Price $4.14 | ||
| Neutral - UBS | Overnight Price $4.14 | ||
| AMC - | AMCOR | Buy - Citi | Overnight Price $16.12 |
| Neutral - Credit Suisse | Overnight Price $16.12 | ||
| Buy - Deutsche Bank | Overnight Price $16.12 | ||
| Outperform - Macquarie | Overnight Price $16.12 | ||
| Equal-weight - Morgan Stanley | Overnight Price $16.12 | ||
| Hold - Morgans | Overnight Price $16.12 | ||
| Hold - Ord Minnett | Overnight Price $16.12 | ||
| Neutral - UBS | Overnight Price $16.12 | ||
| BHP - | BHP BILLITON | Neutral - Citi | Overnight Price $25.98 |
| Neutral - Credit Suisse | Overnight Price $25.98 | ||
| Buy - Deutsche Bank | Overnight Price $25.98 | ||
| Outperform - Macquarie | Overnight Price $25.98 | ||
| Overweight - Morgan Stanley | Overnight Price $25.98 | ||
| Add - Morgans | Overnight Price $25.98 | ||
| Hold - Ord Minnett | Overnight Price $25.98 | ||
| BPT - | BEACH ENERGY | Underperform - Macquarie | Overnight Price $0.70 |
| Upgrade to Overweight from Equal-weight - Morgan Stanley | Overnight Price $0.70 | ||
| BXB - | BRAMBLES | Underperform - Credit Suisse | Overnight Price $9.64 |
| CCL - | COCA-COLA AMATIL | Neutral - Citi | Overnight Price $8.47 |
| CTD - | CORPORATE TRAVEL | Neutral - Macquarie | Overnight Price $21.85 |
| Overweight - Morgan Stanley | Overnight Price $21.85 | ||
| Downgrade to Hold from Add - Morgans | Overnight Price $21.85 | ||
| Downgrade to Accumulate from Buy - Ord Minnett | Overnight Price $21.85 | ||
| Neutral - UBS | Overnight Price $21.85 | ||
| CWP - | CEDAR WOODS PROPERTIES | Downgrade to Hold from Add - Morgans | Overnight Price $5.20 |
| FPH - | FISHER & PAYKEL HEALTHCARE | Hold - Deutsche Bank | Overnight Price $10.73 |
| GDI - | GDI PROPERTY | Outperform - Credit Suisse | Overnight Price $1.06 |
| GMG - | GOODMAN GRP | Neutral - Credit Suisse | Overnight Price $8.53 |
| GXL - | GREENCROSS | Upgrade to Hold from Sell - Deutsche Bank | Overnight Price $5.96 |
| Neutral - Macquarie | Overnight Price $5.96 | ||
| Buy - UBS | Overnight Price $5.96 | ||
| IAG - | INSURANCE AUSTRALIA | Sell - Citi | Overnight Price $6.76 |
| IEL - | IDP EDUCATION | Underperform - Credit Suisse | Overnight Price $5.30 |
| Outperform - Macquarie | Overnight Price $5.30 | ||
| Overweight - Morgan Stanley | Overnight Price $5.30 | ||
| Hold - Ord Minnett | Overnight Price $5.30 | ||
| INA - | INGENIA COMMUNITIES GROUP | Add - Morgans | Overnight Price $2.60 |
| ING - | INGHAMS GROUP | Buy - Citi | Overnight Price $3.36 |
| Outperform - Credit Suisse | Overnight Price $3.36 | ||
| Outperform - Macquarie | Overnight Price $3.36 | ||
| Equal-weight - Morgan Stanley | Overnight Price $3.36 | ||
| Add - Morgans | Overnight Price $3.36 | ||
| Buy - UBS | Overnight Price $3.36 | ||
| LHC - | LIFEHEALTHCARE | Buy - UBS | Overnight Price $2.42 |
| MGC - | MURRAY GOULBURN | Neutral - Macquarie | Overnight Price $0.65 |
| MND - | MONADELPHOUS GROUP | Sell - Citi | Overnight Price $14.48 |
| Sell - Deutsche Bank | Overnight Price $14.48 | ||
| Underperform - Macquarie | Overnight Price $14.48 | ||
| NST - | NORTHERN STAR | Neutral - Citi | Overnight Price $4.98 |
| Neutral - Credit Suisse | Overnight Price $4.98 | ||
| Hold - Deutsche Bank | Overnight Price $4.98 | ||
| Outperform - Macquarie | Overnight Price $4.98 | ||
| Upgrade to Neutral from Sell - UBS | Overnight Price $4.98 | ||
| OSH - | OIL SEARCH | Sell - Citi | Overnight Price $6.60 |
| Outperform - Credit Suisse | Overnight Price $6.60 | ||
| Buy - Deutsche Bank | Overnight Price $6.60 | ||
| Outperform - Macquarie | Overnight Price $6.60 | ||
| Equal-weight - Morgan Stanley | Overnight Price $6.60 | ||
| Add - Morgans | Overnight Price $6.60 | ||
| Accumulate - Ord Minnett | Overnight Price $6.60 | ||
| Neutral - UBS | Overnight Price $6.60 | ||
| REA - | REA GROUP | Downgrade to Hold from Add - Morgans | Overnight Price $68.30 |
| SIQ - | SMARTGROUP | Buy - Citi | Overnight Price $7.70 |
| Overweight - Morgan Stanley | Overnight Price $7.70 | ||
| SMX - | SMS MANAG & TECHNOL | No Rating - Macquarie | Overnight Price $1.79 |
| SVW - | SEVEN GROUP | Hold - Deutsche Bank | Overnight Price $12.85 |
| SXY - | SENEX ENERGY | Neutral - Citi | Overnight Price $0.28 |
| Outperform - Credit Suisse | Overnight Price $0.28 | ||
| Hold - Deutsche Bank | Overnight Price $0.28 | ||
| Neutral - Macquarie | Overnight Price $0.28 | ||
| Equal-weight - Morgan Stanley | Overnight Price $0.28 | ||
| Add - Morgans | Overnight Price $0.28 | ||
| SYD - | SYDNEY AIRPORT | Neutral - Citi | Overnight Price $7.08 |
| Underperform - Credit Suisse | Overnight Price $7.08 | ||
| Neutral - Macquarie | Overnight Price $7.08 | ||
| Overweight - Morgan Stanley | Overnight Price $7.08 | ||
| Downgrade to Hold from Add - Morgans | Overnight Price $7.08 | ||
| Upgrade to Buy from Neutral - UBS | Overnight Price $7.08 | ||
| VRT - | VIRTUS HEALTH | Overweight - Morgan Stanley | Overnight Price $5.48 |
| Hold - Morgans | Overnight Price $5.48 | ||
| Neutral - UBS | Overnight Price $5.48 | ||
| WOW - | WOOLWORTHS | Neutral - Citi | Overnight Price $27.06 |
| WSA - | WESTERN AREAS | Downgrade to Sell from Neutral - Citi | Overnight Price $2.57 |
| Neutral - Credit Suisse | Overnight Price $2.57 | ||
| Hold - Deutsche Bank | Overnight Price $2.57 | ||
| Neutral - Macquarie | Overnight Price $2.57 |
RATING SUMMARY
| Rating | No. Of Recommendations |
| 1. Buy | 34 |
| 2. Accumulate | 2 |
| 3. Hold | 44 |
| 5. Sell | 10 |
Wednesday 23 August 2017
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The content of this information does in no way reflect the opinions of
FNArena, or of its journalists. In fact we don't have any opinion about
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