Australian Broker Call
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February 23, 2018
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COMPANIES DISCUSSED IN THIS ISSUE
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The number next to the symbol represents the number of brokers covering it for this report -(if more than 1)
Last Updated: 03:46 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
ARB - | ARB CORP | Downgrade to Neutral from Buy | Citi |
BKL - | BLACKMORES | Downgrade to Neutral from Outperform | Credit Suisse |
EHE - | ESTIA HEALTH | Upgrade to Buy from Neutral | UBS |
EPW - | ERM POWER | Upgrade to Add from Hold | Morgans |
FLT - | FLIGHT CENTRE | Upgrade to Neutral from Sell | Citi |
Upgrade to Equal-weight from Underweight | Morgan Stanley | ||
FXJ - | FAIRFAX MEDIA | Upgrade to Buy from Hold | Deutsche Bank |
IRE - | IRESS MARKET TECHN | Upgrade to Hold from Lighten | Ord Minnett |
LNK - | LINK ADMINISTRATION | Downgrade to Neutral from Buy | UBS |
MHJ - | MICHAEL HILL | Upgrade to Outperform from Neutral | Credit Suisse |
NEC - | NINE ENTERTAINMENT | Upgrade to Neutral from Sell | UBS |
PPT - | PERPETUAL | Downgrade to Neutral from Outperform | Credit Suisse |
SBM - | ST BARBARA | Upgrade to Neutral from Underperform | Credit Suisse |
TRS - | THE REJECT SHOP | Upgrade to Buy from Neutral | UBS |
WEB - | WEBJET | Upgrade to Outperform from Neutral | Credit Suisse |
WES - | WESFARMERS | Upgrade to Hold from Sell | Deutsche Bank |
AHY ASALEO CARE LIMITED
Household & Personal Products
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Overnight Price: $1.46
Citi rates AHY as Sell (5) -
2017 earnings were down -5% and Citi forecasts another -8% fall in 2018, given rising input costs and competition. The broker maintains a Sell rating amid uncertainty over the next 12 months.
Citi believes the company needs more cost savings to meet 2018 guidance for EBITDA of $113-119m. There is downside risk to forecasts if competitive retaliation occurs in feminine hygiene products while the company looks to regain market share. Target is reduced $1.25 from $1.35.
Target price is $1.25 Current Price is $1.46 Difference: minus $0.21 (current price is over target).
If AHY 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 $1.38, suggesting downside of -5.3% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 10.00 cents and EPS of 9.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.7, implying annual growth of -7.6%. Current consensus DPS estimate is 10.0, implying a prospective dividend yield of 6.8%. Current consensus EPS estimate suggests the PER is 15.1. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 9.00 cents and EPS of 10.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.9, implying annual growth of 2.1%. Current consensus DPS estimate is 9.0, implying a prospective dividend yield of 6.2%. Current consensus EPS estimate suggests the PER is 14.7. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates AHY as Neutral (3) -
2018 guidance is in line with Credit Suisse forecasts and 2017 results were in line with the December announcement. The broker notes the company has addressed two issues that affected the 2017 results.
Feminine hygiene sales were affected by pricing constraints and this is no longer the case, while the company has recovered some market share in recent months. The issue with the re-engineered nappy was resolved and this potentially leads to a recovery in sales in 2018.
Credit Suisse retains a Neutral rating and $1.45 target.
Target price is $1.45 Current Price is $1.46 Difference: minus $0.01 (current price is over target).
If AHY meets the Credit Suisse target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $1.38, suggesting downside of -5.3% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 10.00 cents and EPS of 9.55 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.7, implying annual growth of -7.6%. Current consensus DPS estimate is 10.0, implying a prospective dividend yield of 6.8%. Current consensus EPS estimate suggests the PER is 15.1. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 7.90 cents and EPS of 9.73 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.9, implying annual growth of 2.1%. Current consensus DPS estimate is 9.0, implying a prospective dividend yield of 6.2%. Current consensus EPS estimate suggests the PER is 14.7. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates AHY as Neutral (3) -
2017 underlying earnings were in line with downgraded guidance issued in December. Macquarie suggests, because of rising input costs and a highly competitive retail environment, earnings risks remain.
The support for the share price is in the dividend yield of 6.6%, underpinned by a 100% pay-out ratio in 2018. Neutral rating and $1.45 target maintained.
Target price is $1.45 Current Price is $1.46 Difference: minus $0.01 (current price is over target).
If AHY meets the Macquarie target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $1.38, suggesting downside of -5.3% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 10.00 cents and EPS of 10.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.7, implying annual growth of -7.6%. Current consensus DPS estimate is 10.0, implying a prospective dividend yield of 6.8%. Current consensus EPS estimate suggests the PER is 15.1. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 10.00 cents and EPS of 10.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.9, implying annual growth of 2.1%. Current consensus DPS estimate is 9.0, implying a prospective dividend yield of 6.2%. Current consensus EPS estimate suggests the PER is 14.7. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
AIZ AIR NEW ZEALAND LIMITED
Transportation & Logistics
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Overnight Price: $2.87
Credit Suisse rates AIZ as Neutral (3) -
First half operating earnings were in line with forecasts. Credit Suisse notes improved passenger revenue and a strong cargo result combined with further efficiency gains to help offset an 18% increase in jet fuel costs.
No specific guidance range was provided for the full year, although the company expects 2018 earnings to exceed the prior year. Reflecting changes to the latest hedging disclosure and recent easing in Brent crude, the broker reduces FY18 net profit forecast by -1.2% and increases FY19 by 7.0%.
Neutral maintained. Target rises to NZ$3.00 from NZ$2.96.
Current Price is $2.87. Target price not assessed.
Current consensus price target is N/A
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 20.29 cents and EPS of 32.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 32.1, implying annual growth of N/A. Current consensus DPS estimate is 20.6, implying a prospective dividend yield of 7.2%. Current consensus EPS estimate suggests the PER is 8.9. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 20.29 cents and EPS of 29.79 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.9, implying annual growth of -0.6%. Current consensus DPS estimate is 21.3, implying a prospective dividend yield of 7.4%. Current consensus EPS estimate suggests the PER is 9.0. |
This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates AIZ as Sell (5) -
Deutsche Bank labels it a good result, "very much in line", but the finer details show a slight miss. The 11c dividend compares with 10c expected. Guidance for improvement in profit over the full year is in-line, say the analysts.
Deutsche Bank retains concerns about rising fuel prices and whether Air New Zealand can fill capacity without material yield declines. The analysts note FX movements have taken some pressure off from dearer fuel.
Price target rises to NZ$2.88 from NZ$2.75 on slightly higher estimates. Sell rating retained.
Current Price is $2.87. Target price not assessed.
Current consensus price target is N/A
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 20.29 cents and EPS of 29.51 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 32.1, implying annual growth of N/A. Current consensus DPS estimate is 20.6, implying a prospective dividend yield of 7.2%. Current consensus EPS estimate suggests the PER is 8.9. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 20.29 cents and EPS of 26.75 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.9, implying annual growth of -0.6%. Current consensus DPS estimate is 21.3, implying a prospective dividend yield of 7.4%. Current consensus EPS estimate suggests the PER is 9.0. |
This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates AIZ as Outperform (1) -
Air NZ's result beat the broker by 2% and importantly, guidance for FY18 profit to exceed FY17 is retained despite higher fuel prices. It was a high quality result, the broker suggests, and clearly management are confident in the outlook.
The broker suggests Air NZ's competitive business supports a return on invested capital in excess of 15% in the face of furl cost headwinds. FY19 consensus forecasts look too low. Outperform retained, target falls to NZ$3.80 from NZ$3.90.
Current Price is $2.87. Target price not assessed.
Current consensus price target is N/A
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 20.29 cents and EPS of 32.19 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 32.1, implying annual growth of N/A. Current consensus DPS estimate is 20.6, implying a prospective dividend yield of 7.2%. Current consensus EPS estimate suggests the PER is 8.9. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 21.21 cents and EPS of 34.68 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.9, implying annual growth of -0.6%. Current consensus DPS estimate is 21.3, implying a prospective dividend yield of 7.4%. Current consensus EPS estimate suggests the PER is 9.0. |
This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates AIZ as Neutral (3) -
Air New Zealand, in UBS' opinion, is working hard to stand still. However, the analysts believe earnings visibility has improved, albeit with the extra observation that a return to positive earnings momentum should not be expected in FY18.
So there is an attractive yield on offer, and UBS analysts remain attracted to the airline's strong free cash flow generation post fleet modernisation program. Neutral rating remains unchanged.
Price target gains NZ5c to NZ$3.05. Larger fuel hedging triggers a lift of 7% for EPS forecast.
Current Price is $2.87. Target price not assessed.
Current consensus price target is N/A
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 20.29 cents and EPS of 33.02 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 32.1, implying annual growth of N/A. Current consensus DPS estimate is 20.6, implying a prospective dividend yield of 7.2%. Current consensus EPS estimate suggests the PER is 8.9. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 22.13 cents and EPS of 34.68 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.9, implying annual growth of -0.6%. Current consensus DPS estimate is 21.3, implying a prospective dividend yield of 7.4%. Current consensus EPS estimate suggests the PER is 9.0. |
This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $24.42
Deutsche Bank rates ALL as Buy (1) -
The company has used its AGM to reiterate full year guidance. Deutsche Bank notes the US Tax Cuts and Jobs Act is expected to add 3% in FY18.
In addition, the integration of Plarium is apparently progressing "extremely well". Aristocrat is working through an integration plan with the Big Fish team.
With the shares trading at a -26% discount to the broker's price target, the Buy rating remains firmly in place. Target $32.90.
Target price is $32.90 Current Price is $24.42 Difference: $8.48
If ALL meets the Deutsche Bank target it will return approximately 35% (excluding dividends, fees and charges).
Current consensus price target is $27.25, suggesting upside of 11.6% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 49.00 cents and EPS of 123.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 106.0, implying annual growth of 36.4%. Current consensus DPS estimate is 47.3, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 23.0. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 58.00 cents and EPS of 146.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 125.8, implying annual growth of 18.7%. Current consensus DPS estimate is 62.8, implying a prospective dividend yield of 2.6%. Current consensus EPS estimate suggests the PER is 19.4. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates APA as Neutral (3) -
First half results were below UBS estimates. Dividend guidance of 45c was reaffirmed after announcing a 1H dividend of 21c.
APA has also reaffirmed FY18 EBITDA guidance of $1,475-1,510m. The company has launched a 1-for-17 $500m underwritten entitlement offer to fund its $1.2bn growth programme, reducing gearing to 66.9% from 68.9%.
UBS maintains a Neutral rating, with EPS reduced to account for dilution from the equity raising. Target falls to $8.45 from $8.55.
Target price is $8.45 Current Price is $8.26 Difference: $0.19
If APA meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $8.50, suggesting upside of 2.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 45.00 cents and EPS of 22.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.7, implying annual growth of 11.3%. Current consensus DPS estimate is 45.0, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 34.9. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 46.00 cents and EPS of 28.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.4, implying annual growth of 11.4%. Current consensus DPS estimate is 46.7, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 31.3. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $10.17
UBS rates APX as Buy (1) -
Another day, another beat says the title above today's update, and that sums it up nicely. Sifting through the finer details, UBS finds the actual beat is even larger than it seems at face value.
The analysts express their confidence the company will be able to maintain its margins medium term. Forecasts have received yet another boost. Price target lifts to $12 from $9.80. Buy rating retained.
Target price is $12.00 Current Price is $10.17 Difference: $1.83
If APX meets the UBS target it will return approximately 18% (excluding dividends, fees and charges).
The company's fiscal year ends in December.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 6.00 cents and EPS of 19.80 cents. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 10.10 cents and EPS of 33.70 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
ARB ARB CORPORATION LIMITED
Automobiles & Components
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Overnight Price: $20.14
Citi rates ARB as Downgrade to Neutral from Buy (3) -
Citi believes it is time to take some profits in light of the strong start to FY18 in the first half. Rating is downgraded to Neutral from Buy. The broker increases FY19-20 forecasts by 6-7%.
Citi expects the PE will moderate over the short term. Target is raised to $22.43 from $17.85 as the model is rolled forward amid index multiple expansion.
The broker believes the company will further distance itself from its competitors in the second half and gain more scale domestically.
Target price is $22.43 Current Price is $20.14 Difference: $2.29
If ARB meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $19.33, suggesting downside of -4.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 38.50 cents and EPS of 65.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 66.9, implying annual growth of 7.7%. Current consensus DPS estimate is 37.7, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 30.1. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 43.50 cents and EPS of 81.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 78.9, implying annual growth of 17.9%. Current consensus DPS estimate is 42.2, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 25.5. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates ARF as Outperform (1) -
Arena REIT's (no relation) result was slightly ahead of the broker. FY distribution guidance was reaffirmed as expected.
Management noted the supply of childcare places is expected to remain elevated but its own tenants were experiencing little pressure on occupancy or pricing, which bodes well for the sustainability of rents, the broker notes. FY19 provided potential upside from developments and regulatory changes will provide a tailwind from July this year.
Outperform retained, target falls to $2.31 from $2.53 on a higher interest rate assumption.
Target price is $2.31 Current Price is $2.27 Difference: $0.04
If ARF meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 12.90 cents and EPS of 13.20 cents. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 13.40 cents and EPS of 13.70 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates ARF as Overweight (1) -
First half results were ahead of Morgan Stanley, driven by development NOI and lower costs.
Developments of $68m on a 6.8% yield on cost during the first half, plus the targeted completion of 6 of the 7 developments in the pipeline, support the broker's forecast for 7% growth in FY18 DPS.
Overweight and target raised to $2.50 from $2.40. Industry view: Cautious.
Target price is $2.50 Current Price is $2.27 Difference: $0.23
If ARF meets the Morgan Stanley target it will return approximately 10% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 12.80 cents and EPS of 13.10 cents. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 13.70 cents and EPS of 13.90 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $2.30
Credit Suisse rates AWC as Neutral (3) -
Earnings were in line with expectations in 2017 while the dividend surprised to the upside. Credit Suisse found third-party shipments guidance a little disappointing.
The broker adjusts production estimates in line with 2018 guidance, raising operating expenditure for alumina marginally because of higher caustic prices. Neutral rating and $2.30 target retained.
Target price is $2.30 Current Price is $2.30 Difference: $0
If AWC meets the Credit Suisse target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $2.34, suggesting upside of 1.6% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 15.72 cents and EPS of 9.39 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.9, implying annual growth of N/A. Current consensus DPS estimate is 18.0, implying a prospective dividend yield of 7.8%. Current consensus EPS estimate suggests the PER is 12.8. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 11.30 cents and EPS of 11.56 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.1, implying annual growth of -10.1%. Current consensus DPS estimate is 14.8, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 14.3. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates AWC as Hold (3) -
2017 net profit was ahead of estimates. 2018 guidance is also ahead of expectations and Deutsche Bank forecasts unit costs of US$217/t in 2018 which builds in a US$15/t increase from higher caustic soda prices.
Strong margin should boost the dividend in 2018, the broker suggests. Hold maintained. Target is raised to $2.25 from $2.20.
Target price is $2.25 Current Price is $2.30 Difference: minus $0.05 (current price is over target).
If AWC meets the Deutsche Bank target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $2.34, suggesting upside of 1.6% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 19.42 cents and EPS of 14.24 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.9, implying annual growth of N/A. Current consensus DPS estimate is 18.0, implying a prospective dividend yield of 7.8%. Current consensus EPS estimate suggests the PER is 12.8. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 12.95 cents and EPS of 14.24 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.1, implying annual growth of -10.1%. Current consensus DPS estimate is 14.8, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 14.3. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates AWC as Outperform (1) -
Alumina Ltd delivered a strong cash flow result, leading to a higher dividend than the broker forecast and much higher than consensus. An impressive cost-out performance drove higher margins, along with buoyant alumina prices.
With low-cost production growth and positive margin benefits from repricing, the company's sector-leading dividends appear to the broker to be increasingly sustainable in the near term.
Outperform retained, target falls to $2.60 from $2.70.
Target price is $2.60 Current Price is $2.30 Difference: $0.3
If AWC meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $2.34, suggesting upside of 1.6% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 16.70 cents and EPS of 22.79 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.9, implying annual growth of N/A. Current consensus DPS estimate is 18.0, implying a prospective dividend yield of 7.8%. Current consensus EPS estimate suggests the PER is 12.8. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 16.19 cents and EPS of 18.39 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.1, implying annual growth of -10.1%. Current consensus DPS estimate is 14.8, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 14.3. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates AWC as Accumulate (2) -
2017 results were below forecasts. Ord Minnett notes future costs will be affected by higher caustic soda prices but another strong year is still expected.
The broker sums up the stock as offering exposure to tier 1 alumina assets and buoyant commodity markets, with significant cash flow from the AWAC joint venture which should be returned to shareholders for the foreseeable future.
Accumulate rating retained. Target reduced to $2.60 from $2.70.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $2.60 Current Price is $2.30 Difference: $0.3
If AWC meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $2.34, suggesting upside of 1.6% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 20.72 cents and EPS of 20.72 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.9, implying annual growth of N/A. Current consensus DPS estimate is 18.0, implying a prospective dividend yield of 7.8%. Current consensus EPS estimate suggests the PER is 12.8. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 15.60 cents and EPS of 15.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.1, implying annual growth of -10.1%. Current consensus DPS estimate is 14.8, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 14.3. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates AWC as Sell (5) -
2017 results were ahead of expectations. The larger-than-expected returns were a result of receiving net distributions of US$198m from AWAC as of January 1, which UBS notes is one of the benefits of the amended joint venture agreement that requires no more than US$140m in cash being held in AWAC.
The company has indicated the cash costs at AWAC will rise by around US$10/t in 2018 and, with the alumina price expected to retrace, the broker envisages risks to returns in the second half. Sell rating maintained. Target rises to $1.90 from $1.85.
Target price is $1.90 Current Price is $2.30 Difference: minus $0.4 (current price is over target).
If AWC meets the UBS target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $2.34, suggesting upside of 1.6% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 16.83 cents and EPS of 16.83 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.9, implying annual growth of N/A. Current consensus DPS estimate is 18.0, implying a prospective dividend yield of 7.8%. Current consensus EPS estimate suggests the PER is 12.8. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 19.42 cents and EPS of 18.13 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.1, implying annual growth of -10.1%. Current consensus DPS estimate is 14.8, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 14.3. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $5.83
Macquarie rates BAP as Outperform (1) -
The broker describes Bapcor's 43% yoy earnings increase as solid, demonstrating the resilience of the company's earnings profile and strong competitive positioning. The outlook remains positive and FY guidance is unchanged.
The broker believes the market is under-appreciating medium to longer term margin upside, and notes the benefits of recent initiatives should accelerate from FY19 and beyond. Outperform and $6.60 target retained.
Target price is $6.60 Current Price is $5.83 Difference: $0.77
If BAP meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $6.62, suggesting upside of 13.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 14.10 cents and EPS of 32.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.2, implying annual growth of 31.3%. Current consensus DPS estimate is 16.3, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 18.7. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 21.90 cents and EPS of 36.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 35.4, implying annual growth of 13.5%. Current consensus DPS estimate is 19.3, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 16.5. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $30.75
Citi rates BHP as Neutral (3) -
Citi notes the company is looking at all options to extract value through the exit of the US onshore gas business. This includes outright sale to asset swaps, or a piecemeal sale to exit through an IPO.
If cash is generated the plan is to return it to shareholders as fast as possible. The broker maintains a Neutral rating and $32 target.
Target price is $32.00 Current Price is $30.75 Difference: $1.25
If BHP meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $32.70, suggesting upside of 6.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 154.09 cents and EPS of 225.82 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 210.8, implying annual growth of N/A. Current consensus DPS estimate is 142.0, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 14.6. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 117.85 cents and EPS of 197.49 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 196.3, implying annual growth of -6.9%. Current consensus DPS estimate is 126.9, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 15.7. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates BHP as Outperform (1) -
At a round table meeting with BHP management, the broker learned there remains strong demand for high quality iron ore and met coal, all options are on the table for the US shale divestment, including a trade sale, spin-off or swap for offshore assets, and collapsing the dual-listing structure would be value destructive.
Despite rising costs, BHP's interim dividend represented an impressive 72% payout ratio. The broker estimates another US$1.9bn could be paid in cash on top of the 50% ratio final dividend. Proceeds of the shale divestment would provide for even larger payouts in FY19.
Outperform and $36.40 target retained.
Target price is $36.40 Current Price is $30.75 Difference: $5.65
If BHP meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $32.70, suggesting upside of 6.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 145.02 cents and EPS of 211.06 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 210.8, implying annual growth of N/A. Current consensus DPS estimate is 142.0, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 14.6. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 108.77 cents and EPS of 167.03 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 196.3, implying annual growth of -6.9%. Current consensus DPS estimate is 126.9, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 15.7. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates BHP as Buy (1) -
The company believes the number of one-offs which marred the first half result are now behind it and there should be a marked step up in volume and cash flow, with lower unit costs.
UBS notes US shale proceeds, if sold for cash, are intended to go back to shareholders but other options like swaps remain on the table. Buy rating and $33.50 target maintained.
Target price is $33.50 Current Price is $30.75 Difference: $2.75
If BHP meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $32.70, suggesting upside of 6.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 145.02 cents and EPS of 204.58 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 210.8, implying annual growth of N/A. Current consensus DPS estimate is 142.0, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 14.6. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 134.68 cents and EPS of 194.25 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 196.3, implying annual growth of -6.9%. Current consensus DPS estimate is 126.9, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 15.7. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $136.62
Credit Suisse rates BKL as Downgrade to Neutral from Outperform (3) -
Credit Suisse has downgraded to Neutral from Outperform with a reduced target to $130 from $150, suggesting the share price might remain under pressure short term, but also emphasising it remains "optimistic" on the company's growth prospects.
The analysts explicitly do a mea culpa, admitting they got caught up in the growth excitement, putting Blackmores on the same level as, say, Treasury Wine Estates ((TWE)).
Following the interim report, the analysts now suggest Blackmores will still grow, but it won't be at a spectacular rate. They also observe competitor Swisse seems to be performing better.
Target price is $130.00 Current Price is $136.62 Difference: minus $6.62 (current price is over target).
If BKL meets the Credit Suisse target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $127.50, suggesting downside of -6.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 330.00 cents and EPS of 414.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 419.0, implying annual growth of 22.3%. Current consensus DPS estimate is 324.7, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 32.6. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 370.00 cents and EPS of 466.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 490.3, implying annual growth of 17.0%. Current consensus DPS estimate is 382.3, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 27.9. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates BKL as Accumulate (2) -
First half net profit was broadly in line with forecasts. The long-term demand profile of the company's products and positioning of the brands is very strong, in Ord Minnett's view, and there is a clear path to margin expansion.
Accumulate maintained. Target is $150.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $150.00 Current Price is $136.62 Difference: $13.38
If BKL meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $127.50, suggesting downside of -6.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 327.00 cents and EPS of 420.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 419.0, implying annual growth of 22.3%. Current consensus DPS estimate is 324.7, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 32.6. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 399.00 cents and EPS of 501.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 490.3, implying annual growth of 17.0%. Current consensus DPS estimate is 382.3, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 27.9. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
BLX BEACON LIGHTING GROUP LIMITED
Furniture & Renovation
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Overnight Price: $1.74
Citi rates BLX as Buy (1) -
First half results were ahead of expectations because of better gross margins as the industry becomes more rational following the Masters exit.
Citi forecasts double-digit growth in earnings per share in each of the next three years. The main factor to monitor going forward is the performance of the store network on the east coast, which has slowed in the initial weeks of the second half.
Citi suspects the target of 146 stores is unlikely to be reached, given the cannibalisation experienced in the first half. Buy retained. Target raised to $1.95 from $1.60.
Target price is $1.95 Current Price is $1.74 Difference: $0.21
If BLX meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 5.20 cents and EPS of 9.00 cents. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 5.10 cents and EPS of 9.90 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates BLX as Add (1) -
Beacon's profit result beat the broker by 4%. Accelerated new store rollouts and a much higher gross margin helped offset benign sales growth and increased operational expenditure, the broker notes.
That opex headwind will soon become a tailwind that could last for several years, the broker suggests, as new store investment leverages a higher sales base. The decision to exploit the market share opportunity provided by the exit of a major competitor is paying off.
Add retained, target rises to $1.84 from $1.77.
Target price is $1.84 Current Price is $1.74 Difference: $0.1
If BLX meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 5.10 cents and EPS of 9.00 cents. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 5.60 cents and EPS of 10.00 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
CAT CATAPULT GROUP INTERNATIONAL LTD
Medical Equipment & Devices
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Overnight Price: $1.32
Morgans rates CAT as Add (1) -
Catapult's result came in well below the broker. Some 90% of the earnings loss occurred in the first quarter due to weak sales, and FY revenue guidance is unchanged. This would require a 35% second half revenue increase, the broker notes.
The broker has cut forecasts on the weak first half and rising costs. Target falls to $2.02 from $2.97 but remains well above the trading price, hence Add retained.
Target price is $2.02 Current Price is $1.32 Difference: $0.7
If CAT meets the Morgans target it will return approximately 53% (excluding dividends, fees and charges).
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 minus 4.70 cents. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 0.00 cents and EPS of 2.30 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $0.57
Morgans rates CGR as Add (1) -
CML Group reported in line with expectations. A 92% profit increase was driven by increased invoice financing volumes and strong operating leverage. The acquisition of Thorn Group's ((TGA)) trade & debtor finance division is highly accretive, the broker notes, and will add significant additional scale.
CML should deliver strong earnings growth over FY19-20 and a valuation re-rating, the broker suggests, if management can execute on organic growth plans. Add retained, target rises to 60c from 50c.
Target price is $0.60 Current Price is $0.57 Difference: $0.03
If CGR meets the Morgans target it will return approximately 5% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 1.50 cents and EPS of 3.10 cents. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 2.50 cents and EPS of 5.30 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $5.81
Citi rates CHC as Buy (1) -
First half results were ahead of expectations. The beat was largely attributed to performance fees being recognised earlier than anticipated and the 10% growth in assets under management impressed Citi.
The broker believes the company is well-positioned to deliver another earnings upgrade in FY18. Citi reiterates a Buy rating. Target is $6.81.
Target price is $6.81 Current Price is $5.81 Difference: $1
If CHC meets the Citi target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $6.37, suggesting upside of 9.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 33.30 cents and EPS of 37.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 37.8, implying annual growth of -38.2%. Current consensus DPS estimate is 32.7, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 15.4. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 36.30 cents and EPS of 41.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 40.6, implying annual growth of 7.4%. Current consensus DPS estimate is 35.7, implying a prospective dividend yield of 6.1%. Current consensus EPS estimate suggests the PER is 14.3. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates CHC as Outperform (1) -
Charter Hall's result again beat the broker and FY guidance was again upgraded. Higher than expected performance fees meant operating earnings came in well ahead of the broker.
The group has a proven track record of sourcing capital and finding opportunities to invest this capital in direct real estate, the broker notes. Further performance fees likely offer earnings upside risk, and on a forecast total shareholder return of 17% the broker retains Outperform.
Target rises to $6.53 from $6.48.
Target price is $6.53 Current Price is $5.81 Difference: $0.72
If CHC meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $6.37, suggesting upside of 9.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 33.40 cents and EPS of 37.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 37.8, implying annual growth of -38.2%. Current consensus DPS estimate is 32.7, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 15.4. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 33.80 cents and EPS of 37.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 40.6, implying annual growth of 7.4%. Current consensus DPS estimate is 35.7, implying a prospective dividend yield of 6.1%. Current consensus EPS estimate suggests the PER is 14.3. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates CHC as Accumulate (2) -
First half earnings were ahead of forecasts, driven by higher performance fees. The bringing forward of part of the Charter Hall Office Trust fee raises the question for Ord Minnett of whether the second tranche of the performance fee may be affected.
The broker revises down overall performance fee forecasts for the next five years to $400m from $500m. Accumulate maintained. Target reduced to $6.65 from $6.80.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $6.65 Current Price is $5.81 Difference: $0.84
If CHC meets the Ord Minnett target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $6.37, suggesting upside of 9.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 33.00 cents and EPS of 38.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 37.8, implying annual growth of -38.2%. Current consensus DPS estimate is 32.7, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 15.4. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 38.00 cents and EPS of 45.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 40.6, implying annual growth of 7.4%. Current consensus DPS estimate is 35.7, implying a prospective dividend yield of 6.1%. Current consensus EPS estimate suggests the PER is 14.3. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates CHC as Neutral (3) -
First half results were ahead of UBS forecasts, driven by the pull forward of $25m of the $110m CHOT performance fee. Guidance was increased slightly to 3% EPS growth.
UBS is forecasting EPS growth of 5% in FY18. Management flagged development capex, (20% of FUM) will be an increasing driver of FUM growth over time.
Neutral retained and target raised to $6.10 from $5.60..
Target price is $6.10 Current Price is $5.81 Difference: $0.29
If CHC meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $6.37, suggesting upside of 9.6% (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 38.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 37.8, implying annual growth of -38.2%. Current consensus DPS estimate is 32.7, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 15.4. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 34.70 cents and EPS of 38.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 40.6, implying annual growth of 7.4%. Current consensus DPS estimate is 35.7, implying a prospective dividend yield of 6.1%. Current consensus EPS estimate suggests the PER is 14.3. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $1.55
Macquarie rates CVW as Outperform (1) -
ClearView's result missed the broker due to adverse claims experience. Otherwise the underlying performance exceeded expectation.
The overriding factor is Sony Life's 14.9% stake, acquired in Oct 2016. The broker believes it highly probable Sony Life will bid for the balance of ClearView at more than $1.70 by the end of April. Given the fund manager/insurer has performed in line with the broker's expectation since the original stake was taken, value accrued in the interim needs to be recognised.
Outperform retained. Target rises to $1.70 from $1.65.
Target price is $1.70 Current Price is $1.55 Difference: $0.15
If CVW meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 2.90 cents and EPS of 5.40 cents. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 3.30 cents and EPS of 6.50 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $13.45
Credit Suisse rates CWN as Neutral (3) -
Credit Suisse considers the first half result messy. The broker upgrades estimates for operating earnings by 1-3% over the forecast period, now fully capitalising the interest relating to the Sydney Casino, although this has no impact on cash flow valuation.
Target is increased to $13.10 from $12.30 as a result. The broker models 5% EBITDA growth in FY19 and FY20. Neutral retained.
Target price is $13.10 Current Price is $13.45 Difference: minus $0.35 (current price is over target).
If CWN 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 $13.19, suggesting downside of -2.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 60.00 cents and EPS of 51.34 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 54.4, implying annual growth of -78.8%. Current consensus DPS estimate is 60.0, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 24.7. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 60.00 cents and EPS of 62.55 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 61.1, implying annual growth of 12.3%. Current consensus DPS estimate is 60.0, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 22.0. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates CWN as Hold (3) -
First half net profit was ahead of estimates. Deutsche Bank observes the results were boosted by lower commission payments at Crown Perth and a gain on sale of the Caesar's shares.
There were some encouraging trends, in the broker's opinion, with VIP turnover growth of 16%. Hold rating maintained. Target rises to $12.40 from $12.10.
Target price is $12.40 Current Price is $13.45 Difference: minus $1.05 (current price is over target).
If CWN meets the Deutsche Bank target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $13.19, suggesting downside of -2.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 60.00 cents and EPS of 51.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 54.4, implying annual growth of -78.8%. Current consensus DPS estimate is 60.0, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 24.7. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 60.00 cents and EPS of 60.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 61.1, implying annual growth of 12.3%. Current consensus DPS estimate is 60.0, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 22.0. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates CWN as Neutral (3) -
Crown reported just ahead of the broker. The Melbourne and Perth casinos posted soft performances as the broker had expected. VIP, on the other hand, grew by 16% to add 10% to earnings. An update on the CrownBet sale will be provided next week.
The broker notes Crown is trading at a 10% enterprise value premium to peer Star Entertainment ((SGR)). While Crown does offer capital management possibilities, the broker sees this as already priced in. On the broker's forecasts, Crown will grow earnings to FY20 at a 6% compound annual rate against Star's 8%.
Neutral retained. Target rises to $14.15 from $13.18.
Target price is $14.15 Current Price is $13.45 Difference: $0.7
If CWN meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $13.19, suggesting downside of -2.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 60.00 cents and EPS of 51.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 54.4, implying annual growth of -78.8%. Current consensus DPS estimate is 60.0, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 24.7. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 60.00 cents and EPS of 60.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 61.1, implying annual growth of 12.3%. Current consensus DPS estimate is 60.0, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 22.0. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates CWN as Equal-weight (3) -
First half results were better than the broker had expected. VIP revenue was up 16%, implying growth of around 70% over the Nov/Dec period, ahead of market expectations.
Morgan Stanley expects VIP growth to accelerate even further in the second half as N Asian customers continue to return. The broker forecasts FY18 EBITDA growth of 4%, to $865m. The previously announced buyback will be implemented.
Morgan Stanley retains an Equal-weight rating, Cautious industry view and raises the target to $13.00 from $12.50.
Target price is $13.00 Current Price is $13.45 Difference: minus $0.45 (current price is over target).
If CWN meets the Morgan Stanley target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $13.19, suggesting downside of -2.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 60.00 cents and EPS of 53.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 54.4, implying annual growth of -78.8%. Current consensus DPS estimate is 60.0, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 24.7. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 60.00 cents and EPS of 64.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 61.1, implying annual growth of 12.3%. Current consensus DPS estimate is 60.0, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 22.0. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates CWN as Buy (1) -
First half normalised earnings were below estimates while net profit was slightly ahead. Ord Minnett observes a strong recovery in VIP occurred, with first half turnover increasing 15.9%.
Recent asset sales should allow a renewed focus on core land-based casino operations. Buy rating retained with a $13.50 target.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $13.50 Current Price is $13.45 Difference: $0.05
If CWN meets the Ord Minnett target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $13.19, suggesting downside of -2.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 60.00 cents and EPS of 67.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 54.4, implying annual growth of -78.8%. Current consensus DPS estimate is 60.0, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 24.7. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 60.00 cents and EPS of 59.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 61.1, implying annual growth of 12.3%. Current consensus DPS estimate is 60.0, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 22.0. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates CWN as Neutral (3) -
Crown's first half results were ahead of UBS estimates. The 16% growth in VIP was a pleasant surprise.
UBS has increased EPS forecasts by 7% in FY18, 5% in FY19 and 3% in FY20, mainly reflecting the stronger VIP trends. The broker's modelling assumes normalised commission rates in FY19 are 7bps higher than that reported in 1H which creates a -$35m headwind for earnings growth.
UBS retains a Neutral rating and raises the target to $12.40 from $12.28.
Target price is $12.40 Current Price is $13.45 Difference: minus $1.05 (current price is over target).
If CWN meets the UBS target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $13.19, suggesting downside of -2.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 60.00 cents and EPS of 55.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 54.4, implying annual growth of -78.8%. Current consensus DPS estimate is 60.0, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 24.7. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 60.00 cents and EPS of 61.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 61.1, implying annual growth of 12.3%. Current consensus DPS estimate is 60.0, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 22.0. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
CWP CEDAR WOODS PROPERTIES LIMITED
Infra & Property Developers
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Overnight Price: $5.87
Morgans rates CWP as Hold (3) -
Cedar Woods' flat result was in line with management's expectations given a previously disclosed second half earnings skew. Settlements are skewed to Q4 so no earnings guidance was provided, but the broker notes a solid earnings profile in FY18-19.
The development pipeline and embedded value within the Williams Landing project provide a visible level of earnings out to FY21, in the broker's view. Even if settlement timing impacts on FY18, management will hold the dividend steady on FY17.
Hold retained, target rises to $6.42 from $5.76.
Target price is $6.42 Current Price is $5.87 Difference: $0.55
If CWP meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 31.00 cents and EPS of 58.00 cents. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 35.00 cents and EPS of 71.00 cents. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $2.68
Deutsche Bank rates DCN as Buy (1) -
First half operating earnings were weaker than expected. This is the final financial result prior to the end of construction at the Mt Morgans project.
Deutsche Bank anticipates commercial production will not be declared until the start of the December quarter. Buy rating and $3.20 target maintained.
Target price is $3.20 Current Price is $2.68 Difference: $0.52
If DCN meets the Deutsche Bank target it will return approximately 19% (excluding dividends, fees and charges).
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 minus 11.00 cents. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 3.00 cents and EPS of 17.00 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates DCN as Outperform (1) -
Dacian's first half report indicated Mt Morgans is on track and on budget, and Cameron Well is set to add to production. Beresford underground is well ahead of schedule, the broker notes.
Imminent first gold at Mt Morgans will be an important step in the delivery of the project. The broker retains Outperform and a $3.80 target.
Target price is $3.80 Current Price is $2.68 Difference: $1.12
If DCN meets the Macquarie target it will return approximately 42% (excluding dividends, fees and charges).
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 1.70 cents. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 0.00 cents and EPS of 47.60 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $6.78
Credit Suisse rates DOW as Neutral (3) -
First half results beat estimates. Management has maintained guidance for FY18 net profit of $295m. Credit Suisse notes work in hand for Spotless ((SPO)) is higher but for Downer it is lower.
Risks remain in terms of contract mining volumes/margins and contract renewals. Neutral rating maintained. Target rises to $7.00 from $6.90.
Target price is $7.00 Current Price is $6.78 Difference: $0.22
If DOW meets the Credit Suisse target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $7.36, 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 26.00 cents and EPS of 45.05 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 40.1, implying annual growth of 12.0%. Current consensus DPS estimate is 27.0, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 16.9. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 28.00 cents and EPS of 51.31 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 48.0, implying annual growth of 19.7%. Current consensus DPS estimate is 28.5, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 14.1. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
ECX ECLIPX GROUP LIMITED
Vehicle Leasing & Salary Packaging
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Overnight Price: $3.86
UBS rates ECX as Buy (1) -
Company has used the AGM to reaffirm guidance for the full year (EPS growth 10-12%), including comments FY18 thus far has started well. Probably of equal importance, guidance for Grays was also reaffirmed.
UBS grabs the opportunity to express its belief the shares have been sold down way too far and as such they are seen representing "compelling value". Buy rating retained. Target unchanged at $4.55.
Target price is $4.55 Current Price is $3.86 Difference: $0.69
If ECX meets the UBS target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $4.65, suggesting upside of 20.3% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 18.30 cents and EPS of 28.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.6, implying annual growth of 35.9%. Current consensus DPS estimate is 17.5, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 14.0. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 21.80 cents and EPS of 33.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.8, implying annual growth of 11.6%. Current consensus DPS estimate is 20.3, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 12.5. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $3.51
Morgan Stanley rates EHE as Equal-weight (3) -
First half results were in line with Morgan Stanley's forecasts, with EBITDA growth of 5.7%. Payout ratio was increased to 100% of statutory earnings in 1H and the company retains a policy for no less than 70% of NPAT to be distributed.
The company gave details of five projects, either under development or in advanced planning, which will see delivery of 345 beds in late FY19 and 240 beds in FY20. Earning contributions are unlikely to be material until FY20.
Equal-weight and $3.45 target retained. In-Line industry view.
Target price is $3.45 Current Price is $3.51 Difference: minus $0.06 (current price is over target).
If EHE meets the Morgan Stanley target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $3.57, suggesting upside of 1.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 12.20 cents and EPS of 17.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.3, implying annual growth of -4.9%. Current consensus DPS estimate is 14.2, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 20.3. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 13.30 cents and EPS of 19.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.4, implying annual growth of 12.1%. Current consensus DPS estimate is 15.6, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 18.1. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates EHE as Upgrade to Buy from Neutral (1) -
The solid first half result was in line with UBS estimates. The 100% dividend pay-out ratio was a surprise to the upside.
FY18 EBITDA guidance was reiterated at mid-single digit percentage growth, with updated UBS forecast now sitting at $92.1m.
UBS upgrades to Buy from Neutral. Target is raised to $4.00 from $3.75.
Target price is $4.00 Current Price is $3.51 Difference: $0.49
If EHE meets the UBS target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $3.57, suggesting upside of 1.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 18.00 cents and EPS of 17.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.3, implying annual growth of -4.9%. Current consensus DPS estimate is 14.2, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 20.3. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 20.00 cents and EPS of 20.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.4, implying annual growth of 12.1%. Current consensus DPS estimate is 15.6, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 18.1. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $1.60
Macquarie rates EPW as Neutral (3) -
ERM's result beat Macquarie, thanks to stronger Australian retail performance and no large-scale generation certificate (LGC) impact. At 32% over two years, the order book is now at its highest point since listing, the broker notes.
Earnings visibility is nevertheless low, with gross margins impacted by both competition and the hedge book. Neutral retained, target rises to $1.51 from $1.43.
Target price is $1.51 Current Price is $1.60 Difference: minus $0.09 (current price is over target).
If EPW 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 $1.70, suggesting upside of 6.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 7.00 cents and EPS of 0.60 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 7.0, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 48.5. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 9.50 cents and EPS of 5.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 5.9, implying annual growth of 78.8%. Current consensus DPS estimate is 8.3, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 27.1. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates EPW as Upgrade to Add from Hold (1) -
While ERM's result beat Morgans, earnings volatility makes a comparison with the previous corresponding period difficult. The highlight was an improved gross margin outlook for domestic retailing, which the broker notes is the largest earnings segment.
Australian retailing is stronger but US retailing much weaker than expected. Management has targeted a minimum 7c dividend, kept capital aside for growth investment, and initiated a buyback. All this from a company that 18 months ago was forced to cut its dividend, the broker notes.
Morgans "cautiously" upgrades to Add, with the caveat of high risk. Target rises to $1.93 from $1.39.
Target price is $1.93 Current Price is $1.60 Difference: $0.33
If EPW meets the Morgans target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $1.70, suggesting upside of 6.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 7.00 cents and EPS of 6.00 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 7.0, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 48.5. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 7.00 cents and EPS of 6.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 5.9, implying annual growth of 78.8%. Current consensus DPS estimate is 8.3, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 27.1. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
FLT FLIGHT CENTRE LIMITED
Travel, Leisure & Tourism
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Overnight Price: $56.17
Citi rates FLT as Upgrade to Neutral from Sell (3) -
First half results were above the top end of guidance ranges despite the disruption to the core Australian business. Citi notes the results were driven by the US, EMEA and Asia, which have been challenged from a profitability perspective for many years.
The broker believes the earnings risk is weighted to the upside. Initial caution around transformation targets has been allayed by the early progress being made. Rating is upgraded to Neutral from Sell. Target is raised to $54 from $45.
Target price is $54.00 Current Price is $56.17 Difference: minus $2.17 (current price is over target).
If FLT meets the Citi target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $52.47, suggesting downside of -6.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 163.30 cents and EPS of 272.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 271.4, implying annual growth of 18.8%. Current consensus DPS estimate is 165.7, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 20.7. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 188.10 cents and EPS of 303.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 299.3, implying annual growth of 10.3%. Current consensus DPS estimate is 182.2, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 18.8. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates FLT as Underperform (5) -
Credit Suisse observes solid progress in the restructuring of loss-making offshore businesses stood out in the first half result. The main uncertainty in the broker's outlook is whether the consolidation of the Australasian leisure network can drive sustainable growth in transaction value.
The broker assumes the leisure businesses grow at below-market rates over the medium term. The corporate growth outlook is solid and of increasing importance to the company, Credit Suisse adds. Underperform maintained. Target rises to $42.08 from $39.25.
Target price is $42.08 Current Price is $56.17 Difference: minus $14.09 (current price is over target).
If FLT meets the Credit Suisse target it will return approximately minus 25% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $52.47, suggesting downside of -6.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 173.00 cents and EPS of 274.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 271.4, implying annual growth of 18.8%. Current consensus DPS estimate is 165.7, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 20.7. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 182.00 cents and EPS of 297.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 299.3, implying annual growth of 10.3%. Current consensus DPS estimate is 182.2, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 18.8. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates FLT as Hold (3) -
First half results were ahead of expectations. Importantly, Deutsche Bank notes the transformation program is producing strong outcomes.
The only blemish was the soft transaction growth in Australian leisure but the broker believes this is temporary and growth should resume once the brand consolidation is complete.
Deutsche Bank is more confident in the medium-term targets but believes the upside is already captured in the share price. Hold rating maintained. Target rises to $52 from $50.
Target price is $52.00 Current Price is $56.17 Difference: minus $4.17 (current price is over target).
If FLT meets the Deutsche Bank target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $52.47, suggesting downside of -6.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 163.00 cents and EPS of 271.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 271.4, implying annual growth of 18.8%. Current consensus DPS estimate is 165.7, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 20.7. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 180.00 cents and EPS of 299.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 299.3, implying annual growth of 10.3%. Current consensus DPS estimate is 182.2, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 18.8. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates FLT as Upgrade to Equal-weight from Underweight (3) -
First half results were better than Morgan Stanley expected, driven by acquisitions and cost savings. The broker expects total transaction value growth to accelerate in the second half.
The broker lifts FY18-FY20 EPS forecasts by 8-16% to reflect cost-out execution and growing international performance.
Morgan Stanley upgrades to Equal-weight from Underweight. Target rises to $54 from $38 to reflect lower capex and expanding corporate business. Industry view is Cautious.
Target price is $54.00 Current Price is $56.17 Difference: minus $2.17 (current price is over target).
If FLT 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 $52.47, suggesting downside of -6.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 173.00 cents and EPS of 262.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 271.4, implying annual growth of 18.8%. Current consensus DPS estimate is 165.7, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 20.7. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 191.00 cents and EPS of 289.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 299.3, implying annual growth of 10.3%. Current consensus DPS estimate is 182.2, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 18.8. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates FLT as Hold (3) -
Flight Centre delivered a stronger than expected result despite the new Global Distribution System rollout, fewer selling staff and the cost of the Business Transformation Program, the broker notes. The company is clearly delivering on its strategy of growing total transaction value, improving margins and slowing cost growth.
FY guidance has been slightly upgraded, with a kicker from US tax cuts. The broker expects material earnings improvement over coming years but following a strong share price run, the recovery is priced in. Hold retained, target rises to $52.60 from $47.00.
Target price is $52.60 Current Price is $56.17 Difference: minus $3.57 (current price is over target).
If FLT meets the Morgans target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $52.47, suggesting downside of -6.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 167.00 cents and EPS of 279.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 271.4, implying annual growth of 18.8%. Current consensus DPS estimate is 165.7, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 20.7. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 184.00 cents and EPS of 307.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 299.3, implying annual growth of 10.3%. Current consensus DPS estimate is 182.2, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 18.8. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates FLT as Buy (1) -
First half results were stronger than expected. This reflects revenue growth and margin improvement because of material cost savings in offshore business. Ord Minnett notes, at the same time, the Australasian business delivered a credible result.
Margin improvement in Australasia provides further evidence of cost savings and additional benefits are expected to flow through from the second half. Ord Minnett maintains a Buy rating and raises the target to $62.20 from $53.95.
Target price is $62.20 Current Price is $56.17 Difference: $6.03
If FLT meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $52.47, suggesting downside of -6.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 171.50 cents and EPS of 276.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 271.4, implying annual growth of 18.8%. Current consensus DPS estimate is 165.7, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 20.7. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 192.80 cents and EPS of 311.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 299.3, implying annual growth of 10.3%. Current consensus DPS estimate is 182.2, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 18.8. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates FLT as Buy (1) -
First half results were ahead of both guidance and UBS estimates, with all regions reporting a profit. FY18 PBT guidance was upgraded 2% at the mid-point to $360-385m.
UBS sits 1% above the top end of revised guidance at $391m, implying a 16% lift in second half PBT.
Buy reiterated and target is lifted to $60.70 from $53.60.
Target price is $60.70 Current Price is $56.17 Difference: $4.53
If FLT meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $52.47, suggesting downside of -6.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 169.00 cents and EPS of 279.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 271.4, implying annual growth of 18.8%. Current consensus DPS estimate is 165.7, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 20.7. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 187.00 cents and EPS of 310.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 299.3, implying annual growth of 10.3%. Current consensus DPS estimate is 182.2, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 18.8. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $0.74
Deutsche Bank rates FXJ as Upgrade to Buy from Hold (1) -
First half results were well ahead of estimates and Deutsche Bank notes the better earnings in metro media and significantly lower corporate costs.
The result demonstrates a focus on maximising value for the remaining assets in the business, the broker suggests. Rating is upgraded to Buy from Hold. Target rises to $0.80 from $0.75.
Target price is $0.80 Current Price is $0.74 Difference: $0.06
If FXJ meets the Deutsche Bank target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $0.77, suggesting upside of 3.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank 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 5.5, implying annual growth of -11.3%. Current consensus DPS estimate is 2.9, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 13.5. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 3.00 cents and EPS of 5.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 5.1, implying annual growth of -7.3%. Current consensus DPS estimate is 3.3, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 14.5. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
HPI HOTEL PROPERTY INVESTMENTS
Infra & Property Developers
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Overnight Price: $3.03
Morgans rates HPI as Hold (3) -
Hotel Property reported in line with expectations and FY18 distribution guidance was reaffirmed. Given a low cap rate environment, the REIT will concentrate on development opportunities within the existing portfolio, but further acquisitions were announced with the result, which will be 100% debt funded, the broker notes.
The REIT's premium hotel assets offer income underpinned by leases to quality tenants such as Woolworths ((WOW)) and Coles ((WES)) the broker notes. Hold retained, target rises to $3.14 from $3.10.
Target price is $3.14 Current Price is $3.03 Difference: $0.11
If HPI meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 19.60 cents and EPS of 19.60 cents. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 20.60 cents and EPS of 20.60 cents. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $0.82
UBS rates IFM as Buy (1) -
UBS' assessment of reported interim financials contains a mix of ifs and buts, with the analysts pointing out H1 came out in line at an operational level, but D&A surprised on the downside, and lower tax resulted in a 5% beat.
Due to the rollout of the Nissan EPC contract, UBS has high expectations for FY19. As such, the broker sees current valuation as undemanding. If management can finally live up to expectations, three year EPS CAGR might be 18%, at least that's what UBS is projecting.
Target gains 5c to $0.95. Buy rating retained.
Target price is $0.95 Current Price is $0.82 Difference: $0.13
If IFM meets the UBS target it will return approximately 16% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 3.00 cents and EPS of 4.00 cents. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 4.00 cents and EPS of 5.00 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
ING INGHAMS GROUP LIMITED
Food, Beverages & Tobacco
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Overnight Price: $3.68
Citi rates ING as Neutral (3) -
First half results were solid, in Citi's view, albeit a slower pace of growth in the second half is expected, given rising input costs. Citi makes few revisions to estimates, given higher depreciation and tax.
The broker considers the stock fair value and retains a Neutral rating. The stock is expected to be supported by its dividend yield and improved balance sheet. Target reduced to $3.60 from $3.65.
Target price is $3.60 Current Price is $3.68 Difference: minus $0.08 (current price is over target).
If ING meets the Citi target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $3.88, suggesting upside of 5.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 20.00 cents and EPS of 28.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.5, implying annual growth of 74.2%. Current consensus DPS estimate is 19.7, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 12.5. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 21.00 cents and EPS of 29.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.1, implying annual growth of 5.4%. Current consensus DPS estimate is 21.2, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 11.8. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates ING as Outperform (1) -
First half results beat expectations. Policy volumes grew and efficiency benefits drove strong expanding margins. The stock is looking extremely cheap Credit Suisse believes, relative to growth in the quality of the business.
Outperform rating maintained. Target rises to $4.30 from $4.00.
Target price is $4.30 Current Price is $3.68 Difference: $0.62
If ING meets the Credit Suisse target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $3.88, suggesting upside of 5.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 19.25 cents and EPS of 29.86 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.5, implying annual growth of 74.2%. Current consensus DPS estimate is 19.7, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 12.5. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 21.76 cents and EPS of 32.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.1, implying annual growth of 5.4%. Current consensus DPS estimate is 21.2, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 11.8. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates ING as Outperform (1) -
Inghams beat the broker on underlying earnings and net debt came in well below forecast. Management noted capital management options are under review. The broker suggests a 10% buyback would be 6-7% accretive.
Margins continue to track higher although cost pressures remain, but Inghams has managed this well, the broker notes, passing higher utility and feed costs on through higher prices. With valuation undemanding and a 5.5% yield on offer, the broker retains Outperform and $4.00 target.
Target price is $4.00 Current Price is $3.68 Difference: $0.32
If ING meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $3.88, suggesting upside of 5.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 19.50 cents and EPS of 29.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.5, implying annual growth of 74.2%. Current consensus DPS estimate is 19.7, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 12.5. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 20.10 cents and EPS of 31.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.1, implying annual growth of 5.4%. Current consensus DPS estimate is 21.2, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 11.8. |
Market Sentiment: 0.7
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) -
First half results were mixed, with declining revenue somewhat offset by cost-out initiatives and first half cash conversion of 118%, driven largely by well managed inventories and payables.
Management reiterated aspirations to reach double digit EBITDA margins. Morgan Stanley is forecasting EBITDA margins to reach 9.8% by FY21.
Equal-weight. Target raised to $3.60 from $3.40. Industry view: Cautious.
Target price is $3.60 Current Price is $3.68 Difference: minus $0.08 (current price is over target).
If ING meets the Morgan Stanley target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $3.88, suggesting upside of 5.3% (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 30.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.5, implying annual growth of 74.2%. Current consensus DPS estimate is 19.7, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 12.5. |
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 31.1, implying annual growth of 5.4%. Current consensus DPS estimate is 21.2, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 11.8. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates ING as Add (1) -
Inghams posted another strong result, beating the broker by 4%. Strong cash flow was the highlight, the broker suggests, leaving the balance sheet well positioned for capital management.
No formal guidance was provided but outlook commentary is positive, with cost increases to be offset through price rises and Project Accelerate benefits. The broker considers the stock undervalued and retains Add. Target rises to $4.05 from $3.90.
Target price is $4.05 Current Price is $3.68 Difference: $0.37
If ING meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $3.88, suggesting upside of 5.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 19.00 cents and EPS of 29.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.5, implying annual growth of 74.2%. Current consensus DPS estimate is 19.7, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 12.5. |
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 31.1, implying annual growth of 5.4%. Current consensus DPS estimate is 21.2, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 11.8. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates ING as Buy (1) -
On UBS' assessment, the interim performance was slightly below expectations. Improved trading in New Zealand was offset by softer volumes in Australia. The analysts highlight management has reiterated it remains comfortable with market consensus for the full year.
The analysts are concerned the way forward for the Australian business may hit a few hurdles due to expiring electricity contracts and rising feed costs (wheat). They also believe management can overcome these well-known factors.
Forecasts are broadly unchanged, leaving the Buy rating intact, as well as the $3.70 price target.
Target price is $3.70 Current Price is $3.68 Difference: $0.02
If ING meets the UBS target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $3.88, suggesting upside of 5.3% (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 29.5, implying annual growth of 74.2%. Current consensus DPS estimate is 19.7, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 12.5. |
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 31.1, implying annual growth of 5.4%. Current consensus DPS estimate is 21.2, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 11.8. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
IPD IMPEDIMED LIMITED
Medical Equipment & Devices
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Overnight Price: $0.72
Morgans rates IPD as Add (1) -
Impedimed posted a net loss in line with forecasts. The company's move to a subscription based model results in lower revenue recognition in the short term but the broker's FY18-20 forecasts remain unchanged.
Near term catalysts include bilateral clearance for SOZO and the release of PREVENT study results. Add and $1.46 target retained.
Target price is $1.46 Current Price is $0.72 Difference: $0.74
If IPD meets the Morgans target it will return approximately 103% (excluding dividends, fees and charges).
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 minus 7.00 cents. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 0.00 cents and EPS of minus 2.10 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
IRE IRESS MARKET TECHNOLOGY LIMITED
Wealth Management & Investments
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Overnight Price: $10.64
Credit Suisse rates IRE as Neutral (3) -
The improved trajectory in the second half makes Credit Suisse more confident in the growth outlook. 2017 benefitted from acquisitions and the broker suspects the company's 2018 guidance for profit growth of 3-7% is probably below what the market was looking for.
Revenue in the UK exhibited low growth but this is the division the broker believes is key to the outlook. While the addressable market is attractive, Credit Suisse requires higher growth in this division in order for the stock to re-rate.
Neutral rating and $11 target maintained.
Target price is $11.00 Current Price is $10.64 Difference: $0.36
If IRE meets the Credit Suisse target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $11.05, suggesting upside of 3.9% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 42.82 cents and EPS of 46.03 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 43.9, implying annual growth of N/A. Current consensus DPS estimate is 45.5, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 24.2. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 46.52 cents and EPS of 51.55 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 49.2, implying annual growth of 12.1%. Current consensus DPS estimate is 50.8, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 21.6. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates IRE as Hold (3) -
2017 earnings were in line with estimates. However earnings guidance for 2018 is below expectations. Deutsche Bank notes margins in the second half were still under pressure, albeit at a reduced rate.
The broker maintains a Hold rating, given elevated spot multiples combined with the continued downgrading of future earnings expectations. Target is reduced to $10.70 from $11.30.
Target price is $10.70 Current Price is $10.64 Difference: $0.06
If IRE meets the Deutsche Bank target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $11.05, suggesting upside of 3.9% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 48.00 cents and EPS of 45.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 43.9, implying annual growth of N/A. Current consensus DPS estimate is 45.5, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 24.2. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 54.00 cents and EPS of 51.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 49.2, implying annual growth of 12.1%. Current consensus DPS estimate is 50.8, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 21.6. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates IRE as Upgrade to Hold from Lighten (3) -
2017 results were at the top end of the prior guidance range and ahead of Ord Minnett's forecasts. Given the substantial number of acquisitions over the last couple of years the broker awaits signs of a sustained recovery in profitability before becoming more constructive.
Nevertheless, the drop in the share price since January leads to a raising of the recommendation to Hold from Lighten. Target is $11.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $11.00 Current Price is $10.64 Difference: $0.36
If IRE meets the Ord Minnett target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $11.05, suggesting upside of 3.9% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 47.00 cents and EPS of 40.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 43.9, implying annual growth of N/A. Current consensus DPS estimate is 45.5, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 24.2. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 52.00 cents and EPS of 45.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 49.2, implying annual growth of 12.1%. Current consensus DPS estimate is 50.8, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 21.6. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
LLC LEND LEASE CORPORATION LIMITED
Infra & Property Developers
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Overnight Price: $17.33
UBS rates LLC as Neutral (3) -
First half results were ahead of UBS forecasts, driven by a stronger than expected contribution from the development and investment management divisions.
The highlight for the broker was the announcement of the $500m buyback, which would be marginally accretive, signalling confidence in the cash flows of the business.
Neutral rating maintained. Target is raised to $18.20 from $17.20.
Target price is $18.20 Current Price is $17.33 Difference: $0.87
If LLC meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $18.35, 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 66.40 cents and EPS of 133.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 140.0, implying annual growth of 7.6%. Current consensus DPS estimate is 66.6, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 12.4. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 70.70 cents and EPS of 141.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 148.9, implying annual growth of 6.4%. Current consensus DPS estimate is 76.0, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 11.6. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
LNK LINK ADMINISTRATION HOLDINGS LIMITED
Wealth Management & Investments
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Overnight Price: $8.67
Citi rates LNK as Buy (1) -
First half results were ahead of expectations. Citi continues to envisage value in the earnings trajectory amid synergies and accretion from the CAS acquisition from FY19. Synergy targets are considered conservative.
The broker notes funds administration remains on track to achieve previous guidance. Buy rating and $10 target maintained.
Target price is $10.00 Current Price is $8.67 Difference: $1.33
If LNK meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $9.16, suggesting upside of 5.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 17.00 cents and EPS of 42.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 39.5, implying annual growth of 74.5%. Current consensus DPS estimate is 17.8, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 21.9. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 26.00 cents and EPS of 48.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 47.6, implying annual growth of 20.5%. Current consensus DPS estimate is 23.6, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 18.2. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates LNK as Neutral (3) -
First half results beat expectations, supported by the maiden contribution of Link Asset Services. Credit Suisse expects some of the supportive factors to continue in the future and upgrades estimates by 8% for FY18 and 1% for FY19.
Top-line growth remains relatively low and the broker considers the valuation fair. Neutral maintained. Target rises to $9.00 from $8.50.
Target price is $9.00 Current Price is $8.67 Difference: $0.33
If LNK meets the Credit Suisse target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $9.16, suggesting upside of 5.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 18.84 cents and EPS of 42.58 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 39.5, implying annual growth of 74.5%. Current consensus DPS estimate is 17.8, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 21.9. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 25.01 cents and EPS of 49.86 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 47.6, implying annual growth of 20.5%. Current consensus DPS estimate is 23.6, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 18.2. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates LNK as Downgrade to Neutral from Buy (3) -
First half results were 21% ahead of UBS estimates, largely reflecting a significantly higher first time contribution from the LAS acquisition.
UBS has lifted FY18 EPS forecast by 8.8% and 0.3% in FY19. With the broker's medium term revenue growth outlook already at 3-3.5%, large scale funds admin client wins are required to drive further upside.
Rating is downgraded to Neutral from Buy. Target is raised to $9.10 from $8.85.
Target price is $9.10 Current Price is $8.67 Difference: $0.43
If LNK meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $9.16, suggesting upside of 5.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 15.00 cents and EPS of 41.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 39.5, implying annual growth of 74.5%. Current consensus DPS estimate is 17.8, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 21.9. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 22.00 cents and EPS of 48.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 47.6, implying annual growth of 20.5%. Current consensus DPS estimate is 23.6, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 18.2. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $1.13
Credit Suisse rates MHJ as Upgrade to Outperform from Neutral (1) -
The company had issued a profit warning pre reporting season and yesterday's release came in-line, with Credit Suisse observing no guidance was provided. Uncertainty revolves around the Emma & Roe repositioning in combination with the exit from the USA.
Greater than expected losses have triggered reduced forecasts. In addition, CS analysts have now incorporated lower margins for the Australian operations.
While the price target falls to NZ$1.45 from NZ$1.55, the rating has been upgraded to Outperform from Neutral, inspired by the share price fall.
Current Price is $1.13. Target price not assessed.
Current consensus price target is $1.35, suggesting upside of 19.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 0.92 cents and EPS of 0.92 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 5.8, implying annual growth of -31.4%. Current consensus DPS estimate is 3.8, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 19.5. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 0.92 cents and EPS of 0.92 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 8.0, implying annual growth of 37.9%. Current consensus DPS estimate is 4.7, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 14.1. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates MHJ as Outperform (1) -
First half results were below expectations. Macquarie notes forecasting second half profitability is difficult, as the company is completing its exit from the US and re-positioning Emma & Roe.
Still, an improving trend is expected in the second half from core geographies. Outperform maintained. Target is reduced to $1.32 from $1.54.
Target price is $1.32 Current Price is $1.13 Difference: $0.19
If MHJ meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $1.35, suggesting upside of 19.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 5.00 cents and EPS of 7.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 5.8, implying annual growth of -31.4%. Current consensus DPS estimate is 3.8, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 19.5. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 6.00 cents and EPS of 11.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 8.0, implying annual growth of 37.9%. Current consensus DPS estimate is 4.7, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 14.1. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates MHJ as Hold (3) -
Michael Hill's result was in line with guidance but the broker was disappointed by margins in the core business. On the positive side, the US will be fully exited by the end of FY18, providing an earnings tailwind in FY19, and Emma & Roe losses were reduced on a much lower store base.
Valuation is not demanding but during what continues to be a period of significant restructure and underlying business weakness, the broker retains Hold. Target falls to $1.18 from $1.21.
Target price is $1.18 Current Price is $1.13 Difference: $0.05
If MHJ meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $1.35, suggesting upside of 19.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 4.20 cents and EPS of 7.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 5.8, implying annual growth of -31.4%. Current consensus DPS estimate is 3.8, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 19.5. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 6.00 cents and EPS of 10.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 8.0, implying annual growth of 37.9%. Current consensus DPS estimate is 4.7, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 14.1. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
MMS MCMILLAN SHAKESPEARE LIMITED
Vehicle Leasing & Salary Packaging
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Overnight Price: $17.17
Morgan Stanley rates MMS as Equal-weight (3) -
First half results were solid in the broker's opinion, driven by new client wins and increased participation.
FY18 UNPATA guidance of $93.6m implies 9% growth in the second half, compared to 5% in the first half.
Morgan Stanley retains Equal-weight, $14.65 target and In-Line sector view.
Target price is $14.65 Current Price is $17.17 Difference: minus $2.52 (current price is over target).
If MMS meets the Morgan Stanley target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $16.44, suggesting downside of -4.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 68.00 cents and EPS of 109.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 110.9, implying annual growth of 5.8%. Current consensus DPS estimate is 68.6, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 15.5. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 70.00 cents and EPS of 114.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 119.6, implying annual growth of 7.8%. Current consensus DPS estimate is 75.3, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 14.4. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $2.43
Macquarie rates MOC as Underperform (5) -
First half results were ahead of estimates, benefiting from a one-off reduction in commission being passed through to brokers.
Macquarie believes the outlook is constrained amid ongoing market share losses and reduction in broker numbers as well as lower system housing growth.
The broker maintains an Underperform rating and raises the target to $2.40 from $2.30.
Target price is $2.40 Current Price is $2.43 Difference: minus $0.03 (current price is over target).
If MOC meets the Macquarie target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 18.00 cents and EPS of 18.90 cents. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 18.00 cents and EPS of 17.90 cents. |
Market Sentiment: -1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
NEC NINE ENTERTAINMENT CO. HOLDINGS LIMITED
Print, Radio & TV
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Overnight Price: $2.05
Credit Suisse rates NEC as Outperform (1) -
First half results were ahead of expectations. Credit Suisse raises FY18 estimates for EBITDA by 6.1%. Net profit forecasts are raised by 12%. The main positive was a strong growth in digital revenue and earnings. This was achieved despite the loss from Bing.
Outperform rating maintained. Target rises to $2.10 from $1.80.
Target price is $2.10 Current Price is $2.05 Difference: $0.05
If NEC meets the Credit Suisse target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $1.77, suggesting downside of -13.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 10.00 cents and EPS of 18.44 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.0, implying annual growth of N/A. Current consensus DPS estimate is 10.0, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 12.1. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 10.93 cents and EPS of 18.21 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.7, implying annual growth of -7.6%. Current consensus DPS estimate is 9.8, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 13.1. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates NEC as Outperform (1) -
Macquarie observes first half results were strong and the company has upgraded FY18 guidance. Positive drivers include an improving TV advertising market and strong growth from digital. There was also a timing benefit around licence fee expenses.
Macquarie believes earnings upside exists if the company can improve its share, advertising markets remain positive or material value is demonstrated in Stan. Outperform maintained. Target is lifted 19% to $2.20.
Target price is $2.20 Current Price is $2.05 Difference: $0.15
If NEC meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $1.77, suggesting downside of -13.8% (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 17.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.0, implying annual growth of N/A. Current consensus DPS estimate is 10.0, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 12.1. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 12.10 cents and EPS of 18.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.7, implying annual growth of -7.6%. Current consensus DPS estimate is 9.8, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 13.1. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates NEC as Equal-weight (3) -
First half results were better than Morgan Stanley's estimates, clearly on the back of audience and revenue market share gains for Ch9.
FY18 guidance was lifted 8% to $237-261m, 6% ahead of consensus.
Equal-weight and $1.30 target retained. Industry view: Attractive.
Target price is $1.30 Current Price is $2.05 Difference: minus $0.75 (current price is over target).
If NEC meets the Morgan Stanley target it will return approximately minus 37% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $1.77, suggesting downside of -13.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 10.20 cents and EPS of 15.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.0, implying annual growth of N/A. Current consensus DPS estimate is 10.0, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 12.1. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 8.20 cents and EPS of 12.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.7, implying annual growth of -7.6%. Current consensus DPS estimate is 9.8, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 13.1. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates NEC as Upgrade to Neutral from Sell (3) -
UBS was impressed by the first half results, which showed revenue share at 13-year highs. This lead to a 20% beat of the broker at EBITDA.
UBS believes FY18 guidance of $231-261m looks slightly conservative and is factoring FY18 EBITDA of $262m.
The broker upgrades to Neutral from Sell and raises the target price to $1.90 from $1.35.
Target price is $1.90 Current Price is $2.05 Difference: minus $0.15 (current price is over target).
If NEC meets the UBS target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $1.77, suggesting downside of -13.8% (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 18.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.0, implying annual growth of N/A. Current consensus DPS estimate is 10.0, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 12.1. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 11.00 cents and EPS of 19.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.7, implying annual growth of -7.6%. Current consensus DPS estimate is 9.8, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 13.1. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $3.29
Credit Suisse rates OGC as Outperform (1) -
2017 results met forecasts. Credit Suisse finds the dividend policy vague but an improved financial performance should continue as Haile ramps up, and suggests the dividend is secure. Debt reduction remains a priority.
Outperform maintained. Target reduced to $3.80 from $4.00.
Target price is $3.80 Current Price is $3.29 Difference: $0.51
If OGC meets the Credit Suisse target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $4.42, suggesting upside of 34.2% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 2.59 cents and EPS of 28.68 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 28.4, implying annual growth of N/A. Current consensus DPS estimate is 4.1, implying a prospective dividend yield of 1.2%. Current consensus EPS estimate suggests the PER is 11.6. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 2.59 cents and EPS of 19.35 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.4, implying annual growth of -10.6%. Current consensus DPS estimate is 3.4, implying a prospective dividend yield of 1.0%. Current consensus EPS estimate suggests the PER is 13.0. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates OGC as Accumulate (2) -
2017 results were ahead of expectations. Ord Minnett considers the outcome solid, given it was a difficult year for the company.
Free cash flow is expected to improve throughout 2018 and the company is expected to be net cash within 12 months. Accumulate maintained. Target raised $4.80 from $4.60.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $4.80 Current Price is $3.29 Difference: $1.51
If OGC meets the Ord Minnett target it will return approximately 46% (excluding dividends, fees and charges).
Current consensus price target is $4.42, suggesting upside of 34.2% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 3.89 cents and EPS of 19.42 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 28.4, implying annual growth of N/A. Current consensus DPS estimate is 4.1, implying a prospective dividend yield of 1.2%. Current consensus EPS estimate suggests the PER is 11.6. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 5.18 cents and EPS of 29.78 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.4, implying annual growth of -10.6%. Current consensus DPS estimate is 3.4, implying a prospective dividend yield of 1.0%. Current consensus EPS estimate suggests the PER is 13.0. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $9.84
Credit Suisse rates OZL as Neutral (3) -
2017 results were in line with expectations. Credit Suisse suggests, at current copper and gold prices, Carrapateena is comfortably funded.
Strong operating cash flow is expected to continue for the two years of recovery in the copper stockpile, before a step reduction when it is depleted and low-value, gold-only stocks replace the high-grade copper as the dominant feed from early 2020.
Neutral rating and $8.25 target.
Target price is $8.25 Current Price is $9.84 Difference: minus $1.59 (current price is over target).
If OZL meets the Credit Suisse target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $9.78, suggesting downside of -0.6% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 20.00 cents and EPS of 69.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 70.7, implying annual growth of N/A. Current consensus DPS estimate is 22.3, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 13.9. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 20.00 cents and EPS of 24.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 55.2, implying annual growth of -21.9%. Current consensus DPS estimate is 16.1, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 17.8. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates OZL as Hold (3) -
2017 earnings were largely in line with expectations. Management has signalled it will re-visit capital management in the September quarter. Deutsche Bank suspects an increased dividend.
The broker maintains a Hold rating on valuation. Target rises to $9.10 from $8.70.
Target price is $9.10 Current Price is $9.84 Difference: minus $0.74 (current price is over target).
If OZL meets the Deutsche Bank target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $9.78, suggesting downside of -0.6% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 20.00 cents and EPS of 58.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 70.7, implying annual growth of N/A. Current consensus DPS estimate is 22.3, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 13.9. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 20.00 cents and EPS of 45.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 55.2, implying annual growth of -21.9%. Current consensus DPS estimate is 16.1, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 17.8. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates OZL as Outperform (1) -
OZ Mineral's underlying earnings fell -13% short of the broker on higher than expected ore inventory. Cash flow was in line but the dividend was lower than expected. Lower capex provided some offset.
No change to FY production guidance but the broker notes cost guidance could come under pressure given A$ sensitivity. The ramp-up of Prominent Hill underground should sustain copper production ahead of Carrapateena coming on line.
Outperform retained, target falls to $10.80 from $11.50.
Target price is $10.80 Current Price is $9.84 Difference: $0.96
If OZL meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $9.78, suggesting downside of -0.6% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 30.00 cents and EPS of 86.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 70.7, implying annual growth of N/A. Current consensus DPS estimate is 22.3, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 13.9. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 11.00 cents and EPS of 73.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 55.2, implying annual growth of -21.9%. Current consensus DPS estimate is 16.1, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 17.8. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates OZL as Hold (3) -
OZ Minerals' result met consensus but beat the broker. The operating cash flow result confirms the company's recently reliable operating track record, the broker notes.
Management will review its capital management strategy which will keep the spotlight on an ability to lift shareholder returns while balancing investment in emerging growth opportunities. OZ offers strong cash flow leverage to copper prices and in a climate of synchronised global growth, copper price risk is to the upside, the broker suggests.
Hold retained, target rises to $9.80 from $9.40.
Target price is $9.80 Current Price is $9.84 Difference: minus $0.04 (current price is over target).
If OZL 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 $9.78, suggesting downside of -0.6% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 17.00 cents and EPS of 74.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 70.7, implying annual growth of N/A. Current consensus DPS estimate is 22.3, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 13.9. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 14.00 cents and EPS of 59.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 55.2, implying annual growth of -21.9%. Current consensus DPS estimate is 16.1, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 17.8. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates OZL as Hold (3) -
2017 earnings matched forecasts. Ord Minnett factors in higher copper price estimates and this lifts the target to $10.00 from $8.70. Given the recent bounce in the share price the broker maintains a Hold rating.
The broker considers Carrapateena is an exciting opportunity and, while it could provide a number of growth options and potentially phase 2 expansions, it is too early to include any economics around these options.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $10.00 Current Price is $9.84 Difference: $0.16
If OZL meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $9.78, suggesting downside of -0.6% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 20.00 cents and EPS of 83.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 70.7, implying annual growth of N/A. Current consensus DPS estimate is 22.3, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 13.9. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 20.00 cents and EPS of 71.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 55.2, implying annual growth of -21.9%. Current consensus DPS estimate is 16.1, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 17.8. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates OZL as Neutral (3) -
Did OZ Minerals release FY17 financials? You wouldn't be able to tell from UBS' response post event. There is no attention for financials. Instead, the broker zooms in on OZ Minerals not only talking up its growth profile, but now also attaching a timeline to its ambition.
UBS thinks the market will continue rewarding the company for its visible growth outlook. There are potential hurdles as the company needs to source enough electricity, but maybe investing in its own infrastructure might be the best solution long term?
Target price has moved to $9.80 from $9.73, still at a discount to the broker's $10.95 valuation. Neutral.
Target price is $9.80 Current Price is $9.84 Difference: minus $0.04 (current price is over target).
If OZL meets the UBS target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $9.78, suggesting downside of -0.6% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 22.00 cents and EPS of 73.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 70.7, implying annual growth of N/A. Current consensus DPS estimate is 22.3, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 13.9. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 16.00 cents and EPS of 52.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 55.2, implying annual growth of -21.9%. Current consensus DPS estimate is 16.1, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 17.8. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
PPC PEET & COMPANY LIMITED
Infra & Property Developers
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Overnight Price: $1.37
Deutsche Bank rates PPC as Hold (3) -
First half net profit was below expectations because of lower settlements and weak WA sales versus forecasts. Deutsche Bank slightly increases FY19 assumptions because of the positive outlook for the company's east coast projects.
Hold rating maintained. Target rises to $1.35 from $1.31.
Target price is $1.35 Current Price is $1.37 Difference: minus $0.02 (current price is over target).
If PPC meets the Deutsche Bank target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 5.00 cents and EPS of 10.00 cents. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 4.00 cents and EPS of 9.00 cents. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates PPC as Outperform (1) -
First half net profit was ahead of expectations. Macquarie believes the company can continue to grow earnings in the residential environment amid demand-driven tailwinds from interstate migration and demand from the owner occupier market.
The broker notes contracts on hand are up 11% versus June 2017 and up 19% by value. Outperform maintained. Target is slightly reduced to $1.49.
Target price is $1.49 Current Price is $1.37 Difference: $0.12
If PPC meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 4.80 cents and EPS of 9.90 cents. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 5.60 cents and EPS of 10.60 cents. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
PPE PEOPLE INFRASTRUCTURE LTD
Jobs & Skilled Labour Services
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Overnight Price: $1.44
Morgans rates PPE as Add (1) -
People Infrastructure delivered a first half result ahead of consensus forecasts on all fronts, the broker notes. It is particularly pleasing given an historic skew to the second half. New client wins are ongoing as clients continue to demonstrate increasing demand for workers.
A strong balance sheet provides for further acquisitions in complementary industries. Add retained, target rises to $1.68 from $1.52.
Target price is $1.68 Current Price is $1.44 Difference: $0.24
If PPE meets the Morgans target it will return approximately 17% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 3.00 cents and EPS of 13.00 cents. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 8.00 cents and EPS of 16.00 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates PPE as Buy (1) -
First half underlying earnings beat estimates following achievement of better margins. Ord Minnett believes the company is on track to hit FY18 forecasts, particularly given the expected ramp up of disability services and inclusion of Recon Technology.
The broker maintains a Buy rating and raises the target to $1.62 from $1.56.
Target price is $1.62 Current Price is $1.44 Difference: $0.18
If PPE meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 4.00 cents and EPS of 9.70 cents. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 7.80 cents and EPS of 13.00 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
PPT PERPETUAL LIMITED
Wealth Management & Investments
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Overnight Price: $53.27
Credit Suisse rates PPT as Downgrade to Neutral from Outperform (3) -
First half results beat estimates. Credit Suisse suggests, given continued outflows and risks that come with a new CEO, the stock is back to fair value.
Rating is downgraded to Neutral from Outperform. Target is $56.
Target price is $56.00 Current Price is $53.27 Difference: $2.73
If PPT meets the Credit Suisse target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $51.91, suggesting downside of -2.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 285.00 cents and EPS of 318.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 304.8, implying annual growth of 1.6%. Current consensus DPS estimate is 275.1, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 17.5. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 315.00 cents and EPS of 344.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 323.5, implying annual growth of 6.1%. Current consensus DPS estimate is 294.3, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 16.5. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates PPT as Neutral (3) -
First half results were slightly ahead of expectations. An upgrade to Macquarie's numbers is offset by the full-year run rate of higher employee expenses as well as an unwinding of a one-off uplift to the Perpetual Private revenue margin from fund rebates.
The broker transfers coverage to another analyst and the target moves to $51.80 from $53.00. Neutral maintained.
Target price is $51.80 Current Price is $53.27 Difference: minus $1.47 (current price is over target).
If PPT 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 $51.91, suggesting downside of -2.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 278.90 cents and EPS of 301.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 304.8, implying annual growth of 1.6%. Current consensus DPS estimate is 275.1, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 17.5. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 303.90 cents and EPS of 319.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 323.5, implying annual growth of 6.1%. Current consensus DPS estimate is 294.3, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 16.5. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates PPT as Equal-weight (3) -
First half results were better than the broker expected by 5%. Revenues were ahead of forecast while cost growth was a little higher.
Morgan Stanley upgrades earnings forecasts by 2% on better margin trends.
Equal-weight rating. Target is raised to $53 from $52. Industry view: In-line.
Target price is $53.00 Current Price is $53.27 Difference: minus $0.27 (current price is over target).
If PPT meets the Morgan Stanley target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $51.91, suggesting downside of -2.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 270.00 cents and EPS of 303.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 304.8, implying annual growth of 1.6%. Current consensus DPS estimate is 275.1, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 17.5. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 294.00 cents and EPS of 323.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 323.5, implying annual growth of 6.1%. Current consensus DPS estimate is 294.3, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 16.5. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates PPT as Lighten (4) -
First half net profit was ahead of expectations. A soft Perpetual Investments result was more than offset by a strong Perpetual Private result, Ord Minnett observes.
With management changes and no meaningful flows into the business in the near term market direction will determine forecast earnings, the broker asserts. This underscores the Lighten rating and target of $49.50.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $49.50 Current Price is $53.27 Difference: minus $3.77 (current price is over target).
If PPT meets the Ord Minnett target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $51.91, suggesting downside of -2.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 275.00 cents and EPS of 308.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 304.8, implying annual growth of 1.6%. Current consensus DPS estimate is 275.1, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 17.5. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 290.00 cents and EPS of 332.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 323.5, implying annual growth of 6.1%. Current consensus DPS estimate is 294.3, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 16.5. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates PPT as Sell (5) -
First half results were ahead of UBS forecasts, benefitting from low corporate costs, higher performance fees and one-off revenues in Perpetual Private.
UBS has lifted FY18 EPS forecast by 5% and FY19 by 3%. However, the broker sees ongoing outflow and revenue margin risks in the absence of further improvements.
As such, EPS growth remains highly dependent on markets with the broker's 3% 2yr CAGR outlook falling to -4% under a flat equities market.
Sell rating. Target raised to $50.10 from $48.65.
Target price is $50.10 Current Price is $53.27 Difference: minus $3.17 (current price is over target).
If PPT meets the UBS target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $51.91, suggesting downside of -2.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 273.00 cents and EPS of 303.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 304.8, implying annual growth of 1.6%. Current consensus DPS estimate is 275.1, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 17.5. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 280.00 cents and EPS of 306.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 323.5, implying annual growth of 6.1%. Current consensus DPS estimate is 294.3, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 16.5. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $0.43
Macquarie rates PRU as Neutral (3) -
First half results were weaker than expected. Macquarie believes positive momentum at Edikan and delivery on the ramp up at Sissingue are critical to unlocking the growth strategy.
Early indications of the performance at Sissingue bodes well for the long term, the broker observes, although the mill is yet to be tested under normal blend conditions. Neutral rating and $0.40 target are unchanged.
Target price is $0.40 Current Price is $0.43 Difference: minus $0.03 (current price is over target).
If PRU meets the Macquarie target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $0.48, suggesting upside of 11.6% (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 2.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 0.1, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 430.0. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 0.00 cents and EPS of 1.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 3.7, implying annual growth of 3600.0%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 11.6. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
PTM PLATINUM ASSET MANAGEMENT LIMITED
Wealth Management & Investments
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Overnight Price: $6.76
Morgan Stanley rates PTM as Equal-weight (3) -
First half results missed the broker's expectations, despite earnings growth of 7% yoy.
Kerr Neilson is stepping down as CEO to be replaced by Andrew Clifford, the current CIO. Morgan Stanley believes this is a good transition given Mr Neilson is committed to growing PTM.
Equal-weight maintained. Target is $7.50 and Industry view is In-Line.
Target price is $7.50 Current Price is $6.76 Difference: $0.74
If PTM meets the Morgan Stanley target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $6.61, suggesting downside of -2.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 32.00 cents and EPS of 36.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.1, implying annual growth of 7.4%. Current consensus DPS estimate is 32.4, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 19.8. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 34.00 cents and EPS of 37.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.9, implying annual growth of 2.3%. Current consensus DPS estimate is 33.4, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 19.4. |
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates PTM as Sell (5) -
Management fees in the first half were behind expectations while costs were significantly higher than anticipated. Ord Minnett suspects the transition in the CEO position will cause some temporary disruption to flows.
Sell rating maintained. Target reduced to $6.64 from $7.40.
Target price is $6.64 Current Price is $6.76 Difference: minus $0.12 (current price is over target).
If PTM meets the Ord Minnett target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $6.61, suggesting downside of -2.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 31.40 cents and EPS of 32.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.1, implying annual growth of 7.4%. Current consensus DPS estimate is 32.4, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 19.8. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 31.80 cents and EPS of 33.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.9, implying annual growth of 2.3%. Current consensus DPS estimate is 33.4, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 19.4. |
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
QAN QANTAS AIRWAYS LIMITED
Transportation & Logistics
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Overnight Price: $5.72
Credit Suisse rates QAN as Outperform (1) -
First half results were record and ahead of estimates. Credit Suisse notes guidance is more positive than previously and another buyback has been announced. The broker raises FY18 estimates by 6% and reiterates an Outperform rating and $6.90 target.
Management expects the positive trend in revenue per available seat kilometre to continue, despite expecting a 5% increase in competitor capacity in the second half.
Target price is $6.90 Current Price is $5.72 Difference: $1.18
If QAN meets the Credit Suisse target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $6.50, suggesting upside of 13.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 14.00 cents and EPS of 55.75 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 61.3, implying annual growth of 33.3%. Current consensus DPS estimate is 18.8, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 9.3. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 14.00 cents and EPS of 61.49 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 66.2, implying annual growth of 8.0%. Current consensus DPS estimate is 21.8, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 8.6. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates QAN as Sell (5) -
First half underlying earnings were in line with forecasts. While investors were clearly buoyed by the first half pre-tax profit Ord Minnett believes the airline continues to face headwinds associated with increasing competition, relatively weak domestic demand, excess capacity and higher fuel costs.
Sell rating maintained. Target rises to $4.75 from $4.55.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $4.75 Current Price is $5.72 Difference: minus $0.97 (current price is over target).
If QAN meets the Ord Minnett target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $6.50, suggesting upside of 13.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 14.00 cents and EPS of 57.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 61.3, implying annual growth of 33.3%. Current consensus DPS estimate is 18.8, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 9.3. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 17.00 cents and EPS of 63.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 66.2, implying annual growth of 8.0%. Current consensus DPS estimate is 21.8, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 8.6. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates QAN as Buy (1) -
Firat half results were better than UBS expected, with a 19% rise in EPS underpinned by 6% growth in passenger revenue.
UBS changes forecasts reflecting higher fuel costs (expected to rise by 10% to $3.45bn) offset by stronger revenue assumptions. This results in PBT moving up 4% to $1.55bn in FY18 with FY19 broadly unchanged at $1.58bn.
Buy rating retained. Valuation/price target falls to $6.35 from $6.70.
Target price is $6.35 Current Price is $5.72 Difference: $0.63
If QAN meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $6.50, suggesting upside of 13.6% (ex-dividends)
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 64.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 61.3, implying annual growth of 33.3%. Current consensus DPS estimate is 18.8, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 9.3. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 14.00 cents and EPS of 70.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 66.2, implying annual growth of 8.0%. Current consensus DPS estimate is 21.8, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 8.6. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
QUB QUBE HOLDINGS LIMITED
Transportation & Logistics
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Overnight Price: $2.44
Morgan Stanley rates QUB as Equal-weight (3) -
Firat half results were lower than Morgan Stanley's estimates, although top line growth of 7% was a positive surprise.
The broker has made minor updates to earnings following the result and the MCS acquisition. FY18-FY19 EPS estimates drop slightly due to lower logistics rates and volumes.
Target is lowered to $2.63 from $2.72. Equal-weight rating, Cautious industry view retained.
Target price is $2.63 Current Price is $2.44 Difference: $0.19
If QUB meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $2.77, suggesting upside of 13.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 5.30 cents and EPS of 7.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.1, implying annual growth of 31.5%. Current consensus DPS estimate is 5.4, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 34.4. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 5.60 cents and EPS of 9.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 8.4, implying annual growth of 18.3%. Current consensus DPS estimate is 5.6, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 29.0. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates QUB as Buy (1) -
First half underlying net profit and logistics earnings were below forecasts. Ord Minnett was disappointed by the operating results from logistics and Patrick but believes the relative underperformance can be partly explained by cyclical factors.
As the existing businesses continue to ride the ups and downs of the broader economic cycle the broker believes Moorebank has potential to be a game changer.
Buy rating and $3 target maintained.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $3.00 Current Price is $2.44 Difference: $0.56
If QUB meets the Ord Minnett target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $2.77, suggesting upside of 13.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 5.00 cents and EPS of 6.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.1, implying annual growth of 31.5%. Current consensus DPS estimate is 5.4, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 34.4. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 6.00 cents and EPS of 8.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 8.4, implying annual growth of 18.3%. Current consensus DPS estimate is 5.6, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 29.0. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates QUB as Neutral (3) -
The first half result was disappointing to the broker, with the -9% fall in NPATA impacted by the non-recurrence of $15m in income from Asciano in the prior period.
UBS reduces forecasts slightly in FY18 to now imply 6% growth in NPATA versus guidance of "an increased underlying NPATA". FY19 forecast drops by -4-6% reflecting a more conservative view on Moorebank earnings and lower Patrick contributions.
Neutral retained. Target falls to $2.60 from $2.80.
Target price is $2.60 Current Price is $2.44 Difference: $0.16
If QUB meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $2.77, suggesting upside of 13.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 5.50 cents and EPS of 7.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.1, implying annual growth of 31.5%. Current consensus DPS estimate is 5.4, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 34.4. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 5.50 cents and EPS of 8.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 8.4, implying annual growth of 18.3%. Current consensus DPS estimate is 5.6, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 29.0. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
RCR RCR TOMLINSON LIMITED
Mining Sector Contracting
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Overnight Price: $4.19
Macquarie rates RCR as Outperform (1) -
First half underlying net profit beat expectations. Macquarie observes the company is winning and delivering solar projects at attractive margins which should improve over time.
The broker notes the stock is trading at a -17% and -35% discount to its peer group on FY18 and FY19 PE estimates, respectively.
Outperform rating and $4.84 target maintained.
Target price is $4.84 Current Price is $4.19 Difference: $0.65
If RCR meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $4.93, suggesting upside of 17.6% (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 24.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.4, implying annual growth of 33.3%. Current consensus DPS estimate is 8.5, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 17.2. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 15.00 cents and EPS of 34.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 35.1, implying annual growth of 43.9%. Current consensus DPS estimate is 13.8, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 11.9. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates RCR as Buy (1) -
First half net profit was ahead of expectations. Management has guided to a strong outlook, particularly with respect to rail.
Despite the current multiples signalling that earnings are at, or near, peak levels Ord Minnett takes a different view, envisaging continued gains in solar and rail contracts will drive revenue higher.
Buy rating maintained. Target reduced to $5.19 from $5.25.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $5.19 Current Price is $4.19 Difference: $1
If RCR meets the Ord Minnett target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $4.93, suggesting upside of 17.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 7.00 cents and EPS of 25.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.4, implying annual growth of 33.3%. Current consensus DPS estimate is 8.5, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 17.2. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 14.00 cents and EPS of 36.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 35.1, implying annual growth of 43.9%. Current consensus DPS estimate is 13.8, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 11.9. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $4.16
Credit Suisse rates SBM as Upgrade to Neutral from Underperform (3) -
First half earnings were in line with expectations. The extra guidance for Gwalia, with a materially improved production and cost profile, adds to Credit Suisse's valuation on base case assumptions. Furthermore, these assumptions should be enhanced by infill drilling and increasing the grade profile.
Rating is upgraded to Neutral from Underperform. Target is raised to $3.85 from $3.00.
Target price is $3.85 Current Price is $4.16 Difference: minus $0.31 (current price is over target).
If SBM meets the Credit Suisse target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $3.93, suggesting downside of -5.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 9.08 cents and EPS of 35.87 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 37.3, implying annual growth of 17.7%. Current consensus DPS estimate is 9.6, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 11.2. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 9.80 cents and EPS of 32.68 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 32.6, implying annual growth of -12.6%. Current consensus DPS estimate is 9.8, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 12.8. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $4.05
UBS rates SGP as Neutral (3) -
Stockland's first half results were 3% ahead of UBS estimates, with the 82% rise in residential earnings the highlight for the broker.
Guidance for FFO growth of 5-6.5% for FY18 remains unchanged as is the comp NOI growth of 2-3% for commercial property. FY18 DPS growth of 4% unchanged.
Neutral rating and $4.62 target retained.
Target price is $4.62 Current Price is $4.05 Difference: $0.57
If SGP meets the UBS target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $4.59, suggesting upside of 13.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 26.50 cents and EPS of 35.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 35.1, implying annual growth of -29.5%. Current consensus DPS estimate is 26.7, implying a prospective dividend yield of 6.6%. Current consensus EPS estimate suggests the PER is 11.5. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 27.80 cents and EPS of 37.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.9, implying annual growth of -0.6%. Current consensus DPS estimate is 28.0, implying a prospective dividend yield of 6.9%. Current consensus EPS estimate suggests the PER is 11.6. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
SIQ SMARTGROUP CORPORATION LTD
Vehicle Leasing & Salary Packaging
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Overnight Price: $11.46
Macquarie rates SIQ as Outperform (1) -
2017 results were broadly in line with expectations and consistent with the guidance provided in December, Macquarie notes. Acquisitions contributed to a 79,500 increase in salary packages.
While 2017 organic growth is well above historical levels, management has indicated this is a one-off and reflects a benefit from a client consolidation in the period.
No 2018 guidance was provided. Macquarie maintains an Outperform rating and $11.53 target.
Target price is $11.53 Current Price is $11.46 Difference: $0.07
If SIQ meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $11.80, suggesting upside of 3.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 43.60 cents and EPS of 62.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 61.4, implying annual growth of 78.0%. Current consensus DPS estimate is 41.9, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 18.7. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 47.00 cents and EPS of 67.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 67.2, implying annual growth of 9.4%. Current consensus DPS estimate is 45.8, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 17.1. |
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) -
Full year results were better than the broker forecast, mainly due to synergies from acquisitions being booked quicker than expected.
Morgan Stanley has raised 2018 cash EPS forecast by 20.5% and 2019 forecast by 21.9%, incorporating contributions from Aspire, RACV and Fleetwest.
Overweight rating. Target is raised to $12.35 from $8.20. Sector view is In-Line.
Target price is $12.35 Current Price is $11.46 Difference: $0.89
If SIQ meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $11.80, suggesting upside of 3.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 42.20 cents and EPS of 53.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 61.4, implying annual growth of 78.0%. Current consensus DPS estimate is 41.9, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 18.7. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 46.80 cents and EPS of 58.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 67.2, implying annual growth of 9.4%. Current consensus DPS estimate is 45.8, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 17.1. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates SIQ as Add (1) -
Smartgroup reported in line with guidance, with earnings growth split between acquisitions and organic growth, the broker notes. The company is looking at solid growth in 2018, benefiting from FY17 acquisitions, an uplift in package numbers, momentum in lease uptake and ongoing operational efficiencies.
Despite a relatively full valuation, the broker retains Add, noting strong cash flow provides further acquisition opportunity. Target rises to $11.70 from $11.19.
Target price is $11.70 Current Price is $11.46 Difference: $0.24
If SIQ meets the Morgans target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $11.80, suggesting upside of 3.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 41.00 cents and EPS of 63.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 61.4, implying annual growth of 78.0%. Current consensus DPS estimate is 41.9, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 18.7. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 45.00 cents and EPS of 69.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 67.2, implying annual growth of 9.4%. Current consensus DPS estimate is 45.8, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 17.1. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $6.32
Credit Suisse rates SM1 as Underperform (5) -
Credit Suisse points out the announcement of a wide-ranging strategic partnership between A2 Milk ((A2M)) and Fonterra does not infer any immediate changes to the relationship with Synlait Milk.
Synlait retains exclusivity for infant formula in the key Australasian and Chinese markets and its earnings trajectory will not be affected over the next few years.
Nevertheless, the broker suggests there are clear signals in the way A2 Milk approaches its global infant formula that the supply chain will evolve over time.
Target is NZ$5.98. Underperform maintained.
Current Price is $6.32. Target price not assessed.
Current consensus price target is N/A
The company's fiscal year ends in July.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 0.00 cents and EPS of 35.92 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 32.4, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 19.5. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 0.00 cents and EPS of 40.78 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 38.6, implying annual growth of 19.1%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 16.4. |
This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: -0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
SRV SERVCORP LIMITED
Commercial Services & Supplies
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Overnight Price: $4.94
UBS rates SRV as Neutral (3) -
At face value, the reported financials were in-line with UBS' expectations, but compositionally they disappointed with North Asia offsetting lower-than-expected results across other divisions, the analysts explain.
Cash generation, on the analysts' observation, remains high. And while a higher percentage of mature floors should support earnings, the company is yet to report an improvement in the USA, they add. Also, higher competition may pressure pricing.
A strong balance sheet is seen offering optionality. UBS prefers to await further evidence that co-working refurbishments are resonating with tenants and that pricing remains stable. Meanwhile, Neutral rating retained. Target drops to $5.15 from $6.15.
Target price is $5.15 Current Price is $4.94 Difference: $0.21
If SRV meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).
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 37.00 cents. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 27.00 cents and EPS of 41.00 cents. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates STO as Neutral (3) -
2017 operating earnings were in line with expectations while underlying net profit missed Macquarie's estimates. The broker notes a number of growth projects on the radar and considers the most promising is the Barossa Field backfill project at Darwin LNG.
The broker envisages the company achieving net debt of US$2bn at the end of 2018, providing some room to target growth at Darwin LNG and in PNG as well as a potential return to dividends. Target is reduced to $5.30 from $5.35. Neutral maintained.
Target price is $5.30 Current Price is $5.14 Difference: $0.16
If STO meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $5.32, suggesting upside of 3.6% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 0.00 cents and EPS of 22.14 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.4, implying annual growth of N/A. Current consensus DPS estimate is 0.8, implying a prospective dividend yield of 0.2%. Current consensus EPS estimate suggests the PER is 17.5. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 4.14 cents and EPS of 17.74 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.0, implying annual growth of 2.0%. Current consensus DPS estimate is 7.4, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 17.1. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $0.37
Credit Suisse rates SXY as Outperform (1) -
Credit Suisse brushes aside the first half results and suggests, with a lack of cost and funding details, the market does not believe even a risked value for the company's growth assets exists at present.
However, the broker asks whether corporate interest may move in ahead of this extra information being provided. Outperform maintained and the broker lifts the target to $0.50 from $0.40, envisaging plenty of upside upon de-risking and considerably more value should a corporate suitor emerge with synergies.
Target price is $0.50 Current Price is $0.37 Difference: $0.13
If SXY meets the Credit Suisse target it will return approximately 35% (excluding dividends, fees and charges).
Current consensus price target is $0.41, suggesting upside of 11.2% (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 minus 9.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -1.4, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is N/A. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 0.00 cents and EPS of 69.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 10.1, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 3.7. |
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) -
First half underlying net profit was below expectations, because of higher exploration expenses. The company has opted for a wholly-owned development concept for the Western Surat gas project and the build is expected to cost an initial $40m.
Management believes debt financing should be sufficient to fully cover the requirements of the development over the next two years. Deutsche Bank raises FY19 capital expenditure estimates by $40m but awaits further detail on Project Atlas. Hold maintained. Target is $0.30.
Target price is $0.30 Current Price is $0.37 Difference: minus $0.07 (current price is over target).
If SXY meets the Deutsche Bank target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $0.41, suggesting upside of 11.2% (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 0.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -1.4, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is N/A. |
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 10.1, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 3.7. |
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 Outperform (1) -
First half results were weaker than expected. Higher costs, Macquarie observes, turned what would have been a profit into a loss.
The broker believes the decision to go ahead with building its own infrastructure is an important positive milestone for the company, as it removes uncertainty around potential tolling through the GLNG infrastructure.
Focus now moves to funding and an announcement is expected in coming months. Outperform rating and $0.45 target retained.
Target price is $0.45 Current Price is $0.37 Difference: $0.08
If SXY meets the Macquarie target it will return approximately 22% (excluding dividends, fees and charges).
Current consensus price target is $0.41, suggesting upside of 11.2% (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 0.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -1.4, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is N/A. |
Forecast for FY19:
Macquarie 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 10.1, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 3.7. |
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) -
First half results were broadly in line with Morgan Stanley's estimates. Senex plans to install compression capex for its phase 2 Western Surat project rather than toll through GLNG infrastructure.
This may cost up to $40m and may have a modest impact on the FY18 budget, but will primarily be FY19 spend. Production performance from W Surat will be a focus point for the market and the company is expected to provide quarterly updates.
The broker believes the company has a significant task ahead in pulling the finances together and retains an Equal-weight rating and In-Line industry view. Target is $0.39.
Target price is $0.39 Current Price is $0.37 Difference: $0.02
If SXY meets the Morgan Stanley target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $0.41, suggesting upside of 11.2% (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 0.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -1.4, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is N/A. |
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 10.1, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 3.7. |
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' result comfortably beat the broker. Outside of the numbers, highlights included plans for a scalable compression plant at Western Surat, accelerated development work on Project Atlas and talks with potential lenders.
Securing debt financing, targeted for mid-year, will be an important catalyst to ease market fears of a dilutive raising, the broker suggests. Add and 48c target retained.
Target price is $0.48 Current Price is $0.37 Difference: $0.11
If SXY meets the Morgans target it will return approximately 30% (excluding dividends, fees and charges).
Current consensus price target is $0.41, suggesting upside of 11.2% (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 0.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -1.4, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is N/A. |
Forecast for FY19:
Morgans forecasts a full year FY19 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 10.1, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 3.7. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
SYD SYDNEY AIRPORT HOLDINGS LIMITED
Infrastructure & Utilities
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Overnight Price: $6.44
Deutsche Bank rates SYD as Buy (1) -
2017 results were in line with forecasts. Deutsche Bank notes the new CEO has announced a number of initiatives and pulled forward a range of aeronautical projects. The broker adjusts numbers to allow for the planned expenditure of $1.3-1.5bn over 2018-21.
Deutsche Bank believes the company is well-placed to deliver strong cash flow and distribution growth. Buy rating maintained. Target reduced to $7.50 from $7.95.
Target price is $7.50 Current Price is $6.44 Difference: $1.06
If SYD meets the Deutsche Bank target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $7.27, suggesting upside of 12.8% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 38.00 cents and EPS of 21.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.0, implying annual growth of 15.8%. Current consensus DPS estimate is 37.8, implying a prospective dividend yield of 5.9%. Current consensus EPS estimate suggests the PER is 35.8. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 41.50 cents and EPS of 24.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.5, implying annual growth of 13.9%. Current consensus DPS estimate is 41.1, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 31.4. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
TRS THE REJECT SHOP LIMITED
Household & Personal Products
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Overnight Price: $6.94
UBS rates TRS as Upgrade to Buy from Neutral (1) -
The company is making inroads fixing ailments from the past, while also improving foot traffic and UBS spotted enough evidence in the interim release to anticipate more improvement ahead.
The analysts acknowledge the achieved improvement in financial performance comes off a low base, and risks remain, but at the same time "substantial" opportunities are there for management to capitalise on, in their view.
UBS upgrades to Buy from Neutral, with the price target shifting to $7.50 from $6.30. In particular DPS estimates have received a boost.
Target price is $7.50 Current Price is $6.94 Difference: $0.56
If TRS meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 36.00 cents and EPS of 60.40 cents. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 40.00 cents and EPS of 69.10 cents. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $2.03
Deutsche Bank rates VVR as Buy (1) -
2017 earnings were in line with expectations. 2018 earnings guidance is for 3-3.75% growth. Management continues to target a pay-out ratio of 100% of distributable earnings.
Deutsche Bank retains a Buy rating because of the upside to the current share price and the reasonably defensive earnings. Target is raised to $2.55 from $2.49.
Target price is $2.55 Current Price is $2.03 Difference: $0.52
If VVR meets the Deutsche Bank target it will return approximately 26% (excluding dividends, fees and charges).
Current consensus price target is $2.43, suggesting upside of 19.5% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 14.00 cents and EPS of 14.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 14.0, implying annual growth of N/A. Current consensus DPS estimate is 14.0, implying a prospective dividend yield of 6.9%. Current consensus EPS estimate suggests the PER is 14.5. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 14.00 cents and EPS of 14.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 14.5, implying annual growth of 3.6%. Current consensus DPS estimate is 14.3, implying a prospective dividend yield of 7.0%. Current consensus EPS estimate suggests the PER is 14.0. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates VVR as Add (1) -
Viva delivered a solid result, the broker suggests, ahead of original prospectus forecasts. FY guidance is for an increase in distributable income, allowance for acquisitions and a 100% payout ratio.
Viva offers an attractive 6.9% yield and while valuation will move around with bond rates, the REIT remains attractive against term deposit rates, the broker notes. Add retained, target falls to $2.43 from $2.53 on discounted cash flow valuation (implying a higher interest rate assumption).
Target price is $2.43 Current Price is $2.03 Difference: $0.4
If VVR meets the Morgans target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $2.43, suggesting upside of 19.5% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 13.96 cents and EPS of 13.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 14.0, implying annual growth of N/A. Current consensus DPS estimate is 14.0, implying a prospective dividend yield of 6.9%. Current consensus EPS estimate suggests the PER is 14.5. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 14.60 cents and EPS of 14.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 14.5, implying annual growth of 3.6%. Current consensus DPS estimate is 14.3, implying a prospective dividend yield of 7.0%. Current consensus EPS estimate suggests the PER is 14.0. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates VVR as Accumulate (2) -
2017 earnings were in line with forecasts. The company is reviewing its capital structure and more details will be provided in due course. The focus is on extending the tenor of debt and diversifying funding sources.
The company has not ruled out pursuing a buyback but would only do so at an appropriate discount to net tangible assets. Ord Minnett maintains an Accumulate rating and $2.30 target.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $2.30 Current Price is $2.03 Difference: $0.27
If VVR meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $2.43, suggesting upside of 19.5% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 14.00 cents and EPS of 14.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 14.0, implying annual growth of N/A. Current consensus DPS estimate is 14.0, implying a prospective dividend yield of 6.9%. Current consensus EPS estimate suggests the PER is 14.5. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 15.00 cents and EPS of 15.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 14.5, implying annual growth of 3.6%. Current consensus DPS estimate is 14.3, implying a prospective dividend yield of 7.0%. Current consensus EPS estimate suggests the PER is 14.0. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $11.90
Credit Suisse rates WEB as Upgrade to Outperform from Neutral (1) -
First half results were materially better than forecast. Credit Suisse observes the company has successfully de-risked the core flights business through ancillary products. Despite a history of weak first half cash flow worst fears did not materialise, the broker adds.
Credit Suisse believes the short-term overhang on the stock will continue to unwind and upgrades to Outperform from Neutral. Target rises to $13.65 from $11.80.
Admittedly, the broker notes there are still some headwinds to navigate as Online Republic is still underperforming and a merger of technology platforms remains possible.
Target price is $13.65 Current Price is $11.90 Difference: $1.75
If WEB meets the Credit Suisse target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $13.18, suggesting upside of 10.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 19.02 cents and EPS of 41.76 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 42.3, implying annual growth of -21.4%. Current consensus DPS estimate is 24.2, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 28.1. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 28.07 cents and EPS of 53.97 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 58.1, implying annual growth of 37.4%. Current consensus DPS estimate is 33.3, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 20.5. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates WEB as Underweight (5) -
First half results were not as bad as the broker expected following guidance back in November, but still views the result as a low quality beat.
Morgan Stanley has increased FY18 EBITDA forecast by $3m to $84.4m. Capex assumptions rise $5.5m and in combination with higher tax, FCF forecasts for FY18 and FY19 have been reduced by -$5m pa.
The broker views the stock as opaque, with complex accounting and maintains the Underweight rating. Target rises to $10.40 from $9.40. Industry View is In-Line.
Target price is $10.40 Current Price is $11.90 Difference: minus $1.5 (current price is over target).
If WEB meets the Morgan Stanley target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $13.18, suggesting upside of 10.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 44.60 cents and EPS of 45.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 42.3, implying annual growth of -21.4%. Current consensus DPS estimate is 24.2, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 28.1. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 63.10 cents and EPS of 63.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 58.1, implying annual growth of 37.4%. Current consensus DPS estimate is 33.3, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 20.5. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates WEB as Add (1) -
Webjet's underlying earnings result beat the broker by 10%. FY guidance is upgraded slightly but the broker believes this could prove conservative. The JacTravel acquisition is progressing well and should provide a material contribution from FY19.
Recent investments suggest to the broker Webjet has at least three strong earnings years ahead of it, and further upside will follow once the market recognises the growth potential. Add retained, target rises to $13.75 from $12.50.
Target price is $13.75 Current Price is $11.90 Difference: $1.85
If WEB meets the Morgans target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $13.18, suggesting upside of 10.8% (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 40.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 42.3, implying annual growth of -21.4%. Current consensus DPS estimate is 24.2, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 28.1. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 23.00 cents and EPS of 57.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 58.1, implying annual growth of 37.4%. Current consensus DPS estimate is 33.3, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 20.5. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates WEB as Buy (1) -
First half results were marginally below Ord Minnett's estimates. However, the star performer, the Mainstream flights booking business within the B2C segment, delivered an earnings increase of 26%.
The broker notes this business continues to deliver bookings growth well in excess of the market and finds no reason why this cannot continue. This strength more than offset the weakness from Online Republic. The broker maintains a Buy rating and $14.35 target.
Target price is $14.35 Current Price is $11.90 Difference: $2.45
If WEB meets the Ord Minnett target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $13.18, suggesting upside of 10.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 19.30 cents and EPS of 38.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 42.3, implying annual growth of -21.4%. Current consensus DPS estimate is 24.2, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 28.1. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 26.20 cents and EPS of 52.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 58.1, implying annual growth of 37.4%. Current consensus DPS estimate is 33.3, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 20.5. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates WEB as Buy (1) -
UBS believes strong organic growth revealed in the interim report should alleviate investor concerns. The analysts see a "strong" opportunity for continued growth in the short term.
In the medium term, say the analysts, Webjet's blockchain initiative could be transformational for the B2B business. UBS sees huge potential cost saving benefits and a key differentiator for potential suppliers.
On top of the "strong" result, management also upped guidance. UBS has lifted forecasts. Price target has increased to $13.75 from $12.60. Buy rating retained.
Target price is $13.75 Current Price is $11.90 Difference: $1.85
If WEB meets the UBS target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $13.18, suggesting upside of 10.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 18.00 cents and EPS of 46.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 42.3, implying annual growth of -21.4%. Current consensus DPS estimate is 24.2, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 28.1. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 26.00 cents and EPS of 64.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 58.1, implying annual growth of 37.4%. Current consensus DPS estimate is 33.3, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 20.5. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $42.55
Deutsche Bank rates WES as Upgrade to Hold from Sell (3) -
First half earnings were slightly ahead of estimates. Deutsche Bank still envisages risks around the UK operations amid continued large operating losses or the potential for substantial exit costs.
While the bad news around the UK investment should now be well understood and Coles is unlikely to resume meaningful growth for some time, the broker believes there are signs earnings have stabilised.
Meanwhile, Bunnings Australasia and Kmart are well-positioned. The broker believes the risk/reward is now balanced and upgrades to Hold from Sell. Target rises to $40 from $37.
Target price is $40.00 Current Price is $42.55 Difference: minus $2.55 (current price is over target).
If WES meets the Deutsche Bank target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $41.43, suggesting downside of -2.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 223.00 cents and EPS of 247.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 232.4, implying annual growth of -8.8%. Current consensus DPS estimate is 216.5, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 18.3. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 225.00 cents and EPS of 252.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 251.8, implying annual growth of 8.3%. Current consensus DPS estimate is 218.8, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 16.9. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
WFD WESTFIELD CORPORATION
Infra & Property Developers
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Overnight Price: $8.77
Credit Suisse rates WFD as Outperform (1) -
2017 results were in line with expectations. The implied value for investors of the proposed merger with Unibail Rodamco is down by -11% since the deal was proposed in December, Credit Suisse observes.
The broker doubts whether a competing bid will emerge and also that Unibail Rodamco will raise its offer without one.
Outperform maintained. Target reduced to $9.68, to reflect the value of the proposal, from $10.00.
Target price is $9.68 Current Price is $8.77 Difference: $0.91
If WFD meets the Credit Suisse target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $10.03, suggesting upside of 14.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 35.65 cents and EPS of 47.53 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 43.6, implying annual growth of N/A. Current consensus DPS estimate is 33.2, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 20.1. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 37.55 cents and EPS of 53.09 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 46.9, implying annual growth of 7.6%. Current consensus DPS estimate is 29.8, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 18.7. |
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 WFD as Outperform (1) -
The broker makes no beat/miss assessment of Westfield's result, with the Unibail-Rodamco takeover offer the overriding factor. Westfield provided no FY guidance due to the offer, but the broker's guidance would have been useful to help shareholders in their assessment of the deal.
A -15% fall in the UL share price post announcement has lowered the effective offer for Westfield. The broker does not believe the current terms are compelling enough. The broker retains Outperform, noting another suitor may appear or a higher takeover price offered. Target falls to $10.07 from $10.10.
Target price is $10.07 Current Price is $8.77 Difference: $1.3
If WFD meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $10.03, suggesting upside of 14.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 33.67 cents and EPS of 42.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 43.6, implying annual growth of N/A. Current consensus DPS estimate is 33.2, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 20.1. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 34.31 cents and EPS of 44.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 46.9, implying annual growth of 7.6%. Current consensus DPS estimate is 29.8, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 18.7. |
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 WFD as No Rating (-1) -
2018 results were broadly in line with Morgan Stanley's forecasts. The broker notes that although operating metrics softened revaluations of recently completed developments provide evidence of inherent value in the portfolio.
No 2018 guidance was forthcoming which may temper confidence on outlook, in the broker's opinion.
Morgan Stanley is currently restricted from offering a rating or target price.
Current Price is $8.77. Target price not assessed.
Current consensus price target is $10.03, suggesting upside of 14.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 33.28 cents and EPS of 42.73 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 43.6, implying annual growth of N/A. Current consensus DPS estimate is 33.2, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 20.1. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 0.00 cents and EPS of 45.45 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 46.9, implying annual growth of 7.6%. Current consensus DPS estimate is 29.8, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 18.7. |
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 WFD as Hold (3) -
2017 results were in line with forecasts. Ord Minnett notes the business is moving into growth after a prolonged period that was diluted by asset sales.
The broker forecasts 6% growth in FFO in 2018, driven by strong pick up in income from development completions at Century City and UTC.
Hold rating and $10.60 target.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $10.60 Current Price is $8.77 Difference: $1.83
If WFD meets the Ord Minnett target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $10.03, suggesting upside of 14.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 33.67 cents and EPS of 42.73 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 43.6, implying annual growth of N/A. Current consensus DPS estimate is 33.2, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 20.1. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 34.02 cents and EPS of 45.79 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 46.9, implying annual growth of 7.6%. Current consensus DPS estimate is 29.8, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 18.7. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates WFD as Buy (1) -
2018 results were at the top end of guidance, but were "poor" versus UBS estimates. No guidance was forthcoming given the proposal to combine Westfield with Unibail.
The company did outline comp NOI growth for 2018 of 2.5-3%, in line with US peers. UBS has revised earnings estimates -1% lower and is forecasting 5.5% growth in 2018.
Buy retained. Target falls to $9.77 from $10.20.
Target price is $9.77 Current Price is $8.77 Difference: $1
If WFD meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $10.03, suggesting upside of 14.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 42.73 cents and EPS of 46.61 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 43.6, implying annual growth of N/A. Current consensus DPS estimate is 33.2, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 20.1. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 41.44 cents and EPS of 50.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 46.9, implying annual growth of 7.6%. Current consensus DPS estimate is 29.8, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 18.7. |
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
Overnight Price: $26.95
Citi rates WOW as Buy (1) -
Citi saw a strong interim performance and expects upgraded guidance for BigW to add some 2% to market consensus forecasts. The 43c declared interim dividend also was a positive surprise (by 2c).
Citi has a Buy rating and $30.50 price target and a clear preference for Woolworths over competitor Wesfarmers ((WES)).
Target price is $30.50 Current Price is $26.95 Difference: $3.55
If WOW meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $26.67, suggesting downside of -1.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 91.90 cents and EPS of 134.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 126.6, implying annual growth of 6.0%. Current consensus DPS estimate is 89.9, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 21.3. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 104.00 cents and EPS of 152.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 140.1, implying annual growth of 10.7%. Current consensus DPS estimate is 100.0, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 19.2. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates WOW as Buy (1) -
In an initial assessment of the interim release, UBS analysts find Woolworths has missed the mark due to lack of cost leverage on strong sales. On the positive side, cash-flow was strong, and FY18 guidance for struggling BigW as been lifted.
While the top line improvement would have pleased many, the analysts suggest the lack of leverage for the bottom line will be raising eyebrows and questions among analysts. Buy. Target $28.90.
Target price is $28.90 Current Price is $26.95 Difference: $1.95
If WOW meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $26.67, suggesting downside of -1.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 98.00 cents and EPS of 135.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 126.6, implying annual growth of 6.0%. Current consensus DPS estimate is 89.9, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 21.3. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 116.00 cents and EPS of 157.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 140.1, implying annual growth of 10.7%. Current consensus DPS estimate is 100.0, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 19.2. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Summaries
AHY | ASALEO CARE | Sell - Citi | Overnight Price $1.46 |
Neutral - Credit Suisse | Overnight Price $1.46 | ||
Neutral - Macquarie | Overnight Price $1.46 | ||
AIZ | AIR NEW ZEALAND | Neutral - Credit Suisse | Overnight Price $2.87 |
Sell - Deutsche Bank | Overnight Price $2.87 | ||
Outperform - Macquarie | Overnight Price $2.87 | ||
Neutral - UBS | Overnight Price $2.87 | ||
ALL | ARISTOCRAT LEISURE | Buy - Deutsche Bank | Overnight Price $24.42 |
APA | APA | Neutral - UBS | Overnight Price $8.26 |
APX | APPEN | Buy - UBS | Overnight Price $10.17 |
ARB | ARB CORP | Downgrade to Neutral from Buy - Citi | Overnight Price $20.14 |
ARF | ARENA REIT | Outperform - Macquarie | Overnight Price $2.27 |
Overweight - Morgan Stanley | Overnight Price $2.27 | ||
AWC | ALUMINA | Neutral - Credit Suisse | Overnight Price $2.30 |
Hold - Deutsche Bank | Overnight Price $2.30 | ||
Outperform - Macquarie | Overnight Price $2.30 | ||
Accumulate - Ord Minnett | Overnight Price $2.30 | ||
Sell - UBS | Overnight Price $2.30 | ||
BAP | BAPCOR LIMITED | Outperform - Macquarie | Overnight Price $5.83 |
BHP | BHP BILLITON | Neutral - Citi | Overnight Price $30.75 |
Outperform - Macquarie | Overnight Price $30.75 | ||
Buy - UBS | Overnight Price $30.75 | ||
BKL | BLACKMORES | Downgrade to Neutral from Outperform - Credit Suisse | Overnight Price $136.62 |
Accumulate - Ord Minnett | Overnight Price $136.62 | ||
BLX | BEACON LIGHTING | Buy - Citi | Overnight Price $1.74 |
Add - Morgans | Overnight Price $1.74 | ||
CAT | CATAPULT GROUP | Add - Morgans | Overnight Price $1.32 |
CGR | CML GROUP | Add - Morgans | Overnight Price $0.57 |
CHC | CHARTER HALL | Buy - Citi | Overnight Price $5.81 |
Outperform - Macquarie | Overnight Price $5.81 | ||
Accumulate - Ord Minnett | Overnight Price $5.81 | ||
Neutral - UBS | Overnight Price $5.81 | ||
CVW | CLEARVIEW WEALTH | Outperform - Macquarie | Overnight Price $1.55 |
CWN | CROWN RESORTS | Neutral - Credit Suisse | Overnight Price $13.45 |
Hold - Deutsche Bank | Overnight Price $13.45 | ||
Neutral - Macquarie | Overnight Price $13.45 | ||
Equal-weight - Morgan Stanley | Overnight Price $13.45 | ||
Buy - Ord Minnett | Overnight Price $13.45 | ||
Neutral - UBS | Overnight Price $13.45 | ||
CWP | CEDAR WOODS PROPERTIES | Hold - Morgans | Overnight Price $5.87 |
DCN | DACIAN GOLD | Buy - Deutsche Bank | Overnight Price $2.68 |
Outperform - Macquarie | Overnight Price $2.68 | ||
DOW | DOWNER EDI | Neutral - Credit Suisse | Overnight Price $6.78 |
ECX | ECLIPX GROUP | Buy - UBS | Overnight Price $3.86 |
EHE | ESTIA HEALTH | Equal-weight - Morgan Stanley | Overnight Price $3.51 |
Upgrade to Buy from Neutral - UBS | Overnight Price $3.51 | ||
EPW | ERM POWER | Neutral - Macquarie | Overnight Price $1.60 |
Upgrade to Add from Hold - Morgans | Overnight Price $1.60 | ||
FLT | FLIGHT CENTRE | Upgrade to Neutral from Sell - Citi | Overnight Price $56.17 |
Underperform - Credit Suisse | Overnight Price $56.17 | ||
Hold - Deutsche Bank | Overnight Price $56.17 | ||
Upgrade to Equal-weight from Underweight - Morgan Stanley | Overnight Price $56.17 | ||
Hold - Morgans | Overnight Price $56.17 | ||
Buy - Ord Minnett | Overnight Price $56.17 | ||
Buy - UBS | Overnight Price $56.17 | ||
FXJ | FAIRFAX MEDIA | Upgrade to Buy from Hold - Deutsche Bank | Overnight Price $0.74 |
HPI | HOTEL PROPERTY INVESTMENTS | Hold - Morgans | Overnight Price $3.03 |
IFM | INFOMEDIA | Buy - UBS | Overnight Price $0.82 |
ING | INGHAMS GROUP | Neutral - Citi | Overnight Price $3.68 |
Outperform - Credit Suisse | Overnight Price $3.68 | ||
Outperform - Macquarie | Overnight Price $3.68 | ||
Equal-weight - Morgan Stanley | Overnight Price $3.68 | ||
Add - Morgans | Overnight Price $3.68 | ||
Buy - UBS | Overnight Price $3.68 | ||
IPD | IMPEDIMED | Add - Morgans | Overnight Price $0.72 |
IRE | IRESS MARKET TECHN | Neutral - Credit Suisse | Overnight Price $10.64 |
Hold - Deutsche Bank | Overnight Price $10.64 | ||
Upgrade to Hold from Lighten - Ord Minnett | Overnight Price $10.64 | ||
LLC | LEND LEASE CORP | Neutral - UBS | Overnight Price $17.33 |
LNK | LINK ADMINISTRATION | Buy - Citi | Overnight Price $8.67 |
Neutral - Credit Suisse | Overnight Price $8.67 | ||
Downgrade to Neutral from Buy - UBS | Overnight Price $8.67 | ||
MHJ | MICHAEL HILL | Upgrade to Outperform from Neutral - Credit Suisse | Overnight Price $1.13 |
Outperform - Macquarie | Overnight Price $1.13 | ||
Hold - Morgans | Overnight Price $1.13 | ||
MMS | MCMILLAN SHAKESPEARE | Equal-weight - Morgan Stanley | Overnight Price $17.17 |
MOC | MORTGAGE CHOICE | Underperform - Macquarie | Overnight Price $2.43 |
NEC | NINE ENTERTAINMENT | Outperform - Credit Suisse | Overnight Price $2.05 |
Outperform - Macquarie | Overnight Price $2.05 | ||
Equal-weight - Morgan Stanley | Overnight Price $2.05 | ||
Upgrade to Neutral from Sell - UBS | Overnight Price $2.05 | ||
OGC | OCEANAGOLD | Outperform - Credit Suisse | Overnight Price $3.29 |
Accumulate - Ord Minnett | Overnight Price $3.29 | ||
OZL | OZ MINERALS | Neutral - Credit Suisse | Overnight Price $9.84 |
Hold - Deutsche Bank | Overnight Price $9.84 | ||
Outperform - Macquarie | Overnight Price $9.84 | ||
Hold - Morgans | Overnight Price $9.84 | ||
Hold - Ord Minnett | Overnight Price $9.84 | ||
Neutral - UBS | Overnight Price $9.84 | ||
PPC | PEET & COMPANY | Hold - Deutsche Bank | Overnight Price $1.37 |
Outperform - Macquarie | Overnight Price $1.37 | ||
PPE | PEOPLE INFRASTRUCTURE | Add - Morgans | Overnight Price $1.44 |
Buy - Ord Minnett | Overnight Price $1.44 | ||
PPT | PERPETUAL | Downgrade to Neutral from Outperform - Credit Suisse | Overnight Price $53.27 |
Neutral - Macquarie | Overnight Price $53.27 | ||
Equal-weight - Morgan Stanley | Overnight Price $53.27 | ||
Lighten - Ord Minnett | Overnight Price $53.27 | ||
Sell - UBS | Overnight Price $53.27 | ||
PRU | PERSEUS MINING | Neutral - Macquarie | Overnight Price $0.43 |
PTM | PLATINUM | Equal-weight - Morgan Stanley | Overnight Price $6.76 |
Sell - Ord Minnett | Overnight Price $6.76 | ||
QAN | QANTAS AIRWAYS | Outperform - Credit Suisse | Overnight Price $5.72 |
Sell - Ord Minnett | Overnight Price $5.72 | ||
Buy - UBS | Overnight Price $5.72 | ||
QUB | QUBE HOLDINGS | Equal-weight - Morgan Stanley | Overnight Price $2.44 |
Buy - Ord Minnett | Overnight Price $2.44 | ||
Neutral - UBS | Overnight Price $2.44 | ||
RCR | RCR TOMLINSON | Outperform - Macquarie | Overnight Price $4.19 |
Buy - Ord Minnett | Overnight Price $4.19 | ||
SBM | ST BARBARA | Upgrade to Neutral from Underperform - Credit Suisse | Overnight Price $4.16 |
SGP | STOCKLAND | Neutral - UBS | Overnight Price $4.05 |
SIQ | SMARTGROUP | Outperform - Macquarie | Overnight Price $11.46 |
Overweight - Morgan Stanley | Overnight Price $11.46 | ||
Add - Morgans | Overnight Price $11.46 | ||
SM1 | SYNLAIT MILK | Underperform - Credit Suisse | Overnight Price $6.32 |
SRV | SERVCORP | Neutral - UBS | Overnight Price $4.94 |
STO | SANTOS | Neutral - Macquarie | Overnight Price $5.14 |
SXY | SENEX ENERGY | Outperform - Credit Suisse | Overnight Price $0.37 |
Hold - Deutsche Bank | Overnight Price $0.37 | ||
Outperform - Macquarie | Overnight Price $0.37 | ||
Equal-weight - Morgan Stanley | Overnight Price $0.37 | ||
Add - Morgans | Overnight Price $0.37 | ||
SYD | SYDNEY AIRPORT | Buy - Deutsche Bank | Overnight Price $6.44 |
TRS | THE REJECT SHOP | Upgrade to Buy from Neutral - UBS | Overnight Price $6.94 |
VVR | VIVA ENERGY REIT | Buy - Deutsche Bank | Overnight Price $2.03 |
Add - Morgans | Overnight Price $2.03 | ||
Accumulate - Ord Minnett | Overnight Price $2.03 | ||
WEB | WEBJET | Upgrade to Outperform from Neutral - Credit Suisse | Overnight Price $11.90 |
Underweight - Morgan Stanley | Overnight Price $11.90 | ||
Add - Morgans | Overnight Price $11.90 | ||
Buy - Ord Minnett | Overnight Price $11.90 | ||
Buy - UBS | Overnight Price $11.90 | ||
WES | WESFARMERS | Upgrade to Hold from Sell - Deutsche Bank | Overnight Price $42.55 |
WFD | WESTFIELD CORP | Outperform - Credit Suisse | Overnight Price $8.77 |
Outperform - Macquarie | Overnight Price $8.77 | ||
No Rating - Morgan Stanley | Overnight Price $8.77 | ||
Hold - Ord Minnett | Overnight Price $8.77 | ||
Buy - UBS | Overnight Price $8.77 | ||
WOW | WOOLWORTHS | Buy - Citi | Overnight Price $26.95 |
Buy - UBS | Overnight Price $26.95 |
RATING SUMMARY
Rating | No. Of Recommendations |
1. Buy | 65 |
2. Accumulate | 5 |
3. Hold | 58 |
4. Reduce | 1 |
5. Sell | 10 |
Friday 23 February 2018
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Disclaimer:
The content of this information does in no way reflect the opinions of
FNArena, or of its journalists. In fact we don't have any opinion about
the stock market, its value, future direction or individual shares. FNArena solely reports about what the main experts in the market note, believe
and comment on. By doing so we believe we provide intelligent investors
with a valuable tool that helps them in making up their own minds, reading
market trends and getting a feel for what is happening beneath the surface.
This document is provided for informational purposes only. It does not
constitute an offer to sell or a solicitation to buy any security or other
financial instrument. FNArena employs very experienced journalists who
base their work on information believed to be reliable and accurate, though
no guarantee is given that the daily report is accurate or complete. Investors
should contact their personal adviser before making any investment decision.
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