Australian Broker Call
October 24, 2016
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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: 01:22 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
| CCL - | COCA-COLA AMATIL | Downgrade to Hold from Buy | Deutsche Bank |
| HSO - | HEALTHSCOPE | Downgrade to Neutral from Buy | Citi |
| MQA - | MACQUARIE ATLAS ROADS | Upgrade to Outperform from Neutral | Macquarie |
| PWH - | PWR HOLDINGS | Downgrade to Hold from Add | Morgans |
| STO - | SANTOS | Upgrade to Hold from Lighten | Ord Minnett |
Macquarie rates AMP as Neutral (3) -
Macquarie reviews AMP Life and the potential reinsurance quota share transaction. As a result expectations for the group are downgraded.
The broker does not expect AMP Life operating conditions or a life reinsurance transaction will be materially favourable for shareholders.
Neutral retained. Target is reduced to $5.50 from $5.70.
Target price is $5.50 Current Price is $5.29 Difference: $0.21
If AMP meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $5.94, suggesting upside of 13.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Macquarie forecasts a full year FY16 dividend of 29.30 cents and EPS of 36.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.5, implying annual growth of 3.6%. Current consensus DPS estimate is 29.0, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 15.2. |
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 30.60 cents and EPS of 35.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 36.3, implying annual growth of 5.2%. Current consensus DPS estimate is 31.4, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 14.5. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates AMP as Overweight (1) -
Morgan Stanley highlights AMP is likely to announce the first tranche of a Life transaction alongside its 3Q business update on October 28. It is the stockbroker's view such announcement can act as a catalyst for a re-rating of the shares.
The analysts see potential for an EPS neutral, RoE accretive transaction with capital options. It is also their view, progressively removing the uncertainty from Life will help refocusing investors on the quality of the AMP franchise and on growth elsewhere inside the conglomerate.
Overweight rating retained. Target unchanged at $6.30. Industry view In-Line. Morgan Stanley sees "compelling value".
Target price is $6.30 Current Price is $5.29 Difference: $1.01
If AMP meets the Morgan Stanley target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $5.94, suggesting upside of 13.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Morgan Stanley forecasts a full year FY16 dividend of 28.00 cents and EPS of 34.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.5, implying annual growth of 3.6%. Current consensus DPS estimate is 29.0, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 15.2. |
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 32.00 cents and EPS of 38.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 36.3, implying annual growth of 5.2%. Current consensus DPS estimate is 31.4, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 14.5. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates API as Underweight (5) -
Morgan Stanley raises EPS estimates following the FY16 result. Retail sales continue to show strength and store growth is expected to continue to complement distribution.
Target is raised to $1.88 from $1.77. Morgan Stanley believes the share price currently captures the upside. Underweight rating retained relative to the broker's coverage list.
Target price is $1.88 Current Price is $1.92 Difference: minus $0.035 (current price is over target).
If API 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 $1.98, suggesting upside of 1.1% (ex-dividends)
The company's fiscal year ends in August.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 7.00 cents and EPS of 12.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.4, implying annual growth of N/A. Current consensus DPS estimate is 6.9, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 17.1. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 7.00 cents and EPS of 13.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 12.4, implying annual growth of 8.8%. Current consensus DPS estimate is 7.1, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 15.8. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates AVN as Outperform (1) -
Macquarie observes incremental spending is very accretive and remains attracted to the organic growth profile of the vehicle.
Growth is being supplemented by acquisitions in a fragmented industry as well as development opportunities.
Outperform and $2.41 target retained.
Target price is $2.41 Current Price is $2.40 Difference: $0.01
If AVN meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $2.44, suggesting upside of 2.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 15.90 cents and EPS of 18.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.9, implying annual growth of -3.8%. Current consensus DPS estimate is 15.9, implying a prospective dividend yield of 6.6%. Current consensus EPS estimate suggests the PER is 13.4. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 16.60 cents and EPS of 19.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.7, implying annual growth of 4.5%. Current consensus DPS estimate is 16.5, implying a prospective dividend yield of 6.9%. Current consensus EPS estimate suggests the PER is 12.8. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates AZJ as Neutral (3) -
UBS believes the sale by Glencore of its Hunter Valley coal haulage business to Genesee and Wyoming Australia is a negative development for Aurizon.
This is a lost opportunity to grow the current 28% share of Hunter Valley export coal but also negative because of the likely longer term impact of a third entrant in the east coast coal haulage market.
UBS retains a Neutral rating and $4.50 target.
Target price is $4.50 Current Price is $4.86 Difference: minus $0.36 (current price is over target).
If AZJ 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 $4.72, suggesting downside of -1.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 26.00 cents and EPS of 26.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.0, implying annual growth of 694.1%. Current consensus DPS estimate is 25.8, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 17.8. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 27.00 cents and EPS of 27.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.5, implying annual growth of 1.9%. Current consensus DPS estimate is 27.4, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 17.4. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates BAP as Neutral (3) -
September quarter sales growth was in line with UBS estimates. The next major development is the takeover bid for New Zealand's Hellaby Holdings.
The broker retains a Neutral rating and $6.30 target.
Target price is $6.30 Current Price is $5.28 Difference: $1.02
If BAP meets the UBS target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $6.50, suggesting upside of 23.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 13.50 cents and EPS of 23.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.6, implying annual growth of 32.2%. Current consensus DPS estimate is 14.6, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 22.4. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 16.50 cents and EPS of 28.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 28.4, implying annual growth of 20.3%. Current consensus DPS estimate is 17.6, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 18.6. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates CCL as Buy (1) -
Citi analysts returned from the company's Investor Day with a positive sentiment, having witnessed management reiterating guidance for mid-single digit EPS growth plus potential for another $100m in cost savings by FY20. There's also potential for better growth from Indonesia.
The company is also moving to a new pricing model for concentrate, incentivising both The Coca Cola Company and itself to seek top line growth over volume growth. Citi analysts see a reduction in earnings volatility ahead. Target $10.80. Buy.
Target price is $10.80 Current Price is $10.10 Difference: $0.7
If CCL meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $9.68, suggesting upside of 1.8% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Citi forecasts a full year FY16 dividend of 45.00 cents and EPS of 54.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 54.1, implying annual growth of 5.0%. Current consensus DPS estimate is 45.2, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 17.6. |
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 48.00 cents and EPS of 57.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 55.3, implying annual growth of 2.2%. Current consensus DPS estimate is 46.9, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 17.2. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates CCL as Downgrade to Hold from Buy (3) -
Deutsche Bank observed no significant changes at the investor briefing. The stock has surpassed the broker's target price after a strong performance recently and the rating is downgraded to Hold from Buy.
Deutsche Bank envisages some risks around higher costs. Management expects incremental cost savings over the next three years but this will be reinvested and not result in margin expansion. Price target is $10.00.
Target price is $10.00 Current Price is $10.10 Difference: minus $0.1 (current price is over target).
If CCL meets the Deutsche Bank target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $9.68, suggesting upside of 1.8% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Deutsche Bank forecasts a full year FY16 dividend of 46.00 cents and EPS of 54.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 54.1, implying annual growth of 5.0%. Current consensus DPS estimate is 45.2, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 17.6. |
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 48.00 cents and EPS of 56.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 55.3, implying annual growth of 2.2%. Current consensus DPS estimate is 46.9, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 17.2. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates CCL as Underperform (5) -
After the investor briefing Macquarie observes the long-term value proposition is intact and cost cutting targets are running ahead of plan.
Still, while management is executing well there are a number of headwinds and further complications which may limit growth and create uncertainty in the broker's opinion.
Underperform retained. Target lifts to $9.37 from $8.84.
Target price is $9.37 Current Price is $10.10 Difference: minus $0.73 (current price is over target).
If CCL 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 $9.68, suggesting upside of 1.8% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Macquarie forecasts a full year FY16 dividend of 45.00 cents and EPS of 54.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 54.1, implying annual growth of 5.0%. Current consensus DPS estimate is 45.2, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 17.6. |
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 45.00 cents and EPS of 55.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 55.3, implying annual growth of 2.2%. Current consensus DPS estimate is 46.9, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 17.2. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates CCL as Overweight (1) -
The company is delivering on incremental cost reductions and has provided greater clarity regarding its growth businesses in alcohol, coffee, Indonesia and PNG.
The shift to incidence based pricing in Australian beverages in 2017 creates a medium-term challenge in the broker's opinion. Overweight rating maintained. Morgan Stanley lifts the price target to $10.50 from $10.00. In-Line sector view.
Target price is $10.50 Current Price is $10.10 Difference: $0.4
If CCL meets the Morgan Stanley target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $9.68, suggesting upside of 1.8% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Morgan Stanley forecasts a full year FY16 dividend of 46.30 cents and EPS of 55.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 54.1, implying annual growth of 5.0%. Current consensus DPS estimate is 45.2, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 17.6. |
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 51.20 cents and EPS of 57.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 55.3, implying annual growth of 2.2%. Current consensus DPS estimate is 46.9, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 17.2. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates CCL as Lighten (4) -
The investor briefing outlined efforts to address structural challenges. Ord Minnett notes long-term growth targets are reiterated with greater reliance on EBIT than financing to achieve EPS growth.
The broker is of the view the stock has not performed in line with expectations and expects product and channel challenges will remain constraints on volume, revenue per case and EBIT growth in the Australian beverages division. Ord Minnett maintains a Lighten rating and $9.25 target.
Target price is $9.25 Current Price is $10.10 Difference: minus $0.85 (current price is over target).
If CCL meets the Ord Minnett target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $9.68, suggesting upside of 1.8% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Ord Minnett forecasts a full year FY16 dividend of 47.00 cents and EPS of 55.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 54.1, implying annual growth of 5.0%. Current consensus DPS estimate is 45.2, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 17.6. |
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 48.00 cents and EPS of 52.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 55.3, implying annual growth of 2.2%. Current consensus DPS estimate is 46.9, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 17.2. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates CCL as Neutral (3) -
Medium term guidance was reiterated at the investor briefing. UBS remains below management's targets in its estimates which reflect views around the structural headwinds in Australia and the challenging environment in Indonesia.
Management has noted key changes in FY17 include an additional $75m in capex, a $50m restructuring charge and a 2-3% increase in the cost of goods sold in Australia because of higher sugar and electricity prices.
Neutral rating and $7.90 target retained.
Target price is $7.90 Current Price is $10.10 Difference: minus $2.2 (current price is over target).
If CCL meets the UBS target it will return approximately minus 22% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $9.68, suggesting upside of 1.8% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
UBS forecasts a full year FY16 dividend of 42.00 cents and EPS of 52.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 54.1, implying annual growth of 5.0%. Current consensus DPS estimate is 45.2, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 17.6. |
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 42.20 cents and EPS of 52.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 55.3, implying annual growth of 2.2%. Current consensus DPS estimate is 46.9, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 17.2. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates EVT as Sell (5) -
Q1 trading update disappointed Citi analysts in light of strong Australian box office performance, as well as strong hotel industry indicators. Citi sees downside risks emerging for Q2.
The analysts see the German cinemas as of lower quality than the ones in Australia and suggest the company should look into divestment. Estimates have been reduced. Target falls to $13.90 from $13.94. Sell rating retained.
Target price is $13.90 Current Price is $14.62 Difference: minus $0.72 (current price is over target).
If EVT meets the Citi target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 54.00 cents and EPS of 81.10 cents. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 57.00 cents and EPS of 88.10 cents. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates GNC as Outperform (1) -
It appears the wet weather over winter has not impacted on crops in NSW and expectations are for a yield 30-50% above the long term average, the broker notes. Dry weather will allow the harvest to proceed at which time more will be known.
The broker has made no changes to its Graincorp forecasts at this stage. Outperform and $9.00 target retained.
Target price is $9.00 Current Price is $8.34 Difference: $0.66
If GNC meets the Credit Suisse target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $8.95, suggesting upside of 7.6% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY16:
Credit Suisse forecasts a full year FY16 dividend of 12.20 cents and EPS of 22.11 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 21.0, implying annual growth of 56.7%. Current consensus DPS estimate is 11.2, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 39.6. |
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 29.29 cents and EPS of 52.13 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 41.7, implying annual growth of 98.6%. Current consensus DPS estimate is 19.9, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 20.0. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates GOR as Outperform (1) -
The feasibility for the Gruyere gold project has confirmed the robust metrics, indicating it will be a long life project with low costs and substantial scale.
Macquarie believes Gruyere will be a significant addition to mid-cap gold production in Australia. Outperform and $1.20 target retained.
Target price is $1.20 Current Price is $0.60 Difference: $0.605
If GOR meets the Macquarie target it will return approximately 102% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY16:
Macquarie forecasts a full year FY16 dividend of 0.00 cents and EPS of minus 0.70 cents. |
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 0.00 cents and EPS of minus 1.80 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates HGG as Neutral (3) -
The market expects the merger deal with Janus Capital will be completed. Macquarie envisages potential for up to a 3 percentage point increase in the EBITDA margin.
Macquarie retains a Neutral rating and raises the target to $4.21 from $4.05. 2016 EPS estimates are upgraded by 4.1% and 2017 by 17.7%.
Target price is $4.21 Current Price is $4.02 Difference: $0.19
If HGG meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $4.30, suggesting upside of 8.3% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Macquarie forecasts a full year FY16 dividend of 16.68 cents and EPS of 27.87 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.9, implying annual growth of N/A. Current consensus DPS estimate is 15.5, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 16.6. |
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 18.96 cents and EPS of 29.19 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.6, implying annual growth of 11.3%. Current consensus DPS estimate is 16.9, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 14.9. |
This company reports in GBP. 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
Citi rates HSO as Downgrade to Neutral from Buy (3) -
Healthscope issued a profit warning. Ramsay Health Care ((RHC)) stands by its guidance. Citi analysts report Healthscope management has little confidence in short term outlook, while staying positive long term and insisting short term pressure is industry-wide.
It is Citi's view that Ramsay's Australian assets are less susceptible but not immune to short-term fluctuations in local demand. Amidst an across-the-market debate about many industry issues, Citi analysts suggest industry data for 1Q17 are due to be released on November 15. No doubt, some questions will be answered on that day.
Estimates (both EPS and DPS) have been re-based. Price target tumbles to $2.45 from $3.33. Downgrade to Neutral from Buy.
Target price is $2.45 Current Price is $2.38 Difference: $0.07
If HSO meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $2.69, suggesting upside of 20.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 6.90 cents and EPS of 10.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.0, implying annual growth of 5.8%. Current consensus DPS estimate is 7.8, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 20.4. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 7.50 cents and EPS of 11.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.8, implying annual growth of 7.3%. Current consensus DPS estimate is 8.4, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 19.0. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates HSO as Neutral (3) -
Healthscope has downgraded its FY17 guidance following a slower than expected start to the year. The broker suggests an unwillingness among patients to incur out-of-pocket expenses for non-urgent surgery is one issue, and campaigns against the unnecessary over-recommendation of certain procedures another.
While the underlying positive theme remains intact long term, nearer term the broker believes it will take the company some time to recover. The broker has cut earnings forecasts by 11% on average and dropped its target to $2.50 from $2.90. Neutral retained.
Target price is $2.50 Current Price is $2.38 Difference: $0.12
If HSO meets the Credit Suisse target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $2.69, suggesting upside of 20.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 7.00 cents and EPS of 10.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.0, implying annual growth of 5.8%. Current consensus DPS estimate is 7.8, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 20.4. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 7.30 cents and EPS of 11.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.8, implying annual growth of 7.3%. Current consensus DPS estimate is 8.4, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 19.0. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates HSO as Neutral (3) -
The company has indicated the September quarter was tough, with slower-than-expected growth in hospital revenue. Negative publicity on health care affordability has been blamed, as patients defer elective procedures.
Macquarie moderates growth expectations for FY17. The broker's Neutral rating is retained. Target falls to $2.40 from $2.90.
Target price is $2.40 Current Price is $2.38 Difference: $0.02
If HSO meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $2.69, suggesting upside of 20.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 8.70 cents and EPS of 11.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.0, implying annual growth of 5.8%. Current consensus DPS estimate is 7.8, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 20.4. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 10.00 cents and EPS of 12.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.8, implying annual growth of 7.3%. Current consensus DPS estimate is 8.4, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 19.0. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates HSO as Equal-weight (3) -
Lower hospital volume growth has been flagged and the company highlights, if the trend in the September quarter continues, year-on-year growth in hospital EBITDA is likely to be flat.
Despite the decline in the share price, Morgan Stanley perceives ongoing risk and prefers to wait on the sidelines. The broker retains an Equal Weight rating. Industry view is In-Line. Price target falls to $2.53 from $3.05.
Target price is $2.53 Current Price is $2.38 Difference: $0.15
If HSO meets the Morgan Stanley target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $2.69, suggesting upside of 20.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 7.50 cents and EPS of 10.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.0, implying annual growth of 5.8%. Current consensus DPS estimate is 7.8, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 20.4. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 8.20 cents and EPS of 11.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.8, implying annual growth of 7.3%. Current consensus DPS estimate is 8.4, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 19.0. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates HSO as Add (1) -
Healthscope has warned hospital volumes were soft in the September quarter and division growth is expected to be flat if the trend continues through FY17.
Morgans notes negative publicity around affordability was cited as the main cause of weakness. The broker expects it will take time for the shares to recovery but believes the drivers of the industry remain intact and the capital structure is secure.
Add rating retained. Target is reduced to $2.90 from $3.40.
Target price is $2.90 Current Price is $2.38 Difference: $0.52
If HSO meets the Morgans target it will return approximately 22% (excluding dividends, fees and charges).
Current consensus price target is $2.69, suggesting upside of 20.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 8.00 cents and EPS of 11.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.0, implying annual growth of 5.8%. Current consensus DPS estimate is 7.8, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 20.4. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 9.00 cents and EPS of 13.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.8, implying annual growth of 7.3%. Current consensus DPS estimate is 8.4, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 19.0. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates HSO as Accumulate (2) -
The company has re-based expectations after signalling a very difficult performance in the September quarter. Ord Minnett suspects the weakness was exacerbated by aggressive operational management undertaken over recent years which left little room for error.
The demand environment has moderated but the broker remains confident in the growth outlook. Accumulate retained. Target falls to $2.75 from $3.35.
Target price is $2.75 Current Price is $2.38 Difference: $0.37
If HSO meets the Ord Minnett target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $2.69, suggesting upside of 20.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 8.00 cents and EPS of 11.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.0, implying annual growth of 5.8%. Current consensus DPS estimate is 7.8, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 20.4. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 9.00 cents and EPS of 12.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.8, implying annual growth of 7.3%. Current consensus DPS estimate is 8.4, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 19.0. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates HSO as Buy (1) -
September quarter hospital performance was soft, which the company believes reflects community concerns around affordability of private health care.
UBS notes, given FY16 also started slowly, with some rebound, there is opportunity for a recovery in FY17. The broker revises estimates for more moderate FY17 hospital EBITDA growth of 3% and does not believe the fundamentals for hospitals are changed.
UBS retains a Buy rating and lowers target down to $3.00 from $3.30.
Target price is $3.00 Current Price is $2.38 Difference: $0.62
If HSO meets the UBS target it will return approximately 26% (excluding dividends, fees and charges).
Current consensus price target is $2.69, suggesting upside of 20.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 8.00 cents and EPS of 11.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.0, implying annual growth of 5.8%. Current consensus DPS estimate is 7.8, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 20.4. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 8.00 cents and EPS of 11.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.8, implying annual growth of 7.3%. Current consensus DPS estimate is 8.4, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 19.0. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates JHX as Neutral (3) -
Citi analysts report James Hardie management has used a site visit to its Penrose operations for an update on the New Zealand market. It turns out James Hardie has an enviable position in New Zealand and new strategies are being deployed to adapt to a changing market.
Over in the USA, it appears construction remains in an election funk. Citi is expecting slow growth to last longer. Target remains $20.80. Rating remains Neutral.
Target price is $20.80 Current Price is $20.45 Difference: $0.35
If JHX meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $21.84, suggesting upside of 7.4% (ex-dividends)
The company's fiscal year ends in March.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 60.89 cents and EPS of 86.19 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 80.0, implying annual growth of N/A. Current consensus DPS estimate is 56.0, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 25.4. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 68.45 cents and EPS of 96.37 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 96.9, implying annual growth of 21.1%. Current consensus DPS estimate is 64.5, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 21.0. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates JHX as Buy (1) -
An investor briefing was hosted in Auckland. New Zealand represents 20% of the company's international business and construction activity is expected to remain robust for at least two years.
The broker's Buy rating is maintained with 11% upside envisaged to the current share price. Target is $22.47.
Target price is $22.47 Current Price is $20.45 Difference: $2.02
If JHX meets the Deutsche Bank target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $21.84, suggesting upside of 7.4% (ex-dividends)
The company's fiscal year ends in March.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 62.24 cents and EPS of 86.59 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 80.0, implying annual growth of N/A. Current consensus DPS estimate is 56.0, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 25.4. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 70.54 cents and EPS of 105.81 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 96.9, implying annual growth of 21.1%. Current consensus DPS estimate is 64.5, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 21.0. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates MGX as Neutral (3) -
Citi is increasingly convinced management is going to spend a big part of its cash on a restart of the Koolan Island operations. But there's more cash, and thus a level of uncertainty remains.
The analysts observe the company's cash pile is presently larger than its market capitalisation. Neutral rating retained, as well as the 32c price target.
Target price is $0.32 Current Price is $0.31 Difference: $0.01
If MGX meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $0.38, suggesting upside of 19.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 0.00 cents and EPS of minus 0.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 0.7, implying annual growth of -91.2%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 45.0. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 0.00 cents and EPS of 0.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -0.4, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is N/A. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates MGX as Outperform (1) -
Mount Gibson shipped 887,000t in the September quarter, 6% below Macquarie's expectations. Realised prices were also below expectations.
The re-start of Koolan Island remains the key catalyst. Macquarie's development scenario is valued at 11c a share. Outperform maintained. Target is 48c.
Target price is $0.48 Current Price is $0.31 Difference: $0.17
If MGX meets the Macquarie target it will return approximately 55% (excluding dividends, fees and charges).
Current consensus price target is $0.38, suggesting upside of 19.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 0.00 cents and EPS of 1.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 0.7, implying annual growth of -91.2%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 45.0. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 0.00 cents and EPS of 0.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -0.4, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is N/A. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates MGX as Neutral (3) -
Shipped tonnage of 887,000t in the September quarter was 18% ahead of UBS estimates. The company continues to assess the potential to re-start Koolan Island. Extension Hill mining is expected to conclude in November.
UBS retains a Neutral rating and 33c target.
Target price is $0.33 Current Price is $0.31 Difference: $0.02
If MGX meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $0.38, suggesting upside of 19.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 0.00 cents and EPS of 1.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 0.7, implying annual growth of -91.2%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 45.0. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 0.00 cents and EPS of minus 2.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -0.4, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is N/A. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates MPL as Neutral (3) -
Healthscope ((HSO)) has downgraded guidance due to slowing hospital activity. Hospital costs represent some 45% of Medibank's claims, the broker notes. FY16 claims growth was running well below the levels of previous years.
But the gain on the swings may be lost on the roundabout of government scrutiny. Lower claims growth makes it hard for Medibank to justify premium price increases, the broker warns. The stock is not expensive following a share price fall but the broker retains Neutral on regulatory risk. target unchanged at $2.50.
Target price is $2.50 Current Price is $2.63 Difference: minus $0.13 (current price is over target).
If MPL 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 $2.73, suggesting upside of 4.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 11.00 cents and EPS of 14.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 14.7, implying annual growth of -3.3%. Current consensus DPS estimate is 11.3, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 17.8. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 11.00 cents and EPS of 14.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 14.9, implying annual growth of 1.4%. Current consensus DPS estimate is 11.5, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 17.5. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates MQA as Outperform (1) -
Traffic growth on the Dulles Greenway in the Sep Q was below the broker's expectation, although the broker does expect the toll road to pass its debt test in December and pay distributions in 2019. Macq Atlas' lower share price translates to lower performance fees, the broker notes.
Macq Atlas holds pre-emptive rights over 50% of Greenway and 10% of APRR. A back to back deal may allow value to be released, but otherwise new capital will have to be raised, the broker suggests. Target falls to $5.70 from $6.00. Outperform retained.
Target price is $5.70 Current Price is $4.66 Difference: $1.04
If MQA meets the Credit Suisse target it will return approximately 22% (excluding dividends, fees and charges).
Current consensus price target is $5.90, suggesting upside of 25.2% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Credit Suisse forecasts a full year FY16 dividend of 18.00 cents and EPS of 21.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.5, implying annual growth of 62.6%. Current consensus DPS estimate is 18.0, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 25.5. |
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 20.00 cents and EPS of 23.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.6, implying annual growth of 87.0%. Current consensus DPS estimate is 20.2, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 13.6. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates MQA as Upgrade to Outperform from Neutral (1) -
September quarter traffic was strong and consistent and Macquarie expects the current quarter will test the value of Greenway in the sale process, given global demand for transport infrastructure.
The broker envisages a premium price will facilitate a capital return or re-investment opportunity with no impact on dividends.
Target is steady at $5.72. Rating is upgraded to Outperform from Neutral.
Target price is $5.72 Current Price is $4.66 Difference: $1.06
If MQA meets the Macquarie target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $5.90, suggesting upside of 25.2% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Macquarie forecasts a full year FY16 dividend of 18.00 cents and EPS of 27.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.5, implying annual growth of 62.6%. Current consensus DPS estimate is 18.0, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 25.5. |
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 20.00 cents and EPS of 62.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.6, implying annual growth of 87.0%. Current consensus DPS estimate is 20.2, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 13.6. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates OZL as Neutral (3) -
OZ Minerals has retained its 2016 copper production guidance but reduced gold guidance, as expected. Sep Q costs were in line with forecasts. The broker has made only minor adjustments to earnings. Neutral and $5.80 target retained.
Target price is $5.80 Current Price is $5.88 Difference: minus $0.08 (current price is over target).
If OZL 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 $5.92, suggesting upside of 1.5% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Credit Suisse forecasts a full year FY16 dividend of 12.00 cents and EPS of 31.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 33.3, implying annual growth of -22.4%. Current consensus DPS estimate is 9.9, implying a prospective dividend yield of 1.7%. Current consensus EPS estimate suggests the PER is 17.5. |
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 12.00 cents and EPS of 26.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.5, implying annual growth of -11.4%. Current consensus DPS estimate is 12.6, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 19.8. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates OZL as Sell (5) -
September quarter production was below Deutsche Bank's estimates because of weather. Copper guidance is reaffirmed but gold guidance is downgraded by 10% as copper dominant ore will be preferentially treated in the December quarter.
The Carrapateena feasibility study remains the key catalyst for the broker. Sell rating and $4.60 target retained.
Target price is $4.60 Current Price is $5.88 Difference: minus $1.28 (current price is over target).
If OZL meets the Deutsche Bank target it will return approximately minus 22% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $5.92, suggesting upside of 1.5% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Deutsche Bank forecasts a full year FY16 dividend of 11.00 cents and EPS of 42.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 33.3, implying annual growth of -22.4%. Current consensus DPS estimate is 9.9, implying a prospective dividend yield of 1.7%. Current consensus EPS estimate suggests the PER is 17.5. |
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 0.00 cents and EPS of 19.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.5, implying annual growth of -11.4%. Current consensus DPS estimate is 12.6, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 19.8. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates OZL as Underperform (5) -
September quarter production was weak with Macquarie observing lower gold output drove higher costs. Gold production guidance has been reduced 10%.
Macquarie updates production estimates in line with the report and expects cash flow in the December quarter to improve as working capital build is reversed. Underperform retained. Target is $5.
Target price is $5.00 Current Price is $5.88 Difference: minus $0.88 (current price is over target).
If OZL meets the Macquarie target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $5.92, suggesting upside of 1.5% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Macquarie forecasts a full year FY16 dividend of 12.00 cents and EPS of 40.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 33.3, implying annual growth of -22.4%. Current consensus DPS estimate is 9.9, implying a prospective dividend yield of 1.7%. Current consensus EPS estimate suggests the PER is 17.5. |
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 18.00 cents and EPS of 38.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.5, implying annual growth of -11.4%. Current consensus DPS estimate is 12.6, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 19.8. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates OZL as Hold (3) -
The SA power outage trimmed gold output for 2016 by 10% and Morgans observes it also removed the potential for the company to target the high end of copper guidance.
The stock has retreated from its August highs but does not yet offer enough upside to the broker's revised valuation to warrant a change in the Hold recommendation. Target is reduced to $5.95 from $6.05.
Target price is $5.95 Current Price is $5.88 Difference: $0.07
If OZL meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $5.92, suggesting upside of 1.5% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Morgans forecasts a full year FY16 dividend of 12.00 cents and EPS of 31.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 33.3, implying annual growth of -22.4%. Current consensus DPS estimate is 9.9, implying a prospective dividend yield of 1.7%. Current consensus EPS estimate suggests the PER is 17.5. |
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 12.00 cents and EPS of 34.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.5, implying annual growth of -11.4%. Current consensus DPS estimate is 12.6, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 19.8. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates OZL as Hold (3) -
Copper production was broadly in line in the September quarter. 2016 gold production guidance is downgraded to 115-120,000 ozs because of power outages.
Ord Minnett notes Prominent Hill continues to perform well and Carrapateena is being de-risked. The stock screens as fair value and the broker finds better value elsewhere in the sector. Hold retained. Target is reduced to $6.40 from $6.60.
Target price is $6.40 Current Price is $5.88 Difference: $0.52
If OZL meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $5.92, suggesting upside of 1.5% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Ord Minnett forecasts a full year FY16 dividend of 9.00 cents and EPS of 27.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 33.3, implying annual growth of -22.4%. Current consensus DPS estimate is 9.9, implying a prospective dividend yield of 1.7%. Current consensus EPS estimate suggests the PER is 17.5. |
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 16.00 cents and EPS of 5.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.5, implying annual growth of -11.4%. Current consensus DPS estimate is 12.6, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 19.8. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates OZL as Neutral (3) -
September quarter production was below forecasts with severe weather causing a downgrade to gold guidance and leading to a large adverse build in working capital.
The company expects most of this build to unwind in the December quarter. A pre-feasibility for Carrapateena is now due in November which is expected to refine key numbers for market pricing.
Neutral rating retained. Target rises to $6.41 from $6.34.
Target price is $6.41 Current Price is $5.88 Difference: $0.53
If OZL meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $5.92, suggesting upside of 1.5% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
UBS forecasts a full year FY16 dividend of 8.00 cents and EPS of 28.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 33.3, implying annual growth of -22.4%. Current consensus DPS estimate is 9.9, implying a prospective dividend yield of 1.7%. Current consensus EPS estimate suggests the PER is 17.5. |
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 14.00 cents and EPS of 49.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.5, implying annual growth of -11.4%. Current consensus DPS estimate is 12.6, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 19.8. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates PWH as Downgrade to Hold from Add (3) -
There were few surprises at the AGM. Morgans reduces FY17 profit forecasts, on the back of updated FX assumptions, but notes that underlying growth assumptions are unchanged given good organic growth momentum.
The broker continues to believe FY18 and FY19 will be strong years. Morgans is conscious of the GBP exposure and views FY17 as an investment year. Rating is downgraded to Hold from Add. Target falls to $3.15 from $3.26.
Target price is $3.15 Current Price is $3.33 Difference: minus $0.18 (current price is over target).
If PWH meets the Morgans target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).
The company's fiscal year ends in June.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 3.40 cents and EPS of 8.00 cents. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 5.30 cents and EPS of 13.00 cents. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates RHC as Neutral (3) -
Healthscope ((HSO)) has indicated the September quarter was tough, with slower-than-expected growth in hospital revenue. Negative publicity on health care affordability has been blamed, as patients defer elective procedures.
Macquarie moderates growth expectations for FY17 but does not believes Ramsay will experience the same level of revenue pressure given differing geographic exposures.
Neutral retained. Target slips to $72 from $75.
Target price is $72.00 Current Price is $74.80 Difference: minus $2.8 (current price is over target).
If RHC meets the Macquarie target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $79.08, suggesting upside of 9.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 131.00 cents and EPS of 253.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 258.2, implying annual growth of 18.7%. Current consensus DPS estimate is 134.8, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 28.0. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 156.00 cents and EPS of 295.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 290.5, implying annual growth of 12.5%. Current consensus DPS estimate is 153.5, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 24.8. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates S32 as Overweight (1) -
Most of the company's commodities have enjoyed strong performances this year. Morgan Stanley believes there is free cash upside to bolster the net cash position. The equity has enjoyed a strong rally and the broker suspects it could move higher still.
The broker retains an Overweight rating and raises the target to $3.00 from $2.25. Sector view is Attractive.
Target price is $3.00 Current Price is $2.61 Difference: $0.39
If S32 meets the Morgan Stanley target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $2.52, suggesting downside of -2.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 9.47 cents and EPS of 16.24 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.3, implying annual growth of N/A. Current consensus DPS estimate is 6.7, implying a prospective dividend yield of 2.6%. Current consensus EPS estimate suggests the PER is 16.8. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 10.82 cents and EPS of 17.59 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 12.2, implying annual growth of -20.3%. Current consensus DPS estimate is 6.0, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 21.1. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates STO as Buy (1) -
Citi analysts note Santos thinks it has found a solution to its de-watering problems. This might alleviate market fears over Roma reserves and operations, suggest the analysts. Investors might have to wait 6 months with the company spending an estimated $10-15m on remediation.
Santos has hedged some 20% of annual production at US$62.39/bbl. In Citi's view, the hedge proves the company is focused on limiting balance sheet troubles whereas investors might be disappointed as it limits future upside from oil price strength.
Citi has mildly reduced estimates but the analysts continue to see value in the stock. Target falls to $6.01 from $6.08. Buy rating retained.
Target price is $6.01 Current Price is $3.84 Difference: $2.17
If STO meets the Citi target it will return approximately 57% (excluding dividends, fees and charges).
Current consensus price target is $4.89, suggesting upside of 30.6% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Citi forecasts a full year FY16 dividend of 0.00 cents and EPS of minus 3.92 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 1.2, implying annual growth of N/A. Current consensus DPS estimate is 1.3, implying a prospective dividend yield of 0.3%. Current consensus EPS estimate suggests the PER is 312.1. |
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 0.00 cents and EPS of 30.85 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 21.7, implying annual growth of 1708.3%. Current consensus DPS estimate is 4.9, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 17.3. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates STO as Underperform (5) -
Santos reported a solid operational result in the Sep Q and production cost guidance has been lowered to the bottom of the range, the broker notes. The broker applauds the decision to begin hedging production -- if only it had been done a year ago.
Santos is doing everything right but there's still a way to go, the broker suggests. Underperform and $3.50 target retained.
Target price is $3.50 Current Price is $3.84 Difference: minus $0.34 (current price is over target).
If STO meets the Credit Suisse target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.89, suggesting upside of 30.6% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Credit Suisse forecasts a full year FY16 dividend of 0.00 cents and EPS of 5.14 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 1.2, implying annual growth of N/A. Current consensus DPS estimate is 1.3, implying a prospective dividend yield of 0.3%. Current consensus EPS estimate suggests the PER is 312.1. |
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 0.00 cents and EPS of 34.14 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 21.7, implying annual growth of 1708.3%. Current consensus DPS estimate is 4.9, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 17.3. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates STO as Buy (1) -
September quarter production was slightly ahead of forecasts, underpinned by a ramp up in GLNG. Revenue was in line with Deutsche Bank's expectations.
2016 production guidance is narrowed to 60-62mmboe. The company has entered into oil hedges for 2017 for 7.3mmbbl which represents 25% of oil and oil-linked production.
Deutsche Bank retains a Buy rating and $5.10 target.
Target price is $5.10 Current Price is $3.84 Difference: $1.26
If STO meets the Deutsche Bank target it will return approximately 33% (excluding dividends, fees and charges).
Current consensus price target is $4.89, suggesting upside of 30.6% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Deutsche Bank forecasts a full year FY16 dividend of 5.41 cents and EPS of 4.06 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 1.2, implying annual growth of N/A. Current consensus DPS estimate is 1.3, implying a prospective dividend yield of 0.3%. Current consensus EPS estimate suggests the PER is 312.1. |
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 12.18 cents and EPS of 28.41 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 21.7, implying annual growth of 1708.3%. Current consensus DPS estimate is 4.9, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 17.3. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates STO as Outperform (1) -
Production was flat but sales increased in the September quarter, Macquarie observes. The company also announced 7.3mmboe of hedging.
The broker welcomes the fact the company is using capital management to hedge oil price volatility but envisages it will have a negligible impact and suspects, on oil price forecasts, it will cost some upside.
Outperform retained. Target is $5.70.
Target price is $5.70 Current Price is $3.84 Difference: $1.86
If STO meets the Macquarie target it will return approximately 48% (excluding dividends, fees and charges).
Current consensus price target is $4.89, suggesting upside of 30.6% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Macquarie forecasts a full year FY16 dividend of 0.00 cents and EPS of minus 2.17 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 1.2, implying annual growth of N/A. Current consensus DPS estimate is 1.3, implying a prospective dividend yield of 0.3%. Current consensus EPS estimate suggests the PER is 312.1. |
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 4.19 cents and EPS of 10.55 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 21.7, implying annual growth of 1708.3%. Current consensus DPS estimate is 4.9, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 17.3. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates STO as Overweight (1) -
Production was flat in the September quarter. Morgan Stanley likes the new hedging strategy which limits the impact of lower oil prices should they eventuate.
There is incremental good news at the Raislie field as well but the broker stresses it is too early to know whether the success at one well can be applied across the field.
Overweight rating, In-Line industry view and target of $6.03 retained.
Target price is $6.03 Current Price is $3.84 Difference: $2.19
If STO meets the Morgan Stanley target it will return approximately 57% (excluding dividends, fees and charges).
Current consensus price target is $4.89, suggesting upside of 30.6% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Morgan Stanley forecasts a full year FY16 dividend of 0.00 cents and EPS of minus 1.35 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 1.2, implying annual growth of N/A. Current consensus DPS estimate is 1.3, implying a prospective dividend yield of 0.3%. Current consensus EPS estimate suggests the PER is 312.1. |
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 4.06 cents and EPS of 4.06 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 21.7, implying annual growth of 1708.3%. Current consensus DPS estimate is 4.9, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 17.3. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates STO as Upgrade to Hold from Lighten (3) -
September quarter production was slightly below expectations but Ord Minnett was heartened by the 2017 hedges for 7.3mmboe and the positive updates to guidance on sales, upstream costs and capex.
The broker remains cautious about the balance sheet, high cost assets and reserve coverage at GLNG. The recovery in the macro environment means oil prices are now well above the break even point in cash flow at US$43/bbl.
The stock is upgraded to Hold from Lighten on valuation grounds. Target is reduced to $3.90 from $4.15.
Target price is $3.90 Current Price is $3.84 Difference: $0.06
If STO meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $4.89, suggesting upside of 30.6% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Ord Minnett forecasts a full year FY16 dividend of 0.00 cents and EPS of minus 62.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 1.2, implying annual growth of N/A. Current consensus DPS estimate is 1.3, implying a prospective dividend yield of 0.3%. Current consensus EPS estimate suggests the PER is 312.1. |
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 3.00 cents and EPS of 9.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 21.7, implying annual growth of 1708.3%. Current consensus DPS estimate is 4.9, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 17.3. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates STO as Buy (1) -
September quarter production was flat and below UBS estimates. The miss on production was driven by lower offshore oil and gas output. Sales revenue was up 10% but below UBS estimates as well.
The broker believes the addition of oil hedging will provide the market with extra confidence that the company is better positioned in the event of a collapse in oil prices in 2017.
Buy rating and $4.50 target retained.
Target price is $4.50 Current Price is $3.84 Difference: $0.66
If STO meets the UBS target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $4.89, suggesting upside of 30.6% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
UBS forecasts a full year FY16 dividend of 2.74 cents and EPS of 5.47 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 1.2, implying annual growth of N/A. Current consensus DPS estimate is 1.3, implying a prospective dividend yield of 0.3%. Current consensus EPS estimate suggests the PER is 312.1. |
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 9.53 cents and EPS of 25.86 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 21.7, implying annual growth of 1708.3%. Current consensus DPS estimate is 4.9, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 17.3. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates TNE as Neutral (3) -
UBS attended the company's user conference and notes a core differentiator for Technology One is the company's single code, multi-tenant architecture combined with single-tenant customer databases.
UBS observes the stock has a strong competitive advantage, which is expected to translate into a further 15% compound growth over the next five years.
Target is raised to $5.65 from $5.15 and a Neutral rating is retained.
Target price is $5.65 Current Price is $5.67 Difference: minus $0.02 (current price is over target).
If TNE 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 $5.45, suggesting downside of -3.5% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY16:
UBS forecasts a full year FY16 dividend of 10.00 cents and EPS of 13.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 13.0, implying annual growth of 12.4%. Current consensus DPS estimate is 10.1, implying a prospective dividend yield of 1.8%. Current consensus EPS estimate suggests the PER is 43.5. |
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 11.00 cents and EPS of 15.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.0, implying annual growth of 15.4%. Current consensus DPS estimate is 11.2, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 37.7. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Summaries
| AMP - | AMP | Neutral - Macquarie | Overnight Price $5.29 |
| Overweight - Morgan Stanley | Overnight Price $5.29 | ||
| API - | AUS PHARMACEUTICAL IND | Underweight - Morgan Stanley | Overnight Price $1.92 |
| AVN - | AVENTUS RETAIL PROPERTY | Outperform - Macquarie | Overnight Price $2.40 |
| AZJ - | AURIZON HOLDINGS | Neutral - UBS | Overnight Price $4.86 |
| BAP - | BAPCOR LIMITED | Neutral - UBS | Overnight Price $5.28 |
| CCL - | COCA-COLA AMATIL | Buy - Citi | Overnight Price $10.10 |
| Downgrade to Hold from Buy - Deutsche Bank | Overnight Price $10.10 | ||
| Underperform - Macquarie | Overnight Price $10.10 | ||
| Overweight - Morgan Stanley | Overnight Price $10.10 | ||
| Lighten - Ord Minnett | Overnight Price $10.10 | ||
| Neutral - UBS | Overnight Price $10.10 | ||
| EVT - | EVENT HOSPITALITY | Sell - Citi | Overnight Price $14.62 |
| GNC - | GRAINCORP | Outperform - Credit Suisse | Overnight Price $8.34 |
| GOR - | GOLD ROAD RESOURCES | Outperform - Macquarie | Overnight Price $0.60 |
| HGG - | HENDERSON GROUP | Neutral - Macquarie | Overnight Price $4.02 |
| HSO - | HEALTHSCOPE | Downgrade to Neutral from Buy - Citi | Overnight Price $2.38 |
| Neutral - Credit Suisse | Overnight Price $2.38 | ||
| Neutral - Macquarie | Overnight Price $2.38 | ||
| Equal-weight - Morgan Stanley | Overnight Price $2.38 | ||
| Add - Morgans | Overnight Price $2.38 | ||
| Accumulate - Ord Minnett | Overnight Price $2.38 | ||
| Buy - UBS | Overnight Price $2.38 | ||
| JHX - | JAMES HARDIE | Neutral - Citi | Overnight Price $20.45 |
| Buy - Deutsche Bank | Overnight Price $20.45 | ||
| MGX - | MOUNT GIBSON IRON | Neutral - Citi | Overnight Price $0.31 |
| Outperform - Macquarie | Overnight Price $0.31 | ||
| Neutral - UBS | Overnight Price $0.31 | ||
| MPL - | MEDIBANK PRIVATE | Neutral - Credit Suisse | Overnight Price $2.63 |
| MQA - | MACQUARIE ATLAS ROADS | Outperform - Credit Suisse | Overnight Price $4.66 |
| Upgrade to Outperform from Neutral - Macquarie | Overnight Price $4.66 | ||
| OZL - | OZ MINERALS | Neutral - Credit Suisse | Overnight Price $5.88 |
| Sell - Deutsche Bank | Overnight Price $5.88 | ||
| Underperform - Macquarie | Overnight Price $5.88 | ||
| Hold - Morgans | Overnight Price $5.88 | ||
| Hold - Ord Minnett | Overnight Price $5.88 | ||
| Neutral - UBS | Overnight Price $5.88 | ||
| PWH - | PWR HOLDINGS | Downgrade to Hold from Add - Morgans | Overnight Price $3.33 |
| RHC - | RAMSAY HEALTH CARE | Neutral - Macquarie | Overnight Price $74.80 |
| S32 - | SOUTH32 | Overweight - Morgan Stanley | Overnight Price $2.61 |
| STO - | SANTOS | Buy - Citi | Overnight Price $3.84 |
| Underperform - Credit Suisse | Overnight Price $3.84 | ||
| Buy - Deutsche Bank | Overnight Price $3.84 | ||
| Outperform - Macquarie | Overnight Price $3.84 | ||
| Overweight - Morgan Stanley | Overnight Price $3.84 | ||
| Upgrade to Hold from Lighten - Ord Minnett | Overnight Price $3.84 | ||
| Buy - UBS | Overnight Price $3.84 | ||
| TNE - | TECHNOLOGY ONE | Neutral - UBS | Overnight Price $5.67 |
RATING SUMMARY
| Rating | No. Of Recommendations |
| 1. Buy | 18 |
| 2. Accumulate | 1 |
| 3. Hold | 22 |
| 4. Reduce | 1 |
| 5. Sell | 6 |
Monday 24 October 2016
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The content of this information does in no way reflect the opinions of
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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
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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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