Australian Broker Call
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July 25, 2019
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COMPANIES DISCUSSED IN THIS ISSUE
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The number next to the symbol represents the number of brokers covering it for this report -(if more than 1).
Last Updated: 05:00 PM
Your daily news report on the latest recommendation, valuation, forecast and opinion changes.
This report includes concise but limited reviews of research recently published by Stockbrokers, which should be considered as information concerning likely market behaviour rather than advice on the securities mentioned. Do not act on the contents of this Report without first reading the important information included at the end.
For more info about the different terms used by stockbrokers, as well as the different methodologies behind similar sounding ratings, download our guide HERE
Today's Upgrades and Downgrades
| BPT - | BEACH ENERGY | Downgrade to Neutral from Buy | Citi |
| CPU - | COMPUTERSHARE | Downgrade to Underperform from Neutral | Macquarie |
| ECX - | ECLIPX GROUP | Downgrade to Neutral from Buy | Citi |
| EVN - | EVOLUTION MINING | Downgrade to Underperform from Neutral | Macquarie |
| ILU - | ILUKA RESOURCES | Downgrade to Neutral from Outperform | Credit Suisse |
| Downgrade to Neutral from Buy | UBS | ||
| MFG - | MAGELLAN FINANCIAL GROUP | Downgrade to Underperform from Neutral | Credit Suisse |
| RIO - | RIO TINTO | Downgrade to Underperform from Neutral | Credit Suisse |
| SBM - | ST BARBARA | Downgrade to Underperform from Neutral | Credit Suisse |
| Downgrade to Underperform from Neutral | Macquarie |
Overnight Price: $16.71
UBS rates A2M as Buy (1) -
Infant milk formula volumes for June revealed strong growth in China and Hong Kong and a drop off in Australia. This indicates to UBS ongoing weakness in Australian daigou markets is being comfortably offset by growth in China direct online channels.
The data signal a strong start to FY20 while a2 Milk is doing a good job realigning its distribution channels and widening its product range, the broker asserts. Buy rating and NZ$17.50 retained.
Current Price is $16.71. Target price not assessed.
Current consensus price target is $14.91, suggesting downside of -10.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 0.00 cents and EPS of 38.75 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 38.5, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 43.4. |
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 0.00 cents and EPS of 46.25 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 48.8, implying annual growth of 26.8%. Current consensus DPS estimate is 5.9, implying a prospective dividend yield of 0.4%. Current consensus EPS estimate suggests the PER is 34.2. |
This company reports in NZD. 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: $4.14
Citi rates ABP as Neutral (3) -
The company has launched a fully underwritten $250m equity raising at $3.95 per security to fund office and storage acquisitions including the remainder of the units in Australian Unity Office Fund.
While earnings revisions are negative for the near term, Citi's longer-term forecasts are unchanged as lower trading income is already factored in. The broker maintains a Neutral rating and raises the target to $4.11 from $3.87.
Target price is $4.11 Current Price is $4.14 Difference: minus $0.03 (current price is over target).
If ABP meets the Citi target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.06, suggesting downside of -2.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 18.50 cents and EPS of 24.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.0, implying annual growth of -15.1%. Current consensus DPS estimate is 18.2, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 13.4. |
Forecast for FY20:
Citi forecasts a full year FY20 dividend of 19.00 cents and EPS of 22.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.0, implying annual growth of -3.2%. Current consensus DPS estimate is 19.0, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 13.8. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates ABP as Outperform (1) -
The company has announced a fully-underwritten $250m institutional placement at $3.95 a share. Proceeds will be used to fund potential investments.
Credit Suisse believes the capital raising should help increase liquidity and facilitate the introduction of new security holders on to the register. Outperform rating and $4 target maintained.
Target price is $4.00 Current Price is $4.14 Difference: minus $0.14 (current price is over target).
If ABP 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 $4.06, suggesting downside of -2.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 18.00 cents and EPS of 44.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.0, implying annual growth of -15.1%. Current consensus DPS estimate is 18.2, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 13.4. |
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 19.00 cents and EPS of 44.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.0, implying annual growth of -3.2%. Current consensus DPS estimate is 19.0, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 13.8. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates ABP as No Rating (-1) -
Ord Minnett updates its modelling to incorporate the preliminary FY19 announcement of 24.0c in earnings per share and funds from operations of 22.2c per security, along with the launch of a $250m capital raising.
The broker is currently restricted on research and unable to provide a rating and target.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Current Price is $4.14. Target price not assessed.
Current consensus price target is $4.06, suggesting downside of -2.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 18.00 cents and EPS of 25.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.0, implying annual growth of -15.1%. Current consensus DPS estimate is 18.2, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 13.4. |
Forecast for FY20:
Ord Minnett forecasts a full year FY20 dividend of 19.00 cents and EPS of 24.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.0, implying annual growth of -3.2%. Current consensus DPS estimate is 19.0, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 13.8. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $8.20
Macquarie rates ALX as Outperform (1) -
Macquarie finds the sustained dividend growth attractive although acknowledges traffic data in the June quarter was not ideal. Traffic on APRR was worse than expected and Dulles Greenway disappointed.
The broker notes Dulles Greenway will remain in dividend lock for 2019 and the earliest a dividend can be expected from the asset is 2021. The broker reduces the target to $8.12 from $8.45. Outperform.
Target price is $8.12 Current Price is $8.20 Difference: minus $0.08 (current price is over target).
If ALX 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 $7.36, suggesting downside of -10.2% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 30.00 cents and EPS of 88.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 46.8, implying annual growth of 313.1%. Current consensus DPS estimate is 30.0, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 17.5. |
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 32.00 cents and EPS of 83.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 50.2, implying annual growth of 7.3%. Current consensus DPS estimate is 35.2, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 16.3. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates ALX as Equal-weight (3) -
Traffic declined for APRR in the first half of 2019 by -1.0% with toll revenue growth of 1.3% on a 1.81% toll increase. Morgan Stanley notes APRR is cycling favourable 2018 comparables, when traffic benefited from a temporary diversion from French rail.
Dulles Greenway traffic declined -2.3% with a toll revenue decline of -0.4%. The broker notes Dulles Greenway is suffering from multiple headwinds, hopefully transient.
Equal-weight rating, Cautious industry view and $7.27 target maintained.
Target price is $7.27 Current Price is $8.20 Difference: minus $0.93 (current price is over target).
If ALX meets the Morgan Stanley target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $7.36, suggesting downside of -10.2% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 30.00 cents and EPS of 32.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 46.8, implying annual growth of 313.1%. Current consensus DPS estimate is 30.0, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 17.5. |
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 dividend of 35.00 cents and EPS of 42.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 50.2, implying annual growth of 7.3%. Current consensus DPS estimate is 35.2, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 16.3. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates ALX as Hold (3) -
There were no surprises from a weak quarterly result from Atlas Arteria given a strong June Q a year ago and a slowing European economy. The broker updates revenue forecasts to reflect an assumed lower for longer economic environment and downgrades its dividend forecasts, conservatively assuming Eiffarie debt amortisation will continue.
Hold retained. It is not made clear as to why the broker's target is increased to $7.37 from $6.76. Possibly a roll-forward of forecasts.
Target price is $7.37 Current Price is $8.20 Difference: minus $0.83 (current price is over target).
If ALX meets the Morgans target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $7.36, suggesting downside of -10.2% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 30.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 46.8, implying annual growth of 313.1%. Current consensus DPS estimate is 30.0, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 17.5. |
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 32.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 50.2, implying annual growth of 7.3%. Current consensus DPS estimate is 35.2, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 16.3. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates ALX as Neutral (3) -
The company reported weighted average toll revenue increases of 0.3% for the June quarter amid -2.1% declines in traffic across the network. APRR traffic is now down -0.5% on a 12-month trading basis, partially because of the "Yellow Vest" protests.
Dulles Greenway traffic was broadly in line with UBS forecasts, but the risks are considered to be to the downside. Neutral rating and $6.90 target maintained.
Target price is $6.90 Current Price is $8.20 Difference: minus $1.3 (current price is over target).
If ALX meets the UBS target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $7.36, suggesting downside of -10.2% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 30.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 46.8, implying annual growth of 313.1%. Current consensus DPS estimate is 30.0, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 17.5. |
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 44.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 50.2, implying annual growth of 7.3%. Current consensus DPS estimate is 35.2, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 16.3. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $87.51
Credit Suisse rates ASX as Underperform (5) -
Credit Suisse observes corporate actions were weak in the second half of FY19. Margin on listings in the current half year is expected to be significantly higher, as particularly low-margin listings are cycled.
A narrowing BBSW spread and reductions to the cash rate are creating a headwind, the broker adds. Credit Suisse remains supportive of the incremental growth opportunities the company is pursuing but considers the benefits long dated.
Underperform rating and $60 target maintained.
Target price is $60.00 Current Price is $87.51 Difference: minus $27.51 (current price is over target).
If ASX meets the Credit Suisse target it will return approximately minus 31% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $64.15, suggesting downside of -26.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 233.00 cents and EPS of 258.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 255.6, implying annual growth of 6.3%. Current consensus DPS estimate is 229.6, implying a prospective dividend yield of 2.6%. Current consensus EPS estimate suggests the PER is 34.2. |
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 235.00 cents and EPS of 262.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 262.2, implying annual growth of 2.6%. Current consensus DPS estimate is 233.6, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 33.4. |
Market Sentiment: -0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $2.06
Citi rates BPT as Downgrade to Neutral from Buy (3) -
Citi now considers the stock fair value at a conservative US$55/bbl oil price and downgrades to Neutral from Buy.
The broker remains sympathetic to those investors with a higher commodity deck that remain positive on the stock, particularly given the options on the balance sheet to accelerate organic growth or return capital.
However, the broker also believes it is premature to take any profits ahead of FY20 guidance. Target is raised to $2.06 from $2.01.
Target price is $2.06 Current Price is $2.06 Difference: $0
If BPT meets the Citi target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $2.16, suggesting upside of 4.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 2.30 cents and EPS of 24.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.4, implying annual growth of 23.0%. Current consensus DPS estimate is 2.4, implying a prospective dividend yield of 1.2%. Current consensus EPS estimate suggests the PER is 8.4. |
Forecast for FY20:
Citi forecasts a full year FY20 dividend of 4.00 cents and EPS of 27.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.0, implying annual growth of -1.6%. Current consensus DPS estimate is 4.1, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 8.6. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates BPT as Neutral (3) -
The fourth quarter production performance was strong because of higher oil production from Western Flank and higher gas prices. Credit Suisse likes the upside from cost synergies and growth in Western Flank, Waitsia and Otway as well as a growing uncontracted gas position.
However, downside is envisaged from possible lower contract price reviews at Lattice. Neutral rating maintained. Target is raised to $2.02 from $2.00.
Target price is $2.02 Current Price is $2.06 Difference: minus $0.04 (current price is over target).
If BPT meets the Credit Suisse target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $2.16, suggesting upside of 4.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 2.00 cents and EPS of 26.14 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.4, implying annual growth of 23.0%. Current consensus DPS estimate is 2.4, implying a prospective dividend yield of 1.2%. Current consensus EPS estimate suggests the PER is 8.4. |
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 4.00 cents and EPS of 24.04 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.0, implying annual growth of -1.6%. Current consensus DPS estimate is 4.1, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 8.6. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates BPT as Neutral (3) -
The company has reported a record June quarter and entered FY19 with zero debt. The result was driven by continued outperformance of the Western Flank, offset by weaker volumes from east coast gas production, Macquarie observes.
The broker expects drilling success within the Cooper Basin will deliver upward revisions to reserves at the August 19 result. Neutral and $2.10 target retained.
Target price is $2.10 Current Price is $2.06 Difference: $0.04
If BPT meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $2.16, suggesting upside of 4.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 2.00 cents and EPS of 25.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.4, implying annual growth of 23.0%. Current consensus DPS estimate is 2.4, implying a prospective dividend yield of 1.2%. Current consensus EPS estimate suggests the PER is 8.4. |
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 2.50 cents and EPS of 26.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.0, implying annual growth of -1.6%. Current consensus DPS estimate is 4.1, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 8.6. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates BPT as Buy (1) -
June quarter production was ahead of Ord Minnett's estimates. Forecasts are lifted and are expected to exceed the top end of guidance for FY19.
Production was supported by strong output from the Western Flank assets as well as higher prices for product.
Buy rating maintained with a $2.50 target. Ord Minnett envisages further M&A could be a key medium-term catalyst, as the company now holds 4% of its market capitalisation in cash.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $2.50 Current Price is $2.06 Difference: $0.44
If BPT meets the Ord Minnett target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $2.16, suggesting upside of 4.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 2.00 cents and EPS of 24.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.4, implying annual growth of 23.0%. Current consensus DPS estimate is 2.4, implying a prospective dividend yield of 1.2%. Current consensus EPS estimate suggests the PER is 8.4. |
Forecast for FY20:
Ord Minnett forecasts a full year FY20 dividend of 4.00 cents and EPS of 25.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.0, implying annual growth of -1.6%. Current consensus DPS estimate is 4.1, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 8.6. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $12.98
Morgans rates BXB as Hold (3) -
Morgans expects FY19 underlying earnings (EBIT) to be up 1.5% when the company reports on August 21.
The result is expected to be driven by a solid performance from CHEP EMEA and Asia Pacific, offset by lower earnings from CHEP Americas because of ongoing cost inflation.
Morgans maintains a Hold rating and raises the target to $12.71 from $11.27.
Target price is $12.71 Current Price is $12.98 Difference: minus $0.27 (current price is over target).
If BXB meets the Morgans target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $12.55, suggesting downside of -3.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 29.47 cents and EPS of 51.92 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 58.3, implying annual growth of N/A. Current consensus DPS estimate is 51.7, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 22.3. |
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 22.00 cents and EPS of 38.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 65.1, implying annual growth of 11.7%. Current consensus DPS estimate is 38.0, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 19.9. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates BXB as Buy (1) -
UBS has become more positive on the outlook for CHEP Americas, with customers expecting a further 3% increase in the price of pooled pallets over the next year.
The broker's research has highlighted customer preferences for the quality and availability of pallets at CHEP. Margin recovery is expected to drive 14% growth per annum in earnings per share to FY22.
Buy rating maintained. Target is raised to $13.60 from $13.30.
Target price is $13.60 Current Price is $12.98 Difference: $0.62
If BXB meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $12.55, suggesting downside of -3.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 79.81 cents and EPS of 74.31 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 58.3, implying annual growth of N/A. Current consensus DPS estimate is 51.7, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 22.3. |
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 39.91 cents and EPS of 79.81 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 65.1, implying annual growth of 11.7%. Current consensus DPS estimate is 38.0, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 19.9. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $15.88
Macquarie rates CPU as Downgrade to Underperform from Neutral (5) -
Macquarie envisages downside risk to FY20 guidance. Global rate expectations have shifted materially lower and multiple reductions are now expected in the US.
The broker suspects downside risk exists for the PE multiple, should the company guide to no earnings growth in FY20.
Macquarie downgrades to Underperform from Neutral and reduces the target to $15 from $17.
Target price is $15.00 Current Price is $15.88 Difference: minus $0.88 (current price is over target).
If CPU 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 $16.33, suggesting upside of 2.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 45.04 cents and EPS of 95.55 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 101.7, implying annual growth of N/A. Current consensus DPS estimate is 56.8, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 15.6. |
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 40.97 cents and EPS of 85.87 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 99.8, implying annual growth of -1.9%. Current consensus DPS estimate is 69.3, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 15.9. |
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
ECX ECLIPX GROUP LIMITED
Vehicle Leasing & Salary Packaging
More Research Tools In Stock Analysis - click HERE
Overnight Price: $1.53
Citi rates ECX as Downgrade to Neutral from Buy (3) -
Citi downgrades to Neutral, and removes the High Risk rating, following the normalising of valuation from the lows following the March downgrade.
While the core business is likely to remain appealing, and prove attractive to suitors in due course, there is potential for the underperforming businesses to deteriorate further, in the broker's view. Target is raised to $1.56 from $1.29.
Target price is $1.56 Current Price is $1.53 Difference: $0.03
If ECX meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $1.65, suggesting upside of 8.0% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 0.00 cents and EPS of 10.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 10.3, implying annual growth of -48.0%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 14.9. |
Forecast for FY20:
Citi forecasts a full year FY20 dividend of 5.50 cents and EPS of 10.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 13.0, implying annual growth of 26.2%. Current consensus DPS estimate is 6.1, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 11.8. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates ECX as Outperform (1) -
Macquarie re-sets expectations following the divestments of GraysOnline and AreYouSelling. This reduces the corporate debt profile and delivers the first step of the business simplification.
The most likely development, Macquarie asserts, is the company being targeted in a consolidation of the fleet and novated leasing sector in Australasia. The broker increases the target to $1.80 from $1.66. Outperform maintained.
Target price is $1.80 Current Price is $1.53 Difference: $0.27
If ECX meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $1.65, suggesting upside of 8.0% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 0.00 cents and EPS of 10.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 10.3, implying annual growth of -48.0%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 14.9. |
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 10.70 cents and EPS of 16.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 13.0, implying annual growth of 26.2%. Current consensus DPS estimate is 6.1, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 11.8. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $4.84
Macquarie rates EVN as Downgrade to Underperform from Neutral (5) -
Macquarie observes FY20 guidance is in line with the three-year outlook delivered late in 2018. The year ahead will be strong on exploration, with discovery expenditure up 85%.
Macquarie reduces estimates for earnings per share over FY20-23 by -1-3%. Rating is downgraded to Underperform from Neutral on recent share price strength. Target is reduced -2% to $4.20.
Target price is $4.20 Current Price is $4.84 Difference: minus $0.64 (current price is over target).
If EVN meets the Macquarie target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $3.64, suggesting downside of -24.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 7.50 cents and EPS of 12.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 13.5, implying annual growth of -13.3%. Current consensus DPS estimate is 7.6, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 35.9. |
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 8.00 cents and EPS of 17.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 21.4, implying annual growth of 58.5%. Current consensus DPS estimate is 10.2, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 22.6. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates EVN as Neutral (3) -
Evolution Mining has updated guidance, implying fairly flat costs of around $900/oz for three years, which UBS suspects will appear better than peers when FY20 guidance across the industry is delivered.
The stock is the most preferred of the broker's coverage for those gold stocks with Australian assets but a Neutral rating is maintained as it looks fully priced on an absolute basis. Target is $4.25.
Target price is $4.25 Current Price is $4.84 Difference: minus $0.59 (current price is over target).
If EVN meets the UBS target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $3.64, suggesting downside of -24.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 8.00 cents and EPS of 13.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 13.5, implying annual growth of -13.3%. Current consensus DPS estimate is 7.6, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 35.9. |
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 11.00 cents and EPS of 22.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 21.4, implying annual growth of 58.5%. Current consensus DPS estimate is 10.2, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 22.6. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
HUB HUB24 LIMITED
Wealth Management & Investments
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Overnight Price: $12.11
Credit Suisse rates HUB as Neutral (3) -
The company reported a 28% increase in funds under administration in the second half of FY19, to $12.9bn. Flows remain solid, Credit Suisse observes, and are tracking well above the major banks and AMP ((AMP)).
However, flows do indicate that the large outflows being experienced by AMP and the banks are not benefiting the smaller platforms any more than in previous years. Neutral rating maintained. Target is reduced to $12.60 from $14.00.
Target price is $12.60 Current Price is $12.11 Difference: $0.49
If HUB meets the Credit Suisse target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $12.88, suggesting upside of 6.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 5.00 cents and EPS of 12.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 14.3, implying annual growth of 16.5%. Current consensus DPS estimate is 5.4, implying a prospective dividend yield of 0.4%. Current consensus EPS estimate suggests the PER is 84.7. |
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 10.00 cents and EPS of 24.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.9, implying annual growth of 88.1%. Current consensus DPS estimate is 10.1, implying a prospective dividend yield of 0.8%. Current consensus EPS estimate suggests the PER is 45.0. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $9.29
Citi rates ILU as Neutral (3) -
June quarter pricing was below Citi's estimates. However, despite a weak quarter, the company did not amend 2019 production/sales guidance, highlighting a weighting to the second half.
Citi notes customers are looking to take more standard grade zircon material. The broker maintains a Neutral rating and $11.40 target.
Target price is $11.40 Current Price is $9.29 Difference: $2.11
If ILU meets the Citi target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $10.86, suggesting upside of 16.9% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 15.00 cents and EPS of 88.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 92.5, implying annual growth of 28.1%. Current consensus DPS estimate is 20.4, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 10.0. |
Forecast for FY20:
Citi forecasts a full year FY20 dividend of 24.00 cents and EPS of 123.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 97.8, implying annual growth of 5.7%. Current consensus DPS estimate is 29.5, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 9.5. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates ILU as Downgrade to Neutral from Outperform (3) -
Credit Suisse notes a large response in the share price, down -10%, to the June quarter result. The broker finds it hard to envisage a near-term catalysts for the upside and downgrades to Neutral from Outperform.
A softer sales outlook is being driven by tepid end-user zircon demand. Target is reduced to $10.00 from $10.40. The broker notes the timing of the Sembehun study and phase 1 have been pushed out.
Higher capital expenditure would be required if the large-scale operation of over 300,000tpa is still a target, in the broker's view. Hence, part of the design is returning to a scoping stage.
Target price is $10.00 Current Price is $9.29 Difference: $0.71
If ILU meets the Credit Suisse target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $10.86, suggesting upside of 16.9% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 14.00 cents and EPS of 90.91 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 92.5, implying annual growth of 28.1%. Current consensus DPS estimate is 20.4, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 10.0. |
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 0.00 cents and EPS of 58.27 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 97.8, implying annual growth of 5.7%. Current consensus DPS estimate is 29.5, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 9.5. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates ILU as Neutral (3) -
Production was weak in the June quarter, Macquarie observes, with higher cash costs and tax. The price increase for rutile was anticipated, but lower than assumed.
The broker is concerned about the outlook for zircon and cuts assumptions for 2019 and 2020. Neutral maintained. Target is reduced by -6% to $10.30.
Target price is $10.30 Current Price is $9.29 Difference: $1.01
If ILU meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $10.86, suggesting upside of 16.9% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 34.00 cents and EPS of 103.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 92.5, implying annual growth of 28.1%. Current consensus DPS estimate is 20.4, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 10.0. |
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 65.00 cents and EPS of 122.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 97.8, implying annual growth of 5.7%. Current consensus DPS estimate is 29.5, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 9.5. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates ILU as Overweight (1) -
Zircon production and sales were weaker than Morgan Stanley expected in the June quarter. Revenue was around -6% lower than estimates for the first half of 2019. The broker observes trade tensions are affecting the market.
The expenditure on Sembehun is delayed beyond 2019 as the company broadens optimisation studies. Overweight rating and Attractive industry view maintained. Target is $12.10.
Target price is $12.10 Current Price is $9.29 Difference: $2.81
If ILU meets the Morgan Stanley target it will return approximately 30% (excluding dividends, fees and charges).
Current consensus price target is $10.86, suggesting upside of 16.9% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 15.00 cents and EPS of 102.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 92.5, implying annual growth of 28.1%. Current consensus DPS estimate is 20.4, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 10.0. |
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 dividend of 15.00 cents and EPS of 102.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 97.8, implying annual growth of 5.7%. Current consensus DPS estimate is 29.5, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 9.5. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates ILU as Downgrade to Neutral from Buy (3) -
UBS was disappointed with the June quarter production outcomes because of poor zircon sales. The company has indicated the zircon market has deteriorated over the past three months as higher production from remnant miners and new entrants has caused price discounts for lower grades.
Optimisation studies have continued at Sembehun and the project has now been sent back for further review of scope. UBS factors in delay of 24 months for Sembehun and cuts realised zircon pricing estimates.
Rating is downgraded to Neutral from Buy and target is lowered to $10.60 from $12.00.
Target price is $10.60 Current Price is $9.29 Difference: $1.31
If ILU meets the UBS target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $10.86, suggesting upside of 16.9% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 20.00 cents and EPS of 78.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 92.5, implying annual growth of 28.1%. Current consensus DPS estimate is 20.4, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 10.0. |
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 22.00 cents and EPS of 84.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 97.8, implying annual growth of 5.7%. Current consensus DPS estimate is 29.5, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 9.5. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
IVC INVOCARE LIMITED
Consumer Products & Services
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Overnight Price: $15.93
Morgans rates IVC as Hold (3) -
Ahead of InvoCare's result release, the broker has lifted its target to $14.46 from $14.44. A 28% increase in first haf earnings is expected on "improving" death numbers.
Ongoing Protect & Grow strategy implementation will continue to cause disruption. Hold retained.
Target price is $14.46 Current Price is $15.93 Difference: minus $1.47 (current price is over target).
If IVC meets the Morgans target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $14.24, suggesting downside of -10.6% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 43.00 cents and EPS of 52.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 53.5, implying annual growth of 41.5%. Current consensus DPS estimate is 41.6, implying a prospective dividend yield of 2.6%. Current consensus EPS estimate suggests the PER is 29.8. |
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 47.00 cents and EPS of 57.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 57.7, implying annual growth of 7.9%. Current consensus DPS estimate is 46.3, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 27.6. |
Market Sentiment: -0.2
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: $5.09
Credit Suisse rates LNK as Outperform (1) -
The company's downgrades to earnings forecasts in recent months have exceeded Credit Suisse expectations. Management has provided little confidence for the broker that some of the drivers are one-off and can be recovered.
That said, the shares are down over -30% in response to the downgrades so the bad news is considered reflected in the price. Outperform rating maintained. Target is reduced to $5.85 from $7.60.
Target price is $5.85 Current Price is $5.09 Difference: $0.76
If LNK meets the Credit Suisse target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $6.80, suggesting upside of 33.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 18.27 cents and EPS of 37.17 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 36.9, implying annual growth of 29.2%. Current consensus DPS estimate is 18.3, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 13.8. |
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 18.33 cents and EPS of 36.59 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 35.3, implying annual growth of -4.3%. Current consensus DPS estimate is 18.5, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 14.4. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
LVH LIVEHIRE LIMITED
Jobs & Skilled Labour Services
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Overnight Price: $0.37
Morgans rates LVH as Add (1) -
Livehire posted a weak June Q on late client signings and smaller than average client size. But annual recurring revenue is what matters, the broker notes, and that rose 88%.
The company is setting up for another strong year in FY20 and the broker retains Add, with a warning that the stock is not for the risk averse. Target falls to 87c from 90c.
Target price is $0.87 Current Price is $0.37 Difference: $0.5
If LVH meets the Morgans target it will return approximately 135% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 0.00 cents and EPS of minus 4.70 cents. |
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 0.00 cents and EPS of minus 3.50 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
MFG MAGELLAN FINANCIAL GROUP LIMITED
Wealth Management & Investments
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Overnight Price: $61.35
Credit Suisse rates MFG as Downgrade to Underperform from Neutral (5) -
Credit Suisse appreciates the positive leverage the company has to favourable equity markets, noting it is the only locally listed fund manager to experience positive flows. A 23% increase in funds under management was reported in the second half.
Credit Suisse increases FY19 estimates by 8% and the outer years by 10-13%. Target is raised to $42.90 from $35.50. As the current share price is around 25% above the broker's valuation the rating is downgraded to Underperform from Neutral.
Target price is $42.90 Current Price is $61.35 Difference: minus $18.45 (current price is over target).
If MFG meets the Credit Suisse target it will return approximately minus 30% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $44.49, suggesting downside of -27.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 186.00 cents and EPS of 207.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 200.4, implying annual growth of 64.3%. Current consensus DPS estimate is 184.5, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 30.6. |
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 205.00 cents and EPS of 229.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 217.9, implying annual growth of 8.7%. Current consensus DPS estimate is 198.9, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 28.2. |
Market Sentiment: -0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates MLX as Outperform (1) -
June quarter production was mixed. Copper and tin sales were in line while costs and production was softer than Macquarie expected. The broker eases back ramp-up assumptions for Nifty.
This is to account for uncertainty surrounding the execution of the re-set plan. Successfully executing on this plan is critical for the company, in the broker's view. Target is reduced to $0.30 from $0.36. Outperform maintained.
Target price is $0.30 Current Price is $0.24 Difference: $0.06
If MLX meets the Macquarie target it will return approximately 25% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 0.00 cents and EPS of minus 4.90 cents. |
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 0.00 cents and EPS of minus 3.90 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
MYX MAYNE PHARMA GROUP LIMITED
Pharmaceuticals & Biotech/Lifesciences
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Overnight Price: $0.51
Macquarie rates MYX as Underperform (5) -
Macquarie reviews the volume trends, which highlight challenging conditions for generic products amid a solid uptake of specialty brands.
Risks remain skewed to the downside and the broker retains an Underperform rating. Target is reduced to $0.51 from $0.55.
Revisions to earnings estimates of -16% for FY20 and -18% for FY21 reflect more moderate revenue growth assumptions for generics.
Target price is $0.51 Current Price is $0.51 Difference: $0
If MYX meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $0.56, suggesting upside of 8.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 0.00 cents and EPS of 1.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 1.3, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 39.2. |
Forecast for FY20:
Macquarie forecasts a full year FY20 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 2.1, implying annual growth of 61.5%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 24.3. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $4.91
Macquarie rates NUF as Outperform (1) -
Macquarie envisages a more positive FY20 for the company along with a firming up of the Omega 3 opportunity via US FDA approval.
The broker reduces FY19 and FY20 estimates for earnings per share by -12% and -3% respectively, reflecting commentary from peers and seasonal conditions.
Outperform rating retained. Target is reduced to $6.05 from $6.38.
Target price is $6.05 Current Price is $4.91 Difference: $1.14
If NUF meets the Macquarie target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $6.38, suggesting upside of 29.8% (ex-dividends)
The company's fiscal year ends in July.
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 0.00 cents and EPS of 29.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.5, implying annual growth of -2.5%. Current consensus DPS estimate is 2.3, implying a prospective dividend yield of 0.5%. Current consensus EPS estimate suggests the PER is 17.9. |
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 11.90 cents and EPS of 47.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 42.1, implying annual growth of 53.1%. Current consensus DPS estimate is 10.7, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 11.7. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
NWL NETWEALTH GROUP LIMITED
Wealth Management & Investments
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Overnight Price: $8.11
Credit Suisse rates NWL as Neutral (3) -
Credit Suisse makes small upgrades to estimates as funds under administration in the second half of FY19 beat forecasts. Upgrades to earnings per share of 1% are made for FY19 and 3% to FY20.
The broker assesses the medium-term investment case is intact, although costs will remain high.
The outlook is supportive, although the stock is considered well priced and a Neutral rating is maintained. Target is $8.65.
Target price is $8.65 Current Price is $8.11 Difference: $0.54
If NWL meets the Credit Suisse target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $8.10, suggesting downside of -0.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Credit Suisse forecasts a full year FY19 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 74.2%. Current consensus DPS estimate is 11.7, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 55.2. |
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 16.00 cents and EPS of 20.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.7, implying annual growth of 27.2%. Current consensus DPS estimate is 14.4, implying a prospective dividend yield of 1.8%. Current consensus EPS estimate suggests the PER is 43.4. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates OEL as Add (1) -
Otto Energy has announced a discovery at Mustang, taking the 8 well exploration program with operator Hilcorp to 2 for 4 to date.
The broker retains Add. Target falls to 14.4c from 14.7c on a lowered long term oil price forecast.
Target price is $0.14 Current Price is $0.05 Difference: $0.094
If OEL meets the Morgans target it will return approximately 188% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 0.00 cents and EPS of minus 0.41 cents. |
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 0.00 cents and EPS of 0.70 cents. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $2.91
Citi rates ORE as Buy (1) -
Orocobre produced 12,600t of lithium carbonate, translating an average capacity utilisation of 72% for FY19. Citi revises estimates to account for lower price realisations in FY20 and also slightly higher cost assumptions going forward.
Buy rating maintained. Target is reduced to $3.90 from $4.50. The broker believes the stock offers leverage to volume growth and a better product mix, supporting earnings from 2021 onwards.
Target price is $3.90 Current Price is $2.91 Difference: $0.99
If ORE meets the Citi target it will return approximately 34% (excluding dividends, fees and charges).
Current consensus price target is $4.13, suggesting upside of 41.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 0.00 cents and EPS of 12.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.6, implying annual growth of 1297.6%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 25.1. |
Forecast for FY20:
Citi forecasts a full year FY20 dividend of 0.00 cents and EPS of 8.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.8, implying annual growth of -41.4%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 42.8. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates ORE as Outperform (1) -
June quarter production was firm and on budget, Credit Suisse observes. The broker is not surprised by the margin compression that is being driven by the weaker lithium price.
Still, cash flows are benefiting from full sales, unlike many hard rock peers. The broker maintains an Outperform rating and $4.90 target.
Target price is $4.90 Current Price is $2.91 Difference: $1.99
If ORE meets the Credit Suisse target it will return approximately 68% (excluding dividends, fees and charges).
Current consensus price target is $4.13, suggesting upside of 41.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 0.00 cents and EPS of 14.86 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.6, implying annual growth of 1297.6%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 25.1. |
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 0.00 cents and EPS of 4.66 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.8, implying annual growth of -41.4%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 42.8. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates ORE as Equal-weight (3) -
Morgan Stanley continues to envisage risk to sustainably achieving phase 1 nameplate production at Olaroz. Orocobre has flagged pricing pressures for the seaborne market and pricing is in line with estimated costs of production for marginal producers.
The company produced a record 12,610t in FY19 and the current focus is on improving brine quality. Equal-weight rating, $3.25 target and Attractive industry view maintained.
Target price is $3.25 Current Price is $2.91 Difference: $0.34
If ORE meets the Morgan Stanley target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $4.13, suggesting upside of 41.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 0.00 cents and EPS of 2.81 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.6, implying annual growth of 1297.6%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 25.1. |
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 dividend of 0.00 cents and EPS of minus 9.82 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.8, implying annual growth of -41.4%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 42.8. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates ORE as Add (1) -
Orocobre's final quarter took FY19 production to marginally above FY18. The new export levy added to high costs, the broker notes. Lithium prices declined over the year on falling Chinese demand.
The broker expects lower prices to continue, increased costs and a slower ramp-up for Olaroz stage 2. Target falls to $5.05 from $5.19. Add retained.
Target price is $5.05 Current Price is $2.91 Difference: $2.14
If ORE meets the Morgans target it will return approximately 74% (excluding dividends, fees and charges).
Current consensus price target is $4.13, suggesting upside of 41.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 0.00 cents and EPS of 5.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.6, implying annual growth of 1297.6%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 25.1. |
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 0.00 cents and EPS of 7.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.8, implying annual growth of -41.4%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 42.8. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates ORE as Neutral (3) -
The company has indicated the lithium market is going through a difficult time in terms of pricing. June quarter production was 3,500t and brought FY19 production to 12,600t. Realised pricing was down -13% sequentially.
UBS expects tough conditions will persist over the rest of 2019. FY20 estimates are cut by -33% on lower realised pricing. Neutral rating and target of $3.50 maintained.
Target price is $3.50 Current Price is $2.91 Difference: $0.59
If ORE meets the UBS target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $4.13, suggesting upside of 41.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 0.00 cents and EPS of 11.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.6, implying annual growth of 1297.6%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 25.1. |
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 0.00 cents and EPS of 3.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.8, implying annual growth of -41.4%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 42.8. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $10.16
Morgans rates OZL as Add (1) -
OZ Minerals' June Q production was steady, the broker suggests, remaining on track with FY guidance. Net cash decreased on Carrapateena costs but the project remains on track for a Dec Q start-up. Production throughput at Prominent Hill increased and the focus has shifted to maintaining this higher rate.
Target falls to $11.15 from $11.27, Add retained.
Target price is $11.15 Current Price is $10.16 Difference: $0.99
If OZL meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $11.06, suggesting upside of 8.9% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 18.00 cents and EPS of 66.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 52.8, implying annual growth of -26.7%. Current consensus DPS estimate is 19.3, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 19.2. |
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 22.00 cents and EPS of 87.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 74.1, implying annual growth of 40.3%. Current consensus DPS estimate is 24.3, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 13.7. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
PDL PENDAL GROUP LIMITED
Wealth Management & Investments
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Overnight Price: $7.82
Credit Suisse rates PDL as Neutral (3) -
The company reported funds under management were up 0.4% in the June quarter. Credit Suisse expects a -20% decline in earnings per share in FY19 but does not expect management fee pressure in the future to continue at the same rate.
Markets remain buoyant while flows into the higher margin JO Hambro business continue to improve. Still a full recovery in flows in FY20 remains at risk and, hence the broker maintains a Neutral rating and $7.65 target.
Target price is $7.65 Current Price is $7.82 Difference: minus $0.17 (current price is over target).
If PDL meets the Credit Suisse target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $8.44, suggesting upside of 7.9% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 44.00 cents and EPS of 51.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 51.2, implying annual growth of -25.0%. Current consensus DPS estimate is 44.9, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 15.3. |
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 48.00 cents and EPS of 57.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 57.1, implying annual growth of 11.5%. Current consensus DPS estimate is 48.4, implying a prospective dividend yield of 6.2%. Current consensus EPS estimate suggests the PER is 13.7. |
Market Sentiment: 0.4
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: $39.11
Credit Suisse rates PPT as Neutral (3) -
The company reported a -2% decrease in funds under management in the second half. Despite growth being driven by favourable markets, fund performance continues to deteriorate, Credit Suisse observes.
The broker reduces FY19 estimates for earnings by -3% and the outer years by -7-8%. Neutral rating maintained. Target is reduced to $37.45 from $39.70.
Target price is $37.45 Current Price is $39.11 Difference: minus $1.66 (current price is over target).
If PPT meets the Credit Suisse target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $38.62, suggesting downside of -1.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 230.00 cents and EPS of 246.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 256.7, implying annual growth of -15.8%. Current consensus DPS estimate is 241.4, implying a prospective dividend yield of 6.2%. Current consensus EPS estimate suggests the PER is 15.2. |
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 230.00 cents and EPS of 250.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 257.7, implying annual growth of 0.4%. Current consensus DPS estimate is 237.0, implying a prospective dividend yield of 6.1%. Current consensus EPS estimate suggests the PER is 15.2. |
Market Sentiment: -0.1
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: $4.87
Credit Suisse rates PTM as Neutral (3) -
Funds under management for the second half of FY19 were up 2.8%. Credit Suisse observes outflows are gathering pace.
With the international and Asian funds underperforming across all time horizons, the broker believes this may be the start of a sustained period of weaker flows.
Neutral rating and $4.70 target maintained.
Target price is $4.70 Current Price is $4.87 Difference: minus $0.17 (current price is over target).
If PTM 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 $4.33, suggesting downside of -11.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Credit Suisse forecasts a full year FY19 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 27.1, implying annual growth of -17.7%. Current consensus DPS estimate is 27.0, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 18.0. |
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 28.00 cents and EPS of 29.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.8, implying annual growth of 2.6%. Current consensus DPS estimate is 26.8, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 17.5. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $95.98
Credit Suisse rates RIO as Downgrade to Underperform from Neutral (5) -
Credit Suisse believes a turning point is approaching for iron ore pricing, with momentum in China's port inventory drawdown slowing, and supply continuing to recover.
This, combined with a lack of meaningful valuation support, leads the broker to downgrade to Underperform from Neutral. Target is reduced to $92 from $95.
The main risk to the broker's view is continued strength in iron ore prices via a meaningful stimulus of construction activity in China.
Target price is $92.00 Current Price is $95.98 Difference: minus $3.98 (current price is over target).
If RIO meets the Credit Suisse target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $103.83, suggesting upside of 8.2% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 617.37 cents and EPS of 997.62 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 1068.1, implying annual growth of N/A. Current consensus DPS estimate is 655.1, implying a prospective dividend yield of 6.8%. Current consensus EPS estimate suggests the PER is 9.0. |
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 590.71 cents and EPS of 992.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 965.3, implying annual growth of -9.6%. Current consensus DPS estimate is 565.5, implying a prospective dividend yield of 5.9%. Current consensus EPS estimate suggests the PER is 9.9. |
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
Overnight Price: $3.52
Citi rates SBM as Neutral (3) -
The company achieved FY19 guidance although Citi notes Gwalia missed on costs. The catalysts for the first half of FY20 are updates on operating performance at Moose River and the Simberi sulphide project.
Target price is $3.40. Neutral rating retained with High Risk notation removed.
Target price is $3.40 Current Price is $3.52 Difference: minus $0.12 (current price is over target).
If SBM meets the Citi target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $3.24, suggesting downside of -8.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 8.00 cents and EPS of 29.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 28.8, implying annual growth of -34.9%. Current consensus DPS estimate is 9.7, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 12.2. |
Forecast for FY20:
Citi forecasts a full year FY20 dividend of 14.00 cents and EPS of 46.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.7, implying annual growth of 10.1%. Current consensus DPS estimate is 11.3, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 11.1. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates SBM as Downgrade to Underperform from Neutral (5) -
Credit Suisse observes lower production from Gwalia delivered an adverse impact on reported costs in the June quarter. Production was strong at Simberi, however, which meant costs decline further.
The broker expects FY20 to be another constrained year for Gwalia before the mining bottlenecks are removed. Simberi sulphides remain the next most significant value option organically.
The broker downgrades to Underperform from Neutral. Target is steady at $2.76.
Target price is $2.76 Current Price is $3.52 Difference: minus $0.76 (current price is over target).
If SBM meets the Credit Suisse target it will return approximately minus 22% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $3.24, suggesting downside of -8.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 12.00 cents and EPS of 28.34 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 28.8, implying annual growth of -34.9%. Current consensus DPS estimate is 9.7, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 12.2. |
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 10.00 cents and EPS of 21.68 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.7, implying annual growth of 10.1%. Current consensus DPS estimate is 11.3, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 11.1. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates SBM as Downgrade to Underperform from Neutral (5) -
June quarter production was affected by elevated costs at both Gwalia and Simberi. Macquarie expects costs to remain elevated in FY20 as Gwalia prioritises development and Simberi production steps down.
There is also the prospect of a decision on the Simberi sulphide option. Macquarie downgrades to Underperform from Neutral and reduces the target by -3% to $3.00.
Target price is $3.00 Current Price is $3.52 Difference: minus $0.52 (current price is over target).
If SBM 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 $3.24, suggesting downside of -8.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 6.90 cents and EPS of 25.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 28.8, implying annual growth of -34.9%. Current consensus DPS estimate is 9.7, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 12.2. |
Forecast for FY20:
Macquarie forecasts a full year FY20 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 31.7, implying annual growth of 10.1%. Current consensus DPS estimate is 11.3, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 11.1. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $6.73
Credit Suisse rates SFR as Neutral (3) -
June quarter production was in line with expectations. The broker finds Black Butte has become less appealing than the undeveloped T3 copper project in Botswana (potentially being acquired), despite the lengthy promotion of the former by the company.
Credit Suisse retains a Neutral rating and $6.75 target.
Target price is $6.75 Current Price is $6.73 Difference: $0.02
If SFR meets the Credit Suisse target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $7.31, suggesting upside of 8.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 25.62 cents and EPS of 72.55 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 68.9, implying annual growth of -11.5%. Current consensus DPS estimate is 26.1, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 9.8. |
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 25.92 cents and EPS of 73.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 95.3, implying annual growth of 38.3%. Current consensus DPS estimate is 37.3, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 7.1. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates SFR as Neutral (3) -
Fourth quarter production beat Macquarie's forecasts. However, FY20 guidance is weaker than expected.
The Black Butte feasibility study is on track for the September quarter and the company expects a mine operating permit to be issued by the end of the year.
Meanwhile, the company has executed the agreement to acquire MOD Resources ((MOD)) and the T3 project is scheduled to commence construction in 2020.
Neutral rating maintained. Target is reduced to $6.70 from $7.10.
Target price is $6.70 Current Price is $6.73 Difference: minus $0.03 (current price is over target).
If SFR meets the Macquarie target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $7.31, suggesting upside of 8.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 26.00 cents and EPS of 69.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 68.9, implying annual growth of -11.5%. Current consensus DPS estimate is 26.1, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 9.8. |
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 21.00 cents and EPS of 58.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 95.3, implying annual growth of 38.3%. Current consensus DPS estimate is 37.3, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 7.1. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates SFR as Overweight (1) -
June quarter production beat estimates on delivery of more ore from Monty and Morgan Stanley believes this shows potential copper uplift in FY20.
Hence, FY20 guidance, for 70-75,000t copper and 38-42,000 ounces of gold, is likely to be conservative, in the broker's opinion.
Overweight rating and $8.45 target. Industry view is Attractive.
Target price is $8.45 Current Price is $6.73 Difference: $1.72
If SFR meets the Morgan Stanley target it will return approximately 26% (excluding dividends, fees and charges).
Current consensus price target is $7.31, suggesting upside of 8.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 24.00 cents and EPS of 68.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 68.9, implying annual growth of -11.5%. Current consensus DPS estimate is 26.1, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 9.8. |
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 dividend of 46.00 cents and EPS of 132.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 95.3, implying annual growth of 38.3%. Current consensus DPS estimate is 37.3, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 7.1. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates SFR as Accumulate (2) -
June quarter production of copper was in line with Ord Minnett's estimates. The broker considers the operating permit for Black Butte, which could be issued by the end of the year, will be a significant de-risking event.
FY20 guidance for 70-75,000t is materially lower than the broker expected, mainly because of lower volume of ore from the Monty mine and a lower-than-expected grade.
Ord Minnett maintains an Accumulate rating and reduces the target to $7.70 from $8.10.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $7.70 Current Price is $6.73 Difference: $0.97
If SFR meets the Ord Minnett target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $7.31, suggesting upside of 8.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 32.00 cents and EPS of 70.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 68.9, implying annual growth of -11.5%. Current consensus DPS estimate is 26.1, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 9.8. |
Forecast for FY20:
Ord Minnett forecasts a full year FY20 dividend of 64.00 cents and EPS of 93.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 95.3, implying annual growth of 38.3%. Current consensus DPS estimate is 37.3, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 7.1. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates SFR as Neutral (3) -
Production of 18,000t of copper in concentrate in the June quarter was 15% ahead of UBS estimates. Cash costs were -22% lower than expected. Hence, FY20 guidance appears potentially conservative to the broker.
Guidance is for 70-75,000t of copper in concentrate. The difference to the broker's estimates is that the higher-grade Monty ore is being introduced at a slower rate. Neutral rating and $6.50 target maintained.
Target price is $6.50 Current Price is $6.73 Difference: minus $0.23 (current price is over target).
If SFR meets the UBS target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $7.31, suggesting upside of 8.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 25.00 cents and EPS of 67.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 68.9, implying annual growth of -11.5%. Current consensus DPS estimate is 26.1, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 9.8. |
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 36.00 cents and EPS of 94.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 95.3, implying annual growth of 38.3%. Current consensus DPS estimate is 37.3, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 7.1. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
TWE TREASURY WINE ESTATES LIMITED
Food, Beverages & Tobacco
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Overnight Price: $17.39
UBS rates TWE as Buy (1) -
The company has brought forward the 2019 Penfolds release date to August 8, two months earlier than in 2018. UBS understands the Wynns release date has been pushed back.
This move is positive, in the broker's view, as it should help cash conversion and increase the time to sell into the market. The early Penfolds release is not expected to have any impact on the FY19 result. Buy rating and $19 target maintained.
Target price is $19.00 Current Price is $17.39 Difference: $1.61
If TWE meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $18.06, suggesting upside of 3.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 37.00 cents and EPS of 60.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 61.3, implying annual growth of 23.3%. Current consensus DPS estimate is 39.3, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 28.4. |
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 45.70 cents and EPS of 73.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 73.5, implying annual growth of 19.9%. Current consensus DPS estimate is 47.3, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 23.7. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Today's Price Target Changes
| Company | Broker | New Target | Prev Target | Change | |
| ABP | ABACUS PROPERTY GROUP | Citi | 4.11 | 3.87 | 6.20% |
| Ord Minnett | N/A | 3.40 | -100.00% | ||
| ALG | ARDENT LEISURE | UBS | 1.22 | 1.20 | 1.67% |
| ALX | ATLAS ARTERIA | Macquarie | 8.12 | 8.45 | -3.91% |
| Morgans | 7.37 | 6.76 | 9.02% | ||
| BPT | BEACH ENERGY | Citi | 2.06 | 1.80 | 14.44% |
| Credit Suisse | 2.02 | 2.00 | 1.00% | ||
| BXB | BRAMBLES | Morgans | 12.71 | 11.27 | 12.78% |
| UBS | 13.60 | 13.30 | 2.26% | ||
| CPU | COMPUTERSHARE | Macquarie | 15.00 | 17.00 | -11.76% |
| ECX | ECLIPX GROUP | Citi | 1.56 | 1.29 | 20.93% |
| Macquarie | 1.80 | 1.66 | 8.43% | ||
| EVN | EVOLUTION MINING | Macquarie | 4.20 | 4.30 | -2.33% |
| HUB | HUB24 | Credit Suisse | 12.60 | 14.00 | -10.00% |
| ILU | ILUKA RESOURCES | Credit Suisse | 10.00 | 10.40 | -3.85% |
| Macquarie | 10.30 | 10.90 | -5.50% | ||
| Morgan Stanley | 12.10 | 11.25 | 7.56% | ||
| UBS | 10.60 | 12.00 | -11.67% | ||
| IVC | INVOCARE | Morgans | 14.46 | 14.44 | 0.14% |
| LNK | LINK ADMINISTRATION | Credit Suisse | 5.85 | 7.60 | -23.03% |
| LVH | LIVEHIRE | Morgans | 0.87 | 0.90 | -3.33% |
| MFG | MAGELLAN FINANCIAL GROUP | Credit Suisse | 42.90 | 35.50 | 20.85% |
| MLX | METALS X | Macquarie | 0.30 | 0.36 | -16.67% |
| MYX | MAYNE PHARMA GROUP | Macquarie | 0.51 | 0.55 | -7.27% |
| NUF | NUFARM | Macquarie | 6.05 | 6.38 | -5.17% |
| OEL | OTTO ENERGY | Morgans | 0.14 | 0.15 | -4.00% |
| ORE | OROCOBRE | Citi | 3.90 | 4.50 | -13.33% |
| Morgan Stanley | 3.25 | 4.15 | -21.69% | ||
| Morgans | 5.05 | 5.19 | -2.70% | ||
| OZL | OZ MINERALS | Morgans | 11.15 | 11.27 | -1.06% |
| PPT | PERPETUAL | Credit Suisse | 37.45 | 39.00 | -3.97% |
| RIO | RIO TINTO | Credit Suisse | 92.00 | 95.00 | -3.16% |
| SBM | ST BARBARA | Macquarie | 3.00 | 3.10 | -3.23% |
| SFR | SANDFIRE | Macquarie | 6.70 | 7.10 | -5.63% |
| Ord Minnett | 7.70 | 8.10 | -4.94% | ||
| UBS | 6.50 | 7.00 | -7.14% |
Summaries
| A2M | A2 MILK | Buy - UBS | Overnight Price $16.71 |
| ABP | ABACUS PROPERTY GROUP | Neutral - Citi | Overnight Price $4.14 |
| Outperform - Credit Suisse | Overnight Price $4.14 | ||
| No Rating - Ord Minnett | Overnight Price $4.14 | ||
| ALX | ATLAS ARTERIA | Outperform - Macquarie | Overnight Price $8.20 |
| Equal-weight - Morgan Stanley | Overnight Price $8.20 | ||
| Hold - Morgans | Overnight Price $8.20 | ||
| Neutral - UBS | Overnight Price $8.20 | ||
| ASX | ASX | Underperform - Credit Suisse | Overnight Price $87.51 |
| BPT | BEACH ENERGY | Downgrade to Neutral from Buy - Citi | Overnight Price $2.06 |
| Neutral - Credit Suisse | Overnight Price $2.06 | ||
| Neutral - Macquarie | Overnight Price $2.06 | ||
| Buy - Ord Minnett | Overnight Price $2.06 | ||
| BXB | BRAMBLES | Hold - Morgans | Overnight Price $12.98 |
| Buy - UBS | Overnight Price $12.98 | ||
| CPU | COMPUTERSHARE | Downgrade to Underperform from Neutral - Macquarie | Overnight Price $15.88 |
| ECX | ECLIPX GROUP | Downgrade to Neutral from Buy - Citi | Overnight Price $1.53 |
| Outperform - Macquarie | Overnight Price $1.53 | ||
| EVN | EVOLUTION MINING | Downgrade to Underperform from Neutral - Macquarie | Overnight Price $4.84 |
| Neutral - UBS | Overnight Price $4.84 | ||
| HUB | HUB24 | Neutral - Credit Suisse | Overnight Price $12.11 |
| ILU | ILUKA RESOURCES | Neutral - Citi | Overnight Price $9.29 |
| Downgrade to Neutral from Outperform - Credit Suisse | Overnight Price $9.29 | ||
| Neutral - Macquarie | Overnight Price $9.29 | ||
| Overweight - Morgan Stanley | Overnight Price $9.29 | ||
| Downgrade to Neutral from Buy - UBS | Overnight Price $9.29 | ||
| IVC | INVOCARE | Hold - Morgans | Overnight Price $15.93 |
| LNK | LINK ADMINISTRATION | Outperform - Credit Suisse | Overnight Price $5.09 |
| LVH | LIVEHIRE | Add - Morgans | Overnight Price $0.37 |
| MFG | MAGELLAN FINANCIAL GROUP | Downgrade to Underperform from Neutral - Credit Suisse | Overnight Price $61.35 |
| MLX | METALS X | Outperform - Macquarie | Overnight Price $0.24 |
| MYX | MAYNE PHARMA GROUP | Underperform - Macquarie | Overnight Price $0.51 |
| NUF | NUFARM | Outperform - Macquarie | Overnight Price $4.91 |
| NWL | NETWEALTH GROUP | Neutral - Credit Suisse | Overnight Price $8.11 |
| OEL | OTTO ENERGY | Add - Morgans | Overnight Price $0.05 |
| ORE | OROCOBRE | Buy - Citi | Overnight Price $2.91 |
| Outperform - Credit Suisse | Overnight Price $2.91 | ||
| Equal-weight - Morgan Stanley | Overnight Price $2.91 | ||
| Add - Morgans | Overnight Price $2.91 | ||
| Neutral - UBS | Overnight Price $2.91 | ||
| OZL | OZ MINERALS | Add - Morgans | Overnight Price $10.16 |
| PDL | PENDAL GROUP | Neutral - Credit Suisse | Overnight Price $7.82 |
| PPT | PERPETUAL | Neutral - Credit Suisse | Overnight Price $39.11 |
| PTM | PLATINUM | Neutral - Credit Suisse | Overnight Price $4.87 |
| RIO | RIO TINTO | Downgrade to Underperform from Neutral - Credit Suisse | Overnight Price $95.98 |
| SBM | ST BARBARA | Neutral - Citi | Overnight Price $3.52 |
| Downgrade to Underperform from Neutral - Credit Suisse | Overnight Price $3.52 | ||
| Downgrade to Underperform from Neutral - Macquarie | Overnight Price $3.52 | ||
| SFR | SANDFIRE | Neutral - Credit Suisse | Overnight Price $6.73 |
| Neutral - Macquarie | Overnight Price $6.73 | ||
| Overweight - Morgan Stanley | Overnight Price $6.73 | ||
| Accumulate - Ord Minnett | Overnight Price $6.73 | ||
| Neutral - UBS | Overnight Price $6.73 | ||
| TWE | TREASURY WINE ESTATES | Buy - UBS | Overnight Price $17.39 |
RATING SUMMARY
| Rating | No. Of Recommendations |
| 1. Buy | 18 |
| 2. Accumulate | 1 |
| 3. Hold | 26 |
| 5. Sell | 8 |
Thursday 25 July 2019
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