Australian Broker Call
October 27, 2017
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COMPANIES DISCUSSED IN THIS ISSUE
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Last Updated: 04:59 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
| ANZ - | ANZ BANKING GROUP | Downgrade to Neutral from Buy | Citi |
| BKL - | BLACKMORES | Upgrade to Outperform from Neutral | Credit Suisse |
| ISD - | ISENTIA | Downgrade to Hold from Buy | Deutsche Bank |
Citi rates ANZ as Downgrade to Neutral from Buy (3) -
Citi found the FY17 cash earnings results weak. A substantial fall in bad debts in the second half enabled the bank to deliver a result in-line with forecasts.
Despite the re-balancing, Citi believes the institutional division remains a structural disadvantage for ANZ.
Rating is downgraded to Neutral from Buy as activity is not converting into a commensurate uplift in returns. Target is reduced to $30.00 from $31.50.
Target price is $30.00 Current Price is $30.03 Difference: minus $0.03 (current price is over target).
If ANZ meets the Citi target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $30.50, suggesting upside of 2.2% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 160.00 cents and EPS of 223.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 234.4, implying annual growth of 6.5%. Current consensus DPS estimate is 160.6, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 12.7. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 160.00 cents and EPS of 222.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 240.6, implying annual growth of 2.6%. Current consensus DPS estimate is 162.6, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 12.4. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates ANZ as Neutral (3) -
Following the FY17 result Credit Suisse downgrades FY18 estimates by -3%. The result was in line, albeit compositionally soft.
Neutral rating and $31 target retained.
Target price is $31.00 Current Price is $30.03 Difference: $0.97
If ANZ meets the Credit Suisse target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $30.50, suggesting upside of 2.2% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 160.00 cents and EPS of 239.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 234.4, implying annual growth of 6.5%. Current consensus DPS estimate is 160.6, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 12.7. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 164.00 cents and EPS of 248.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 240.6, implying annual growth of 2.6%. Current consensus DPS estimate is 162.6, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 12.4. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates ANZ as Hold (3) -
Second half net profit was in line with Deutsche Bank's forecasts, helped by very low bad debt charges. The broker was slightly disappointed with the results at the underlying level and total revenue slightly missed estimates.
Hold rating retained. Target is $30.50.
Target price is $30.50 Current Price is $30.03 Difference: $0.47
If ANZ meets the Deutsche Bank target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $30.50, suggesting upside of 2.2% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 160.00 cents and EPS of 253.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 234.4, implying annual growth of 6.5%. Current consensus DPS estimate is 160.6, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 12.7. |
Forecast for FY19:
Current consensus EPS estimate is 240.6, implying annual growth of 2.6%. Current consensus DPS estimate is 162.6, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 12.4. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates ANZ as Outperform (1) -
Headline cash earnings were broadly in line with Macquarie's expectations, although the result was supported by lower bad debt charge.
The broker continues to envisage value from ongoing expense management initiatives and capital returns that should result in better earnings growth versus peers in FY19-20.
Outperform rating retained. Target is $31.50.
Target price is $31.50 Current Price is $30.03 Difference: $1.47
If ANZ meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $30.50, suggesting upside of 2.2% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 162.00 cents and EPS of 224.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 234.4, implying annual growth of 6.5%. Current consensus DPS estimate is 160.6, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 12.7. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 166.00 cents and EPS of 230.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 240.6, implying annual growth of 2.6%. Current consensus DPS estimate is 162.6, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 12.4. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates ANZ as Equal-weight (3) -
Second half margin trends reinforce Morgan Stanley's view that the lending business and geographic mix is less favourable for ANZ than for peers. The broker reduces FY18 margin forecasts by -2 basis points.
The broker believes there is downside risk to the share price at this point in the cycle despite the potential for a $3.5bn buy-back in 2018.
Rating is Equal-weight. Target is reduced to $28.50 from $29.00. Sector view is In-Line.
Target price is $28.50 Current Price is $30.03 Difference: minus $1.53 (current price is over target).
If ANZ meets the Morgan Stanley target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $30.50, suggesting upside of 2.2% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 160.00 cents and EPS of 227.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 234.4, implying annual growth of 6.5%. Current consensus DPS estimate is 160.6, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 12.7. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 163.00 cents and EPS of 237.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 240.6, implying annual growth of 2.6%. Current consensus DPS estimate is 162.6, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 12.4. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates ANZ as Hold (3) -
FY17 cash earnings proved a smidgen better than what Morgans was expecting, but missed market consensus, report the analysts. Even so, revenue proved weaker than expected.
Morgans highlights the Institutional business as the main culprit; its performance remains underwhelming. With management hinting at capital management initiatives, the stockbroker is now forecasting buybacks totaling $4bn to be conducted in 2H18 and 1H19.
Estimates have been lifted, slightly. Hold rating retained. Target untouched at $30.
Target price is $30.00 Current Price is $30.03 Difference: minus $0.03 (current price is over target).
If ANZ meets the Morgans target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $30.50, suggesting upside of 2.2% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 160.00 cents and EPS of 230.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 234.4, implying annual growth of 6.5%. Current consensus DPS estimate is 160.6, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 12.7. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 160.00 cents and EPS of 247.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 240.6, implying annual growth of 2.6%. Current consensus DPS estimate is 162.6, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 12.4. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates ANZ as Accumulate (2) -
Ord Minnett considers the results a little weak, partly accounted by a slowdown in the markets business. Importantly, the bank continues to strengthen its capital position.
The results provide a further opportunity to gauge progress on restructuring and Ord Minnett finds no evidence to change its investment thesis.
Against a broader sector that continues to trade expensive, relative to fair value, the bank screens favourably. The bank's differentiated approach to costs should provide a valuable growth driver, in the broker's opinion.
Accumulate recommendation and target of $32 retained.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $32.00 Current Price is $30.03 Difference: $1.97
If ANZ meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $30.50, suggesting upside of 2.2% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 163.00 cents and EPS of 246.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 234.4, implying annual growth of 6.5%. Current consensus DPS estimate is 160.6, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 12.7. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 EPS of 258.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 240.6, implying annual growth of 2.6%. Current consensus DPS estimate is 162.6, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 12.4. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates BKL as Upgrade to Outperform from Neutral (1) -
The company has reported 28% growth in its China "direct" channel and is confident about brand health and sales activity emanating from China. Credit Suisse upgrades expectations for growth in direct sales to China to 25% from 10%.
The change in view results in an upgrade to earnings for FY19-23 of 8-17%. The broker abandons its DCF valuation, upgrades to Outperform from Neutral and raises the target to $150 from $95.
Target price is $150.00 Current Price is $137.96 Difference: $12.04
If BKL meets the Credit Suisse target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $134.17, suggesting downside of -11.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 350.00 cents and EPS of 436.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 428.7, implying annual growth of 25.1%. Current consensus DPS estimate is 335.3, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 35.3. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 400.00 cents and EPS of 500.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 502.7, implying annual growth of 17.3%. Current consensus DPS estimate is 393.0, implying a prospective dividend yield of 2.6%. Current consensus EPS estimate suggests the PER is 30.1. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates BKL as Accumulate (2) -
Ord Minnett expects, with product demand continuing to track higher and a substantial investment in the business in FY17, sales growth should mean more operating leverage emerges in the business. First quarter sales rose 9.0% with net profit up 27.9%.
The broker notes a meaningful recovery in margins in the first quarter as the business cycled the one-off issues experienced in FY17. Ord Minnett maintains an Accumulate rating and raises the target to $150 from $110.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $150.00 Current Price is $137.96 Difference: $12.04
If BKL meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $134.17, suggesting downside of -11.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 339.00 cents and EPS of 427.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 428.7, implying annual growth of 25.1%. Current consensus DPS estimate is 335.3, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 35.3. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 401.00 cents and EPS of 504.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 502.7, implying annual growth of 17.3%. Current consensus DPS estimate is 393.0, implying a prospective dividend yield of 2.6%. Current consensus EPS estimate suggests the PER is 30.1. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates CWN as Buy (1) -
The AGM update was in line with Citi's expectations, with slightly better-than-expected trading on the main floor across Melbourne and Perth.
The broker makes marginal upgrades to growth assumptions on the main floor in Melbourne and Perth, offset by reductions to non-gaming growth assumptions.
Buy rating retained. Target is $13.75.
Target price is $13.75 Current Price is $11.50 Difference: $2.25
If CWN meets the Citi target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $12.59, suggesting upside of 10.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 60.00 cents and EPS of 52.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 50.7, implying annual growth of -80.3%. Current consensus DPS estimate is 58.6, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 22.5. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 60.00 cents and EPS of 60.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 57.6, implying annual growth of 13.6%. Current consensus DPS estimate is 63.4, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 19.8. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates CWN as Hold (3) -
The trading update is a minor negative for the company, in Deutsche Bank's view, as gaming and non-gaming revenue as well as VIP turnover were slightly below expectations.
Earnings estimates are reduced by -2% to reflect lower-than-anticipated Crown Perth gaming revenue and lower Crown Melbourne non-gaming revenue.
Deutsche Bank retains a Hold rating and reduces the target to $11.50 from $11.75.
Target price is $11.50 Current Price is $11.50 Difference: $0
If CWN meets the Deutsche Bank target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $12.59, suggesting upside of 10.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 60.00 cents and EPS of 46.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 50.7, implying annual growth of -80.3%. Current consensus DPS estimate is 58.6, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 22.5. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 60.00 cents and EPS of 54.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 57.6, implying annual growth of 13.6%. Current consensus DPS estimate is 63.4, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 19.8. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates CWN as Neutral (3) -
Macquarie is attracted to the cost reduction potential across the company's casino properties, particularly in Melbourne, although remains aware of the soft operating environment that is affecting the business.
Gaming revenues were slightly higher in the first 16 weeks of the first half. Neutral rating retained. Target price falls to $12.37 from $12.90.
Target price is $12.37 Current Price is $11.50 Difference: $0.87
If CWN meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $12.59, suggesting upside of 10.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 60.00 cents and EPS of 50.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 50.7, implying annual growth of -80.3%. Current consensus DPS estimate is 58.6, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 22.5. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 60.00 cents and EPS of 58.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 57.6, implying annual growth of 13.6%. Current consensus DPS estimate is 63.4, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 19.8. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates CWN as Equal-weight (3) -
September quarter update was soft, as Morgan Stanley expected. VIP volume growth is expected to improve materially while domestic gaming is likely to remain under pressure from a weak consumer.
Morgan Stanley retains an Equal-weight rating, Cautious industry view and $12.50 target.
Target price is $12.50 Current Price is $11.50 Difference: $1
If CWN meets the Morgan Stanley target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $12.59, suggesting upside of 10.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 60.00 cents and EPS of 51.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 50.7, implying annual growth of -80.3%. Current consensus DPS estimate is 58.6, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 22.5. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 60.00 cents and EPS of 58.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 57.6, implying annual growth of 13.6%. Current consensus DPS estimate is 63.4, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 19.8. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates CWN as Buy (1) -
Ord Minnett observes wagering and online businesses are showing good growth in revenue. Main gaming floor revenue increased in Melbourne in the September quarter while Perth was slightly softer.
Buy rating retained. Target is $13.70.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $13.70 Current Price is $11.50 Difference: $2.2
If CWN meets the Ord Minnett target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $12.59, suggesting upside of 10.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 62.00 cents and EPS of 57.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 50.7, implying annual growth of -80.3%. Current consensus DPS estimate is 58.6, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 22.5. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 63.00 cents and EPS of 61.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 57.6, implying annual growth of 13.6%. Current consensus DPS estimate is 63.4, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 19.8. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates DMP as Sell (5) -
The company has a binding agreement to buy the remaining stake in Domino's Pizza Japan from Bain Capital. The purchase price will be $42m.
The transaction price implies that the company is not paying Bain a multiple on the profit on store sales, which are included in the Japanese segment earnings. Hence, Deutsche Bank believes the market should be applying a lower multiple to the profit on store sales too.
Sell rating retained. Target is $36.
Target price is $36.00 Current Price is $48.48 Difference: minus $12.48 (current price is over target).
If DMP meets the Deutsche Bank target it will return approximately minus 26% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $46.56, suggesting downside of -3.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 93.00 cents and EPS of 164.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 163.2, implying annual growth of 40.7%. Current consensus DPS estimate is 112.1, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 29.7. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 115.00 cents and EPS of 201.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 200.2, implying annual growth of 22.7%. Current consensus DPS estimate is 137.1, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 24.2. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates FMG as Neutral (3) -
Lower realisations and a widening price discount means Citi reduces its target to $5.10 from $5.50. The broker is cautious on the iron ore outlook and maintains a Neutral rating.
The company has lowered its guidance range for price realisation discounts to 70-75% for FY18, from 75-80%. Citi also lowers FY19 realisation estimates to 75% from 80%.
Target price is $5.10 Current Price is $4.87 Difference: $0.23
If FMG meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $5.50, suggesting upside of 14.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 38.00 cents and EPS of 58.32 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 51.8, implying annual growth of N/A. Current consensus DPS estimate is 30.3, implying a prospective dividend yield of 6.3%. Current consensus EPS estimate suggests the PER is 9.2. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 18.35 cents and EPS of 27.91 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 47.4, implying annual growth of -8.5%. Current consensus DPS estimate is 28.1, implying a prospective dividend yield of 5.9%. Current consensus EPS estimate suggests the PER is 10.1. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates FMG as Outperform (1) -
September quarter iron ore shipments were tracking slightly above the FY18 guidance rate. Credit Suisse notes price realisation remains the focus, with guidance reduced to 70-75% for FY18.
The broker believes current steel margins are unsustainable and as spreads normalise so too will discounting/premiums in the iron ore market.
Outperform rating. Target is reduced to $6.10 from $6.40.
Target price is $6.10 Current Price is $4.87 Difference: $1.23
If FMG meets the Credit Suisse target it will return approximately 25% (excluding dividends, fees and charges).
Current consensus price target is $5.50, suggesting upside of 14.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 34.49 cents and EPS of 52.86 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 51.8, implying annual growth of N/A. Current consensus DPS estimate is 30.3, implying a prospective dividend yield of 6.3%. Current consensus EPS estimate suggests the PER is 9.2. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 27.14 cents and EPS of 41.61 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 47.4, implying annual growth of -8.5%. Current consensus DPS estimate is 28.1, implying a prospective dividend yield of 5.9%. Current consensus EPS estimate suggests the PER is 10.1. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates FMG as Hold (3) -
The company reported a strong production result for the September quarter, realising 71% of the 62% index and below Deutsche Bank's estimates of 73%.
The company has cut FY18 price realisation guidance to 70-75%. Deutsche Bank retains a Hold rating. Target is lowered to $4.70 from $5.50.
Target price is $4.70 Current Price is $4.87 Difference: minus $0.17 (current price is over target).
If FMG meets the Deutsche Bank target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $5.50, suggesting upside of 14.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 30.14 cents and EPS of 45.87 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 51.8, implying annual growth of N/A. Current consensus DPS estimate is 30.3, implying a prospective dividend yield of 6.3%. Current consensus EPS estimate suggests the PER is 9.2. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 30.14 cents and EPS of 45.87 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 47.4, implying annual growth of -8.5%. Current consensus DPS estimate is 28.1, implying a prospective dividend yield of 5.9%. Current consensus EPS estimate suggests the PER is 10.1. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates FMG as Outperform (1) -
Shipments of iron ore in the first quarter were higher than Macquarie expected. The company has reduced realised pricing guidance to 70-75%, slightly below the broker's assumptions.
Cost performance continues to impress Macquarie amidst new initiatives underway at Christmas Creek and Cloud Break.
Outperform retained. Target falls to $6.00 from $6.20.
Target price is $6.00 Current Price is $4.87 Difference: $1.13
If FMG meets the Macquarie target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $5.50, suggesting upside of 14.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 30.66 cents and EPS of 52.81 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 51.8, implying annual growth of N/A. Current consensus DPS estimate is 30.3, implying a prospective dividend yield of 6.3%. Current consensus EPS estimate suggests the PER is 9.2. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 29.35 cents and EPS of 44.56 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 47.4, implying annual growth of -8.5%. Current consensus DPS estimate is 28.1, implying a prospective dividend yield of 5.9%. Current consensus EPS estimate suggests the PER is 10.1. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates FMG as Accumulate (2) -
Ord Minnett recognises the uncertainty associated with forecasting long-term realised price discounts but continues to believe many of the factors driving discounting to unprecedented levels are cyclical.
The average realised price discount rose to 29% in the September quarter from 27% but was broadly in line with the broker's expectations.
Based on the company's strong operating performance and cheap valuation the broker maintains an Accumulate rating. Target is $6.50.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $6.50 Current Price is $4.87 Difference: $1.63
If FMG meets the Ord Minnett target it will return approximately 33% (excluding dividends, fees and charges).
Current consensus price target is $5.50, suggesting upside of 14.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 27.52 cents and EPS of 58.97 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 51.8, implying annual growth of N/A. Current consensus DPS estimate is 30.3, implying a prospective dividend yield of 6.3%. Current consensus EPS estimate suggests the PER is 9.2. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 36.69 cents and EPS of 66.83 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 47.4, implying annual growth of -8.5%. Current consensus DPS estimate is 28.1, implying a prospective dividend yield of 5.9%. Current consensus EPS estimate suggests the PER is 10.1. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates FMG as Neutral (3) -
Fortescue's Sep Q shipments beat the broker but realised price was lower. It was a good effort nonetheless, but the market's reaction yesterday suggests to the broker disappointment over a price guidance downgrade to 70-75% of the fines price from 75-80%.
The question is as to how long the discount persists. The market is pricing in a continuation, but the broker sees the potential for some relief ahead. Neutral and $5.05 target retained.
Target price is $5.05 Current Price is $4.87 Difference: $0.18
If FMG meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $5.50, suggesting upside of 14.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 27.52 cents and EPS of 41.93 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 51.8, implying annual growth of N/A. Current consensus DPS estimate is 30.3, implying a prospective dividend yield of 6.3%. Current consensus EPS estimate suggests the PER is 9.2. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 30.14 cents and EPS of 44.56 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 47.4, implying annual growth of -8.5%. Current consensus DPS estimate is 28.1, implying a prospective dividend yield of 5.9%. Current consensus EPS estimate suggests the PER is 10.1. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates IFL as Neutral (3) -
Citi trims forecasts for earnings per share by -1% for FY18-20. This reflects downward revisions to opening funds under management and slightly lower forecast flows.
The broker considers the recently announced platform and advice acquisition materially accretive but with control still 12 months away and synergies even more long-dated retains a Neutral rating. Target edges down to $11.20 from $11.30.
Target price is $11.20 Current Price is $11.13 Difference: $0.07
If IFL meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $11.52, suggesting upside of 6.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 53.00 cents and EPS of 59.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 57.7, implying annual growth of 49.1%. Current consensus DPS estimate is 52.7, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 18.8. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 64.00 cents and EPS of 71.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 68.1, implying annual growth of 18.0%. Current consensus DPS estimate is 61.4, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 15.9. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates IFL as Outperform (1) -
The company reported funds under management as of September were up 0.5%. Net flows were ahead of Credit Suisse expectations in the platforms business and weaker in advice.
The broker is supportive of the structural themes underpinning the business, including the growing demand for financial advice and consumption of platform services. Outperform retained. Target is reduced to $12.90 from $13.40.
Target price is $12.90 Current Price is $11.13 Difference: $1.77
If IFL meets the Credit Suisse target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $11.52, suggesting upside of 6.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 54.00 cents and EPS of 59.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 57.7, implying annual growth of 49.1%. Current consensus DPS estimate is 52.7, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 18.8. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 68.00 cents and EPS of 75.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 68.1, implying annual growth of 18.0%. Current consensus DPS estimate is 61.4, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 15.9. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates IFL as Neutral (3) -
IOOF's first half net funds flows were in line with expectations, while funds under management were slightly weaker on negligible market returns. The broker believes long term organic growth will depend on the market trend.
Earnings accretion for the ANZ Wealth acquisition should nevertheless support medium term earnings growth. Neutral and $11.40 target retained.
Target price is $11.40 Current Price is $11.13 Difference: $0.27
If IFL meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $11.52, suggesting upside of 6.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 53.00 cents and EPS of 55.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 57.7, implying annual growth of 49.1%. Current consensus DPS estimate is 52.7, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 18.8. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 56.00 cents and EPS of 62.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 68.1, implying annual growth of 18.0%. Current consensus DPS estimate is 61.4, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 15.9. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates ISD as Downgrade to Hold from Buy (3) -
Deutsche Bank believes the trading update highlights serious questions regarding the handling of the business. The company has guided to FY18 operating earnings of $32-36m, representing a miss of -21-30% to prior consensus estimates.
The decline has been attributed to churn experienced over the first half but Deutsche Bank believes the shortfall should have been apparent earlier.
A blow-out in operating expenditure is even more perplexing for the broker and suggests the business is under competitive and structural pressure. Rating is downgraded to Hold from Buy. Target is reduced to $1.10 from $2.20.
Target price is $1.10 Current Price is $1.06 Difference: $0.037
If ISD meets the Deutsche Bank target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $1.29, suggesting upside of 23.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 4.00 cents and EPS of 9.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 10.4, implying annual growth of N/A. Current consensus DPS estimate is 5.2, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 10.0. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 4.00 cents and EPS of 9.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.3, implying annual growth of 8.7%. Current consensus DPS estimate is 5.5, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 9.2. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates ISD as Neutral (3) -
iSentia has cut FY18 guidance following a soft first half, and assuming no contribution from King Content. The broker has cut earnings forecasts by -33-38% in FY18-19. The company has settled its case with Meltwater and is looking to exit King Content.
Management sees FY18 as a reset year, but the question is as to whether the ship can be turned around in FY19, the broker suggests. Neutral retained, target falls to $1.10 from $1.70.
Target price is $1.10 Current Price is $1.06 Difference: $0.037
If ISD meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $1.29, suggesting upside of 23.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 5.00 cents and EPS of 9.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 10.4, implying annual growth of N/A. Current consensus DPS estimate is 5.2, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 10.0. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 5.00 cents and EPS of 10.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.3, implying annual growth of 8.7%. Current consensus DPS estimate is 5.5, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 9.2. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates JBH as Hold (3) -
The company has reported sales for the year to October 22 grew at 6.2% on a headline basis or 3.2% on a like-for-like basis. This suggests a slowdown from July.
Deutsche Bank notes management has called out a slow September and October because of a tough base and timing changes to product launches. Importantly, sales guidance has been reiterated at $4.65bn for JB Hi-Fi.
Deutsche Bank retains a Hold rating and $30 target.
Target price is $30.00 Current Price is $23.53 Difference: $6.47
If JBH meets the Deutsche Bank target it will return approximately 27% (excluding dividends, fees and charges).
Current consensus price target is $24.52, suggesting upside of 6.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 138.00 cents and EPS of 212.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 206.1, implying annual growth of 33.6%. Current consensus DPS estimate is 133.5, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 11.2. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 149.00 cents and EPS of 229.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 210.8, implying annual growth of 2.3%. Current consensus DPS estimate is 137.5, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 10.9. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates JBH as Equal-weight (3) -
Morgan Stanley notes the JB Hi-Fi business is lapping a strong comparable period and the timing of key product launches has also caused a slowing in sales growth. The broker estimates sales growth for August 1 to October 22 was 2.2%.
Equal-weight rating, Cautious industry view and $25 target retained.
Target price is $25.00 Current Price is $23.53 Difference: $1.47
If JBH meets the Morgan Stanley target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $24.52, suggesting upside of 6.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 137.00 cents and EPS of 201.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 206.1, implying annual growth of 33.6%. Current consensus DPS estimate is 133.5, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 11.2. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 145.00 cents and EPS of 204.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 210.8, implying annual growth of 2.3%. Current consensus DPS estimate is 137.5, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 10.9. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates JBH as Hold (3) -
Company's trading update revealed a "decent" slow-down in like for like sales growth, points out Morgans, adding JB Hi-Fi management remains confident top line momentum will improve.
The analysts at Morgans concede the shares look attractive on short term fundamentals, but with lower growth rates looming post FY18 and with Amazon yet to arrive on Australian shores, they prefer to retain a Hold rating. Price target $25.36 (unchanged).
Target price is $25.36 Current Price is $23.53 Difference: $1.83
If JBH meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $24.52, suggesting upside of 6.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 138.00 cents and EPS of 212.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 206.1, implying annual growth of 33.6%. Current consensus DPS estimate is 133.5, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 11.2. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 146.00 cents and EPS of 225.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 210.8, implying annual growth of 2.3%. Current consensus DPS estimate is 137.5, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 10.9. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates JBH as Lighten (4) -
Ord Minnett observes like-for-like sales growth has slowed since July for both JB Hi-Fi and The Good Guys. FY18 sales guidance is reiterated.
Because of the challenges to consumer confidence and the pending launch of Amazon the broker's Lighten rating is retained. Target is $22.50.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $22.50 Current Price is $23.53 Difference: minus $1.03 (current price is over target).
If JBH meets the Ord Minnett target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $24.52, suggesting upside of 6.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 135.00 cents and EPS of 205.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 206.1, implying annual growth of 33.6%. Current consensus DPS estimate is 133.5, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 11.2. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 139.00 cents and EPS of 213.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 210.8, implying annual growth of 2.3%. Current consensus DPS estimate is 137.5, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 10.9. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates JBH as Neutral (3) -
It was a softer Sep Q trading update from JB Hi-Fi, with sales growth decelerating from July. The broker estimates 2% growth in Aug-Oct compared to 10% in the same period last year.
Rising utility costs, interest costs and a moderating housing market are only starting to become more prevalent, the broker warns. Neutral and $25.60 target retained.
Target price is $25.60 Current Price is $23.53 Difference: $2.07
If JBH meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $24.52, suggesting upside of 6.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 135.00 cents and EPS of 213.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 206.1, implying annual growth of 33.6%. Current consensus DPS estimate is 133.5, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 11.2. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 136.00 cents and EPS of 214.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 210.8, implying annual growth of 2.3%. Current consensus DPS estimate is 137.5, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 10.9. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates NCK as Neutral (3) -
Citi suggests maiden first half guidance for growth of 10-15% in net profit may be conservative. This is based on orders at the end of FY17 being up 20% and a stronger-for-longer housing churn.
The broker retains a Neutral rating, given the medium-term downside risk from a slowing housing cycle combined with increased execution risks from a large roll-out. Target is raised to $6.85 from $6.40.
Target price is $6.85 Current Price is $6.60 Difference: $0.25
If NCK meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 35.00 cents and EPS of 49.40 cents. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 34.50 cents and EPS of 47.30 cents. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates NCM as Neutral (3) -
September quarter production was mixed, Citi observes. Output at Lihir dropped -27% while at Telfer it increased 6%. The recovery at Cadia continues.
The broker retains a Neutral rating and reduces the target to $22 from $23.
Target price is $22.00 Current Price is $22.04 Difference: minus $0.04 (current price is over target).
If NCM meets the Citi target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $19.73, suggesting downside of -10.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 20.97 cents and EPS of 67.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 78.5, implying annual growth of N/A. Current consensus DPS estimate is 25.0, implying a prospective dividend yield of 1.1%. Current consensus EPS estimate suggests the PER is 27.9. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 34.07 cents and EPS of 111.65 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 119.5, implying annual growth of 52.2%. Current consensus DPS estimate is 34.1, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 18.4. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates NCM as Underperform (5) -
Credit Suisse observes the September quarter was weak, albeit in line with guidance. The broker was unimpressed with Telfer.
Underperform and $18.20 target retained.
Target price is $18.20 Current Price is $22.04 Difference: minus $3.84 (current price is over target).
If NCM meets the Credit Suisse target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $19.73, suggesting downside of -10.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 26.21 cents and EPS of 88.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 78.5, implying annual growth of N/A. Current consensus DPS estimate is 25.0, implying a prospective dividend yield of 1.1%. Current consensus EPS estimate suggests the PER is 27.9. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 52.42 cents and EPS of 139.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 119.5, implying annual growth of 52.2%. Current consensus DPS estimate is 34.1, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 18.4. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates NCM as Sell (5) -
September quarter production was below Deutsche Bank estimates because of the underperformance at Lihir and Telfer.
Cadia output was 9% ahead of forecasts. Deutsche Bank revises FY18 earnings estimates up by 10% on a more optimistic ramp up profile for PC2.
Sell retained. Target is raised to $19.00 from $18.40.
Target price is $19.00 Current Price is $22.04 Difference: minus $3.04 (current price is over target).
If NCM meets the Deutsche Bank target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $19.73, suggesting downside of -10.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 20.97 cents and EPS of 74.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 78.5, implying annual growth of N/A. Current consensus DPS estimate is 25.0, implying a prospective dividend yield of 1.1%. Current consensus EPS estimate suggests the PER is 27.9. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 26.21 cents and EPS of 132.36 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 119.5, implying annual growth of 52.2%. Current consensus DPS estimate is 34.1, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 18.4. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates NCM as Neutral (3) -
September quarter production was soft, with gold production -6% below Macquarie's forecasts. The broker notes Cadia East production recovery is on track. A decision on Wafi-Golpu and Bonikro is expected soon.
The broker remains concerned about the return of operating instability at Lihir. Neutral and $22 target retained.
Target price is $22.00 Current Price is $22.04 Difference: minus $0.04 (current price is over target).
If NCM 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 $19.73, suggesting downside of -10.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 24.24 cents and EPS of 67.36 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 78.5, implying annual growth of N/A. Current consensus DPS estimate is 25.0, implying a prospective dividend yield of 1.1%. Current consensus EPS estimate suggests the PER is 27.9. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 38.00 cents and EPS of 125.67 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 119.5, implying annual growth of 52.2%. Current consensus DPS estimate is 34.1, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 18.4. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates NCM as Hold (3) -
September quarter production results were mixed. Gold output was below Ord Minnett's estimates, because of maintenance shutdowns at Lihir and Telfer. The key is that the recovery at Cadia is now exceeding expectations.
The broker increases Cadia forecasts and lifts throughput estimates at Lihir. Hold rating retained. Target rises to $21 from $20.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $21.00 Current Price is $22.04 Difference: minus $1.04 (current price is over target).
If NCM meets the Ord Minnett target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $19.73, suggesting downside of -10.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 23.59 cents and EPS of 58.97 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 78.5, implying annual growth of N/A. Current consensus DPS estimate is 25.0, implying a prospective dividend yield of 1.1%. Current consensus EPS estimate suggests the PER is 27.9. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 36.69 cents and EPS of 91.73 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 119.5, implying annual growth of 52.2%. Current consensus DPS estimate is 34.1, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 18.4. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates NCM as Sell (5) -
Newcrest's net Sep Q production was in line with costs lower. Cadia is not yet back to nameplate but outperformed to make up for weakness at Lihir, due to planned maintenance among other things, and ongoing cash burn at Telfer, the broker notes.
The seismic event at Cadia has led to a "lost year" for the company, the broker suggests, but with newsflow on growth projects set to accelerate investor attention could now be shifted. Target rises to $13.40 from $13.00 but this is well below the trading price, hence Sell retained.
Target price is $13.40 Current Price is $22.04 Difference: minus $8.64 (current price is over target).
If NCM meets the UBS target it will return approximately minus 39% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $19.73, suggesting downside of -10.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 19.66 cents and EPS of 86.49 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 78.5, implying annual growth of N/A. Current consensus DPS estimate is 25.0, implying a prospective dividend yield of 1.1%. Current consensus EPS estimate suggests the PER is 27.9. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 28.83 cents and EPS of 124.49 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 119.5, implying annual growth of 52.2%. Current consensus DPS estimate is 34.1, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 18.4. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates NUF as Overweight (1) -
Morgan Stanley considers the acquisition of the Century portfolio is value accretive.
The broker expects the geographic and product diversity in the portfolio to enhance profitability of the company's European business, albeit without necessarily improving the underlying growth profile.
Overweight rating and Cautious industry view. Target is raised to $11.20 from $10.40.
Target price is $11.20 Current Price is $8.73 Difference: $2.47
If NUF meets the Morgan Stanley target it will return approximately 28% (excluding dividends, fees and charges).
Current consensus price target is $9.42, suggesting upside of 2.5% (ex-dividends)
The company's fiscal year ends in July.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 17.00 cents and EPS of 54.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 52.8, implying annual growth of 13.1%. Current consensus DPS estimate is 15.1, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 17.4. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 20.00 cents and EPS of 62.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 62.2, implying annual growth of 17.8%. Current consensus DPS estimate is 17.7, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 14.8. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates OGC as Outperform (1) -
September quarter production was in line with expectations. Credit Suisse observes the Haile ramp up continues, following the rectification of commissioning challenges but Didipio was weaker on declining stockpile grades.
2017 guidance is unchanged. Outperform and $4.35 target retained.
Target price is $4.35 Current Price is $3.69 Difference: $0.66
If OGC meets the Credit Suisse target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $4.54, suggesting upside of 25.3% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 2.62 cents and EPS of 43.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 36.5, implying annual growth of N/A. Current consensus DPS estimate is 3.2, implying a prospective dividend yield of 0.9%. Current consensus EPS estimate suggests the PER is 9.9. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 2.62 cents and EPS of 42.17 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 38.7, implying annual growth of 6.0%. Current consensus DPS estimate is 3.5, implying a prospective dividend yield of 1.0%. Current consensus EPS estimate suggests the PER is 9.4. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates PLS as Outperform (1) -
The company has highlighted construction is progressing at Pilgangoora with agreements supporting a stage II expansion.
Macquarie considers the agreement with Great Wall significant in that it is the first offtake with an automobile manufacturer and the potential for funding stage II adds further momentum.
Outperform retained. Target is 90c.
Target price is $0.90 Current Price is $0.76 Difference: $0.14
If PLS meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 0.00 cents and EPS of minus 2.10 cents. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 0.00 cents and EPS of 3.00 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates QAN as Sell (5) -
The first quarter trading update potentially represents a high point for the airlines quarterly performance in FY18, Ord Minnett suggests.
Domestic revenue per available seat kilometres grew 8.0% and international by 0.2%. That said, these statistics benefited from relatively weak comparables.
The broker is concerned that it in a relatively fragile trading environment capacity is being added to the key Golden Triangle market and questions whether Qantas would be happy to cede share, or will yields come under increasing pressure?
Sell rating and $4.55 target retained.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $4.55 Current Price is $6.31 Difference: minus $1.76 (current price is over target).
If QAN meets the Ord Minnett target it will return approximately minus 28% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $6.48, suggesting upside of 8.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 17.00 cents and EPS of 48.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 59.0, implying annual growth of 28.3%. Current consensus DPS estimate is 20.4, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 10.1. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 16.00 cents and EPS of 55.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 63.5, implying annual growth of 7.6%. Current consensus DPS estimate is 22.8, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 9.4. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates QAN as Buy (1) -
Qantas released strong Sep Q revenue and capacity growth numbers with revenue split as 8% domestic and flat international. It was a performance consistent with the June Q, the broker notes. First half profit guidance would represent a new record.
With a valuation re-rate for Qantas largely now complete, the broker suggests, earnings momentum will be the key driver from here. Buy and $6.60 target retained.
Target price is $6.60 Current Price is $6.31 Difference: $0.29
If QAN meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $6.48, suggesting upside of 8.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 19.00 cents and EPS of 63.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 59.0, implying annual growth of 28.3%. Current consensus DPS estimate is 20.4, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 10.1. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 20.00 cents and EPS of 68.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 63.5, implying annual growth of 7.6%. Current consensus DPS estimate is 22.8, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 9.4. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates REH as Buy (1) -
The company has signalled first quarter sales were up 8% and now expects first half net profit to be up more than 8%. Citi upgrades growth forecasts to 5% from 3% for FY18.
The broker has no additional insight into what has driven the stronger growth but suspects completion cycles are likely experiencing a longer lag than in the past, given the structural shift in the construction industry towards multi-residential dwellings, which by their nature take longer to build.
Buy rating retained. Target is raised to $55.52 from $53.79.
Target price is $55.52 Current Price is $44.10 Difference: $11.42
If REH meets the Citi target it will return approximately 26% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 114.00 cents and EPS of 229.30 cents. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 115.00 cents and EPS of 226.20 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates SGR as Buy (1) -
Second half domestic and VIP trends were slightly above expectations and confirm for Citi that growth is accelerating.
Revisions are minor in nature as the broker already assumes around 30% growth in operating earnings in FY18.
Buy rating retained. Target rises to $6.85 from $6.65.
Target price is $6.85 Current Price is $5.53 Difference: $1.32
If SGR meets the Citi target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $6.18, suggesting upside of 9.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 17.00 cents and EPS of 31.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.3, implying annual growth of -8.4%. Current consensus DPS estimate is 15.5, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 19.3. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 20.00 cents and EPS of 34.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 32.5, implying annual growth of 10.9%. Current consensus DPS estimate is 17.2, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 17.4. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates SGR as Buy (1) -
Deutsche Bank considers the trading update positive, with normalised revenue growth of 4.0% above expectations. Upside was driven by VIP turnover.
Deutsche Bank maintains a Buy rating, with the stock trading at a -9% discount to valuation. Target is raised to $6.10 from $5.95.
Target price is $6.10 Current Price is $5.53 Difference: $0.57
If SGR meets the Deutsche Bank target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $6.18, suggesting upside of 9.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 15.00 cents and EPS of 30.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.3, implying annual growth of -8.4%. Current consensus DPS estimate is 15.5, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 19.3. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 16.00 cents and EPS of 33.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 32.5, implying annual growth of 10.9%. Current consensus DPS estimate is 17.2, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 17.4. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates SGR as Outperform (1) -
The company has reported 5% revenue growth across its domestic casinos during the first 16 weeks of the first half.
Macquarie increases operating earnings estimates by 1% for FY18 and by 6% for FY19. The increase in FY19 largely relates to benefits from the expansion on the Gold Coast.
Outperform rating and $5.93 target.
Target price is $5.93 Current Price is $5.53 Difference: $0.4
If SGR meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $6.18, suggesting upside of 9.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 16.00 cents and EPS of 28.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.3, implying annual growth of -8.4%. Current consensus DPS estimate is 15.5, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 19.3. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 16.50 cents and EPS of 32.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 32.5, implying annual growth of 10.9%. Current consensus DPS estimate is 17.2, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 17.4. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates SGR as Overweight (1) -
The company has made a solid start to FY18, Morgan Stanley observes, as domestic growth is on track and VIP beat expectations in the first quarter.
The broker considers the worst is behind the company, with domestic revenue growth of 5.2% year-on-year consistent across the Sydney and Queensland properties.
Overweight rating and Cautious industry view retained. Target is raised to $6.00 from $5.90.
Target price is $6.00 Current Price is $5.53 Difference: $0.47
If SGR meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $6.18, suggesting upside of 9.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 12.10 cents and EPS of 30.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.3, implying annual growth of -8.4%. Current consensus DPS estimate is 15.5, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 19.3. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 15.90 cents and EPS of 32.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 32.5, implying annual growth of 10.9%. Current consensus DPS estimate is 17.2, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 17.4. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates SGR as Buy (1) -
Ord Minnett expects trends in the second half to continue into first half FY18 in Queensland, as Gold Coast performs better than Brisbane.
The broker maintains a Buy rating and $5.90 target.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $5.90 Current Price is $5.53 Difference: $0.37
If SGR meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $6.18, suggesting upside of 9.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 17.00 cents and EPS of 26.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.3, implying annual growth of -8.4%. Current consensus DPS estimate is 15.5, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 19.3. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 17.00 cents and EPS of 29.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 32.5, implying annual growth of 10.9%. Current consensus DPS estimate is 17.2, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 17.4. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates SGR as Buy (1) -
A positive trading update from Star suggests recent capex completed in Sydney and the Gold Coast is contributing to growth, the broker believes. A solid domestic growth rebound from the weak Nov-Dec period last year and cost controls are the highlights.
The broker has ticked up its earnings forecasts and lifted its target to $6.30 from $6.20. Buy retained.
Target price is $6.30 Current Price is $5.53 Difference: $0.77
If SGR meets the UBS target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $6.18, suggesting upside of 9.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 15.00 cents and EPS of 30.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.3, implying annual growth of -8.4%. Current consensus DPS estimate is 15.5, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 19.3. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 17.00 cents and EPS of 33.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 32.5, implying annual growth of 10.9%. Current consensus DPS estimate is 17.2, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 17.4. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Summaries
| ANZ - | ANZ BANKING GROUP | Downgrade to Neutral from Buy - Citi | Overnight Price $30.03 |
| Neutral - Credit Suisse | Overnight Price $30.03 | ||
| Hold - Deutsche Bank | Overnight Price $30.03 | ||
| Outperform - Macquarie | Overnight Price $30.03 | ||
| Equal-weight - Morgan Stanley | Overnight Price $30.03 | ||
| Hold - Morgans | Overnight Price $30.03 | ||
| Accumulate - Ord Minnett | Overnight Price $30.03 | ||
| BKL - | BLACKMORES | Upgrade to Outperform from Neutral - Credit Suisse | Overnight Price $137.96 |
| Accumulate - Ord Minnett | Overnight Price $137.96 | ||
| CWN - | CROWN RESORTS | Buy - Citi | Overnight Price $11.50 |
| Hold - Deutsche Bank | Overnight Price $11.50 | ||
| Neutral - Macquarie | Overnight Price $11.50 | ||
| Equal-weight - Morgan Stanley | Overnight Price $11.50 | ||
| Buy - Ord Minnett | Overnight Price $11.50 | ||
| DMP - | DOMINO'S PIZZA | Sell - Deutsche Bank | Overnight Price $48.48 |
| FMG - | FORTESCUE | Neutral - Citi | Overnight Price $4.87 |
| Outperform - Credit Suisse | Overnight Price $4.87 | ||
| Hold - Deutsche Bank | Overnight Price $4.87 | ||
| Outperform - Macquarie | Overnight Price $4.87 | ||
| Accumulate - Ord Minnett | Overnight Price $4.87 | ||
| Neutral - UBS | Overnight Price $4.87 | ||
| IFL - | IOOF HOLDINGS | Neutral - Citi | Overnight Price $11.13 |
| Outperform - Credit Suisse | Overnight Price $11.13 | ||
| Neutral - UBS | Overnight Price $11.13 | ||
| ISD - | ISENTIA | Downgrade to Hold from Buy - Deutsche Bank | Overnight Price $1.06 |
| Neutral - UBS | Overnight Price $1.06 | ||
| JBH - | JB HI-FI | Hold - Deutsche Bank | Overnight Price $23.53 |
| Equal-weight - Morgan Stanley | Overnight Price $23.53 | ||
| Hold - Morgans | Overnight Price $23.53 | ||
| Lighten - Ord Minnett | Overnight Price $23.53 | ||
| Neutral - UBS | Overnight Price $23.53 | ||
| NCK - | NICK SCALI | Neutral - Citi | Overnight Price $6.60 |
| NCM - | NEWCREST MINING | Neutral - Citi | Overnight Price $22.04 |
| Underperform - Credit Suisse | Overnight Price $22.04 | ||
| Sell - Deutsche Bank | Overnight Price $22.04 | ||
| Neutral - Macquarie | Overnight Price $22.04 | ||
| Hold - Ord Minnett | Overnight Price $22.04 | ||
| Sell - UBS | Overnight Price $22.04 | ||
| NUF - | NUFARM | Overweight - Morgan Stanley | Overnight Price $8.73 |
| OGC - | OCEANAGOLD | Outperform - Credit Suisse | Overnight Price $3.69 |
| PLS - | PILBARA MINERALS | Outperform - Macquarie | Overnight Price $0.76 |
| QAN - | QANTAS AIRWAYS | Sell - Ord Minnett | Overnight Price $6.31 |
| Buy - UBS | Overnight Price $6.31 | ||
| REH - | REECE AUSTRALIA | Buy - Citi | Overnight Price $44.10 |
| SGR - | STAR ENTERTAINMENT | Buy - Citi | Overnight Price $5.53 |
| Buy - Deutsche Bank | Overnight Price $5.53 | ||
| Outperform - Macquarie | Overnight Price $5.53 | ||
| Overweight - Morgan Stanley | Overnight Price $5.53 | ||
| Buy - Ord Minnett | Overnight Price $5.53 | ||
| Buy - UBS | Overnight Price $5.53 |
RATING SUMMARY
| Rating | No. Of Recommendations |
| 1. Buy | 18 |
| 2. Accumulate | 3 |
| 3. Hold | 23 |
| 4. Reduce | 1 |
| 5. Sell | 5 |
Friday 27 October 2017
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Disclaimer:
The content of this information does in no way reflect the opinions of
FNArena, or of its journalists. In fact we don't have any opinion about
the stock market, its value, future direction or individual shares. FNArena solely reports about what the main experts in the market note, believe
and comment on. By doing so we believe we provide intelligent investors
with a valuable tool that helps them in making up their own minds, reading
market trends and getting a feel for what is happening beneath the surface.
This document is provided for informational purposes only. It does not
constitute an offer to sell or a solicitation to buy any security or other
financial instrument. FNArena employs very experienced journalists who
base their work on information believed to be reliable and accurate, though
no guarantee is given that the daily report is accurate or complete. Investors
should contact their personal adviser before making any investment decision.
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